Please

Charlie23

Hi i've been lurking for a few days and i need help. I have a partner and a one year old daughter and have just gone back to work full time as we were struggling. Please can i have some advice as i've just done a SOA and it looks even worse than i thought. We own our own home and haven't been late on payments but we are 'robbing peter to pay paul' constantly.
I hope i've put this in the right place. any advice more than welcome.
Thanks

Monthly income after tax................ 1100
Partners monthly income after tax....... 1230
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2446

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 108
Electricity............................. 46
Gas..................................... 46
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 11
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 572
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 14
Other insurance......................... 33
Presents (birthday, christmas etc)...... 38
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 104
repaying tax credits.................... 15
Plumbing Course......................... 110
Total monthly expenses.................. 2548

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2700
Other assets............................ 0
Total Assets............................ 132700

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(715)......0
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
LLoyds TSB ....................2203......45........0
LLoyds TSB.....................1654......34........0
Loyds TSB Loan.................15000.....243.......0
Total unsecured debts..........18857.....322.......-

Monthly Budget Summary
Total monthly income.................... 2,446
Expenses (including secured debts)....... 2,548
Available for debt repayments........... -102
Monthly UNsecured debt repayments....... 322
Surplus(deficit if negative)............ -424

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total Secured debt...................... -125,000
Total Unsecured debt.................... -18,857
Personal net worth...................... -11,157

I'm really worried and stressed at the moment. thanks

ltm07

Charlie23 wrote: »

Hi i've been lurking for a few days and i need help. I have a partner and a one year old daughter and have just gone back to work full time as we were struggling. Please can i have some advice as i've just done a SOA and it looks even worse than i thought. We own our own home and haven't been late on payments but we are 'robbing peter to pay paul' constantly.
I hope i've put this in the right place. any advice more than welcome.
Thanks

Monthly income after tax................ 1100
Partners monthly income after tax....... 1230
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2446

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 108
Electricity............................. 46
Gas..................................... 46
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 11
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 26(Can this go for the time being?)
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100(Can this be cut down for a while,just buy baby's for the time being?)
Petrol/diesel........................... 200(This seems high,any way you can cut down i.e. unnessecary journeys?)
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 572
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 49
Contents insurance...................... 0
Life assurance ......................... 14
Other insurance......................... 33
Presents (birthday, christmas etc)...... 38(Can this be cut down slightly?)
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 104
repaying tax credits.................... 15
Plumbing Course......................... 110
Total monthly expenses.................. 2548

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2700
Other assets............................ 0
Total Assets............................ 132700

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(715)......0
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
LLoyds TSB ....................2203......45........0
LLoyds TSB.....................1654......34........0
Loyds TSB Loan.................15000.....243.......0
Total unsecured debts..........18857.....322.......-

Monthly Budget Summary
Total monthly income.................... 2,446
Expenses (including secured debts)....... 2,548
Available for debt repayments........... -102
Monthly UNsecured debt repayments....... 322
Surplus(deficit if negative)............ -424

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total Secured debt...................... -125,000
Total Unsecured debt.................... -18,857
Personal net worth...................... -11,157

I'm really worried and stressed at the moment. thanks

Hi,just a few things stand out that you could maybe cut down on. Sky really should go until you're back on your feet,at the end of the day you are spending £312 a year on it. Hope I have helped in a small way,others will be on to help more than I can. Good luck.

RAS

Welcome

Must go so very quickly

Charlie23 wrote: »

Monthly income after tax................ 1100
Partners monthly income after tax....... 1230
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2446

Monthly Expense Details
Mortgage................................ 715 - is it repayment or interest only?
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 108
Electricity............................. 46
Gas..................................... 46
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 11
Mobile phone............................ 45 - can you reduce this or go PAYG
TV Licence.............................. 12
Satellite/Cable TV...................... 26 - this needs to go as you cannot afford it
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 100 - this is massive - join www.freecycle.org and get stuff for nothing.
Petrol/diesel........................... 200 - this is high, can you reduce your mileage
Road tax................................ 10
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 572 - eek!
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 49 - this look very high - mine is less than £200 per year.
Contents insurance...................... 0
Life assurance ......................... 14
Other insurance......................... 33 - what is this
Presents (birthday, christmas etc)...... 38
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 104
repaying tax credits.................... 15 - for how long?
Plumbing Course......................... 110 - for how lang
Total monthly expenses.................. 2548

