New member. Lots of Debt. Help please

Daniella_W-L

definitely second what EssexHebridean - childcare vouchers through your salaries will save on the amount of tax you pay. If neither of your companies currently do them then request them and if they won't then there is a tax saving on childcare online if you google childcarechoices
If your little ones are over 3 they should also be entitled to 30 hours free from September.

sun_city_girl

Thanks everyone for replying :-)
I am trying to process all the information and it has made realise certain things I forget to take into account like car maintenance and the annual service charge thing we have with our housing association.
I have just opened the link to complete the SOAs form but am stuck on the first question!
It asks about monthly income; now for both of us this is totally variable dependant on what shift enhancements we earn, so would it better to base our income and expenditure on our basic monthly income with no enhancements??

Just having a look at some of the other things
- Food is for 2 adults and a toddler (she eats the same as us)
we don't buy meat for meals - maybe ham slices for work sandwiches but mostly we eat veggie food - I think the places where we come unstuck are being at work when we don't eat dinner together and then we don't plan meals. the food bill also includes nappies but they don't cost too much
We do both take food to work but we might buy food too if we get hungrier (I work 13 hours and my partner in a+e) so we are quite bad at buying like "pick me ups' to give us some extra energy
- I have just applied for childcare vouchers...Im guessing I can't get a rebate for what I have missed out on haha!
-I have no idea whether our internet is the best deal - I have honestly just let it run on since we moved here 5 years ago :-/
- the contact lens stuff is a bit of a bind; I have to wear rigid lenses so there is less choice solutions wise; its all under NHS ophthalmology my lenses are subsidised luckily but the solution and cases is always an expensive I forget to factor in

also I forgot about our TV license, I pay that quarterly
I think its bad that I can't even think what needs to come out
things I forget are - service charge
- tv license
- car tax and MOT
probably more - I just can't remember.

I think it would be a good idea to add up the cost of all the coffees etc over 12 months...

sun_city_girl

I hope this makes sense, it doesn't really make sense to me and I couldn't work out how my house is an asset - I only have a 25% share
Cannot believe how much gets spent on groceries by not meal planning

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.................... 2

Monthly Income Details
Monthly income after tax................ 1471.58
Partners monthly income after tax....... 1140
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 2694.38

Monthly Expense Details
Mortgage................................ 125
Secured/HP loan repayments.............. 0
Rent.................................... 283.08
Management charge (leasehold property).. 160
Council tax............................. 131
Electricity............................. 31.47
Gas..................................... 31.47
Oil..................................... 0
Water rates............................. 35.5
Telephone (land line)................... 30.45
Mobile phone............................ 67
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 555.15
Clothing................................ 163
Petrol/diesel........................... 185.22
Road tax................................ 5
Car Insurance........................... 65.49
Car maintenance (including MOT)......... 6.25
Car parking............................. 17.27
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 9.88
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1941.77


Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 190000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 29800....(125)......1.99
Total secured & HP debts...... 29800.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11600.....160.2.....8
credit card....................1883......51.02.....0
overdraft......................3000......0.........0
Total unsecured debts..........16483.....211.22....-


Monthly Budget Summary
Total monthly income.................... 2,694.38
Expenses (including HP & secured debts). 1,941.77
Available for debt repayments........... 752.61
Monthly UNsecured debt repayments....... 211.22
Amount left after debt repayments....... 541.39

Personal Balance Sheet Summary
Total assets (things you own)........... 190,000
Total HP & Secured debt................. -29,800
Total Unsecured debt.................... -16,483
Net Assets.............................. 143,717

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

sun_city_girl

Just realised its wrong as I did service charge wrong - its 160 a year
and I forgot Childcare which is our biggest outgoing!

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.................... 2

Monthly Income Details
Monthly income after tax................ 1471.58
Partners monthly income after tax....... 1140
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 2694.38

Monthly Expense Details
Mortgage................................ 125
Secured/HP loan repayments.............. 0
Rent.................................... 283.08
Management charge (leasehold property).. 13.5
Council tax............................. 131
Electricity............................. 31.47
Gas..................................... 31.47
Oil..................................... 0
Water rates............................. 35.5
Telephone (land line)................... 30.45
Mobile phone............................ 67
TV Licence.............................. 12.54
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 555.15
Clothing................................ 163
Petrol/diesel........................... 185.22
Road tax................................ 5
Car Insurance........................... 65.49
Car maintenance (including MOT)......... 6.25
Car parking............................. 17.27
Other travel............................ 0
Childcare/nursery....................... 399.67
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 17
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 9.88
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2194.94


