Help needed please, worrying about money

Summerdaze

I am in need of some help, i am worrying myself sick over money. In the last few months we have lost a lot of tax credits, all council tax benefit and almost all the housing benefit. My hours in work have been cut, Dp is self employed and has a fluctuating income and I'm soon to go on maternity leave.

We can not survive much longer. We were splitting joint bills, Dp pays rent and groceries i pay the rest, with my drop in income this is getting harder to cover. Dp hasn't been paid for weeks so now i'm trying to pay bills, petrol, food and have reached the limit of my overdraft. The rent is due in 2 weeks and i can't cover that as well.

I have defaulted on a credit card payment because i just don't have the spare minimum payment.

I did think about posting a SOA but with our separate bills and things I'm not sure it will work.

rockm87

Sorry to hear you are having problems!

I'd call the credit card company and your letting agent and discuss options, just be honest and see what happens, see if you can delay the payment.

You must then put a budget together, if you are combining your money you need a way to put it down in writing so you can get a grip with what's going on!

You need to deal with priority things as a matter of urgency (food, roof etc). Is there anything you can sell in the meantime? (everything but the cat and fridge?)

Summerdaze

I think i am going to have to call the credit card company and just say i can't afford the repayments.

I'm hoping Dp gets paid before the rent is due, it's defendant on him finishing two jobs, his car broke down too so we are trying to both get to work in opposite directions with one car.

I will do a quick budget calculation, i did a rough one a couple of weeks ago due to another change so have it written down already.

I have some stuff i can sell but i doubt it will raise much. I have a business that needs stock selling off, now i'm not working so much i need to knuckle down and get on with it.

rockm87

Just as a thought, can you take any paid holiday from work? Just while you get yourself sorted short -term. It will save on the car journey?

If the credit card company can't help, cal step change or national debt helpline.

Get a budget done, find ALL THE PENNIES, it will make a difference, promise.

rockm87

IGNORE THE SPAMMY SCAM!!!

reporting - yet again - come on MODS!!

Summerdaze

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 600
Benefits................................ 446.2
Other income............................ 100
Total monthly income.................... 1546.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 167
Electricity............................. 61
Gas..................................... 35
Oil..................................... 0
Water rates............................. 44.93
Telephone (land line)................... 0
Mobile phone............................ 56.5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 59.94
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 15.75
Car Insurance........................... 26.87
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 64
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......................... 38
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1531.11


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card 1..................170.......10........0
Credit Card 2..................800.......50........0
Total unsecured debts..........970.......60........-


Monthly Budget Summary
Total monthly income.................... 1,546.2
Expenses (including HP & secured debts). 1,531.11
Available for debt repayments........... 15.09
Monthly UNsecured debt repayments....... 60
Amount short for making debt repayments. -44.91

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -970
Net Assets.............................. 30

Summerdaze

I've posted a rough SOA. i've put Dp's income as £600 because that's what he should pay for bills, he then pays his own personal bills, petrol etc.

I can't take any holiday because i'm using it all before i go on maternity leave.

Tixy

Obviously ignore the Spam.

Are the credit card and overdraft your only debts?

Once you are on maternity you are going to have to consider your finances jointly once you are not earning, so I would try to work on a statement of affairs.

Have you been through all the outgoings to look what you can cut out/reduced/get cheaper?

You say DH is self-employed but hasn't been paid anything recently- is his business not profitable? is there a problem with some of his customers paying him for work he is performing? or does he have no work on currently?

Summerdaze

The credit card and overdraft are my only debts yes.

I haven't been through what i can cut yet.

Dp has work on but is forever chasing payment, he took a week off for half term so i could go to work and use the car and not pay childcare. He needs to finish a job in the evenings to get paid, it's an outside job and has been rained off so many times, now he's got another job on it's trying to fit it in.

Tixy

You are not far short of being able to meet your monthly outgoings, and it looks like you SMP will not be a lot lower than your current earnings.

And if that is just your petrol share then hopefully that will reduce once you are on maternity.

The issue is obviously coming from DH not being able to pay the £600.

As you can't pay the rent then definitely look at what outgoings you can reduce.
E.g. the mobile and tv package both look quite high, so see if you can reduce these a bit.

Is it unusual for DH to struggle to pay the £600, or is this just a one off due to these 2 particular jobs he is working on?

Edit - cross posted with your reply above

RuthnJasper

Hi Summer, have a look at http://www.stepchange.org/ as well - they are a free debt charity that offer fantastic advice and support, as well as practical solutions. I've used them myself and can't rate them highly enough.

Good luck - hope things get better for you soon. x