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2700
Other assets............................ 0
Total Assets............................ 132700

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(715)......0
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
LLoyds TSB ....................2203......45........0
LLoyds TSB.....................1654......34........0
Loyds TSB Loan.................15000.....243.......0 - are you sure this is 0%
Total unsecured debts..........18857.....322.......-

Monthly Budget Summary
Total monthly income.................... 2,446
Expenses (including secured debts)....... 2,548
Available for debt repayments........... -102
Monthly UNsecured debt repayments....... 322
Surplus(deficit if negative)............ -424

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total Secured debt...................... -125,000
Total Unsecured debt.................... -18,857
Personal net worth...................... -11,157

I'm really worried and stressed at the moment. thanks

Ok, there are ways to cut back.

Have you consolidated in the past?

Amongst other things, check your APRs, sign up for www.freecycle.org, reduce your insurance and check the up your income section on here http://www.moneysavingexpert.com/protect/make-money.

Do you have stuff that can go on e-bay, to a car boot or on amazon to start cutting this CCs down?

Charlie23

we go into our 12th month for sky in june so i will cancel it. thanks.
just realised my title only says 'please' sorry i meant to put 'please help or advise'
thanks

Nala

Charlie23 wrote: »

Hi i've been lurking for a few days and i need help. I have a partner and a one year old daughter and have just gone back to work full time as we were struggling. Please can i have some advice as i've just done a SOA and it looks even worse than i thought. We own our own home and haven't been late on payments but we are 'robbing peter to pay paul' constantly.
I hope i've put this in the right place. any advice more than welcome.
Thanks

Monthly income after tax................ 1100
Partners monthly income after tax....... 1230
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2446

Monthly Expense Details
Mortgage................................ 715
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 108
Electricity............................. 46 check Quidco to see if you can get a better deal
Gas..................................... 46 same as above
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 11
Mobile phone............................ 45 1 or 2 phones? contract? can you swap contracts or better still get onto pay as you go and cut down on use
TV Licence.............................. 12
Satellite/Cable TV...................... 26 is this for tv and internet? get rid of sky and get a cheaper internet deal
Internet Services....................... 0
Groceries etc. ......................... 200 am sure the regulars will say this can be cut - check out the old style board for ideas
Clothing................................ 100
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 33 check Quidco for a better deal and cashback
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 572
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 49seems very expensive to me - Quidco again
Contents insurance...................... 0 included in buildings insurance?
Life assurance ......................... 14
Other insurance......................... 33 what are these?
Presents (birthday, christmas etc)...... 38
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 104
repaying tax credits.................... 15
Plumbing Course......................... 110
Total monthly expenses.................. 2548

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2700
Other assets............................ 0
Total Assets............................ 132700

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(715)......0
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR what are the APRs for these?
LLoyds TSB ....................2203......45........0
LLoyds TSB.....................1654......34........0
Loyds TSB Loan.................15000.....243.......0
Total unsecured debts..........18857.....322.......-

Monthly Budget Summary
Total monthly income.................... 2,446
Expenses (including secured debts)....... 2,548
Available for debt repayments........... -102
Monthly UNsecured debt repayments....... 322
Surplus(deficit if negative)............ -424

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total Secured debt...................... -125,000
Total Unsecured debt.................... -18,857
Personal net worth...................... -11,157

I'm really worried and stressed at the moment. thanks

Hi Charlie23 - well done for posting your SOA. I've made a few suggestions but I know there will be a lot of folk here who will be able to help you coming along soon. Hold tight,

Do you have childcare vouchers from your employers?

Charlie23

the £15000 loan was part consolidation and we had to get a car. I've not really done the ebay thing as i thought it wouldn't get much as i mainly only have dvds or books nothing of any value. will have a look on ebay

RAS

Charlie

Go to amazon to get rid of DVDS and books. One OP made nearly £1000 "getting rid of my old books and CDs"

Charlie23

we have £243 taken from oh payfor childcare vouchers which means his pay is £987.
Electicity and gas are £93 a month for both they've just gone up (again) so was going to look for a new company am with Scottish power at the mo.
Mobile phones are for 2 phones i'll have to see if i can change them.
Sky is phone,broadband and tv.
Groceries i really do try and last year during the summer i could get us on £30 a week including baby milk (£6.38 on it's own).
Car insurance we had an accident in 06 so it's gone down by over £10 a month this year.
Bilding and contents together.
Other insurances are home responce and redundancy pay insurance (chance oh could be made redundant but no dates or anything yet)
petrol is for me to get to work, i work 20miles away, trains are £7 a day and buses are non existent.
Thank you so much for your help, i just feel like there is nothing i can do and i feel really helpless.

