scarlet x stament of affiar plz help me

scarletx

ok as i have stated im on my own with 3 childrens ages 9 6 and 3 i have put a claim in for income support and child tax credit

This is what i will have approx each month coming in

£465.92 Tax Credit
£173.20 Child Benefit
£236.60 Icome Support

Monthly Outgoings
washing machine insurance £5.00
council tax £12.00
t.v lience £35.00
gas £40.00
electric £40.00
water £60.00
mb £40.00
shopping £200.00 (50.00 per week)
internet £15.00
sky £17.00
sons pre school £40.00

total income £875.72
total outgoing £504.

we have been looking at doing a joint banrupcy but i only owe to 3 creditors so am going to contack all them this week to say my circumstances have changed and i offer £5 per month what do you think

Kate1983

Can you also add what your debts are and the APRs for them? Also what the minimum payments are?
xxx

Kevicho

Hi Scarlett, welcome to the forums

Whats MB?
Another thing to look at is check out a site like uswitch to see if you can get your utilities any cheaper.
Then check out sites like quidco to see if you can get cashback for changing.

Also food doesnt look too bad, but might be worth checking out the old school board to see if you can make further savings.

With the looks of this SOA (and some savings) you could be debt free in less than 10 months!

Bets wishes and of luck

Kev

Kevicho

Kate1983 wrote: »

Can you also add what your debts are and the APRs for them? Also what the minimum payments are?
xxx

Yup beat me to it.

The best way to proceed is use this list to find the highest APR debt, pay off as much as you can each month on that while paying the minimum on the others.

Once it is paid off use that money to pay the next debt.

Thisis called snowballing, there is lots of info on the net about it.

CharliesAngel

scarletx wrote: »

ok as i have stated im on my own with 3 childrens ages 9 6 and 3 i have put a claim in for income support and child tax credit

This is what i will have approx each month coming in

£465.92 Tax Credit
£173.20 Child Benefit
£236.60 Icome Support

Monthly Outgoings
washing machine insurance £5.00
council tax £12.00
t.v lience £35.00
gas £40.00
electric £40.00
water £60.00
mb £40.00
shopping £200.00 (50.00 per week)
internet £15.00
sky £17.00
sons pre school £40.00

total income £875.72
total outgoing £504.

we have been looking at doing a joint banrupcy but i only owe to 3 creditors so am going to contack all them this week to say my circumstances have changed and i offer £5 per month what do you think

Hi Scarletx.. well done on posting! Just a few questions; Do you pay rent/mortgage? Is council tax £12 due to benefits? What's the washing machine insurance for i.e breakdown/labour and or parts? Is it due to it having broken down before or could you cancel it? Is your TV Licence £35 a month or quarterly? Gas/Electric and water all seem very high - are you on the best tariffs? My utilities (gas and electricity) are around £43 a month for a 3 bed house.
It would also be useful to know who you owe, how much you owe and APR's if applicable and your minimum repayments a month etc. so we can see where we can save you some money...

Hope this helps

CA x

Snaggles

Hiya, a couple of questions spring to mind. Do you pay any rent/mortgage? What is your son's pre-school, is it a nursery etc? Do you need this if you're not working? Is mb a mobile? £40 is quite high, could you reduce it or get rid of it and go onto payg?

According to the above you have £371.72 spare per month - I think on a previous thread you said you owed £3k, so you could clear that within a year on that basis. If you don't seem to have this left each month, do you know where it's going? A spending diary is a good way of tracking what you are spending, and can be quite an eye-opener.

How much do you owe, to who, what are your minimum payments and APRs?

scarletx

mb is mobile sorry
not sure on apr etc as hubby was dealing with it all thats why i need to contact them all and sort out

i cant change ele and gas as on meteres as i owe them money

thecornflake

Hi,

Are you sure you need washing machine insurance? If it's fairly new it will be covered to a certain extent by the sale of goods act.

Your TV license should be 11.37/month shouldn't it?

Also have you checked that you get everything you're entitled to here -
http://www.entitledto.com/

Definitely check your elec/gas on a comparison site, as they look quite high. You can get up to £20 cashback for switching online using Quidco.

EDIT: Sorry - evidently about 5 other people posted since I starting writing this!!

Kate1983

scarletx wrote: »

ok as i have stated im on my own with 3 childrens ages 9 6 and 3 i have put a claim in for income support and child tax credit

This is what i will have approx each month coming in

£465.92 Tax Credit
£173.20 Child Benefit
£236.60 Icome Support

Monthly Outgoings
washing machine insurance £5.00
council tax £12.00
t.v lience £35.00 This should be around £11 per month - you will probably find this is quarterly or something - ring them and find out.
gas £40.00 Look to see if you can switch to a cheaper supplier - read Martin's article for sites where you can get cashback. He's recently updated it with a new cheapest supplier if you receive your bills online - it's on the "Ones Not To Miss" in the column on the right hand side of this page.
electric £40.00 As above
water £60.00 Would getting a meter be cheaper? See Martin's article on this
mb £40.00 What is mb? Mobile?
shopping £200.00 (50.00 per week) See the Old Style board in the forums for help with meal planning and how to cut back here
internet £15.00 You can get this cheaper. Some providers £9.99 I think. If you can't live without Sky you can get free Broadband with them
sky £17.00 Can you get Freeview? See "Highlights" in the right hand column of this page for a £10 Freeview box
sons pre school £40.00 What is this for? Is it childcare?

total income £875.72
total outgoing £504.

we have been looking at doing a joint banrupcy but i only owe to 3 creditors so am going to contack all them this week to say my circumstances have changed and i offer £5 per month what do you think

Hope this helps!
Kate
x

scarletx

mb is payg thats credit i cud cut it down

sons pre school is lunch clubs

i have card meters for both ele and gas

CharliesAngel

Another thing... have you called/written your creditors to freeze payments/reduce your payments for a bit whilst you catch up? This may affect your credit rating but it will give you some breathing space...