Deeper and deeper

guns4

Hi I am after some help. I seem to be falling deeper and deeper in debt, I have made cut backs and got a better job but still I seem to owe more out. My partner tries to help but she suffers with a stomach problem that means that she misses work for what can be a month at a time and then she cannot contribute, which means I have to get the credit card out to pay for shopping etc. With no extra money now to try and make some over payments on these things I struggle to cope.

CarolynH

Hello and welcome Guns, you're in the right place.

Can you post a SOA (statement of affairs, there's a 'sticky' at the top of this board), so the lovely chaps and ladies can make suggestions as to where you can make some savings?

(((HUGS)))

guns4

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1699
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1699

Monthly Expense Details
Mortgage................................ 767
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 15
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 275
Clothing................................ 20
Petrol/diesel........................... 90
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 24
Buildings insurance..................... 26
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1553

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

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(767)......5.59
Total secured debts........... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............1300......60........15.9
HSBC Loan......................11100.....205.......12.9
HSBC Overdraft.................1500......12........13
Abbey Credit Card..............1450......33........0
Amex...........................3000......79........17.9
Sygma Back.....................700.......21........19.9
Tesco Loan.....................8000......127.......7.9
Total unsecured debts..........27050.....537.......-

Monthly Budget Summary
Total monthly income.................... 1,699
Expenses (including secured debts)....... 1,553
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 537
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total Secured debt...................... -126,000
Total Unsecured debt.................... -27,050
Personal net worth...................... -153,046

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

Nomad25

Just giving you a bump.

RAS

Guns

You needs to add a zero to your assets.

RAS

guns4 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1699
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1699

Monthly Expense Details
Mortgage................................ 767 - interest only or repayment?
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 90
Electricity............................. 60 - your utilities seem high, can you check the comparision sites?
Gas..................................... 40
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 15
Mobile phone............................ 35 - can you go PAYG and cut this down?
TV Licence.............................. 12
Satellite/Cable TV...................... 26 - cancal this as you cannot aford it, sorry
Internet Services....................... 0
Groceries etc. ......................... 275 - for two this is high. Aim towards £150 ish,
Clothing................................ 20 - join freecycle and only buy when GF is working
Petrol/diesel........................... 90
Road tax................................ 0 - why none?
Car Insurance........................... 0 -ditto?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 24 - check this is the cheapest on the comparion sites
Buildings insurance..................... 26 - ditto
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - cut this out at the mo. Join the freebies board and look at what you can make at home (or what GF can make)
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1553

Assets
Cash.................................... 0
House value (Gross)..................... 13000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 13000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 126000...(767)......5.59
Total secured debts........... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC Credit Card...............1300......60........15.9
HSBC Loan......................11100.....205.......12.9
HSBC Overdraft.................1500......12........13
Abbey Credit Card..............1450......33........0
Amex...........................3000......79........17.9
Sygma Back.....................700.......21........19.9 - this is the killer - aim to pay this off first.
Tesco Loan.....................8000......127.......7.9
Total unsecured debts..........27050.....537.......-

Monthly Budget Summary
Total monthly income.................... 1,699
Expenses (including secured debts)....... 1,553
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 537
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total Secured debt...................... -126,000
Total Unsecured debt.................... -27,050
Personal net worth...................... -23,050

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

Have you got any stufff round the house that you can put on e-bay, take to a car boot sale to start tackling the higher APR debts?

shadydaz

Have you got children guns?


Do you live in a flat or a house?

guns4

No kids, I live in a house with my partner

RAS

Then the fastest and financially most efficent way to start dealing with this would be to take a lodger if yiou have a spare room.

You can earn upto £370ish per month (£4,200) without paying any tax. Which is equivalnet to earning another £5,500 is you wer working. Cheapest pay rise you can get.

guns4

Originally Posted by guns4
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1699
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1699

Monthly Expense Details
Mortgage................................ 767 - interest only or repayment? Repayment.
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 90
Electricity............................. 60 - your utilities I seem high, can you check the comparision sites? I owed £120 so increased payments by £20 a month
Gas..................................... 40
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 15
Mobile phone............................ 35 - can you go PAYG and cut this down?
TV Licence.............................. 12
Satellite/Cable TV...................... 26 - cancal this as you cannot aford it, sorry
Internet Services....................... 0
Groceries etc. ......................... 275 - for two this is high. Aim towards £150 ish,
Clothing................................ 20 - join freecycle and only buy when GF is working
Petrol/diesel........................... 90
Road tax................................ 0 - why none? Company Car
Car Insurance........................... 0 -ditto?
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 24 - check this is the cheapest on the comparion sites Tghat is for 2 pets
Buildings insurance..................... 26 - ditto
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 - cut this out at the mo. Join the freebies board and look at what you can make at home (or what GF can make)The GF's 2 sisters have 7 Kids between them I think i would be better off buying them a TV so they have something to do of a night
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1553

Assets
Cash.................................... 0
House value (Gross)..................... 13000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 13000

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 126000...(767)......5.59
Total secured debts........... 126000....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
HSBC Credit Card...............1300......60........15.9
HSBC Loan......................11100.....205.......12.9
HSBC Overdraft.................1500......12........13
Abbey Credit Card..............1450......33........0
Amex...........................3000......79....... .17.9
Sygma Back.....................700.......21........19.9 - this is the killer - aim to pay this off first.
Tesco Loan.....................8000......127.......7.9
Total unsecured debts..........27050.....537.......-

Monthly Budget Summary
Total monthly income.................... 1,699
Expenses (including secured debts)....... 1,553
Available for debt repayments........... 146
Monthly UNsecured debt repayments....... 537
Surplus(deficit if negative)............ -391

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total Secured debt...................... -126,000
Total Unsecured debt.................... -27,050
Personal net worth...................... -23,050

Thanks I will look at the cut backs

pink_princess

I would echo ras s good advice ,for 6 of us (not all my kids just ended up with nephews lol)we spend 350 a month on grocerys . I would look to swap all your cards to nil intrest ones 3percent fee is much better than what you are going to end up paying in the long run .Also can your girlfriend not start ebay selling while your at work you would just have to help her with posting etc when she s poorly.
best of luck
and just pre warning people i have a massive change in our finances about to happen (redundancy) so will be posting soa and needing advice some time next week i thank you all in advance.