Wading In Treacle
catandy
Posts: 868 Forumite
That's what my progress in my financial life ( or lack of one feels like). I've been on a DMP for 5 years and have paid off a massive 9K in that time but at that rate it will take me another 15 years to be clear - and the grand old age of 65) so I need to do something and get this sorted out once and for all.
Situation is it's now just me and OH - he has had to leave work due to ill health and is due to make a claim for an injury at work - if he can be motivated enough to get round to it that is and is waiting on surgery on both arms so is unlikely to work again - he is a gardener and 61 so not in the best profession for his time of life. I'm coming up to 50 have worked out my SOA on the wage I am going to be picking up from my new job - if I pump every penny I have left over into my DMP I will be clear in 15 years from now …. there's something to look forward to
dont know what the point of this post is - to keep me accountable and sane and to put it in writing so its real. OH doesnt want to talk about money (he never has done).
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1640
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 55
Groceries etc. ......................... 320
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 25
Car Insurance........................... 49
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75
Haircuts................................ 0
Entertainment........................... 6
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1519.52
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
dmp ...........................27500.....12........0
Total unsecured debts..........27500.....12........-
Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,519.52
Available for debt repayments........... 120.48
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 108.48
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,500
Net Assets.............................. -25,500
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
Situation is it's now just me and OH - he has had to leave work due to ill health and is due to make a claim for an injury at work - if he can be motivated enough to get round to it that is and is waiting on surgery on both arms so is unlikely to work again - he is a gardener and 61 so not in the best profession for his time of life. I'm coming up to 50 have worked out my SOA on the wage I am going to be picking up from my new job - if I pump every penny I have left over into my DMP I will be clear in 15 years from now …. there's something to look forward to
dont know what the point of this post is - to keep me accountable and sane and to put it in writing so its real. OH doesnt want to talk about money (he never has done).
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1640
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 55
Groceries etc. ......................... 320
Clothing................................ 25
Petrol/diesel........................... 160
Road tax................................ 25
Car Insurance........................... 49
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 75
Haircuts................................ 0
Entertainment........................... 6
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 1519.52
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
dmp ...........................27500.....12........0
Total unsecured debts..........27500.....12........-
Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,519.52
Available for debt repayments........... 120.48
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 108.48
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,500
Net Assets.............................. -25,500
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
0
Comments
-
Is your SOA right, £12 a month on your DMP ? Plus your food bill could probably shave at least £120 of it .
Good luck on your journey.0 -
I start the new job on 18th Feb and I get paid last working day of the month - I need to get thru to payday in the interim - which is going to be a bit of a nightmare or a feat of engineering
current balance 604.29
second account 150.00
total income 754.29
outgoings
rent £500
virgin internet £55
final payment on water £39
total outgoings £594
We are living off OH credit card which stands at £431 and has another £2069 on it but has a monthly interest rate of 2.84% and another card has £140 due to be paid next month and is on the same interest rate.
plan is I pay off £160 off the credit card and then with the interest the balance goes back up by another £8 plus what we put on it to live this month. OH doesnt want me put anything on the credit card but is not helping at all as he refuses to start the claim against his ex employer.
Only other income we have owing to us is I'm owed £600 for a company I have done some freelancing for. It was supposed to be paid end of Jan and I've chased each day so far and am starting to expect not to get paid....
zero savings - they were used up months ago so it seems its going to be a seriously tight month and again we are going to struggle thru March till I pick up a full months wage....
time to start thinking about how to make some extra £0 -
Cumbria_lass wrote: »Is your SOA right, £12 a month on your DMP ? Plus your food bill could probably shave at least £120 of it .
Good luck on your journey.
yes 12£ is the current payment - ive been self employed and payments came down to nominal payments due to irregular projects. Once the new wage kicks in I will put payments up - and agreed about the shopping costs. I need to start doing the weekly shop on my own again so OH cant put all sorts of rubbish in the trolley..0 -
Ah that answers the DMP question. Yes shopping on your own with a list is the way to go .OH and children are a liability :rotfl:0
-
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1640
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1640
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 420
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 80
Gas..................................... 10
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 37
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 20
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 48
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10.4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 80
Haircuts................................ 0
Entertainment........................... 6
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1377.4
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
dmp............................27500.....12........0
Total unsecured debts..........27500.....12........-
Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including HP & secured debts). 1,377.4
Available for debt repayments........... 262.6
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 250.6
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,500
Net Assets.............................. -25,500
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
just done my SOA again after suggestions of savings I can make via the main part of the board on here. If I can cut down the present spend further I can up my payments still further. Ok time to get my thinking cap on - oh and the figures above take account of my rent account being clear.0 -
You are still budgeting £960 a year for presents. I'm going to be blunt, you can't afford to be that generous.No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
I know and thats a conversation I need to have with the OH0
-
Are there any benefits OH could claim?Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 11st11lb determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 40.25% through my pb challenge.0
-
in_need_of_direction wrote: »Are there any benefits OH could claim?
he needs to put his claim in from his last employer first as currently he is owed money by them so will not get any benefit assessment completed until that is resolved. I'm nagging him to get it done0 -
Ok I lay awake last night for hours worrying about the state of finances and how I am ever going to resolve this. Logical first step is I need to workout exactly how much I owe and to whom and get them prioritised - this will be a work in progress for sometime but here goes:-
Priority Debts
Rent - 300 arrears - payment plan of 500 per month which pays off 80 of arrears per month - I also have a suspended eviction order which means this payment has to be made.
Council Tax - 273 arrears - due 1st March in one payment
Non Priority Debts
credit cards/ overdraft currently on DMP - circa 27500 - currently waiting on up to date figures from companies for a proper figure. Currently paying £1 per creditor per month and will keep it at that until I am back on an even keel with wages in/ bills out and everything being covered
Interest Bearing Debt - living expenses for the rest of this month till I get paid are going to have to go onto OH credit cards which have about 2k free on them. they accrue interest at 2.84% pm and he doesnt want me to put anything onto them and pay what is owed off in full - if I do that it means we end up getting evicted so that is a no go. in reality that works out as 284 per 1000 of interest pm.0
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards