help needed! posting my soa again after burying head in sand for months!

thepinkladez_2

ok here we go again! i have done this before months ago but freaked out :eek: and have buried head in sand since, im a coward and feel very silly but am hoping this time i can take the bull by the horns and deal with my problems and get back some control.

i am sorry if people have tried to help me in the past and i have hidden, but this time i am serious i have to get this sorted or i will be living in a big whole forever.

here go's:

husbands wage £1700 4 weekly
my wage £300
child benefit £78.00
child tax credit £43.00
mortgage £718.00
water £50.00
gas & elec £87.00 (we have an ancient central heating system circa 1960's!so not v cost effective!need £270.00 to get it upgraded went through warm front when i was unemployed)
tv lic £12.00
concil tax £99.00
buildings & contents £13.00
life ins £12.00
car insurance (for 2 cars) £330.00
road tax (for 2 cars) £295.00
sky £19.00 (heard of the freeview but need recordable one but not sure cost etc?)
childcare £150.00
food toiletries etc £280.00
clothing and footwear £43.00(from budget guidelines)
child activities £30 (£80 a term so i think its £30 a month?)
mobile/home phone £100 (i am not sure on this (bit thick!) me and hubby share mobile at £25.00 a month and we seem to be paying bt option 1, then calls package and internet from sky)
fuel and parking £90 (just got a new car as old one ate petrol its 1.4 so think it should be less than £90)
Vehicle spares and servicing £10 (from budget guidelines)
Hairdressing £3 (from budget guidelines)
Sports, hobbies and entertainment £20(from budget guidelines)
Sundries/emergencies £15 (from budget guidelines)
debts
barclaycard £212.00 debt £5.00 a month
capital one card £98.00 debt £10 a month
egg loan1 £15,686 debt £280 a month
egg loan2 £2,600 debt £52 a month
egg card2 £778 debt £20 a month
egg card1 £12,713 debt £250.00
ge capital store card £100 debt £10 a month
next £213.00 debt £30 a month
hsbc £2,029.00 debt £55 a month
mbna £2,319 debt £55 a month
nationwide currently have a £2000 overdraft which we clear and build up again each month!

currently managing to make min payment on everything each month bar the £250 for egg card 1. egg have got really nasty with husband when he tried speaking to them friday. the women wouldn't let him pay less money and wanted the last 2 payments as missed last months and this months is due shortly plus charges etc but there is no way we can do that. he offered her £300 that i had saved for heating!but she said no and if we dont pay the full arrears asap they want the whole balance back!have no idea what to do?

any help is much appreciated we are desperate to move on with our lives. at the moment its awful, hubby works £60 hours and the stress is causing our relationship to deteriate! we are young and married and would love to have another baby, keep our family home, provide a good life for our family, just be happy really!:o

exil

Generally speaking the 2 biggest eaters of money are house and car.

Do you need 2 cars?

Other costs look reasonable - apart from Sky (should be able to get a digbox/recorder for less than £100 - and it's free from then on) and mobile (go for pay-as-you-go)

masterkay

thepinkladez wrote: »

ok here we go again! i have done this before months ago but freaked out :eek: and have buried head in sand since, im a coward and feel very silly but am hoping this time i can take the bull by the horns and deal with my problems and get back some control.

i am sorry if people have tried to help me in the past and i have hidden, but this time i am serious i have to get this sorted or i will be living in a big whole forever.

here go's:

husbands wage £1700 4 weekly
my wage £300
child benefit £78.00
child tax credit £43.00
mortgage £718.00
water £50.00
gas & elec £87.00 (we have an ancient central heating system circa 1960's!so not v cost effective!need £270.00 to get it upgraded went through warm front when i was unemployed)
tv lic £12.00
concil tax £99.00
buildings & contents £13.00
life ins £12.00
car insurance (for 2 cars) £330.00 A MONTH? WHAT?
road tax (for 2 cars) £295.00
sky £19.00 (heard of the freeview but need recordable one but not sure cost etc?)
childcare £150.00
food toiletries etc £280.00
clothing and footwear £43.00(from budget guidelines)
child activities £30 (£80 a term so i think its £30 a month?)
mobile/home phone £100 (i am not sure on this (bit thick!) me and hubby share mobile at £25.00 a month and we seem to be paying bt option 1, then calls package and internet from sky) Too high, ditch the contracts
fuel and parking £90 (just got a new car as old one ate petrol its 1.4 so think it should be less than £90)
Vehicle spares and servicing £10 (from budget guidelines)
Hairdressing £3 (from budget guidelines)
Sports, hobbies and entertainment £20(from budget guidelines)
Sundries/emergencies £15 (from budget guidelines)
debts
barclaycard £212.00 debt £5.00 a month
capital one card £98.00 debt £10 a month
egg loan1 £15,686 debt £280 a month
egg loan2 £2,600 debt £52 a month
egg card2 £778 debt £20 a month
egg card1 £12,713 debt £250.00
ge capital store card £100 debt £10 a month
next £213.00 debt £30 a month
hsbc £2,029.00 debt £55 a month
mbna £2,319 debt £55 a month
nationwide currently have a £2000 overdraft which we clear and build up again each month!

