Starting over

tonibetha

Hi,

I don't know if any of you remember me, I was here last year to try to cut down on debts. Did many things to reduce costs, including sending my 2-year old to my parents for 10 months. I'm not really sure if i made any progress, i found it difficult to cut down on things. Now my daughter is back, and i've had to add childcare costs into the mix. Back to borrowing a lot, so i'm back here to try to do as much as possible to find a solution. Last time i was here, many suggested giving up my car, that's not really an option for me at the moment, so i want to find solutions that do not include giving up my car.

I do get a child support payment from my ex sometimes but he is not regular in spite of my going through the CSA. i'm hoping to get my arrears someday

Here is my SOA:

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................ 2491
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2491

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 560.44
Management charge (leasehold property).. 0
Council tax............................. 61
Electricity............................. 42
Gas..................................... 0
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 18.25
Mobile phone............................ 15
TV Licence.............................. 12.18
Satellite/Cable TV...................... 15.5
Internet Services....................... 12.25
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 18.33
Car Insurance........................... 112.5
Car maintenance (including MOT)......... 4.88
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 900
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 37
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
professional fees....................... 20
Total monthly expenses.................. 2318.33


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard 1..................3842.4....90........29.9
barclaycard 2..................3749.22...84.35.....19.9
lloyds..........................3132.26...64.58.....20.9
dad............................1000......500.......0
dental plan....................279.4.....269.4.....0
overdraft......................1800......25........19.9
Total unsecured debts..........13803.28..1033.33...-


Monthly Budget Summary
Total monthly income.................... 2,491
Expenses (including HP & secured debts). 2,318.33
Available for debt repayments........... 172.67
Monthly UNsecured debt repayments....... 1,033.33
Amount short for making debt repayments. -860.66

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,803.28
Net Assets.............................. -11,803.28

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

uphillstruggler

tonibetha wrote: »

Hi,



Here is my SOA:

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................ 2491
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2491

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 560.44
Management charge (leasehold property).. 0
Council tax............................. 61
Electricity............................. 42
Gas..................................... 0
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 18.25
Mobile phone............................ 15
TV Licence.............................. 12.18
Satellite/Cable TV...................... 15.5
Internet Services....................... 12.25
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 18.33
Car Insurance........................... 112.5 :eek: are you sure this is right?
Car maintenance (including MOT)......... 4.88
Car parking............................. 0
Other travel............................ 60 What is this?
Childcare/nursery....................... 900 [COLOR="rgb(255, 0, 255)"]There must be some solution for this. [/COLOR]
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18
Life assurance ......................... 37 [COLOR="rgb(255, 0, 255)"]Maybe search for alternative, cheaper quotes?[/COLOR]
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30 [COLOR="rgb(255, 0, 255)"]Try model days or go without for a bit longer. Self-trims??[/COLOR]
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
professional fees....................... 20
Total monthly expenses.................. 2318.33


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard 1..................3842.4....90........29.9
barclaycard 2..................3749.22...84.35.....19.9
lloyds..........................3132.26...64.58.....20.9
dad............................1000......500.......0 [COLOR="rgb(255, 0, 255)"]Are you paying him £500 monthly?[/COLOR]
dental plan....................279.4.....269.4.....0
overdraft......................1800......25........19.9
Total unsecured debts..........13803.28..1033.33...-


Monthly Budget Summary
Total monthly income.................... 2,491
Expenses (including HP & secured debts). 2,318.33
Available for debt repayments........... 172.67
Monthly UNsecured debt repayments....... 1,033.33
Amount short for making debt repayments. -860.66

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,803.28
Net Assets.............................. -11,803.28

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

Hi. My suggestions are above. Pleased you have your daughter back

There must be a solution to the £900 childcare spend. Are there any benefits/tax credits you are missing?

Is the payment to your dad really £500/month? Perhaps speaking to him to see if there is a possibility of extending the term of the credit to you and tackling Barclaycard 1 first would help?

If your figures are right, with such a deficit for making repayments I would give StepChange or your creditors a call and explain the situation. I have found them very patient and lenient.

Good luck.

Halifax81

Not much ways you can save on there from the looks of it, potential savings could be

No Satellite / Cable TV
Cancel TV Licence and don't watch live TV
Cancel Landline or Mobile do you realistically need both?

Can you get alternatives for childcare as thats a big chunk

Car - Yes I know you mentioned its not an option but again its a fair bit of money that could go towards other things however having said that what would public transport costs be or can you walk?

tonibetha

Thanks for your replies

@uphillstruggler: So pleased to have my daughter back!car insurance cost includes breakdown cove. unfortunately i had an accident a week before my renewal date this year. hopefully should go down next year. Other travel costs are travel costs to somewhere i work one day each week and cant drive to.

@halifax81: wish i could find a way to reduce childcare costs.... satellite is on a contract, and the landline is due to the internet (cant get virgin internet where i live)

i'm black so getting my hair done costs. i wear wigs most of the time to cut costs, but try to get it done sometimes. I'm trying to extend the periods so the costs go down.

(Big sigh) Really wish i could save on the childcare. Guess i'll have to look into ways of increasing my income

Listerbelle

What's the dental plan?

determined_new_ms

Looking at your budget you are still 300 short after you've paid off your dad. I think you need to look at a dmp. Then you could look at cutting back but already it looks like you are pretty near to the mark. At least when you've paid your dad & dental plan you should be able to keep your head above water

tonibetha

the dental plan is a payment plan for a treatment i got. nearly finished paying now. also will finish paying my dad in two months.

all my cc are 0% until june 2014, except my overdraft