Soa

Stuckinarut

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 1055
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1055

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 154 (Car payment)
Rent.................................... 317
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 33
TV Licence.............................. 10
Satellite/Cable TV...................... 70
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 5
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 20
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)...... 30
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1268


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3697.....(154)......0
Total secured & HP debts...... 3697......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Poundstopockey.................562.9.....84.04.....174
Look Again.....................294.7.....0.........30.34
Simply Be......................355.2.....0.........34.11
Fashion World..................185.36....0.........30.34
Rent Arrears...................400.......50........0
Capital one....................1039......0.........52
Studio.........................39.75.....0.........48.9

To give you my story, I was managing fine with all commitments, but then in June this year I fell pregnant which through a spanner in the works. My partner moved in with me in November so that we were in a routine prior to the baby being due in March. The problem is he is currently unemployed (he's applying for everything going) which means that the wage I had for just me now needs to stretch to both of us, so i've fallen behind with payments.

The council tax charge will reduce come April, it is currently to take in the fact that someone moved in part way through a year.

The sky bill is in contract so can't see how I can reduce this, and it includes TV, Phone and Broadband.

My mobile phone is in contract until Feb 2015 and I have already reduced this as much as they will allow me to.

I have put amounts in for the likes of MOT, car maintenance, birthdays etc however I don't put this away every month I have to just try and find the money when it is needed so have broken it down into what it would cost me every month. I currently only put away £20 a month into an account for the baby coming, which is to pay to get the nursery done.

I really need help in how to get out this situation, and sort out my debt accounts. I also haven't put minimum payments beside some things as i've missed a few payments so it changes every month now.

The last things is that my car is on hire purchase so if I don't pay they will come and take it off me, my mum lives about 35 miles away so I feel that I need a car to be able to see them.

haycorns

First look says utilities are quite high - can you switch. Also is your parner claiming benefits - this should be in the pot too.On groceries there is room for saving. Its worth phoning sky and seeing if they will do anything

Stuckinarut

My partner isn't entitled to any benefits as my income is too high and I have tried applying for Working Tax Credits but they say i'm not entitled.

rising_from_the_ashes

Couple of quick things from me

Stuckinarut wrote: »

Electricity............................. 80
Gas..................................... 80
Satellite/Cable TV...................... 70
Contents insurance...................... 0

Assets
Car(s).................................. 2500


Secured & HP Debts
Hire Purchase (HP) debt ...... 3697.....(154)......0
The last things is that my car is on hire purchase so if I don't pay they will come and take it off me, my mum lives about 35 miles away so I feel that I need a car to be able to see them.

You really need to speak to Sky and see if there's anything that can be done to lower the cost of the package

You really need contents insurance - it will only be a few £s and essential in case something happens (look at the floods this past week or so)

What sized house are you in?

Your Gas / Elec are huge - I pay £75 in total for both in a 3 bed semi in Scotland


Did your partner get benefits before moving in with you?

If so, I'm just wondering how him moving in & losing these has actually helped at all?

Re the car - is that the value / outstanding amount - or is the car worth £2.5k more than the outstanding amount?

If the latter, I'd see if there is any way you can get out the contract / hand back the car etc and do without if at all possible (sorry but you can't afford a car just to visit your folks!)

What is going to happen when the baby arrives - I assume you will have to return to work & is your partner going to do all the childcare (or will there be more costs to add in)

ItsOver

You should be able to lower / alter the Sky package, I rang them recently (although I am not actually tied in so your experience may differ) and they instantly gave me 25% off for 18 months!

Has your energy supplier had an accurate reading recently? They may be using estimates, or you could even be in credit because of the amount you pay. Unless you run the heating all day everyday.

ellesbellesxxx

First of all, congratulations on expecting a baby!


what worries me, is that you earn 1055 but are spending 1268 before you even start to pay back any debts. You are already spending more than you earn so will have to keep reaching for credit.
I agree that gas/elec are way too high...
You are spending a lot of money on a car that according to this, you only spend 15 pounds worth of petrol on a week. (ins 29+ tax 10 + petrol 60 + HP 154 + parking 20 +maintenance 20= about 300 a month.)
Do you use your car for work or just for seeing your mum? Is there no public transport to see your mum? Not having a car would mean you could just break even before debt repayments.
I def agree that worth ringing sky.
Have you anything you could sell? Mobile phones fetch good money with Martin's tool mobilevaluer.com
Presents - 30 a month is 360 a year. Right now, leave this... you need to look after number 1 (and 2!)


I would really recommend you talk to a debt charity as you are robbing Peter to pay Paul and even cutting back, it is going to be tight - with a little one on the way, you don't want to be worrying about money. A Debt management plan is one option where you can pay back a teeny bit at a time, hopefully cutting back on the extortionate rates of interest you are being charged. (Sometimes, companies wil lfreeze interest on a DMP!)

Good luck to you xx

Stuckinarut

I'll try and answer everything as best I can.

You really need to speak to Sky and see if there's anything that can be done to lower the cost of the package. - I have spoke to sky and they say there is nothing I can change, they recommended I cancel the Direct Debit and pay them what I can afford. I have spoke to my partner and I think we are going to cancel take the charges and discuss a payment plan on them.

You really need contents insurance - it will only be a few £s and essential in case something happens (look at the floods this past week or so) - I will look into this, although at the moment I have no funds to pay it.