What are the APRs?
currently managing to make min payment on everything each month bar the £250 for egg card 1. egg have got really nasty with husband when he tried speaking to them friday. the women wouldn't let him pay less money and wanted the last 2 payments as missed last months and this months is due shortly plus charges etc but there is no way we can do that. he offered her £300 that i had saved for heating!but she said no and if we dont pay the full arrears asap they want the whole balance back!have no idea what to do?

any help is much appreciated we are desperate to move on with our lives. at the moment its awful, hubby works £60 hours and the stress is causing our relationship to deteriate! we are young and married and would love to have another baby, keep our family home, provide a good life for our family, just be happy really!:o

All the little luxuries like sky, sports activities, luxuries need to go. Can you get your clothing bill down? Keep it to essentials and look in second hand shops.

Do you need the car? Do you need a 1.4? What about something smaller and more economical. If you just purchased a new car you have a lot of money tied into it. Reevaluate if you really need it and there is a cheaper option. Surely your insurance is not £330 a month?

thepinkladez_2

exil wrote: »

Generally speaking the 2 biggest eaters of money are house and car.

Do you need 2 cars?

Other costs look reasonable - apart from Sky (should be able to get a digbox/recorder for less than £100 - and it's free from then on) and mobile (go for pay-as-you-go)

Hi thank you for your quick response, yes we have to have 2 cars as we live in the middle of nowhere!hubby travels about 60 miles away for work and if i didn't have my own car i would have to take 6 buses to get to work (ridiculous i know!but public transport is appaling here!)

as for sky i totally agree but have no idea on the recordable freeview box thingy!anyone any ideas?

will have to see if i can cancel mobile contract as im sure we dont really use £25 as i do txt a bit but not that much im sure!

Gemmzie

Income
husbands wage £1700 4 weekly £1841.66 monthly
my wage £300
child benefit £78.00
child tax credit £43.00 is this monthly?
Total = £2262.66

Outgoings
mortgage £718.00 is this repayment or interest only?
water £50.00
gas & elec £87.00
tv lic £12.00
concil tax £99.00
buildings & contents £13.00
life ins £12.00
car insurance (for 2 cars) £330.00 :eek: Monthly?!
road tax (for 2 cars) £295.00 This is per year yes?
sky £19.00
childcare £150.00
food toiletries etc £280.00
clothing and footwear £43.00
child activities £30
mobile/home phone £100 This is really high, get Sky talk (it's free evening and weekend landline calls), internet from Sky is £5/£10 or free, line rental should be about £12
fuel and parking £90
Vehicle spares and servicing £10
Hairdressing £3
Sports, hobbies and entertainment £20 Sorry but the £19 for sky would swallow this so I'd take it out
Sundries/emergencies £15
Total = £1782

Leaves = £2262.66 - £1782 = £480.66

Debts
barclaycard £212.00 debt £5.00 a month
capital one card £98.00 debt £10 a month
egg loan1 £15,686 debt £280 a month
egg loan2 £2,600 debt £52 a month
egg card2 £778 debt £20 a month
egg card1 £12,713 debt £250.00
ge capital store card £100 debt £10 a month
next £213.00 debt £30 a month
hsbc £2,029.00 debt £55 a month
mbna £2,319 debt £55 a month
nationwide currently have a £2000 overdraft which we clear and build up again each month!
Total = £767 + overdraft

Are those the current minimum payments? They don't seem to have been worked out very fairly.

I think you need to think about a DMP or an IVA as you can't afford the payments you're making at the moment.

thepinkladez_2

masterkay wrote: »

All the little luxuries like sky, sports activities, luxuries need to go. Can you get your clothing bill down? Keep it to essentials and look in second hand shops.

Do you need the car? Do you need a 1.4? What about something smaller and more economical. If you just purchased a new car you have a lot of money tied into it. Reevaluate if you really need it and there is a cheaper option. Surely your insurance is not £330 a month?

clothing bill- i have no idea but dont think i spend this per month- i just used the guidlines i found on internet!

The Sports, hobbies and entertainment £20 again is just the guidlines thingy i found!i thought i should add it to be more realistic!

