tried but turned down at first hurdle! help!

Donury236

thecassman86 wrote: »

Oh, we have seen far worse on this board. Debts of over £60k and their expenditure is £2k per month higher than their income... And yet, despite that, the forum is littered with people who have beaten it. As Martin says, all debt is solvable! :money:

One question i missed before - council tax - is that 10 monthly or 12 monthly?

Just extending jumperjohn's suggestion - if you stopped work it'd immediately save you the childcare costs - you could still drive your husband to work, he wouldn't need to get buses etc. So your petrol cost as of now will remain unchanged (maybe go down even)... I understand your benefits will go down but you being at home more often will also allow you to claw back on groceries too - it's always cheaper with someone at home all day to meal plan etc.

Does OH have overtime possibilities or anything? I know it'll mean more work for him but if he can find that extra £200-£300 per month to cover the benefits lost then that'd be a great boost.

Council tax is 10 monthly I think...must be as its 1560 a year.

Unfortunately OH job doesn't pay overtime. The only extra is if they will send him offshore - which was meant to be a regular occurrence with this job hence why he took it! He was in a job that paid very good OT before . Needless to say, its not materialised and he is now stuck there as its a 3 month notice period!

Yes I would save on the childcare if I stopped, but the issue is then that other than working at night or 4 hours a day I will not be able to go back to work as there is no before or after school childcare - all spaces have been taken so its a case of once I quit thats it - unless we move house. Which is becoming a very serious idea, and unfortunately would have to be to council accommodation, if there is any, as rent is about £300 more than our current mortgage.

I have been trying to weigh up different senarios. As of tomorrow it will only be 45 days till I find out if I am redundant (theres a 14% workforce reduction so it has to take so long!). I should get 6 times my weekly salary.

If there is no need for childcare OH salary goes up as we get childcare vouchers (its would be nearer 1700 a month without them!). Food wouldn't really go down as I have a very fussy OH who will not eat cheap stuff - or veg for that matter! Currently the kids get fed at child care so they dont really need food at dinner time as they never hungry.
The redundancy money would be about 2200 so have taken that off the 39% apr catalogue.

So would be roughly this:
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................ 0
Partners monthly income after tax....... 1662.89
Benefits................................ 364
Other income............................ 0
Total monthly income.................... 2026.89

Monthly Expense Details
Mortgage................................ 563
Secured/HP loan repayments.............. 250
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 155
Electricity............................. 160
Gas..................................... 0
Oil..................................... 120
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 100
TV Licence.............................. 13
Satellite/Cable TV...................... 25
Internet Services....................... 15
Groceries etc. ......................... 180
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 8.75
Car Insurance........................... 36
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 46
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2071.75


Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 5988
Other assets............................ 0
Total Assets............................ 145988


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94847....(563)......4.99
Secured Debt.................. 6500.....(105)......7
Hire Purchase (HP) debt ...... 5988.....(145)......11
Total secured & HP debts...... 107335....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bank 1 od......................2000......30........18
bank 2 od......................250.......6.........18
bank 3 od......................500.......6.........18
cat4...........................97........12........18
cat3...........................187.......15........29
cat2...........................280.......15........29
cat1...........................133.......50........39
cc3............................1722......50........18
cc2............................968.......45........18
cc1............................1052......25........18
Total unsecured debts..........7189......254.......-


Monthly Budget Summary
Total monthly income.................... 2,026.89
Expenses (including HP & secured debts). 2,071.75
Available for debt repayments........... -44.86
Monthly UNsecured debt repayments....... 254
Amount short for making debt repayments. -298.86

Personal Balance Sheet Summary
Total assets (things you own)........... 145,988
Total HP & Secured debt................. -107,335
Total Unsecured debt.................... -7,189
Net Assets.............................. 31,464

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

Donury236

thecassman86 wrote: »

Perhaps, going down the "stop your job" route... Is there a job you could get in the evenings or weekends? That way, you'll be available all day so won't need childcare cover, yet, you'll work when your OH is home... Thus, bringing in that extra few hundred pounds... Does you current job allow for different shifts perhaps?

This job is a bog standard 8 hours a day desk job. we get flexi(ish) but im restrained to childcare hours - child 1 is at school come august but child 2 is not even a year yet.

There are a number of supermarkets within a 10 mile radius and in the same places are some pubs.

And being a childminder myself is a no go as our house is not suitable and well...........I am not much into other peoples kids, they annoy me. ha.

I have thought about taking over my mates online saddlery business she started up and has kinda let stagnate....Might ask her how thats going.

rogue999

Hi, just a quick question - is the nursery charge of £1126 the balance after you've used the childcare voucher from your husband's salary or the total cost of the childcare? Didn't want you to be counting twice.

I feel for you with nursery costs - been there and done that, my 2 are at school now so we just have a childminder for afterwards and it's much more managable. Good luck and I'll follow the thread.
x

thecassman86

Donury236 wrote: »

Council tax is 10 monthly I think...must be as its 1560 a year.

