Over the hill and drowning

fay66 · 25 November 2017 at 6:28PM

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0 1 car pip hp

Monthly Income Details
Monthly income after tax................ 1456
Partners monthly income after tax....... 0
Benefits................................ 374
Other income............................ 0
Total monthly income.................... 1830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 156 includes 60 debt paid jan 18
Electricity............................. 28
Gas..................................... 28
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 88, ee mobile and pad contract ends jan 19
TV Licence.............................. 12
Satellite/Cable TV...................... 58
Internet Services....................... 0
Groceries etc. ......................... 200 includes dogs cats
Clothing................................ 50
Petrol/diesel........................... 120 miles 250 ew
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).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 60
Holiday................................. 30
Emergency fund.......................... 50
Total monthly expenses.................. 1490

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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................200.......10........34.9
aqua...........................500.......48........34.9
ocean..........................1000......27........34.94
118 118 loan...................2788......145.......71.3
studio.........................100.......0.........0
fashion world..................200.......0.........0
littlewoods....................450.......20........0
very...........................300.......17........0
marbles........................4500......189.......34.9
Total unsecured debts..........10038.....456.......-

Monthly Budget Summary
Total monthly income.................... 1,830
Expenses (including HP & secured debts). 1,490
Available for debt repayments........... 340
Monthly UNsecured debt repayments....... 456
Amount short for making debt repayments. -116

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,038
Net Assets.............................. -10,038

[/tt]

fay66 · 25 November 2017 at 6:30PM

Im 51 and drowning, feeling bizarre back in a mess, female, empty nest syndrome , 2 dogs 2 cats, work full time 40 hours week, poor health and trying to get my finances back in order, no idea what to do next

starting_again_in_the_sun · 25 November 2017 at 7:00PM

Hi Fay,
Well done for asking for help!

You may get more replies by posting on the main dfw page.

Things that stick out to me:
- phone contract: phone EE and say you are struggling to pay, they may reduce.
- Is cable TV in contract? It's very expensive!
- Grocery bill is huge for one person, is there a reason for this?
- cut clothing to basics.
- you spend a lot on petrol but have nothing listed for maintenance.
- present budget is high.

Good luck

fay66 · 25 November 2017 at 7:27PM

You may get more replies by posting on the main dfw page.

Things that stick out to me:
- phone contract: phone EE and say you are struggling to pay, they may reduce. - contract until jan 19
- Is cable TV in contract? It's very expensive! sky includes broadband and landline , tv in contract until 2019
- Grocery bill is huge for one person, is there a reason for this? yes 2 cats and 2 dogs and canteen food averaging 3.50 a meal
- cut clothing to basics.
- you spend a lot on petrol but have nothing listed for maintenance. 50 miles each day to work
- present budget is high.

Good luck

[/QUOTE]

starting_again_in_the_sun · 25 November 2017 at 7:39PM

Even though you are in a contract, it is worth contacting both EE and Sky to say you are in financial difficulty. They may offer you a reduction, if you don't ask you don't get!

Can you take food to work instead? £3.50 is a lot for one meal. How much of that is on the pets?

If you are travelling 50 miles a day, you really need to budget for maintenance.

Chelleby · 25 November 2017 at 7:44PM

Hello Fay. I’m also 51 and am in a mess. However no dog or cats. Couldn’t afford them. Offer your creditors a token payment and see what they say. I am currently in debt with £9000 and also wirk 40 hrs a week. I feel I go to work to pay bills. I am in the process of getting myself better and debt free. It will take me 3 years but I need to do it . It’s hard but you’ll get there ..

