Had a bit of a shock & need to get debts sorted

megan01

Statement of Affairs and Personal Balance Sheet
Household Information
Number of cars owned.................... 2 - Sell one.
Benefits................................ 442 inc JSA & Child benefit - check if there is anything else you are entitled to.
Electricity............................. 115 gas & electric - I might sound a bit patronising here, but is there anyone that takes long showers? Do you use a lot of pots and pans for cooking?
Mobile phone............................ 41 just got new iphone 24 mth contract £31 p.mth + £10 sim only SELL THE PHONE NOW. The new iPhone is coming out in less than a month so the prices for the 4 are dropping rapidly anyway so sell sell sell.
Satellite/Cable TV...................... 40.65 line rental + broadband+ sky - Do you really need Sky?
Clothing................................ 50 - Is this desperately necessary considering your situation?
Petrol/diesel........................... 150 - Is your car cleaned out of junk in the boot? Do you have a roof rack you can take off?
Medical (prescriptions, dentist etc).... 20 - You should get pre payment certificate if this is for one person.
Presents (birthday, christmas etc)...... 60 Do you spend £720 a year on presents ?
Haircuts................................ 37 kids are free as do it myself - might need to space out my hair colour more (!) - Could you consider dying your own hair at home for a while?
Entertainment........................... 100 £1200 a year, what does this go on?
Holiday................................. 50 Will you still be taking a holiday when you have all this debt? Could camping not be an option ?
Lovefilm dvd rental..................... 6 - Not necessary if you have Sky, have one or the other.
Household improvements.................. 25 Is this really necessary?

Boiler cover............................ 27.25loathe to get rid as our boiler breaks down twice a year without fail & hence price keeps going up
Total monthly expenses.................. 2422.53

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 10000
Total Assets............................ 202500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 145000...(805)......6.19
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Nationwide credit .............2222.7....80.39.....17.9
Barclaycard gold...............7560.01...173.1.....6.9
M&S credit.....................5137.3....103.5.....18. 9
Nationwide (2).................4800......99.71.....17.9
Halifax credit.................1558.22...16........0
MBNA...........................850.......25....... .0
Hilton Hhonors.................3450.13...101.......16.9
Total unsecured debts..........25578.36..598.7.....-

Monthly Budget Summary
Total monthly income.................... 2,767
Expenses (including HP & secured debts). 2,422.53
Available for debt repayments........... 344.47
Monthly UNsecured debt repayments....... 598.7
Amount short for making debt repayments. -254.23
Personal Balance Sheet Summary
Total assets (things you own)........... 202,500
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -25,578.36
Net Assets.............................. 31,921.64
Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Sorry if I seem ruthless. just trying to see every way possible you could save. But I think a. you really need to get your partner on board and b. also find out just how much your partner is in debt as you don't seem to know. Do you ever DTR? (determine the relationship?) Every month you could sit down, and be frank about any issues, especially monetary. It stops fights about money because ones the facts are out in the open, they can be sorted out before they are turned into personal warfare. You are in a relationship to help each other through life, and to me money wise there shouldn't be any secrets. He needs to open up, and he needs to realise that this isn't an emotional thing its a factual, figures on paper matter that need to be resolved.

blue-kat

sorry to hear of your difficult circs, but just wanted to add a few comments that once you get into the swing of things, it feels good to get addressing finances. saving money is better than being an ostrich stress spending. I speak from ongoing experience.
we gave up cable tv a few years ago to reduce the amount of adverts the kids were exposed to, so double saving.
I've given up dyeing my hair and have reduced frequency of hair cuts, helped by opting for longer style. grey is good
check you're applying for any income you might be entitled to - free school dinners if your husband goes on JSA? ditto prescriptions?
look at what you can sell on ebay/gumtree - it's sometimes surprising how much one's old junk sells for, and people are still buying. Good way to clear clutter and bring in money.
Really I wanted to say that it's not all pain and loss, it's about taking charge, and it goes beyond pounds, shillings and pence , in my experience so far, though we still have a long way to go, it feels so much better. All the best !

nfollows1982

Hi there, welcome to the board!

