Please help - am about to start dmp and..

sarriep

... wondered how many creditors will agree to stopping fees/ interest on our debts with them. We are going through cccs who seem fabulous. Who has/ hasn't frozen the debts? What happens if they won't stop fees? I'm very confused and stressed at the moment. I've just found out we're 40,000 in debt not 25,000 so thinking it will take forever to pay off. Am worried as husband has built up large amount of debt through gambling and I feel I can't trust him. !!!!!!. Feeling pants at the moment.
Thanks for any future advice! Oh, and should we open a basic bank account? Some of our debts are with our bank so I was told they could just take our overdraft to clear some of debts when that's all we have to live off.

hypno06

bumping this up for the OP

10past6

Hi & welcome to the fourm

Yes, it would be a good idea for you to open a new bank account, Nat West do a step account, I have one.

It would help if you could post your SOA (Statement of Affairs) click here

longforthesun

Hi we owe £39k to 10 creditors. Our first payment to CCCS went on Thursday. 9 of our creditors have stopped interest and charges
Lloyds
MBNA (2 Abbey accounts)
Santander
Barclays
Cap One
Marks and Spencers
Abbey Loans
Ge Money Debs Card

Citi are the only ones still charging interest but 9 out of 10 I feel is good given that they have only received £2 in token payments for the last 2 months. Hope this helps.

savingholmes

As one of the other posters suggested if you post a full list of your income, outgoings, assets and debts then the forum members can make some suggestions on where you can cut back. I've done an SOA and posted it here - it was freaky but the world didn't stop turning and I've managed to stay anonymous enough which I know is a worry to some people.

We all think we've already done loads, but believe me I've done far more since joining the forum!

sarriep

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 1600
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 3820

Monthly Expense Details
Mortgage................................ 1489
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 90
Gas..................................... 90
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 35
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 12
Internet Services....................... 0
Groceries etc. ......................... 500
Clothing................................ 80
Petrol/diesel........................... 180
Road tax................................ 50
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 30
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 40
Contents insurance...................... 20
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 3168

Assets
Cash.................................... 0
House value (Gross)..................... 230000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 232000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 220000...(1489).....6.99
Total secured debts........... 220000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan Egg.......................2300......160.......8
MorSt card.....................3300......80........17
MBNA...........................4500......90........15
Student Loan...................5000......114.......2
Egg Card2......................4300......86........14
Egg Card.......................10000.....200.......17
Marbles........................507.......35........14
Barclaycard....................6435......121.......14
Virgin.........................7300......150.......26
HSBC...........................2000......50........15
Total unsecured debts..........45642.....1086......-

Monthly Budget Summary
Total monthly income.................... 3,820
Expenses (including secured debts)....... 3,168
Available for debt repayments........... 652
Monthly UNsecured debt repayments....... 1,086
Surplus(deficit if negative)............ -434

Personal Balance Sheet Summary
Total assets (things you own)........... 232,000
Total Secured debt...................... -220,000
Total Unsecured debt.................... -45,642
Net Assets.............................. -33,642

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

======== There are 6 of us altogether - me and husband and 4 children. We use lots of petrol as we both have long journeys to work. Food bill is an estimate. I am ashamed to say I really don't know what we spend it all on :eek:

10past6

sarriep wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 1600
Benefits................................ 220
Other income............................ 0
Total monthly income.................... 3820

Monthly Expense Details
Mortgage................................ 1489
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 90 > Seems far to high, can you get a duel deal?
Gas..................................... 90 > Again as above
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 35
Mobile phone............................ 50 > Why so high, have you thouht about PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 12
Internet Services....................... 0
Groceries etc. ......................... 500 > This can be cut in half - Take a look at the MSE Old Style board for further advice on cutting your grocery bill.
Clothing................................ 80 > This is to high
Petrol/diesel........................... 180 > Any reason why so high?
Road tax................................ 50
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 30 > What's this for, your paying parking & petrol above?
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 40
Contents insurance...................... 20
Life assurance ......................... 50 > Have you tried for a lower premium, look in the insurance board for further advice.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 3168

There are some cut backs that you can make with the right support on this site.

10past6

Click here for help in cutting your grocery bill, click here for advice on cutting your insurance premiums.

Gemmzie

I'd up the emergency fund and cut the clothes fund a bit, it'll look better to the creditors.
However, your SOA looks pretty good overall

sarriep

Thanks for your reply! I will now try and justify my wild spending...

Electricity............................. 90 > Seems far to high, can you get a duel deal?
Gas..................................... 90 > Again as above

These are on a combined thing. We have shopped around and this seems to be the s=best we could get but I know it is hiogh. I've stopped using the tumble dryer and hope it will go down soon - although winter is on it's way..


Mobile phone............................ 50 > Why so high, have you thouht about PAYG?
At the mo it's one for me, one for husband and one for 17yr son. I won't renew all contracts when they expire but can't do too much now...


Groceries etc. ......................... 500 > This can be cut in half - Take a look at the MSE Old Style board for further advice on cutting your grocery bill.
I will. This seems a lot to me too but does include school meals for 3 children - £25 per week. I will follow your advice though...

Clothing................................ 80 > This is to high
Yes but school unoforms for 3 have puched this up a bit! Will cut this back I think. Have stared buying on ebay... must sell there too...

Petrol/diesel........................... 180 > Any reason why so high?
We both work 10milesm + from home and do more picking up/ taking children to school. It may even be a little more than this.


Other travel............................ 30 > What's this for, your paying parking & petrol above?
Son's bus pass

Childcare/nursery....................... 60

Life assurance ......................... 50 > Have you tried for a lower premium, look in the insurance board for further advice.
Struggled with this - I am diabetic and this was the best for us both - husband has critical ilness cover too but may cancel this.

Thanks for your help - my new motto has to be "I know you WANT it but you don't NEED it..."

Gemmzie

Definitely come and join us on the DMP support thread too Lots of people in the same boat