If you change it to 12 monthly then your payments come down to £130... It's only £26 per month but is an easy win... Plus, if you do it now it'll change straight away as the new year starts in April!!


I understand that stopping work totally would make you worse off, and working evenings/weekends isn't ideal but, as you say, there should be pubs, restaurants or supermarkets in the area that have work available around child care.

My parents did it that way; my Dad worked 8am-4pm Monday to Friday and my Mum worked 6pm-10pm on Friday and then 10am-6pm Saturday at Tesco... That was little over 10 hours pay (after breaks) but that's still ~£300/month without requiring childcare. Worth looking into i think. I'm not suggesting you work nights or full-time hours; but 12-16 hours per week shouldn't be too difficult to find.

Moving house is a good thought, to be fair (I didn't know how you'd feel about it so hadn't suggested it)... There's comfortably enough equity in your house to make you debt free, plus, moving closer to OH work will make the petrol costs drop quite a lot!

I know it'll mean going to rented accomodation (or council accomodation) but it does provide a quick option if needed.

Personally, i'd leave selling up as a last resort though... You've got a good asset there for the future.

Donury236

rogue999 wrote: »

Hi, just a quick question - is the nursery charge of £1126 the balance after you've used the childcare voucher from your husband's salary or the total cost of the childcare? Didn't want you to be counting twice.

I feel for you with nursery costs - been there and done that, my 2 are at school now so we just have a childminder for afterwards and it's much more managable. Good luck and I'll follow the thread.
x

That is after the vouchers. and split over nursery and childminder.

Donury236

thecassman86 wrote: »

If you change it to 12 monthly then your payments come down to £130... It's only £26 per month but is an easy win... Plus, if you do it now it'll change straight away as the new year starts in April!!


I understand that stopping work totally would make you worse off, and working evenings/weekends isn't ideal but, as you say, there should be pubs, restaurants or supermarkets in the area that have work available around child care.

My parents did it that way; my Dad worked 8am-4pm Monday to Friday and my Mum worked 6pm-10pm on Friday and then 10am-6pm Saturday at Tesco... That was little over 10 hours pay (after breaks) but that's still ~£300/month without requiring childcare. Worth looking into i think. I'm not suggesting you work nights or full-time hours; but 12-16 hours per week shouldn't be too difficult to find.

Moving house is a good thought, to be fair (I didn't know how you'd feel about it so hadn't suggested it)... There's comfortably enough equity in your house to make you debt free, plus, moving closer to OH work will make the petrol costs drop quite a lot!

I know it'll mean going to rented accomodation (or council accomodation) but it does provide a quick option if needed.

Personally, i'd leave selling up as a last resort though... You've got a good asset there for the future.

Yeah there are a few. My partner does about 37 hours a week so if I pick him up he will be home from 5 and I could work from 6pm.

Only thing, as selfish as it is,.........I don't have any friends who are not working and who are off and the baby groups around where I stay are not very friendly and very clique. When I was off with DD I got very depressed as I couldn't socialise and went 10 hours a day with no adult contact other then going to the shops.
This is mainly why I am desperately trying to cling on to working. I love my kids, I HATE being a stay at home mum . I just hate cartoons and pretending to play barbie and all that inane stuff. Hence why I have gone back to work after 9 months this time and not the full year.


Selling up would be a last resort as we cant really afford to sell and move, cos of the initial outlay in fees etc, and then any profit made would be negligible as like I said, the house needs work done. In its current state its not worth much. Its 'worth' 140k, we paid 125k (20% of that was the Scottish execs contribution, and they get back 20% of whatever it sells for).

Do I just call the council and ask to change? The only options on the bill are full or 10 monthly.

PeacefulSlumber

Hi

please do not sell your house or do anything involving your accommodation until you have spoken to your council about it. If you give up your home without consulting them you run the risk of being found intentionally homeless and they will have no responsibility to help you.

Always best to get advice from them first so you know all the facts before making such a big decision.

Good luck xx

thecassman86

Donury236 wrote: »

Yeah there are a few. My partner does about 37 hours a week so if I pick him up he will be home from 5 and I could work from 6pm.

Only thing, as selfish as it is,.........I don't have any friends who are not working and who are off and the baby groups around where I stay are not very friendly and very clique. When I was off with DD I got very depressed as I couldn't socialise and went 10 hours a day with no adult contact other then going to the shops.
This is mainly why I am desperately trying to cling on to working. I love my kids, I HATE being a stay at home mum . I just hate cartoons and pretending to play barbie and all that inane stuff. Hence why I have gone back to work after 9 months this time and not the full year.

I know what you're saying, but i'm not suggesting that you give up work entirely... I understand that i'm suggesting you cut it down quite a lot but you'll still get that adult interaction with the hours you will be doing - and you'll still get a break from the kids! It's just worth looking into i think.

Donury236 wrote: »

Do I just call the council and ask to change? The only options on the bill are full or 10 monthly.

It should just be that easy, yes... There are definitely several options because you can pay weekly if you're paid weekly from work.


Don't sell up unless it's a last resort, as mentioned previously... A few tweaks needed but your budget is sort-able without anything major like that