We have 2 adults + 4 children (10, 9, 8 and 6) and our shopping budget every month is £200.

We still have a nice family meal every night as well as my pack up for work etc etc.

We used to spend 3x that on food shopping and throw everything in the trolley we fancied but with some clever meal planning and shopping it's so easy to cut down.

I got 80 warburtons rolls for 80p in asda the other day (20p for pack of 20 reduced) and they've gone straight in the freezer for my sarnies for work.

I used to hate buying the reduced stuff but it really is amazing what you can save!!

moneywaster-nomore

Just read through your posts and wanted to say Hiya My DH lost his job a year ago and at the age of 63, he is unlikely to get another one. He cannot claim his pension until he is 65, so at the moment, its just my pay coming in. Its a very tight struggle and I have to count every penny but we have got through year up to now. I will subscribe and keep popping in, to see how your doing and maybe give/and pinch ideas :rotfl:

moneywaster-nomore

nfollows1982 wrote: »

Hi there, welcome to the board!

We have 2 adults + 4 children (10, 9, 8 and 6) and our shopping budget every month is £200.

We still have a nice family meal every night as well as my pack up for work etc etc.

We used to spend 3x that on food shopping and throw everything in the trolley we fancied but with some clever meal planning and shopping it's so easy to cut down.

I got 80 warburtons rolls for 80p in asda the other day (20p for pack of 20 reduced) and they've gone straight in the freezer for my sarnies for work.

I used to hate buying the reduced stuff but it really is amazing what you can save!!

Wow that is excellent food bill. I have cut down to that for 2 adults, obvioulsy it can be cut down a lot more. Excellent planning and budgeting.

short_bird

Let me explain where I'm coming from. Once a year for 14 years, my Corgi (now Gas Safe) registered plumber came to the house and serviced the boiler. Only once in those 14 years did she have to come out at any other time.

I would be looking very carefully at my boiler cover at £27.25 per month since the boiler is still breaking down twice a year. Do you get a yearly service included in that and, if you do, what are the causes of the subsequent breakdowns?

Cheers and good luck with the journey ahead.

nfollows1982

moneywaster-nomore wrote: »

Wow that is excellent food bill. I have cut down to that for 2 adults, obvioulsy it can be cut down a lot more. Excellent planning and budgeting.

I'm lucky that we have a 24/7 asda on the doorstep and I know when the food is reduced each day.

We tend to do a big food shop once a fortnight to keep all cupboard essentials stocked up and I pick up all our meat when it has been reduced later on in the day and just stick it in the freezer.

I managed to pick up 2x cooked chickens and all the veg for sunday lunch for £5.20 this week just from knowing when to go to pick up the bargains.

icklepiggle

short_bird wrote: »

Let me explain where I'm coming from. Once a year for 14 years, my Corgi (now Gas Safe) registered plumber came to the house and serviced the boiler. Only once in those 14 years did she have to come out at any other time.

I would be looking very carefully at my boiler cover at £27.25 per month since the boiler is still breaking down twice a year. Do you get a yearly service included in that and, if you do, what are the causes of the subsequent breakdowns?

Cheers and good luck with the journey ahead.

Hello , totally get your logic. We have had a bolier for 9 years & it seems to be the same issues that keep recurring - and all the engineers who have been to see it basically say that that type of boiler has lots of similar issues & they see a lot of the parts failing. It does get serviced as part of that deal - it is homecare with British Gas.

So really we need a new boiler but obv. would have to pay more than the £2k we paid for that one, to make sure it was better. Will deffo think about what we should do, as £27 a month is a huge amount of money!

icklepiggle

nfollows1982 wrote: »

I'm lucky that we have a 24/7 asda on the doorstep and I know when the food is reduced each day.

We tend to do a big food shop once a fortnight to keep all cupboard essentials stocked up and I pick up all our meat when it has been reduced later on in the day and just stick it in the freezer.

