Hello new memeber with questions :)

Thefishdude_2

Hello all

quick intro. hi my names fish everyone uses that expecpt family lol i have been building up personal debt for last 14 years infact i have never not been in debt no idea what thats like lol :eek: its now got quite large 28kwas 30k. i have very low outgoings at moment as still living at home so have not missed any payments apart from this month when i swear i never got the bill in door lol anyway things in my life have changed and i need to get things moving forward if im going to have any sort of proper life lol . inlcuding moving out getting second job and sorting debts so i can live.

i only have 3 creditors
lloyds tsb personal unsecure loan about £12.5k
halifax credit card £13.5k
virgin credit card £2k

(halifax part of lloyds now ??)

out of the debt solutions dmps look very positive. but what i wanted to know is can i contact my creditors direct and put forward an alternative payment myself ? i am able to pay them quiet a bit rouchly about 75% of what i am currently paying soo they would still get plenty just over a longer period of time.

do creditors often go for thsi sort of thing ??
or does it have to be more offical ??

also im looking to open a bankaccount seperate from the people i owe money to as advised but how do i find out wich ones arnt connected to the people i owe money to ? as so many are linked these days.

finally lol if i do have to go more offical route of dmp will effect things if i am planning to move ouyt in next month and also get second job. would it be worth waiting till i have done both them things before startuing ?

thanks for any advice its a great site and has helped me with lots of info so far to get meself sorted

Numpty_Monkey

:hello: Hello fish
First things first i think you need to do an SOA a list of all your income and outgoingsuse this link
http://www.makesenseofcards.com/soacalc.html

The great people wil spot where you can make savings so maybe you don't have to go on a DMP

If that fails contact one of the debt charities
Non-profit Debt Counsellors'

And yes you can contact your creditors and ask for reduced payments , but you will need the SOA


keep posting and good luck

Thefishdude_2

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 900

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 70
Clothing................................ 10
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 580

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1200
Other assets............................ 1000
Total Assets............................ 2200

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................13500.....300.......6.9
personal loan..................12500.....330.......8.9
credit card....................1500......40........16.9
overdraft......................1000......50........10
Total unsecured debts..........28500.....720.......-

Monthly Budget Summary
Total monthly income.................... 900
Expenses (including secured debts)....... 580
Available for debt repayments........... 320
Monthly UNsecured debt repayments....... 720
Surplus(deficit if negative)............ -400

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total Secured debt...................... -0
Total Unsecured debt.................... -28,500
Net Assets.............................. -26,300

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

======== Enter any other useful information below ========
ok i done an soa. i filled it in as to how it will be soon as i am currently in processof moving were i will be sharing a place so all bils are included in the rent, i have 1 car,

bank_of_slate

You are not making enough money to maintain all the bills and keep up with even minimum payments here.
Do you have the opportunity to raise your income with overtime or a second job?
...Linda xx

Mum_of_3_3

There will be other much more experienced DFWs along in a minute I expect, but the only thing I can think is if you are living at home can your parents afford for you not to pay them rent so that you can throw that money onto your debts.

Also if you got a second job (say a bar job or something) then you could put that money towards your debts as well and then you may not have to go onto a DMP and you will be able to save your credit rating for when you want to buy your own house etc.

Like I said I expect someone else will be along in a while.

Good luck on your road to being debt free.

M_o_3

PS How much rent will you be paying at your new place? I know you say that all bills will be included, but at the moment it seems that the only household bills you are paying is for groceries, so I don't understand how you think it will be cheaper

PPS If you have amassed a £30k debt whilst still at home do you have assets that you could sell to clear some debts??

doodledo_2

Hi and welcome to the board.

I can't see any obvious ways of reducing your outgoings as with you living at home they are minimal only.

I think the best route will be to up your income in some way. Can you possibly get a second job maybe weekends or evenings. Do you have any possibilites of promotions at your current place of work you could try for.

Good luck with your journey.

Happytogetdebtfree

Hi and welocme to the hboards soon you will be well on tyhe way to debt freeness:Dxx

Thefishdude_2

Mum_of_3 wrote: »

PS How much rent will you be paying at your new place? I know you say that all bills will be included, but at the moment it seems that the only household bills you are paying is for groceries, so I don't understand how you think it will be cheaper

PPS If you have amassed a £30k debt whilst still at home do you have assets that you could sell to clear some debts??

nope sorry i have nothing to my name i have a car worth about £1200 and my computer and and some dvds worth about £1000 thats it. the debt was built up with general living and working for norwich uniuon for minium wage for 10 years. once a few debts set in in the early years soon you are screwed lol and i burried my head in teh sand oever it all untill about a year ago.

as for rent the rent i have quoted is for the place i will be moving to all bills incusive except food of course and clothes etc etc.

as for living at home and parents helping they are both retired and surving on state pensions. and know nothing of my debts andi would like to keep i that way my dad is not a well person and would not take it well.i currently pay them about £200 a month but they live in small viallage 15 miles from my place of work. were i am moving to would be in potential walking distance. wich is a big petrol saving.

and yes i am currently looking for part time employemnt to boost in incommings.

POSSETTE

i work in a pub part time...its great..and i am very strict with putting all my wages and tips in a pot each time i get it, so it doesnt go in my purse and get used for cr4p basically....i have sometime £100 a month to pay off things and that is only 1 day a week!

Thefishdude_2

yeah i been looking at jobs online just now but hard to decide what to go for lol i can go for an easy second job would get me an extra 80-100 a month for couple of hours a week. or i did find a nght job working 2-6am :eek: idealy i would prefere a job in early hours of morn to do before i do my main job. this particaly one would bring me in 500 a month :T that would sort me out lol but omg i would be kancked it would mean going to bed at 9pm till 1am lol oh and i dont require much sleeep i currently only get 4 hours a night on aweek day anway through choice lol

POSSETTE

i once did 8am-5pm at my current job then went to factory nextdoor to that one and worked 5-9pm..mon-thu...fri i was bit tired!!!
but stuck at it for 3 months...it helped a lot...now i just do pub for enjoyment mainly...and free carvery of course!