Assets
Cash.................................... 0
House value (Gross)..................... 185000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 190000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 29800....(125)......1.99
Total secured & HP debts...... 29800.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................11600.....160.2.....8
credit card....................1883......51.02.....0
overdraft......................3000......0.........0
Total unsecured debts..........16483.....211.22....-


Monthly Budget Summary
Total monthly income.................... 2,694.38
Expenses (including HP & secured debts). 2,194.94
Available for debt repayments........... 499.44
Monthly UNsecured debt repayments....... 211.22
Amount left after debt repayments....... 288.22

Personal Balance Sheet Summary
Total assets (things you own)........... 190,000
Total HP & Secured debt................. -29,800
Total Unsecured debt.................... -16,483
Net Assets.............................. 143,717

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

sun_city_girl

As you can see some of the things we pay no money into at all or not enough
Car maintenance I never put any spare money anywhere; they amount above is just the cost of an MOT x 2 divided by 12
building insurance is included in my rent
we have no other insurances - I looked into life but never followed it up as they wanted me to faff about submitting blood pressure readings to the Drs, getting a cholesterol test etc
we have no present fund - I just try and wing it. The only people i really buy for are my daughter, my siblings (they are young 22, 18,17) and mum.
I never go to the hairdresser, i just leave my hair or occasionally get my mum to trim it
I wasn't sure what entertainment meant..oh hang on I just remembered I pay 4.99 for spotify which I guess comes in that category
we have never ever been on holiday (we have been together 11 years) my last holiday was 11 years ago
we have no emergency fund

I guess we don't really make much in the way of savings; we don't buy meat or fish raw to cook with I think that saves some money
I use cloth sanitary products and a moon cup which saves money but then again thats probably cancelled out by buying contraception

We have 5 accounts between us - no joint accounts
I have my current account which is £3000 OD and at the limit
I have another current account which is roughly £400 OD with a 500 limit
I have a savings accounts with £200 in it (I just transfer this out at the beginning of the month and transfer it back by the end)
I have another savings account with 50p in it
my partner has his current account
Nothing is in his name credit wise he has never had a credit card or overdraft or anything so consequently can't get credit either, not even a phone contract so his is also in my name too :-/

sun_city_girl

sorry to keep posting I also wasn't really sure what debt was secured and unsecured
Just thinking about what I should try and clear first..

fatbelly

Your secured debt is the mortgage. It is secured on your property and if you stopped paying it, your property would be repossessed.

The other debts are unsecured, meaning they are a lower priority.

In your situation you can meet the contractual monthly payments on everything and have some money left over, with budgeting.

I don't believe a 3k overdraft is going to be interest and fee-free. So that is likely to be the first one to pay down to zero. However if it is costing nothing, then overpay the loan payments, assuming you can do that.

Debtslayer

sun_city_girl wrote: »

As you can see some of the things we pay no money into at all or not enough
Car maintenance I never put any spare money anywhere; they amount above is just the cost of an MOT x 2 divided by 12
building insurance is included in my rent
we have no other insurances - I looked into life but never followed it up as they wanted me to faff about submitting blood pressure readings to the Drs, getting a cholesterol test etc
we have no present fund - I just try and wing it. The only people i really buy for are my daughter, my siblings (they are young 22, 18,17) and mum.
I never go to the hairdresser, i just leave my hair or occasionally get my mum to trim it
I wasn't sure what entertainment meant..oh hang on I just remembered I pay 4.99 for spotify which I guess comes in that category
we have never ever been on holiday (we have been together 11 years) my last holiday was 11 years ago
we have no emergency fund

I guess we don't really make much in the way of savings; we don't buy meat or fish raw to cook with I think that saves some money
I use cloth sanitary products and a moon cup which saves money but then again thats probably cancelled out by buying contraception

We have 5 accounts between us - no joint accounts
I have my current account which is £3000 OD and at the limit
I have another current account which is roughly £400 OD with a 500 limit
I have a savings accounts with £200 in it (I just transfer this out at the beginning of the month and transfer it back by the end)
I have another savings account with 50p in it
my partner has his current account
Nothing is in his name credit wise he has never had a credit card or overdraft or anything so consequently can't get credit either, not even a phone contract so his is also in my name too :-/

It looks like there's still items missing from your soa, you need to account for everything. The problems happen when you don't budget and 'wing it' I.e presents. You need to budget for presents. I can't see your gym memberships listed in there either or your other £400 overdraft in the debts?

kazwookie

Is the food right at £555 per month for 3 of you?

Can either of you, increase your hours from 30 per week? or get over time or a second job?

chelseablue

There's 3 of us, 2 adults and a 3 year old.
I shop in Aldi and spend about £40 - £50 a week so you could half your shopping spend I reckon