Feels like im going under!

Grumpelstiltskin · 13 October 2022 at 11:47AM

Some of your figures seem way out, TV licience for example.
Water rates are also high unless you live in the Cornwall area.
You can't afford the satellite TV and the holiday unless it's already booked that wants cutting out.
2 cars yet only worth £2000 in total?

Please give us some more detail.

NiteEyez1980 · 13 October 2022 at 11:56AM

Hi ya

We pay 2 water bills, 1 to Portsmouth water and 1 to Southern.

The satellite TV is essential for the children

Holidays were already booked.

Yes.

1 car is the 8 seater which is used for day to day transportation of the children. I actually have 7 ((3 adults and 2 grandchildren)

1 car is my work car which is the one I use to drive to work as it is smaller. I'm driving 100+ miles a day

NiteEyez1980 · 13 October 2022 at 11:59AM

Both cars have high mileage

8 seater would probably go to 2k at a push

Coffeekup · 13 October 2022 at 12:03PM

NiteEyez1980 said:
Monthly Expense Details[/b]
Electricity............................. 170
Gas..................................... 170
Mobile phone............................ 25
TV Licence.............................. 46
Satellite/Cable TV...................... 60
Groceries etc. ......................... 800
Buildings insurance..................... 56
Contents insurance...................... 0
Life assurance .........................0
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 50

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Natwest overdraft..............1200......26........0
Next...........................600.......50........0
Creaton (wardrobe) ............500.......16........0
Sainsburys credit car..........9449......180.......0
Virgin credit card.............6549......70........0
Tesco credit card..............4961......61........0
MBna credit card...............5915......151.......0
Hsbc credit card...............3142......130.......0
Shawbrook bank loan............13674.....247.......0[b]
Total unsecured debts..........67266.....1307......- [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 4,004.5
Available for debt repayments........... -4.5

I will comment on things which need looking at or more info needed.

Electric and gas is high, I realise there is 6 of you in the house, but I'm sure you can claw back some usage there saving you £££.

Is that for you're mobile? No other mobiles for other members of the family.?

Is the TV licence correct? It should be £14 a month?

Satellite TV could be cut back or gone altogether if you're struggling.

Groceries is high also I'm sure you could shave off £200 a month there by shopping elsewhere, picking up deal's, cutting back on treats and meal planning.

No contents and life insurance?

You pay £100 into holiday and £50 into emergency savings but have no cash saved?

Is all your credit interest free? Because I doubt next and you're overdraft will be?

Grumpelstiltskin · 13 October 2022 at 12:07PM

Satellite TV is not essential.

Plenty of channels on Freeview plus the free catch ups I player All 4 etc.

Are you paid mileage from work?

Why are you running adult children and grandchildren about when you can't afford to?

NiteEyez1980 · 13 October 2022 at 12:14PM

Hi guys

Okay. No not paid mileage.

My children are aged 12, 9, 6 and 3. All growing boys and massive. We actually do minimise on everything, I do If and don't eat breakfast. We eat healthy and always looks for deals. My 12 year old is the size of a 16 year old (6ft) already.

My grandchild are 2 and 4 months old. Their mum doesn't drive and shops are at a distance. In short if they need to go to dr, shops etc there is no option and tbh I'd rather starve then my grandkids. Its not frivolous, however if they need something we are all they have.

kimwp · 13 October 2022 at 12:15PM

NiteEyez1980 said:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 775 ....as you are due for a re-mortgage, worth putting the expected amount here (but noting that it is the expected amount if you publish it here again
Secured/HP loan repayments.............. 328
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 170
Gas..................................... 170
Oil..................................... 0
Water rates............................. 66
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 46 A standard TV license is approx £13, how come yours is £46?
Satellite/Cable TV...................... 60 Referring to a note you made later on, satellite TV is not essential for children, it's a nice to have
Internet Services....................... 20
Groceries etc. ......................... 800 I think this is high and should be no more than £600, but could be brought down further.
Clothing................................ 50 Is this accurate ie adding up all the clothing cost for the last year and dividing by 12?
Petrol/diesel........................... 350
Road tax................................ 70 I can't work out what this is - if this is per year, it needs to be divided by 12 for the SOA. Per year seems very low for two cars, per month seems very high?
Car Insurance........................... 84 I guess this is high due to your high mileage, have you done the price comparisons?
Car maintenance (including MOT)......... 50 comment as per clothing
Car parking............................. 38.5
Other travel............................ 120
Childcare/nursery....................... 100
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 25 comment as per clothing
Pet insurance/vet bills................. 0
Buildings insurance..................... 56 comment as per road tax
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 15
Presents (birthday, christmas etc)...... 50 comment as per clothing. £600 is quite a lot to be spending when you can't afford your debts
Haircuts................................ 40 comment as per clothing
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 50[b]
Total monthly expenses.................. 4004.5[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0[b]
Total Assets............................ 302000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 133000...(775)......0
Secured Debt.................. 54000....(328)......0[b]
Total secured & HP debts...... 187000....-.........- [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Natwest credit card............5276......122.......0
Natwest overdraft..............1200......26........0
Natwest loan...................16000.....254.......0
Next...........................600.......50........0
Creaton (wardrobe) ............500.......16........0
Sainsburys credit car..........9449......180.......0
Virgin credit card.............6549......70........0
Tesco credit card..............4961......61........0
MBna credit card...............5915......151.......0
Hsbc credit card...............3142......130.......0
Shawbrook bank loan............13674.....247.......0[b]
Total unsecured debts..........67266.....1307......- [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 4,004.5
Available for debt repayments........... -4.5
Monthly UNsecured debt repayments....... 1,307[b]
Amount short for making debt repayments. -1,311.5[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 302,000
Total HP & Secured debt................. -187,000
Total Unsecured debt.................... -67,266[b]
Net Assets.............................. 47,734[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

A few thoughts above in bold. You mentioned a child at university as well as the four children under 12, are there any expenses there?

Some of the values seem to have gone up and down with your various SOA's, is this because they are variable and change each month?

NiteEyez1980 · 13 October 2022 at 12:20PM

Should also add that my wifes job changed contractors and moved 15m away. It was either a case of lose job or move to new location. The byproduct being we now incur a huge amount of travel expenses and time lost as she doesn't drive. I have to collect her on shifts when transport not on due to the hours

Grumpelstiltskin · 13 October 2022 at 12:27PM

With the situation you are in you have to have a complete rethink of your lifestyle.

Daughter / daughter in law doesn't drive, what's wrong with online shopping, taking taxis to the doctors etc?

Sorry but your dependents come first you can't spend money you haven't got on non dependents.

Also all the credit card debts where they to buy anything you can now sell?

You are in an enormous hole and you have got to stop digging, it will take something drastic to get out of it.

NiteEyez1980 · 13 October 2022 at 12:32PM

Hi ya

Yes it does.

The life insurance is part of mort and also contents is included in overall.

I have included the kids cost.

Yes when the uni one comes home it is another mouth to feed.

With regards to TV, during lockdown it's all the kids had, it'd be extremely cruel to take it away and given our lack of evening activities, all we have

Feels like im going under!

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