Screwed up...had done so well

amorge

Thanks for your comments.
I've put 1 daughter as the other is away most of the summer & then at Uni so she's really not costing much at the moment.
Earnings - am frantically looking for new job & more pay, not being made redundant till October
Tax credits not affected when eldest leaves home, as she's over 18 & I don't get any for her anymore
Child maintenance - this will stay same when Uni starts

Shouldn't cost me anything when she goes to Uni, she gets plenty of grants from the government and her dad is giving her £250 a mth.

Council tax over 10 mths, till contact about paying over 12
Water - this is metered, was £65 before meter installed
Electric & Gas - have energy light bulbs. Am strict with kids making sure everything off at wall
Food - this should decrease. Sadly there is no Aldi/Lidl in town, 20 min+ drive so seems a waster of fuel
Petrol - I work 35 miles away and 5 days a week so can't reduce this
Holiday - has been taken, but no plans to take another so can cut this
Entertainment - will shave to £60 a mth
Car maintenance - £0 is correct as new, no MOT & service plan in place
Car - am in negative equity with it so pointless to get rid at the moment
Medical - £0 as get free prescriptions & NHS dentist

A number have suggested selling the house. It's not that simple, I looked at renting in the town and its 800+ for a two bed property which I could not afford at all. If I sold and banked the cash then I'd lose all tax credits etc. have also looked into getting a lodger but not happy having a stranger in the house with a 15 yr old girl in the house.

[Deleted User]

So, let's see what your reductions/eliminations will do to your situation?

Reducing the entertainment and scrapping the holiday fund will save you £140pm.

Assuming the 0% interest rates remain for the life of the debts, and the minimum payments on the CCs is 2.5%pm, then based on the current amount you are paying, you will (providing you are paying in the right order) pay off all your unsecured debts in around 6.5 years, and pay around £3,000 in interest.

Adding the £140 from the holiday and reduced entertainment budget, you will (again, providing you are paying in the right order) pay off all your unsecured debts in less than 3 years, and pay around £1,600 in interest.

Bear in mind, the assumptions I used, regarding minimum CC payments, and life of debt 0% APRs.

big_sved

I studied 12 years ago and moved cities. I too received around £50 per week from parents to help with costs, they also supported with the accomodation costs which were 8-900 per term, then £250 per month for years 2 and 3. I also had the minimum student loan available which was abt £8-900 per year. I Worked during all the breaks and summer but not during my time at university and still took out the student loan and ended up with a 1-2K overdraft and the 2K payable in scotland once you graduate. just be careful your daughter is aware of the costs as you do not want her to slide into a similar position.

bargainbetty

amorge wrote: »

have also looked into getting a lodger but not happy having a stranger in the house with a 15 yr old girl in the house.

You could consider either a Monday-Friday let (look online for sites that set it up) or a student lodger - you can ask for a female if you are uncomfortable with a male in the house!

[Deleted User]

amorge wrote: »

have also looked into getting a lodger but not happy having a stranger in the house with a 15 yr old girl in the house.

Any relatives or friends, looking for somewhere to live?

amorge

I've had a look on some lodger websites and sent a couple of replies to people looking. Sadly no friends looking for places to live.
Am going to bit the bullet when my parents get back from holiday at the weekend & see if they are able to give me a loan that I pay back at a %, that way I can throw all excess at the CC & clear ASAP.

amorge

Bedsit_Bob wrote: »

So, let's see what your reductions/eliminations will do to your situation?

Reducing the entertainment and scrapping the holiday fund will save you £140pm.

Assuming the 0% interest rates remain for the life of the debts, and the minimum payments on the CCs is 2.5%pm, then based on the current amount you are paying, you will (providing you are paying in the right order) pay off all your unsecured debts in around 6.5 years, and pay around £3,000 in interest.

Adding the £140 from the holiday and reduced entertainment budget, you will (again, providing you are paying in the right order) pay off all your unsecured debts in less than 3 years, and pay around £1,600 in interest.

Bear in mind, the assumptions I used, regarding minimum CC payments, and life of debt 0% APRs.

Doesn't seem to scary, 3 yrs but in practice! Main thing at the moment is trying to find a job for October, bit of a nightmare.....

asparagus1968

Hiya, sorry if I am wrong.... it says in assets the car is worth £23000, and in HP that you owe £20000 on it. can you not sell it for £23000,pay off the £20000 and buy one for £3000?

I know where you are coming from, I spent like mad when I got divorced, to make up to make my son, to make myself feel better etc.
I feel better about myself now I've paid it off! good luck to you, and to your daughter waiting for results

asparagus1968

oh, and will your council tax go down when you are the only adult in the house when she's off to uni?

amorge

asparagus1968 wrote: »

Hiya, sorry if I am wrong.... it says in assets the car is worth £23000, and in HP that you owe £20000 on it. can you not sell it for £23000,pay off the £20000 and buy one for £3000?

I know where you are coming from, I spent like mad when I got divorced, to make up to make my son, to make myself feel better etc.
I feel better about myself now I've paid it off! good luck to you, and to your daughter waiting for results

Hi, the car was 23,000 new just a couple of mth ago (before I knew about job loss). I would prob only get about 17-18k if I sold it now because of initial depreciation