decided I need to take potive action to clear my debits

justamummy

I've had debits for a long time. I cleared some of them in 2010 when my grandmother left me some money. However they soon built up again when I went part time at work. I managed to pay most of this off with a redundancy pay out in Jan 2012 but my new job is a much lower salary and my husband was out of work for w few months this year. Stupidly I used credit cards again and our debit is now at £9000. I am going to make changed to the things I spend money one. At the moment I spend money in silly things that add up, such as buying coffee before work, and buying bottled drinks most days. I have moved as much as my credit card debits as I can (£5500) to interest free so that should help me to pay things off quicker.

happycamel_2

Good luck. Post up an SOA and see if we can help you with further savings. Check out the old style board too. I'm saving a fortune by meal planning and measuring out portions before I cook so I waste less. I've stopped buying cakes and biscuits too, I make my own - mostly using over ripe fruit up in the process!

justamummy

Here is my SOA I haven't put my husbands income on as we each deal with our own debits. He pays the rent and nursery fees so i've put them as zero. £200 of the extra income is money my husband owes me that I get when he is working.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 280
Total monthly income.................... 880

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 15
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 25
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 582


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
card 1.........................2500......70........21
card 2.........................2000......50........18
card 3.........................2000......60........0
card 4.........................2500......50........0
Total unsecured debts..........9000......230.......-


Monthly Budget Summary
Total monthly income.................... 880
Expenses (including HP & secured debts). 582
Available for debt repayments........... 298
Monthly UNsecured debt repayments....... 230
Amount left after debt repayments....... 68

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,000
Net Assets.............................. -9,000

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

downnotout

Shoot me if you want, but excluding your husbands income/expence isn't the way forward. For instance you list zero for benefits, wha about child benefit? A longer lasting way out of debt is to sit down with your husband and work it out together. It's not really helpful to say this is mine this is his etc. For all we know your husband could have hundreds of pounds surplus each month etc. Like it or not you and your husband BOTH created this mess, it is up to you both to sor it out.

justamummy

If we put all of our money together he would spend anything that is left over so that wont work, we have tried that before and that is part of the reason we got into debut to start with.
I didn't see the line for benefits so included the child benefit in the other income line.

downnotout

If that being the case, then I suspect that regardless of how hard you try to sort the debts out, it will prove futile. Your husband must be on board with this and the chat about how you both sort this is even more important.

justamummy

obviously it is "futile" then, I wont waste my time.

liltdiddylilt

Justamummy, it isn't futile and you aren't wasting your time.

downnotout is just trying to say that you will find it very difficult to pull yourself out of this if you are doing it on your own. If your husband isn't helping, then he is hindering your recovery.

What do you mean when you say you have tried this before & he hasn't helped. You definitely need support in this, which is why you are posting on this board in the first place!

Explain your situation & I am sure people can give you some ideas that will help you to feel positive about reducing your outgoings & maybe boosting your income a bit more.

Your monthly outgoings on groceries is estimated at £100 there. Are you really paying only £25 a week out on feeding a family of 3? I'd like to know your secret if so!!!!

downnotout

I am not suggesting for a minute that you do not mean well, and that you are not committed to clearing the debts. What I am saying is that without your husbands full support you are going to struggle very much. You stated that when you do have residule money then your husband will spend it. This is something that simply has to change either now whilst it will help, or later when you work hard to get out of this mess and he helps to put you back in the mess. My posts are with the best intentions and not at all trying to belittle your efforts. I am trying to highlight one of your key downfalls that quite likely will up pick your hard work. If you both sit down and realise you're in a mess then together it will make you both better prepared to not only tackle the debts, but to prevent debt in the future. It's your choice entirely and I wish you all the best with your debt reduction.

justamummy

liltdiddylilt wrote: »

Your monthly outgoings on groceries is estimated at £100 there. Are you really paying only £25 a week out on feeding a family of 3? I'd like to know your secret if so!!!!

That is my half of the grocery bill, my husband pays the other half.

cyclura

This is also why you need to combine everything, we cannot see an accurate result of what is being paid for in the household but neither can you when you think about it.

I would actually suggest opening a seperate account. and having ALL your bill money come out of it, both of you put the money needed in that account and a little extra to tackle debts if you have it (and from what I hear you have as he spends it) and then give him an amount to use for the month left in his own account. If he cannot be trusted with the finances you will need to take charge until you can get him on side. And that means all of it or you wont get anywhere. Give him pocket money if you have to. But I will tell you from someone who had and still has now and again, the same problem you need to get him on side, even just get his toe in the door. sit him down show him a snowball of your accounts. At least get him to agree to a budget for his fun money and that it. Everything else is locked away so he cant get it and you can use it to pay ALL bills and food and whatever else.

It would be easier to get him on board but even then if he is as bad as my OH then you are still better taking over all finances and just giving him some spend money every month (or week)

Good luck!