7 kids and counting.......the debt!

chevalier

Welcome to the boards my comments are in blue

dingaling wrote: »

Here is my SOA, its been done in a bit of a rush though:Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1850
Partners monthly income after tax....... 0
Benefits................................ 1360
Other income............................ 150I am guessing this is the maintenance? When will you know if this is going back up again. Also do the older children pay you board as I am assuming their maintenance stopped when they were 18?
Total monthly income.................... 3360

Monthly Expense Details
Mortgage................................ 868.1 Is this repayment, could you take a repayment holiday?
Management charge (leasehold property).. 0
Council tax............................. 97 Is this over 10 or 12 months? If 10 then you can ask to pay over 12 so as to budget better.
Electricity............................. 50
Gas..................................... 51
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 0
Mobile phone............................ 100 Ouch but I see you are going to tackle this soon. Do you have any old phones you could sell?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 78 Would it be cheaper to debundle your phone,/sky and internet? sometime it can be cheaper.
Internet Services....................... 0
Groceries etc. ......................... 600 I appreciate that with a large family, you bill will be larger than average. However meal planning and using up what you already have should help this a bit.
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 18
Car Insurance........................... 66 This seems pretty high, have you compared it lately to see if you can get it cheaper?
Car maintenance (including MOT)......... 100
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0 So they do no after school clubs, or have school meals, or have to pay for this or that trip, or extra books etc - nothing like this at all?
Medical (prescriptions, dentist etc).... 10.4
Pet insurance/vet bills................. 50
Buildings insurance..................... 46 Is this including contents? If not then it is pretty high. Even if it did include the contents then still pretty high. Check on the comparison websites to see if it can be got cheaper. The go via a cash back site like Quidco or Topcashback to save more money.
Contents insurance...................... 0
Life assurance ......................... 110 Ouch. I noticed you broke this down earlier. Even so it still seems pretty high to me. Were you told to take it out to 'protect' the mortgage or something?
Other insurance......................... 0
Presents (birthday, christmas etc)...... 190
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0You need to start putting something here
Total monthly expenses.................. 2808.62


Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 200001


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 149000...(868.1)....3.99
Total secured & HP debts...... 149000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
house loan.....................13237.....289.......5.9
tesco cc.......................536.66....14........21.67
next...........................223.34....22........25.99
santander......................1056.04...10........0
virgin.........................5297.77...54.78.....0
barclaycard....................3884......87.39.....0

You need to get the APR's for all of your cards/accounts, so you know which ones to prioritise first.

Total....................... 24234.81....477.17

Total income.........3360
Total outgoings.....2808.62
Total left................551.38
Debt repayments..477.17
So Grand Total Left 74.21

I have added in the last part of the SOA as much for your benefit as anything. You have a fair amount of debt, but you 'should' be able to cover it and have 74.21 left a month. Do you have this left over? If not then a spending diary is the way to go. One person on here was horrified to work out that her coffee habit was costing her 100 a month just on its own! So it is worth doing.

Also is any of this debt your ex OH? Or was run up with him? Would he contribute to it? Of course if any of them are in HIS name then they are not your problem, but his to repay......

Good luck
chev

fatpiggy

My builders gave me an additional bill yesterday amounting to £3k:eek: I was really expecting it to be around £800. Its for the steels in my extension, my house only looks like its brick built when in fact it has some sort of poured concrete walls and needed a steel box instead of just a support joist. I'm not usually so naive when it comes to these things but clearly I am. It ended up costing me 70 hours in labour plus timber plus the engineers fees.
Also, what is it with builders needing to go and find parts and not coming back?! He got a flea in his ear today as I have just about had enough. Its been 6 months! He turns up at 10, disappears at 3 and has an hour for lunch! Or tells me he doesn't have enough materials for something when he's had said measurements for months. Inefficiency is a huge frustration for me! He got told all this today, he just stood there like he was being told off! I said I need them gone, my boys have their exams and no where to study etc and if he wants me off his back he needs to be here to get the job finished. His excuse for coming at 10 is that he cant get here earlier and that it takes 45 mins. I couldn't give a monkies how far he has to come! He was informed politely but firmly that if he starts late he finishes late. :mad::mad::mad::mad: his partner is here before 8 everyday, but most of the time he has to wait for the other one to turn up with materials etc.


Wow, you make me realise yet again, what a complete star my builder is. I also had my kitchen extension knocked down and rebuilt, and then a new kitchen put in . He arrived at 8.20am every day, sometimes Saturdays too if the weather had been uncooperative during the week and finished either when whatever was scheduled to be done that day was completed, or until it got too dark to work (they started late October). A few extra bits and bobs got done along the way, either for free, or using recycled items from his famous lockup! The final bill was to the penny of the quote and the standard of work was every bit as good as the person who recommended him to me said it would be. Every day the site was swept to within an inch of its life before he left, and when he asked if he could put a few things like bags of cement in the garage, that was completely tidied out and swept clean before the items went in. All the tradesmen he brought in had worked with him for at least 20 years and they were all a pleasure to have around. Needless to say I provided lots of biscuits as they really deserved them. I know what you mean about virtually camping out in your house though. I had no kitchen sink or water even downstairs until February and rested my feet on my microwave when I watched TV I was very glad that my microwave also grills and bakes as I was able to carry on cooking as normal.

sugarbaby125

Well done for having the courage to grasp the mettle and try to start budgeting. I hope all of your 7 children are a continuing source of joy to you every day.

I am currently just over £5,500 in debt, but I am actively repaying my debt with the plan of repaying £3,000 in debt this year and the remaining £2,500 in 2015. My 21 year old daughter pays £100 a week housekeeping, which makes a huge difference to the household. Yet, we have had to tighten our belts. In 2013, I pre-warned my 2 daughters aged 32 and 21 and my 2 sons aged 31 and 13, that Birthday presents and Christmas presents had to be a maximum of £25. They all accepted that my priority was repaying debts.

I am with Show Film First and through getting free tickets from them, went to film previews, concerts and over events throughout 2013 for free. Meals out are from my Tesco Clubcard Deals or from Amazon Local Deals.

This forum saves me so much money as I am alerted every week to some real deals. I have already bought lots of family birthday presents and Christmas presents. I am running out of storage space.

Use the Internet to compare Supermarket prices on Non food items. I have never bought full price Washing Powder, Fabric Conditioner, Washing up liquid, Dove Soaps, etc, etc, the list goes on and on for more than 15 years at least. I bulk buy and stockpile items all over my home.

Take care