Debt Management or Do it yourself

worrier50

Hello
We have got ourselves into a lot of debt. I have been seeking advice but am unsure whether to go through the CCCS low start payments, or to do it myself by sending letters and arranging payments directly with the creditors.

Is there any advantages in either?
Have attached SOA. Many thanks.

[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2254
Partners monthly income after tax....... 496
Benefits................................ 209
Other income............................ 0
Total monthly income.................... 2959

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1199
Management charge (leasehold property).. 0
Council tax............................. 169
Electricity............................. 67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 20
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 36
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 65
Other insurance......................... 18
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 20
Bank Charges............................ 44
Total monthly expenses.................. 2663

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4664......0.........0
Capital One....................4238......0.........0
Citicard.......................4842......0.........0
Loan...........................24220.....0.........0
Egg............................8086......0.........0
Total unsecured debts..........46050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,959
Expenses (including secured debts)....... 2,663
Available for debt repayments........... 296
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 296

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -46,050
Net Assets.............................. -45,050

Created using the SOA calculator at https://www.makesenseofcards.com. [/tt]

hypno06

Hi there - I am not on a DMP myself so perhaps am not the best placed to say......

But, I think CCCS have a good reputation amongst creditors and almost everyone on these boards who is with them has been happy with the way that they deal with things.

There are a number of people who have done a DIY version with the National Debtline templates from their website and who, equally, have got creditors to work with them to set up an appropriate plan.

So, both would work.....but the CCCS do more of the work for you, I think!

There is an excellent "DMP Mutual supporters thread" on this board - it might be worth having a look through there, or posting this question on that thread as those posters are all at various stages of their DMPs and will have a wealth of experience for you to draw on!

Good luck, whichever way you choose to do things.

very_silly_and_scared

Hi there

I am fairly new so someone more knowledgable will be along in a short while, but I think there are definite advantages and disadvantages of both options. I researched it in depth and even though thought CCCS were great and so helpful, have decided to do it myself. I think it's just a question of getting as much info behind your decision as you can. Have a look on the DMP mutual support thread for lots more info if you haven't already.

cat4772

worrier50 wrote: »

Hello
We have got ourselves into a lot of debt. I have been seeking advice but am unsure whether to go through the CCCS low start payments, or to do it myself by sending letters and arranging payments directly with the creditors.

Is there any advantages in either?
Have attached SOA. Many thanks.

[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2254
Partners monthly income after tax....... 496
Benefits................................ 209
Other income............................ 0
Total monthly income.................... 2959

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1199
Management charge (leasehold property).. 0
Council tax............................. 169
Electricity............................. 67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 40
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 19
Internet Services....................... 0
Groceries etc. ......................... 650 Where do you shop - this is really high - visit the old style board to get this cost down to something reasonable.
Clothing................................ 20
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 36
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 65
Other insurance......................... 18
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 20
Bank Charges............................ 44
Total monthly expenses.................. 2663

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4664......0.........0
Capital One....................4238......0.........0
Citicard.......................4842......0.........0
Loan...........................24220.....0.........0
Egg............................8086......0.........0
Total unsecured debts..........46050.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,959
Expenses (including secured debts)....... 2,663
Available for debt repayments........... 296
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 296

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -46,050
Net Assets.............................. -45,050

Created using the SOA calculator at www.makesenseofcards.com. [/tt]

The only thing that really sticks out is the shopping bill, this could easily be reduced - check out money saving old style.

Good luck whatever way you decide to do this.

Cat.x

rchrisp

your groceries are extremely high, how many people are you feeding?

with a bit of meal planning and by visiting the old style board you should be able to dramatically reduce that figure.

Staciep88

worrier50 wrote: »

Hello
We have got ourselves into a lot of debt. I have been seeking advice but am unsure whether to go through the CCCS low start payments, or to do it myself by sending letters and arranging payments directly with the creditors.

Is there any advantages in either?
Have attached SOA. Many thanks.

[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2254
Partners monthly income after tax....... 496
Benefits................................ 209
Other income............................ 0
Total monthly income.................... 2959

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 1199 are there any cheaper properties in the area?
Management charge (leasehold property).. 0
Council tax............................. 169 is this over 12 months or 10?
Electricity............................. 67 very high
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50 high
Telephone (land line)................... 40 again, high
Mobile phone............................ 10 good
TV Licence.............................. 11
Satellite/Cable TV...................... 19 can you not just have freeview?
Internet Services....................... 0
Groceries etc. ......................... 650 wow!! do you eat lobster? Lol, seriously thats really high! How many of you? Where do you shop? Take a look at the money saving old style board
Clothing................................ 20 you probs dont need this?
Petrol/diesel........................... 110
Road tax................................ 15
Car Insurance........................... 18
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 36
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 65
Other insurance......................... 18
Presents (birthday, christmas etc)...... 20 cut back
Haircuts................................ 10
Entertainment........................... 10 cut back
Holiday................................. 0
Emergency fund.......................... 20 cut back
Bank Charges............................ 44
Total monthly expenses.................. 2663

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................4664......0.........0
Capital One....................4238......0.........0
Citicard.......................4842......0.........0
Loan...........................24220.....0.........0
Egg............................8086......0.........0
Total unsecured debts..........46050.....0.........-
Could you take out any 0% Balance Transfer card(s)?
Monthly Budget Summary
Total monthly income.................... 2,959
Expenses (including secured debts)....... 2,663
Available for debt repayments........... 296
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 296

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total Secured debt...................... -0
Total Unsecured debt.................... -46,050
Net Assets.............................. -45,050

Created using the SOA calculator at www.makesenseofcards.com. [/tt]

There are just a few things i have picked up on

CCCS_Sarah

Hi Worrier50,

Welcome to the boards.

One advantage with both, is there are no fees so at least every penny will be going towards your debts.

A debt management plan is good if you need a little extra support and if you find it easier to make one monthly payment.

On the other hand if you feel you can do your dmp yourself, CCCS would still be here for any questions you have. We could also send you all the letters, budgets that you would need to set this up.

Another option is, you could see how you get on doing it yourself and always come back to CCCS at a later date if you wish to go on a dmp – or the other way round.

RAS

Hi

Your rent and groceries are massively high. There are lots of other areas to reduce things a bit.

If you have bank charges, you need to look at reclaiming them under the financial hardship arrangments, as well as any CC charges that you have incurred.