Help/advice

Bullyboy20

Hi was wondering if could get some advice as in bit of bother
After drop in income.
Struggling to make keep up with payments, we have not missed a payment to date.
Just need help as what to do moving forward
Thanks guys x

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 286
Benefits................................ 814
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 555
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 118
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 58
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 14
Car Insurance........................... 65
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1975


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(555)......2
Total secured & HP debts...... 139000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................17400.....272.......3
Loan...........................10500.....300.......12
Family.........................9750......210.......0
Store..........................900.......30........0
Store..........................786.......55........0
Total unsecured debts..........39336.....867.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,975
Available for debt repayments........... 525
Monthly UNsecured debt repayments....... 867
Amount short for making debt repayments. -342

Personal Balance Sheet Summary
Total assets (things you own)........... 1
Total HP & Secured debt................. -139,000
Total Unsecured debt.................... -39,336
Net Assets.............................. -178,335[/b

MallyGirl

£500 on groceries leaps out initially- that can be reduced significantly with a bit of effort. Lidl/Aldi, cooking from scratch, no eating out, freezer/cupboard dive and eat what you have before buying more.
Are you on a water meter as your figure for water is high

Is the drop in income temporary?

Bullyboy20

Hi water is not on a meter no/ ridiculously high,
When i moved from last home it was 22 pm.
We do shop at aldi but this includes cleaning stuff and nappies as children are 2/3
We do get pampers nappy pants , tried every brand going
These r the best, but i only get them when there on offer and stock up.

Bullyboy20

Sorry the income is not temporary
My mrs has to become a carer for our eldest has he is on the autism spectrum .

lindens

Bullyboy20 wrote: »

Sorry the income is not temporary
My mrs has to become a carer for our eldest has he is on the autism spectrum .

Can she secure work when you are at home to care for him - in the evening or at the weekend, depending on the hours you work of course

MallyGirl

I think you are going to be looking at some sort of debt management plan (DMP) as trimming a few quid here and there is not going to make the difference when you fall that far short. You will have soon start missing payments as you say you have no savings. Speak to Stepchange and see what they say
I would speak to the family and see if they can cope with a pause in loan repayments to them while you take stock.
I would get a meter fitted as our water is half yours for 3 adults and 2 big fluffy/messy dogs.

Bullyboy20

Hi water meter they said 80 plus as a estimate.
With carers allowence you can only earn up to 120 per week and say if earned 120 we be about 35 a week better off because universal credit would go down
In my opinion thats slavery.
I would sacrifce having a car if need.
But a really dont want my credit rating to be effected by going in a dmp as need loads of work on the house in the future.

Unicorn_cottage

How about speaking to someone at https://www.nationaldebtline.org/ to get their view on the situation? This will help you make an informed decision.

MallyGirl

Bullyboy20 wrote: »

Hi water meter they said 80 plus as a estimate.
With carers allowence you can only earn up to 120 per week and say if earned 120 we be about 35 a week better off because universal credit would go down
In my opinion thats slavery.
I would sacrifce having a car if need.
But a really dont want my credit rating to be effected by going in a dmp as need loads of work on the house in the future.

you have 2 choices - earn more or spend less. If the benefit system means you can't earn more then you will have to spend less. Hopefully you will get pay rises along the way so the UC is going to be revised over time anyway.
£35 per week is £140 a month which you could put towards your deficit - it depends on how badly you want the debt gone.
You haven't said what the car might be worth but getting rid of it would free up £270 in monthly costs although you might incur public transport costs instead.

Grumpelstiltskin

With your Water Rates being so high do you live in the South West?

If not I can't see why the metered amount would be so high.

Bullyboy20

Hi
Car is worth a a couple of grand.
Water rate on meter would be more than 58 according to online Calculator.
Giving up the car is obviously not ideal
But i can get a a lift to work for free most of the time.
My parents also said i could have there car all weekend as they don't use, so its not to bad.
Its more trips out with kids were we would need it really.
With my mrs getting a part time job i understand what you saying how bad you want it
But works out under £3 per hour
Thats modern day slavery.