Newbie. WAAAH!

TheUmpteenth

Hi folks.

I think I'm finally at the end of my rope. most of my cards are on 0% one is on a low rate for life, but I'm paying out all of my wage, and I'm not paying everything I should be.
Jeez, it's hard, !!!!!! do I do?

SOA:



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.................... 1

Monthly Income Details
Monthly income after tax................ 1854.1
Benefits................................ 619.83
Total monthly income.................... 2473.93

Monthly Expense Details
Secured/HP loan repayments.............. 23.08
Rent.................................... 915
Council tax............................. 170
Electricity............................. 92
Water rates............................. 15
Telephone (land line)................... 60.83
Mobile phone............................ 74.85
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 20.2
Car Insurance........................... 53.54
Other travel............................ 132.8
Presents (birthday, christmas etc)...... 300
Total monthly expenses.................. 2247.3

Assets
Car(s).................................. 200
Total Assets............................ 200

Secured & HP Debts
Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 815.15...(23.08)....37.9
Total secured & HP debts...... 815.15....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bcrd...........................6648.86...170.......6.7
nwst...........................1831.34...18.32.....0
hbos...........................5367.79...53.67.....0
doorstep.......................6000......10........0
overdraft (maxed)..............1560......0.........19.24
Total unsecured debts..........21407.99..251.99....-

Monthly Budget Summary
Total monthly income.................... 2,473.93
Expenses (including HP & secured debts). 2,247.3
Available for debt repayments........... 226.63
Monthly UNsecured debt repayments....... 251.99
Amount short for making debt repayments. -25.36

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -815.15
Total Unsecured debt.................... -21,407.99
Net Assets.............................. -22,023.14

katsu

TheUmpteenth wrote: »

SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 can person 2 take a part time job?
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1854.1
Partners monthly income after tax....... 0
Benefits................................ 246.73
Other income............................ 0
Total monthly income.................... 2100.83

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 23.08
Rent.................................... 915
Management charge (leasehold property).. 0
Council tax............................. 170
Electricity............................. 92 bit high if combined G&E. Turn thermostat down, have off for longer in the day etc.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 60.83 this is way too high. What is it?
Mobile phone............................ 74.85 you spent 1/10 of your income on the phone. Cancel some contracts/drop tarriff etc.
TV Licence.............................. 0 no TV?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 20.2
Car Insurance........................... 53.54
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 132.8
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 300 Afraid this has to be cut to £20 PCM then you can clear over £3k of debt by christmas.
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2247.3


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 815.15...(23.08)....37.9
Total secured & HP debts...... 815.15....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bcrd...........................6648.86...170.......6.7
nwst...........................1831.34...18.32.....0
hbos...........................5367.79...53.67.....0
doorstep.......................6000......10........0
overdraft (maxed)..............1560......0.........19.24
Total unsecured debts..........21407.99..251.99....-


Monthly Budget Summary
Total monthly income.................... 2,100.83
Expenses (including HP & secured debts). 2,247.3
Available for debt repayments........... -146.47
Monthly UNsecured debt repayments....... 251.99
Amount short for making debt repayments. -398.46

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -815.15
Total Unsecured debt.................... -21,407.99
Net Assets.............................. -22,023.14

Good news is that I think you can break even. Got anything you can sell on ebay etc to help get some debt down?

Good luck.

ellesbellesxxx

I can echo Katsu in that 300 a month on presents is 3600 towards debt! Even 20 a month would cut this down by3400! Until debts all paid, I would do gifts of kindness - babysitting, jam...

You could even cut down groceries looking at old style board.

Phone bill def needs looking at too.

You can easily do this good luck!

FireWyrm

TheUmpteenth wrote: »

Hi folks.

I think I'm finally at the end of my rope. most of my cards are on 0% one is on a low rate for life, but I'm paying out all of my wage, and I'm not paying everything I should be.
Jeez, it's hard, !!!!!! do I do?

Well, at a first glance, plenty....

SOA:


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.................... 1

Monthly Income Details
Monthly income after tax................ 1854.1
Benefits................................ 246.73
Total monthly income.................... 2100.83

Monthly Expense Details
Secured/HP loan repayments.............. 23.08
Rent.................................... 915
Council tax............................. 170
Electricity............................. 92 Try to use less
Water rates............................. 15
Telephone (land line)................... 60.83 Telephone and mobile, choose one, ditch the other. You cant have both.
Mobile phone............................ 74.85
Groceries etc. ......................... 300 £150 to £200 would cover this easily.
Clothing................................ 30 Every month? Nope.
Petrol/diesel........................... 60
Road tax................................ 20.2
Car Insurance........................... 53.54 If you're only paying Road Tax of £20 that means you have a small car...why is the insurance so high? Mine is £300 a year for a peugeot.
Other travel............................ 132.8 What is this? You have a car
Presents (birthday, christmas etc)...... 300 Every month? This must be a mistake...£30 will do at most.
Total monthly expenses.................. 2247.3

Assets
Car(s).................................. 200
Total Assets............................ 200 If your car is worth only £200 why are you paying £50+ a month in insurance. You need to shop around.