I managed to pick up 2x cooked chickens and all the veg for sunday lunch for £5.20 this week just from knowing when to go to pick up the bargains.

that is an amazing food bill - we are REALLY struggling with £250 for this month...... we may be eating only lentils by the end of the month. lol! I need to get on the old style board quick!

icklepiggle

megan01 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of cars owned.................... 2 - Sell one.
Benefits................................ 442 inc JSA & Child benefit - check if there is anything else you are entitled to.
Electricity............................. 115 gas & electric - I might sound a bit patronising here, but is there anyone that takes long showers? Do you use a lot of pots and pans for cooking?
Mobile phone............................ 41 just got new iphone 24 mth contract £31 p.mth + £10 sim only SELL THE PHONE NOW. The new iPhone is coming out in less than a month so the prices for the 4 are dropping rapidly anyway so sell sell sell.
Satellite/Cable TV...................... 40.65 line rental + broadband+ sky - Do you really need Sky?
Clothing................................ 50 - Is this desperately necessary considering your situation?
Petrol/diesel........................... 150 - Is your car cleaned out of junk in the boot? Do you have a roof rack you can take off?
Medical (prescriptions, dentist etc).... 20 - You should get pre payment certificate if this is for one person.
Presents (birthday, christmas etc)...... 60 Do you spend £720 a year on presents ?
Haircuts................................ 37 kids are free as do it myself - might need to space out my hair colour more (!) - Could you consider dying your own hair at home for a while?
Entertainment........................... 100 £1200 a year, what does this go on?
Holiday................................. 50 Will you still be taking a holiday when you have all this debt? Could camping not be an option ?
Lovefilm dvd rental..................... 6 - Not necessary if you have Sky, have one or the other.
Household improvements.................. 25 Is this really necessary?

Boiler cover............................ 27.25loathe to get rid as our boiler breaks down twice a year without fail & hence price keeps going up
Total monthly expenses.................. 2422.53

Assets
Cash.................................... 0
House value (Gross)..................... 190000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 10000
Total Assets............................ 202500

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 145000...(805)......6.19
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
Nationwide credit .............2222.7....80.39.....17.9
Barclaycard gold...............7560.01...173.1.....6.9
M&S credit.....................5137.3....103.5.....18. 9
Nationwide (2).................4800......99.71.....17.9
Halifax credit.................1558.22...16........0
MBNA...........................850.......25....... .0
Hilton Hhonors.................3450.13...101.......16.9
Total unsecured debts..........25578.36..598.7.....-

Monthly Budget Summary
Total monthly income.................... 2,767
Expenses (including HP & secured debts). 2,422.53
Available for debt repayments........... 344.47
Monthly UNsecured debt repayments....... 598.7
Amount short for making debt repayments. -254.23
Personal Balance Sheet Summary
Total assets (things you own)........... 202,500
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -25,578.36
Net Assets.............................. 31,921.64
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Sorry if I seem ruthless. just trying to see every way possible you could save. But I think a. you really need to get your partner on board and b. also find out just how much your partner is in debt as you don't seem to know. Do you ever DTR? (determine the relationship?) Every month you could sit down, and be frank about any issues, especially monetary. It stops fights about money because ones the facts are out in the open, they can be sorted out before they are turned into personal warfare. You are in a relationship to help each other through life, and to me money wise there shouldn't be any secrets. He needs to open up, and he needs to realise that this isn't an emotional thing its a factual, figures on paper matter that need to be resolved.

Hi megan,

Cars - we are in the process of selling DH's car which is why I left out the HP costs (+ insurance + tax ) from SOA. He is going to check if he can hand the car back to the finance company as we have heard that may be an option

You make some really good points about the other things in the SOA - we can't claim any other benefits due to my salary (£44k) so we really do need to totally cut back. Have already decided to stop pressies for anyone except our kids and cancelled a hen night out & going to my work Xmas party. It all helps!