Debt help

Anoneemoose

Do you not get any child benefit/tax credits with having 3 kids?

Cross posted!

System

yes but again this goes into my partners account , and is spent on groceries, children, and partner. what is here is everything i get paid and have to pay...

Vikipollard

Do you actually have £133 left each month? If not, you need to go through your spending to see where it is going.


If you do have that left over, if it was me, I'd be chucking £50 into an emergency fund and the other £83 at the highest interest debt (which seems to be your overdraft?).


The other sensitive question is does your partner know about the debts - and do they have any of their own? Just asking because pooling money and ideas might help you to bat it down faster.


I'm certainly no expert though, so please wait for other more sensible people than me to respond!

System

sorry just been through it ive missed something off

System

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 925
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 925
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 67
Gas..................................... 83
Oil..................................... 0
Water rates............................. 48.6
Telephone (land line)................... 0
Mobile phone............................ 48.9
TV Licence.............................. 0
Satellite/Cable TV...................... 50
Internet Services....................... 30.64
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 791.14

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 400
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2000......25........18.94
credit card....................2086.47...25........0
overdraft......................588.......0.........19.94
Total unsecured debts..........4674.47...50........-

Monthly Budget Summary
Total monthly income.................... 925
Expenses (including HP & secured debts). 791.14
Available for debt repayments........... 133.86
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 83.86
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,674.47
Net Assets.............................. -4,274.47
[/tt]

System

Ive recently told her of my debt, she has her own outgoings so i wouldnt want to burden her with my debt.

haycorns

Still think it would be helpful to look at it together. For example, we might say you can't afford sky, but you might be able to make savings on your food bill and keep sky. Her half seems to be more of the variable costs - going out, food, presesnt etc, which is where its easiest to cut back.

We can suggest you shop around for utilities , maybe switch to pay as you go for the mobiles but there's not much room for change on your half.

Also you have nothing for presents in you half

Would also suggest you keep a spending diary so you can see what else you are spending money on - eg newspapaers coffee, drinks etc

slowlyfading

john83gater wrote: »

[tt]Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 925
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 925
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 93
Electricity............................. 67 - this is high, especially if it's just your half? Switch everything off at the plug and make sure lights are off.
Gas..................................... 83 - same! Is this heating?
Oil..................................... 0
Water rates............................. 48.6
Telephone (land line)................... 0
Mobile phone............................ 48.9 - ouch! when does this end?
TV Licence.............................. 0
Satellite/Cable TV...................... 50 - is this in total or your half? This needs to go.
Internet Services....................... 30.64
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 20
Road tax................................ 0 - nothing?
Car Insurance........................... 0 - nothing here?
Car maintenance (including MOT)......... 0 - nothing here?
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 - nothing? Not even £5 a month?
Total monthly expenses.................. 791.14

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 400
Total Assets............................ 400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................2000......25........18.94 - pay this second
credit card....................2086.47...25........0
overdraft......................588.......0.........19.94 - pay this one off first
Total unsecured debts..........4674.47...50........-

Monthly Budget Summary
Total monthly income.................... 925
Expenses (including HP & secured debts). 791.14
Available for debt repayments........... 133.86
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 83.86
Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,674.47
Net Assets.............................. -4,274.47
[/tt]

Added some comments in red - it's harder as it's just your half.

If you have the £83 left every month, then great! I suspect you dont though, so time to start a spending diary write down everything you spend, and see where money disappears.

What did your partner say when you told her?

System

Thanks, Sorry these are the full amounts ..
My road tax and insurance on my motorbike has been paid in full for the year, I don't usually have much left, I get paid every 2 weeks, so the extra usually gets spent on I'm not sure what, suppose last few weeks it's been presents etc

Anoneemoose

I agree with those who say it might be easier to pool all of the household finances for income and outgoings/bills. Has the debt you have been accrued because of things you have spend on household stuff/joint purchases etc? (Apologies if you have already answered this). If this is the case then really, it is not 'your' debt.

I know it doesn't work for everyone but I think in your case, pooling everything might be the way to go. In our house, we have everything in one 'family' pot!