Drowning!!!

tonibetha

Hi everyone,

I've come here as a last resort. my debts are really bad, and they are getting worse because my expenditure is higher than my income. I need help to get out of this.

A little background:

I'm a single mum and have been receiving no child support from my estranged husband (i've just filed for child support and am hopeful I couldn't cope with paying for childcare and working full-time so i've just sent DD2 off to live with my parents for a few months. I'm sending money to them for her care.

I have so much debt, i dont know where to start. For the first time in ages, im responsible for only myself, and am now trying to start replacing my tattered wardrobe and also budget for hair etc (basically female maintenance stuff).

The holiday listed here is my brother's wedding in Canada next year that i want to start saving up for. Haven't been on a holiday in two years.

Here goes :embarasse

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2256.71
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2256.71

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 555.88
Management charge (leasehold property).. 0
Council tax............................. 61
Electricity............................. 31
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 12.25
Mobile phone............................ 47
TV Licence.............................. 12.12
Satellite/Cable TV...................... 43
Internet Services....................... 7.5
Groceries etc. ......................... 156
Clothing................................ 50
Petrol/diesel........................... 99
Road tax................................ 21.6
Car Insurance........................... 190.17
Car maintenance (including MOT)......... 35
Car parking............................. 5
Other travel............................ 84.5
Childcare/nursery....................... 310.6
Other child related expenses............ 400
Medical (prescriptions, dentist etc).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 36.68
Other insurance......................... 25
Presents (birthday, christmas etc)...... 40.7
Haircuts................................ 60
Entertainment........................... 20
Holiday................................. 200
Emergency fund.......................... 0
personal allowance (for make up, misc).. 150
Total monthly expenses.................. 2698[/b]


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC credit card...............1000......18.25.....21.9
HSBC overdraft.................2250......37.32.....19.9
Family.........................8922.9....660.......0
Barclaycard two................1085......23.85.....29.9
Barclaycard one................5800.84...130.5.....19.9
Lloyds.........................667.52....11.5......20.9
Capital one....................2400......43.8......21.9
Natwest Credit card............1867.25...42.02.....21.9
HSBC loan......................7152.93...250.......8.9
Total unsecured debts..........31146.44..1217.24...-


Monthly Budget Summary
Total monthly income.................... 2,256.71
Expenses (including HP & secured debts). 2,698
Available for debt repayments........... -441.29
Monthly UNsecured debt repayments....... 1,217.24
Amount short for making debt repayments. -1,658.53

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -31,146.44
Net Assets.............................. -28,146.44

Own_My_Own

Hello and Welcome :j

Are you giving your parents £100 a week to look after your DD2 ?

tonyh66

mobile phone bill is too high, scrap the satallite/cable TV.
Are you paying £190p/m for car ins? sell current car and get a more insurance friendly one?
Other travel £85p/m whats this?
£60p/m on haircuts? your joking right? £20p/m = 1 cut every 3 months.
£400 child expenses? whats this
Theres plenty there for you to be cutting back on if your serious about it.

tonibetha

Actually, this SOA is based on everything i've spent monthly till now (tho i still have quite a few receipts to record).

The car is a honda crv - not sure y the premiums are so high
Other travel - only drive to work one day a week, take the train to work mon-fri so £84.50 on travelcard for zone 2-3 (hoping they take the parking signs down and i can start driving to work again. tho that will drive up fuel costs)

re £60 p/m hair, i'm a black girl so its not actually a haircut, it's more like braids, weave etc

£400 child expenses - food, clothes spend for DD, pampers, wipes, medicines etc plus £100 i save for her monthly (not an actual spend). I do expect these to go down now. (had to buy a whole years worth of clothes for her trip -gonna sting for a while.

Mobile phone bill: just given notice (30 days) to downgrade so the bill should go down to £20

Basically, i did an average of everything i've spent over the past 9 months to get the monthly SOA

I've tried to cancel the cable as i can barely afford it but apparently i'm in a contract till feb 2013. and i havent watched it since dd left. so annoying. only benefit is the rewards from sky (free movie tickets etc)

I am spending £1000 a month paying back debts tho

As for the childcare, DD is 2 (so she cant get the free school here and i cant afford nursery), so part of it pays for a school for her over there, and also a maid to help with her (as my parents are elderly). it is expensive, but way cheaper than over here.

I will repost my SOA to reflect forward expenses only (no point looking back)

tonibetha

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 2,256.71
Monthly expenses (incl. HP & secured loans) 2,339
Available for debt repayments -82.29
UNsecured debt repayments 1,217.24
Amount short for making debt repayments -1,299.53
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 3,000
Total Secured & HP Debt -0
Total Unsecured Debt -31,146.44
Net Assets -28,146.44
Household Information

Number of adults in household 1
Number of children in household 1
Number of cars owned 1
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 2256.71
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 2256.71
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 555.88
Management charge (leasehold property) 0
Council tax 61
Electricity 31
Gas 0
Oil 0
Water Rates 23
Telephone (land line) 12.25
Mobile phone 47 (to be downgraded within 30 days)
TV Licence 12.12
Satellite/Cable TV 43 (tied to contract)
Internet services 7.5
Groceries etc. 80
Clothing 50
Petrol/diesel 70
Road tax 21.6
Car Insurance 190.17
Car maintenance (including MOT) 35
Car Parking 5
Other travel 84.5
Childcare/nursery 310.6
Other child related expenses 100 (savings account for DD)
Medical (prescriptions, dentists, opticians etc.) 21
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 36.68
Other Insurance 25
Presents (birthday, christmas etc.) 20
Hair 60
Entertainment 20
Holiday 200
Emergency Fund 0
personal allowance (for make up, misc) 216.7

Total monthly expenses 2339

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 0 (0) 0
Secured & HP Debt totals 0 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
HSBC credit card 1000 18.25 21.9
HSBC overdraft 2250 37.32 19.9
Family 8922.9 660 0
Barclaycard two 1085 23.85 29.9
Barclaycard one 5800.84 130.5 19.9
Lloyds 667.52 11.5 20.9
Capital one 2400 43.8 21.9
Natwest Credit card 1867.25 42.02 21.9
HSBC loan 7152.93 250 8.9
Unsecured Debt totals 31146.44 1217.24 -

Asset Description Value (£)
Cash 0
House Value (Gross) 0
Shares and bonds 0
Car(s) 3000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 3000

neas

Indeed a car insurance of £190 per month is ridiculous. (£2,200 a year+!)

We pay £250 a year for car insurance of a 1.9 ltr cdi diesel.

tonibetha

Lucky you. my quote was even based on 3 years no claims! (tho i live in london). Couldn't find anything cheaper

tonibetha

i'm now looking at others' SOAs to see how people manage their money. (sigh)

tonibetha

Just been invited to dinner at a restaurant (how does a single girl live on a budget AND have a social life).

From tomorrow i plan to withdraw £50 at the beginning of the week and use that for daily expenses (hence the £216 personal allowance in my SOA). Then once its gone, its gone. no more cc use !!!!

tonibetha

Just called sky to cancel sky movies. That takes the bill down to 26.50

Own_My_Own

Would you not be better using the £100 you save for your DD, paying off debts.