WannabeFree · 25 November 2017 at 7:52PM

fay66 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0 1 car pip hp

Monthly Income Details
Monthly income after tax................ 1456
Partners monthly income after tax....... 0
Benefits................................ 374
Other income............................ 0
Total monthly income.................... 1830

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 450
Management charge (leasehold property).. 0
Council tax............................. 156 includes 60 debt paid jan 18
Electricity............................. 28
Gas..................................... 28
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 88, ee mobile and pad contract ends jan 19 :eek: I know you're in contract but speak to them. You can't afford this
TV Licence.............................. 12
Satellite/Cable TV...................... 58 Same as above. Speak to them.
Internet Services....................... 0
Groceries etc. ......................... 200 includes dogs cats This can be lower
Clothing................................ 50 Go back to basics until you're debt's paid off you can't afford £50 a month right now.
Petrol/diesel........................... 120 miles 250 ew
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0 I know its through PIP so does cover everything that needs repairing?
Car parking............................. 0 Never?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 25
Buildings insurance..................... 0
Contents insurance...................... 20 Shop around and use cashback sites
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 You should lower this until your debts are paid off
Haircuts................................ 30 Can you go an extra week in between etc to make it less expense?
Entertainment........................... 60
Holiday................................. 30 This isn't loads but while you don't have enough coming in to cover outgoings you can't afford this.
Emergency fund.......................... 50 Do you actually save this?
Total monthly expenses.................. 1490

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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................200.......10........34.9
aqua...........................500.......48........34.9
ocean..........................1000......27........34.94
118 118 loan...................2788......145.......71.3
studio.........................100.......0.........0
fashion world..................200.......0.........0
littlewoods....................450.......20........0
very...........................300.......17........0
marbles........................4500......189.......34.9
Total unsecured debts..........10038.....456.......-

Monthly Budget Summary
Total monthly income.................... 1,830
Expenses (including HP & secured debts). 1,490
Available for debt repayments........... 340
Monthly UNsecured debt repayments....... 456
Amount short for making debt repayments. -116 You need to at least make this balance

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,038
Net Assets.............................. -10,038

[/tt]

There is things that could be less see my comments in red. However it isn't that extreme.

Speak to a debt charity like Stepchange. Not one that charges you.
They will be best to advise you what to do and how to get out.

Remember this is the hardest step and the only way from here is up. There is light at the end of the tunnel x

enthusiasticsaver · 25 November 2017 at 7:55PM

There's are some areas to cut until you get some of the debt gone. Obviously your biggest issue is too much debt. Have you gone Bankrupt before? Presumably you cannot get any 0% deals?

EE is too expensive and you can try asking to come out of the deal due to financial difficulties. Groceries are too high for one person although I assume some is for the pets. Can you get cheaper cat/dog food?

You say you save for holidays presents and emergency fund but there is no cash so presumably this does not happen? Is car running costs covered under PIP? Can you cancel the satellite TV.

At those rates of interest I think the debt will very quickly rise so you may need to look at a debt solution again. If you do I strongly recommend no more store cards or credit cards. Have you tried ringing stepchange?

Kitten868 · 25 November 2017 at 9:12PM

Please please please ring a debt charity like step change or visit their website. Those interest rates are awful. Have a read up about DMPs on here. You'll be shocked by how relieved people are when they start them. It will all be ok. You'll find it easier once you can manage your debts xxx

UncannyScot · 25 November 2017 at 10:09PM

Hi and welcome

Just want to echo the good advice given so far...
get FREE debt / financial advice from the likes of your local CAB or StepChange
reduce your outgoings and bills as much as possible
make sure all your essentials are being covered
look at a DMP or other solutions that may be suggested by CAB or StepChange.

We are all here to help and we are not judging or criticising you... we are all on the same journey and just offering our advice.

Please join in and visit (read / comment in) other DFW diaries
We are a very welcoming community here

fay66 · 25 November 2017 at 10:30PM

starting_again_in_the_sun wrote: »

Even though you are in a contract, it is worth contacting both EE and Sky to say you are in financial difficulty. They may offer you a reduction, if you don't ask you don't get!

Can you take food to work instead? £3.50 is a lot for one meal. How much of that is on the pets?

If you are travelling 50 miles a day, you really need to budget for maintenance.

its a motability car,

Over the hill and drowning

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