Charlie23

the mortgage is repayment so hopefully i'm looking at reducing it down. fogot to say it's a 110% mortgage from the llovely Northern Rock.
Tax credit repayment is i think for 4 and a bit years but we've already paid it for one.
Plumbing course is for 3 years but will mean that oh is qualified plumber and can do central heating etc so would be on good money (we are trying to better ourselves!)
Tbh the clothing is ott anyway as i always buy our clothes (and its mainly the baby) in the sales and only from supermarkets or mattalan
This year present wise it should be better as i do shop and scan so have £70 on there and bought loads in the jan sales ( i always buy xmas and bday pressies from boots with boots points in jan sales)

chevalier

Charlie23 wrote: »

Monthly income after tax................ 1100
Partners monthly income after tax....... 1230
Benefits................................ 116I assume this is child benefit, do you not get work tax credit too?
Other income............................ 0
Total monthly income.................... 2446

Monthly Expense Details
Mortgage................................ 715 is this repayment or interest only? could you get a mortgage holiday to give you a bit of a breather
Council tax............................. 108 you can ask to spread this over 12 payments rather than 10
Electricity............................. 46are both of these the cheapest deals?
Gas..................................... 46
Water rates............................. 32you can go onto your local water board website, and work out whether you would be better off with a meter or not.
Telephone (land line)................... 11
Mobile phone............................ 45can you go PAYG to save on this?
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 200this is a good spend but is it accurate?
Clothing................................ 100this is a lot of clothes even with a little one. Shop for bundles on ebay for them, and sell their stuff on if you are not planning to have more. Also have a really good look at your wardrobes, do you REALLY NEED rather than WANT any more?
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 33check you are with the cheapest provider, chances are if you haven't swapped for a couple of years, you are paying too much. The swap via a cashback site like www.quidco.com, www.topcashback.co.uk to get cash back for swapping.
Car maintenance (including MOT)......... 10
Childcare/nursery....................... 572:eek: Can both you and your OH get nursery vouchers to offset this a bit? If your company doesn't have one then ask. There is information about how it is run on the main site, but basically it doesn't cost the company anything more than a bit of admin time to offer them.
Other child related expenses............ 10
Buildings insurance..................... 49This is very high I pay half this on buildings AND contents insurance. Remember you only have to be covered for the REBUILD cost of you home NOT what is would sell for.
Contents insurance...................... 0you could really cope with your property being flooded or similar, and having to pay to replace everything in your house?
Life assurance ......................... 14
Other insurance......................... 33what are these please
Presents (birthday, christmas etc)...... 38
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
CSA..................................... 104
repaying tax credits.................... 15ah I see now why you are not getting tax credits.
Plumbing Course......................... 110This is a lot of your income, when does it finish?
Total monthly expenses.................. 2548

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 2700
Other assets............................ 0
Total Assets............................ 132700

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(715)......0
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
LLoyds TSB ....................2203......45........0
LLoyds TSB.....................1654......34........0
Loyds TSB Loan.................15000.....243.......0
Total unsecured debts..........18857.....322.......-

Monthly Budget Summary
Total monthly income.................... 2,446
Expenses (including secured debts)....... 2,548
Available for debt repayments........... -102
Monthly UNsecured debt repayments....... 322
Surplus(deficit if negative)............ -424

Personal Balance Sheet Summary
Total assets (things you own)........... 132,700
Total Secured debt...................... -125,000
Total Unsecured debt.................... -18,857
Personal net worth...................... -11,157

I'm really worried and stressed at the moment. thanks

If you can make a few cuts then you can get the deficit back a little, but you would also need to try and shift the debt around to lower the interest rates. Failing that then it may be time to look at either getting more work via extra jobs/surveys/mystery shopping etc, or to look at doing a debt management plan via CCCS or Payplan
best of luck
chev