What sized house are you in? It's a 2 bedroom

Your Gas / Elec are huge - I pay £75 in total for both in a 3 bed semi in Scotland - My gas and elec are both on meters due to owing money for gas it was the only choice. I pay £20 per week into each of these.


Did your partner get benefits before moving in with you?

If so, I'm just wondering how him moving in & losing these has actually helped at all? - Yes my partner did get benefits before this, and no moving in together hasn't helped our situation, but he was staying at mine more than he was at his mums and I work in a state benefit environment so wasn't worth the risk of someone reading too much into it.

Re the car - is that the value / outstanding amount - or is the car worth £2.5k more than the outstanding amount? The car is worth less than what is currently outstanding on it.

If the latter, I'd see if there is any way you can get out the contract / hand back the car etc and do without if at all possible (sorry but you can't afford a car just to visit your folks!) - I have paid enough to be able to hand back the car but we do use it a lot and my mum stays out the way a bit, but it's something I will discuss with my partner.

What is going to happen when the baby arrives - I assume you will have to return to work & is your partner going to do all the childcare (or will there be more costs to add in) - Yes I will have no choice but to return to work, if my partner is still unemployed then yes he will be responsible for all of the childcare, however we are hoping he will have found work by then.

Have you anything you could sell? Mobile phones fetch good money with Martin's tool mobilevaluer.com - No I have nothing around the house that I feel would have any value to it at all.

Presents - 30 a month is 360 a year. Right now, leave this... you need to look after number 1 (and 2!) - Yes you are right, people will just have to understand.

I would really recommend you talk to a debt charity as you are robbing Peter to pay Paul and even cutting back, it is going to be tight - with a little one on the way, you don't want to be worrying about money. A Debt management plan is one option where you can pay back a teeny bit at a time, hopefully cutting back on the extortionate rates of interest you are being charged. (Sometimes, companies wil lfreeze interest on a DMP!) - I went online and put my info into Step Change and basically I am going to struggle as I have more going out than coming in. There advice is to contact all creditors and offer the £1 token payments, which I am just about to sit down and write letters for.

PasturesNew

Stuckinarut wrote: »

Electricity............................. 80 - how much? Too much!
Gas..................................... 80 - how much? Too much!
Satellite/Cable TV...................... 70 - No need, get rid
Groceries etc. ......................... 200 - how much? Too much! Shave £50 off in January and a further £30 off in February.
Presents (birthday, christmas etc)...... 30 - Fripperies. No need
Haircuts................................ 15 - Fripperies. No need, or at least cut back.

These are the items that stand out the most to me.

rising_from_the_ashes

Stuckinarut wrote: »

What sized house are you in? It's a 2 bedroom

Your Gas / Elec are huge - I pay £75 in total for both in a 3 bed semi in Scotland - My gas and elec are both on meters due to owing money for gas it was the only choice. I pay £20 per week into each of these.

How much are the arrears / how long to clear them / how much goes to this each week?

If the arrears are gas only & this accounts for say 1/2 what you put in each month - then you really need to look at your electricity consumption as £80 / month on this alone is far too high

Stuckinarut

I have today written a letter to cancel sky, and have signed up with EE for broadband and home phone which will now cost me £17.25 per month.

I am looking at options to ask for family help to buy a cheap run around car and hand mine back saving the £154 per month.

I only have £40 left to do me 3 weeks until i get paid and have nothing i can sell. How the hell do people manage

AlexLK

Stuckinarut wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 1055
Partners monthly income after tax....... 0
Benefits................................ 0 You will be entitled child benefit and tax credits when baby arrives.
Other income............................ 0Any ways of making a little extra cash?
Total monthly income.................... 1055

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 154 (Car payment)
Rent.................................... 317
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 80Get this swapped
Gas..................................... 80Ditto
Oil..................................... 0
Water rates............................. 0Shuld be something here
Telephone (land line)................... 0
Mobile phone............................ 33Tesco £10 per month for 500 mins, unltd texts and 1gb data, if I recall correctly.
TV Licence.............................. 10This will be £12.
Satellite/Cable TV...................... 70Get rid.
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 5
Petrol/diesel........................... 60Seriously? If this is all the fuel you use, I'm really not sure you need a car at all.
Road tax................................ 10
Car Insurance........................... 29
Car maintenance (including MOT)......... 20
Car parking............................. 20Park somewhere free (on street, at a supermarket) and walk
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)...... 30Tell them you're not doing presents for 2014.
Haircuts................................ 15Can this be cut down?
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1268


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3697.....(154)......0
Total secured & HP debts...... 3697......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Poundstopockey.................562.9.....84.04.....174
Look Again.....................294.7.....0.........30.34
Simply Be......................355.2.....0.........34.11
Fashion World..................185.36....0.........30.34
Rent Arrears...................400.......50........0
Capital one....................1039......0.........52
Studio.........................39.75.....0.........48.9

To give you my story, I was managing fine with all commitments, but then in June this year I fell pregnant which through a spanner in the works. My partner moved in with me in November so that we were in a routine prior to the baby being due in March. The problem is he is currently unemployed (he's applying for everything going) which means that the wage I had for just me now needs to stretch to both of us, so i've fallen behind with payments.

My comments are marked in red "ink".