I can't see how we'll ever be debt free & SOA

girlatplay

Have you checked to see if you are entitled to tax credits? Have a look at the tax credit calculator on the HMRC website and put in your details.

RAS

clothbum-mum wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1800
Benefits................................ 134.8
Other income............................ 0
Total monthly income.................... 2934.8

Monthly Expense Details
Mortgage................................ 728.5
Secured/HP loan repayments.............. 124
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 40
Gas..................................... 60
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 10
Mobile phone............................ 113 - incredibly high - you need to reduce this
TV Licence.............................. 12.12
Satellite/Cable TV...................... 30 - get rid for a year or two.
Internet Services....................... 10
Groceries etc. ......................... 360 - this is very high - should be able to work to £280-300
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 18.66
Car Insurance........................... 77
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 268 - is this CSA?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 8.68
Life assurance ......................... 47.99 - this is very costly - try reducing term insurance with another provider
Other insurance......................... 0
Presents (birthday, christmas etc)...... 43
Haircuts................................ 13
Entertainment........................... 200 - you cannot afford this - halve it or go to £50
Holiday................................. 0
Emergency fund.......................... 0
credit expert........................... 14.99 - get rid
professional reistration................ 12.66
Total monthly expenses.................. 2386.6


Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 161500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 119000...(728.5)....3
Hire Purchase (HP) debt ...... 992......(124)......0 - when does this end?
Total secured & HP debts...... 119992....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Visa card......................6300......186.8.....0 - I assume this is a balance transfer?
visa card......................200.......10........19.94 - what is the limit on this?
next directory.................550.......62........25.99
Argos card.....................600.......30........29.9- you need to get rid of this urgently
Total unsecured debts..........7650......288.8.....-
Cannot see the overdraft in this list? What are the charges on that each month?

Monthly Budget Summary
Total monthly income.................... 2,934.8
Expenses (including HP & secured debts). 2,386.6
Available for debt repayments........... 548.2
Monthly UNsecured debt repayments....... 288.8
Amount left after debt repayments....... 259.4

Personal Balance Sheet Summary
Total assets (things you own)........... 161,500
Total HP & Secured debt................. -119,992
Total Unsecured debt.................... -7,650
Net Assets.............................. 33,858

A few thoughts.

You need to add the OD debt and open another account ASAP for budgetting with another bank and no OD.

Purple_Bear

I hope all this advice has been useful. My first visit to this forum. It seems clear you do have enough to manage financially. However, your life seems to be very tough. Though you could usefully tweak your finances to make that work better. Perhaps it is worth considering how the quality of life for you, your husband and children might be more pleasurable.
Good Luck
It's nice this forum must help you feel you have Internet buddies who genuinely want to help.

Timalay

A few tips from me.

Fuel - look around, you would be surprised you can save money (my dad saves 5p a litre by filling up the town he works in, rather the town he lives in). A good site is http://www.petrolprices.com/, it gives all the different prices of fuel in the a set area. MSE has some tips on how to make a car more fuel efficient - http://www.moneysavingexpert.com/travel/cheaper-fuel.
Also anybody he could car share with.

Days Out - Why not go to the park, there are plenty of days out you can do for nothing. If you do go to the park, take a pinic with you.

Haircuts - A their any Colleges nearby you, most colleges have hairdressing courses, and you can usally get a good haircut fairly cheap.