Should I be asking for help ?

smallzoo2

Thanks for all the fantastic replies and support so far..very encouraging and makes me feel more positive

I did a very quick calculation over the last two months and then did an average. As you can see income = expenses with no leeway



Re the mortgage question..we took out the mortgage I think about 5 years ago and now have 5 years left with 60k balance and we are paying £1350 a month

cheers

theoretica

Your daughter's car insurance is a considerable expense, but hopefully falling as she gets more years of driving/no claims/older - when will she take it over for herself? Have you run all your insurances and utilities through comparison sites to check you are on the best deal?



No electricity or broadband? 2 cars but only £38 fuel between them and nothing for MOT or servicing? Try filling in this (and format for MSE) to give a fuller view http://www.stoozing.com/calculator/soa.php



How long do you have until retirement?

debtfreeforlife

What is the £350 extra under your wife's expenditures? That's a lot of money for a generic category. And is the catalogue amount payment against debt or is she spending £260 on catalogue stuff a month?

HampshireH

Your missing a fair bit on your list.

Gas, water, electric, TV/Phone/Internet (sky package/now tv/netflix?)

Is your daughter financially self sufficent except for the car insurance? If not do you give her money?

Birthdays/christmas/holidays throughout the year?

The bigger picture will help you more.

getmore4less

Use the link below it has the things most people spend on and you can add extra ones you have

http://www.stoozing.com/calculator/soa.php

this is a tried and tested layout to get the big picture.


Still need the FULL details of the mortgage and the debts.

even with the new lower payment the rate would be over 10%

getmore4less

What are your mother and daughter contributing to the household expenses?

getmore4less

Though of another couple of question.

How big was the debt 5 years ago?
Why was the mortgage taken over only 10 years?

Was any of that debt consolidation?

EssexHebridean

I think your Daughter needs to start contributing towards her (very pricey) car insurance I'm afraid - tough love I know but it;'s an expense you can't afford right now. Also on the car tax - if that's being paid monthly then that's an expensive way of doing it as they charge a fee for monthly DD I think? The Charity Donation is another £120 a year that needs to be looked at - it's lovely to be able to donate, and when your finances are sorted you'll be able to, but currently charity needs to begin at home, I think!

Others have said that there is a lot missing here and they're quite correct - you HAVE to get everything down in one place and really think through what your expenditure is.

smallzoo2

So many great questions so will try and answer most of them quickly

My mum is 96 and she does receive a carers allowance. You are quite correct in that
this is used to offset the electricity/gas/phone. This is paid out of her account
which is why it is not on my list. It is supposed to pay for extra help but in the
end it all goes on these extras and I look after her for free which is where the
4 hours a day comes in

The debt was about 25k 15 years ago but as well as that I ended up giving up my job
to look after my dad for 4 months while he was in intensive care. Along with other disasters
the debt increased again for a while, hence no headway.

We have 60k left on the mortgage and we are with the halifax at a rate of 3.99%.
We pay £1340 a month. The mortgage is due to be paid off in 5 years.

My daughters is only 17 and she is at college but also works but that is
why the car insurance is high at the moment. She is due to finish college this year.

I was panning to retire at 55 but I am already 60 and I dont envisage or plan to ever retire
now..

I have included £350 extra under my wife's expenditures to account for the many other things
we pay for including our dogs(food , vet fees ), DIY, car servicing etc

As for Birthdays/christmas/holidays ..we are lucky if we go on 1 weeks holiday a year now

I know the Charity Donation is £120 and maybe I am wrong but still feel I am better off than many others. I do believe without my money and others cancer will not be solved.

I dont want anyone to think I am poor. There are many people in the uk who may even laugh as my situation but its still hard some days when we have to count the pennies to pay a bill or go for a food shop.

I'll try and get time over the next few days to fill in the SOA

thanks again

enthusiasticsaver

If you cannot move any of that credit card debt to 0% deals I would be tempted to extend the term of the mortgage temporarily to get the debt down to a level where it is possible for you to get some moved to 0% and sort out your finances. By extending the term the mortgage repayment will reduce leaving you with more free money to throw at the credit card debt. Once you are in a position to get it off the high interest rates and on to 0% you can change the term back. Do you have a private pension?

If you had £25k of credit card debt 15 years ago and it is now £40k that is most definitely not all down to your business partner leaving you in the lurch. You or your wife must also be overspending.

Make sure the soa you put up is accurate and based on actual spending not an aspirational one.