Secured & HP Debts
Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 815.15...(23.08)....37.9
Total secured & HP debts...... 815.15....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bcrd...........................6648.86...170.......6.7
nwst...........................1831.34...18.32.....0
hbos...........................5367.79...53.67.....0
doorstep.......................6000......10........0
overdraft (maxed)..............1560......0.........19.24
Total unsecured debts..........21407.99..251.99....-

Monthly Budget Summary
Total monthly income.................... 2,100.83
Expenses (including HP & secured debts). 2,247.3
Available for debt repayments........... -146.47
Monthly UNsecured debt repayments....... 251.99
Amount short for making debt repayments. -398.46

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -815.15
Total Unsecured debt.................... -21,407.99
Net Assets.............................. -22,023.14

*Random line because the submittal engine thinks I havnt said enough....

Willing2Learn

Hello and welcome!

How many mobiles have you got? You're spending a lot if you combine landline with mobile expenses. (£135/month can be substantially lowered with the right price-plans)

And are you really spending £3,600 on presents each year?????

Edit: Sell the car. You hardly use it to cover any distance (spend only £60 fuel/month). Your insurance is costing another £53.50/month but the car is only worth £200. Add in servicing costs, tyres, road tax, parking fees etc. Every four months you pay for the car with your insurance premium. The car is just throwing money away imho. Not cost effective when things are so tight.

niksyg

Is your monthly income made up of one of your working and the other on benefits?

Are you able to both work or up your hours to try and up your income?

Wow - mobile phone is expensive - can you change tariffs? Drop down a tariff? Go PAYG?

TheUmpteenth

Electricity............................. 92 Try to use less
That's Gas and electric, we're working on it

Water rates............................. 15
not sure of this, tbh

Telephone (land line)................... 60.83 Telephone and mobile, choose one, ditch the other. You cant have both.
this is tv broadband and phone

Mobile phone............................ 74.85
3 phones, mum, dad and 16 year old

Groceries etc. ......................... 300 £150 to £200 would cover this easily. (this is mostly smart price / aldi /lidl already )


Clothing................................ 30 Every month? Nope.
ok, that's a guess, but 4 year old goes through a lot and 16 year old that's about. that's 600 a year, sounds close, but maybe youre right

Road tax................................ 20.2
Car Insurance........................... 53.54 If you're only paying Road Tax of £20 that means you have a small car...why is the insurance so high? Mine is £300 a year for a peugeot.
121 for 6 month. not small either, it's an estate from the 90s. insurance is as cheap as chips, from my experience (auto only license, 2 drivers, 3 years held)

Other travel............................ 132.8 What is this? You have a car
bus tickets to work/college

Presents (birthday, christmas etc)...... 300 Every month? This must be a mistake...£30 will do at most.
big family. you're right tho. too much. no way we've only been spending 30. deffo over 100

Total monthly expenses.................. 2247.3

Assets
Car(s).................................. 200
Total Assets............................ 200 If your car is worth only £200 why are you paying £50+ a month in insurance. You need to shop around.
Tesco at 30% off. did the shopping around, even got £30 cashback

thanks all.

Is there a decent spreadsheet anywhere so I can do a proper budget breakdown? Got fed up trying to make one or use software I don't understand.

ellesbellesxxx

I can't help feel that your car ins is way over - I agree. Mine I got down to 200 pounds, 50 cashback, and it's only a year old!

TheUmpteenth

niksyg wrote: »

Is your monthly income made up of one of your working and the other on benefits? yup

Are you able to both work or up your hours to try and up your income? wife is awaiting surgery, can't work. I don't get paid overtime.

Wow - mobile phone is expensive - can you change tariffs? Drop down a tariff? Go PAYG?is there a way to back out of a contract?

don't want to appear to be trying to shoot everything down, just explaining. Thanks

niksyg

How far into the contract are you? If you are halfway through you should be able to downgrade your package. Ring up your provider and explain that you are struggling to pay and ask them to cut your bill down. Hopefully it'll work - give them a call

TheUmpteenth

Willing2Learn wrote: »

Hello and welcome!HI

How many mobiles have you got? You're spending a lot if you combine landline with mobile expenses. (£135/month can be substantially lowered with the right price-plans)3

And are you really spending £3,600 on presents each year?????might be less, probably have spent this the last couple of years. I know this year was a "smaller" christmas, we spent £800

Edit: Sell the car. You hardly use it to cover any distance (spend only £60 fuel/month). Your insurance is costing another £53.50/month but the car is only worth £200. Add in servicing costs, tyres, road tax, parking fees etc. Every four months you pay for the car with your insurance premium. The car is just throwing money away imho. Not cost effective when things are so tight.unfortunately, it's needed because of my wife's back, otherwise she wouldn't be able to take my son to school, and I would be having to come back from work to bring him home. I need that job.

same as above, sorry, I'm not trying to shoot you down, just my circumstances