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  • FIRST POST
    • Newstart0205
    • By Newstart0205 30th Dec 17, 7:06 PM
    • 12Posts
    • 14Thanks
    Newstart0205
    In a pickle and not sure where to go.
    • #1
    • 30th Dec 17, 7:06 PM
    In a pickle and not sure where to go. 30th Dec 17 at 7:06 PM
    Well I've got myself into a pickle financially and I just don't know where to turn.

    I starting to struggle since a relationship breakdown earlier this year.

    Things are getting on top of me and affecting my health and my relationship with family and friends.

    I've attached a list of my finances and hoping someone can advise. Please don't judge me I'm already in a bad place.
Page 2
    • anniek42
    • By anniek42 1st Jan 18, 9:07 PM
    • 10 Posts
    • 2 Thanks
    anniek42
    Hello

    Is it me or is the total unsecured debt figure wrong?
    • Verbatim
    • By Verbatim 2nd Jan 18, 5:58 PM
    • 4,525 Posts
    • 13,304 Thanks
    Verbatim
    Hi there,
    Well done for posting.
    Is the £100 maintenance paid TO you rather than a bill? If so that's £100 off your monthly outgoings which should appear on the income side.
    V
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
    • autumn2012
    • By autumn2012 2nd Jan 18, 6:14 PM
    • 216 Posts
    • 244 Thanks
    autumn2012
    Are you not entitled to higher tax credit? Child maintenance etc? Based on your salary you should be getting more than a couple of hundred in tax credits?
    • Determined89
    • By Determined89 2nd Jan 18, 9:31 PM
    • 36 Posts
    • 64 Thanks
    Determined89
    Hi, I can't help you out too much with the technicalities that comes with the debt as I am still very much learning about the process myself. Just wanted to add that I know how you feel though. My ex husband left me 2 and a half years ago with £16k worth of debt. I was at the end of the first year of my degree, and miles away from home (he was military). I persisted though, completed my degree and graduated in September and started my first post graduate job last month. At the same time, I have shaved off £4k of the debt and managed to keep a roof over my head for my two dogs and I by paying out £1.5k per month in bills. I am now determined to get rid of the last £12k. I am feeling positive that it will happen! My credit file is ruined, I can't even get a new phone contract and unable to move to a cheaper house, but I am still focused on getting as much of my debt cleared as possible. Small steps are all positive. This debt malarkey isn't easy going!
    • Newstart0205
    • By Newstart0205 3rd Jan 18, 1:45 PM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    Below is my updated SOA, taking into account some of the suggested. As I recently moved into my house, my Council Tax, TV Licence and Water are distorted figures. I have 2 children but only lives with me full time my eldest wanted to live with his dad so I pay him maintanence. Hope this helps.
    I don't know all the interested rates or where to find them so any help appreciated.

    UPDATE SOA.

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1068
    Partners monthly income after tax....... 0
    Benefits................................ 265.8
    Other income............................ 200
    Total monthly income.................... 1533.8


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 203.1
    Rent.................................... 355
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 80
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 51.8
    Telephone (land line)................... 0
    Mobile phone............................ 60.71
    TV Licence.............................. 29.4
    Satellite/Cable TV...................... 0
    Internet Services....................... 37.75
    Groceries etc. ......................... 200
    Clothing................................ 5
    Petrol/diesel........................... 150
    Road tax................................ 13.34
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 10
    Car parking............................. 5
    Other travel............................ 0
    Childcare/nursery....................... 85
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 18.58
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 17
    Holiday................................. 0
    Emergency fund.......................... 0
    Maintenance to 1st child dad............ 100
    Total monthly expenses.................. 1571.68



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 15500
    Other assets............................ 0
    Total Assets............................ 15500



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 0........(0)........0<
    Car PCP........................14760....(203.1)....6.9
    Total secured & HP debts...... 14760.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Credit Card 1..................5069.02...137.......0
    Credit Card 2..................5692.79...150.......17.43
    Catalogue 1-next...............386.42....25........NaN
    Overdraft......................600.......0........ .NaN
    Pay Day........................1526.6....218.......NaN
    Catalogue 2....................1170.73...46.83.....NaN
    Total unsecured debts..........14445.56..576.83....-



    Monthly Budget Summary

    Total monthly income.................... 1,533.8
    Expenses (including HP & secured debts). 1,571.68
    Available for debt repayments........... -37.88
    Monthly UNsecured debt repayments....... 576.83
    Amount short for making debt repayments. -614.71


    Personal Balance Sheet Summary
    Total assets (things you own)........... 15,500
    Total HP & Secured debt................. -14,760
    Total Unsecured debt.................... -14,445.56
    Net Assets.............................. -13,705.56
    • Dobbibill
    • By Dobbibill 3rd Jan 18, 8:27 PM
    • 2,642 Posts
    • 3,744 Thanks
    Dobbibill
    Well done on reassessing things.