Def need 2 cars as per previous post. Just bought car but only paid £1700 for it should have been £3000 on parkers but drove a hard bargain!i have no money owing on the car as sold old one. its only done £10000 miles so thought it was a good buy cheap ins, tax, petrol, and v low milage so hopefully no major repairs!
oooppss insurance is £330 a year!( have already checked this and this is thecheapest price by far all the insurance compare sites were £600ish!)

thepinkladez_2

Hi updated form your comments! thanks for your help.
Quote:
Income
husbands wage £1700 4 weekly £1841.66 monthly
my wage £300
child benefit £78.00
child tax credit £43.00 is this monthly? Yes this is monthly.
Total = £2262.66

Outgoings
mortgage £718.00 is this repayment or interest only?repayment
water £50.00
gas & elec £87.00
tv lic £12.00
concil tax £99.00
buildings & contents £13.00
life ins £12.00
car insurance (for 2 cars) £330.00 :eek: Monthly?! oops yearly!!
road tax (for 2 cars) £295.00 This is per year yes? yes
sky £19.00
childcare £150.00
food toiletries etc £280.00
clothing and footwear £43.00
child activities £30
mobile/home phone £100 This is really high, get Sky talk (it's free evening and weekend landline calls), internet from Sky is £5/£10 or free, line rental should be about £12 yes im really lost on this will dig out paperwork so we can figure it out!
fuel and parking £90
Vehicle spares and servicing £10
Hairdressing £3
Sports, hobbies and entertainment £20 Sorry but the £19 for sky would swallow this so I'd take it out
Sundries/emergencies £15
Total = £1782

Leaves = £2262.66 - £1782 = £480.66

Debts
barclaycard £212.00 debt £5.00 a month
capital one card £98.00 debt £10 a month
egg loan1 £15,686 debt £280 a month
egg loan2 £2,600 debt £52 a month
egg card2 £778 debt £20 a month
egg card1 £12,713 debt £250.00
ge capital store card £100 debt £10 a month
next £213.00 debt £30 a month
hsbc £2,029.00 debt £55 a month
mbna £2,319 debt £55 a month
nationwide currently have a £2000 overdraft which we clear and build up again each month!
Total = £767 + overdraft


Are those the current minimum payments? They don't seem to have been worked out very fairly.
yes this is the current payments??
I think you need to think about a DMP or an IVA as you can't afford the payments you're making at the moment

masterkay

thepinkladez wrote: »

clothing bill- i have no idea but dont think i spend this per month- i just used the guidlines i found on internet!

The Sports, hobbies and entertainment £20again is just the guidlines thingy i found!i thought i should add it to be more realistic!

Why are you giving us guidelines on the net? We need to know what you are actually spending as do you to get an accurate view of your finances and how you got here and by how much is it getting worse each month. Then we take it apart and suggest a revised SOA to reduce costs. There's no point to you quoting figures from the net that you think you spend.

Consider a spending diary to get an accurate view of what you are really spending rather than guessing.

bountiful

Hang on in there and keep at it until you get your SOA right! Comments all useful. There is an easy on-line spending diary at https://www.spendingdiary.com. I keep a notebook in my bag and my receipts and jot stuff down as I spend, then enter it into spendingdiary.com and it works out totals and stuff - works for me.
Well done for starting again with this!

affordmylife

albertross - i was thinking the same thing.

i you are only earning £300 per month and paying out £150 in childcare plus traveling expenses etc it really is not worth you bothering.

you energies would be better used working out cheaper ways to cook and provide entertainment for your family from home.

if your work is something that you are hoping to increase the hours/money soon then obviously you should hang in there.

dancingfairy

Here's my twopenth worth:
husbands wage £1700 4 weekly £1841.66 monthly
my wage £300
child benefit £78.00
child tax credit £43.00
Total = £2262.66

Outgoings
mortgage £718.00
water £50.00
gas & elec £87.00 have you switched ever?
tv lic £12.00
concil tax £99.00 - is this over 12 months? if not spread to 12 months.
buildings & contents £13.00
life ins £12.00
car insurance (for 2 cars) £27.50 a month
road tax (for 2 cars) £25.00 a month
sky £19.00 - it's gotta go
childcare £150.00 - is this childcare vouchers? you should be able to get some from your work which makes childcare cheaper- it comes out of your wages before tax.
food toiletries etc £280.00 - have a look see if you can cut this down at all - see MOney Saving Old Style board.
clothing and footwear £43.00 - do you really spend this much a month?
child activities £30
mobile/home phone £100 you could split this down for us -how much for each mobile, how much for landline rental, how much for landline calles etc.
fuel and parking £90
Vehicle spares and servicing £10
Hairdressing £3
Sports, hobbies and entertainment £20 Sundries/emergencies £15
Total =£1784.50
according to my adding up without sky.

You have some options here you can:
a) ask for a repayment holiday on your mortgage and repay some of you debts- you must,must use this to pay your debts off and also cut down where we have suggested as well. This is only for a few months at most.
or
b) go on a DMP/IVA - I would phone CCCS and see what they suggest as you obviously can't go on like you are.

I think you need a spending diary as well to identify exactly where the money is going. Good Luck