    There is still a significant shortfall between income/expenditure.

    Your biggest cost is your car at £421 a month.
    Are you able to get rid of the car and use public transport, walk or cycle to work? You really can't afford to run it.

    Have you visited the Stepchange website and used their online remedy tool?
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Bedsit Bob
    • By Bedsit Bob 3rd Jan 18, 10:04 PM
    • 9,904 Posts
    • 51,878 Thanks
    Bedsit Bob
    my eldest wanted to live with his dad so I pay him maintenance.
    Originally posted by Newstart0205
    And does he pay you maintenance, for the child that lives with you?
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • Newstart0205
    • By Newstart0205 4th Jan 18, 10:29 PM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    I am unable to be without a car due to where I live and my job. Bit I have started looking into buying a run around. And selling mine. It has some equity in it. There is one 1 bus a day where I love so not good transport wise.
    • Newstart0205
    • By Newstart0205 4th Jan 18, 10:30 PM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    And does he pay you maintenance, for the child that lives with you?
    Originally posted by Bedsit Bob
    I'm not the best person my children have different dad's. So I pay eldest father maintenance
    An my youngest father pays me maintenance so all sorted on that front.
    • Silver Queen
    • By Silver Queen 5th Jan 18, 10:40 AM
    • 186 Posts
    • 1,050 Thanks
    Silver Queen
    Just want to say... there's nothing wrong with your children having different dads, at the end of the day life circumstances change and it doesn't make you a bad person.

    Your shortfall is significant so the first thing to do is try to sell your car and swap it for a more economical one. It takes up a huge proportion of your income and it's not affordable.
    Debt Totals January 2018::
    £350 Natwest Credit Card / Now £0 £15,500 Loan from Parents 1 / Now £11,550 £500 Loan from Parents 2 / Now £250 £2,000 Overdraft Now £1,000
    • Newstart0205
    • By Newstart0205 5th Jan 18, 4:21 PM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    Thank you x

    I have spoken to step change and in process of setting up a dmp. I am in conversations with several garages regarding selling my car and down grading.

    I don't know where I'm headed but hoping it's a better place than I'm at currently
    • Toni'sfriend
    • By Toni'sfriend 5th Jan 18, 5:11 PM
    • 753 Posts
    • 10,909 Thanks
    Toni'sfriend
    I don't know where I'm headed but hoping it's a better place than I'm at currently
    I'm absolutely certain it will be and well done for contacting Step Change and setting up the DMP.
    • Verbatim
    • By Verbatim 6th Jan 18, 12:37 AM
    • 4,525 Posts
    • 13,304 Thanks
    Verbatim
    Well done on arranging a dmp. I'm sure you'll feel a lot better and in control of your money then.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
    • gemini12
    • By gemini12 6th Jan 18, 7:46 AM
    • 336 Posts
    • 2,145 Thanks
    gemini12
    Only one thought. Are you able to claim any housing benefit for your rent and council tax or do you already?
    Make £10 a day challenge May. 81.40/310
    Total for 2013 £858.85/1060
    • Newstart0205
    • By Newstart0205 14th Jan 18, 10:49 AM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    Update:
    DMP in place
    Car all budgeted for and keeping for 3 months initially to see how I cope.
    With DMP do you recommend opening a new bank account not attached to DMP so my OD doesn't swallow my wage the moment it enters???
    • motivated
    • By motivated 14th Jan 18, 11:17 AM
    • 2,507 Posts
    • 4,094 Thanks
    motivated
    Hi Newstart

    Well done on the DMP. Itís the best decision I ever made. As for the bank account I think the advice is to have an account where you have no connections to creditors. Just in case.

    Your new positivity is showing and you will find the DMP takes the stress away.

    Good luck
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • Newstart0205
    • By Newstart0205 14th Jan 18, 2:53 PM
    • 12 Posts
    • 14 Thanks
    Newstart0205
    Thank you thought that was the recommended just want to make sure I'm on right track. As refuse to let this break me. X
    • theroamingnomad
    • By theroamingnomad 14th Jan 18, 3:01 PM
    • 60 Posts
    • 68 Thanks
    theroamingnomad
    Just wanted to say you're doing a great job with your DMP
    Debt-free by September 1st, 2018 - hopefully!
    £5124/£5124 (Jan 2018)
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