Help, so so low

Deep_In_Debt

Hi
Have you got a water meter? I got one fitted for free and now save £20 per month that way - maybe worth looking into if you dont have one already.

Good luck and keep posting.

1_step_closer

Interest rates on loans etc:

Plat 26% bal 2500
egg cc 19.9% bal 1775.33
barclycard 27.9 bal 900
mint cc 17.9 bal 5646
bank loan 6.9% bal 9987
egg loan 6.73% bal 6540
car loan 6.1 bal 4000 (I think)

does this help at all?

Thank you

milliemonster

You've not included any insurances in your SOA, car insurance, home insurance etc?

You have done so well over the last couple of years to pay off what you have so what has changed recently? or if nothing has changed how have you managed to pay off so much?

Is there any chance you can increase your income by taking on another job?, I agree a joint SOA is needed, there is no point trying to keep everything separate when you live together and are married, you need to be working on this as a joint thing.

I don't think the post about getting rid of your dogs was very helpful but it could have been phrased better, I think the poster was trying to say when things are so tight as they are, and you are saying you can only afford 1 meal a day, why do you have THREE dogs and are forking out almost £40 a month on insurance and then food aswell?, I appreciate they become a member of your family (I have a dog myself) but if it came down to eating properly and paying things back or keeping my dog, then my dog would have to go as much as I love him.

1_step_closer

This may sound wierd but I have always kept my money sep from hubby for my own reasons (which do you mind if I dont go into? nothing sinister!)

I agree about the dog insurance and will look to change that although they are very good insurances. I feed them BARF so can fill my freezer for £40 and it lasts 2 months.

The car ins I pay but have had to put it on a cc and the reductions you see in my signature are claiming back PPI and plugging away little and often. It is the interest that is crippling.

I have to go now back later xx

frugallass

1_step_closer wrote: »

Interest rates on loans etc:

Plat 26% bal 2500
egg cc 19.9% bal 1775.33
barclycard 27.9 bal 900
mint cc 17.9 bal 5646
bank loan 6.9% bal 9987
egg loan 6.73% bal 6540
car loan 6.1 bal 4000 (I think)

does this help at all?

Thank you

thanks - it would be really helpful if you posted a joint SOA - you stated that you're both having difficulties. Are the above cards / loans just in your name?

bargain-hunter-uk_2

Hi One Step,

Well done for doing something about it, it's really easy to bury your head and just let things take their course, being proactive about it is the way forward.

I made this decision back in January, and contacted the CCCS. I was in a position where I owed about £30k, majority on graduate loan and CC's. I was managing well paying all my minimum payments and I was quite organised on moving debts about. But there came a point where I thought, yes I am managing, just, but where am I going with this?... I'll just be paying the minimum forever, and that is having a massive impact upon my future.

So I contacted the CCCS in Jan, and they started my DMP in March. In some respects im very lucky, because many things in my life changed at the same time... my job... more money, better pay rises, fully expensed company vehicle and mobile phone. This was great because it enabled me to sell my car, forget the insurance, no more call charges etc. I then moved in with my partner, and my outgoings shrinked to £250 per month for rent bills etc. another good move.

So now im earning £1300 per month, and im contributing £700 towards my debt. This still means I can live reasonably.

It is tough, you have to budget really hard, and some months will just go to pieces, but as long as you claw it back the following month, it gives you a real relief. I would say be honest with the CCCS about your outgoings and take their advice.

Most importantly when your CCCS agreement is started, you will get contacted by your creditors, some are nicer than others. I was proactive, and contacted them stating what was happening, and reminding them of the agreement with the DMP. send them letters... it works much better than talking to someone on the phone.

After a few months i sent out more letters asking them to reduce or stop the interest, many obliged, and now i ony have a couple which charge me interest at all, and at base rate only.

Stick to your payments, and try not to go backwards, always try to increase the payments if changing them at all. I still have copies of the letter's i wrote, I'd be happy to share with you, but be strong and DO NOT be bullied by the calls or letters they send you... remember they are trying to force you to pay more, they will stop after a couple of months, and they will be happy to be receiving your monthly payments.

milliemonster

I fully understand you wanting to keep your money separate from your hubby, but if you both are in debt you need to work together or you could end up going merrily along thinking everything is working out just fine and then find your husband is sinking fast and this will just put more pressure on you as a couple in the future.

If you go down the DMP route, please ensure you fill in an accurate SOA (so include what you would need to put aside each month for insurances/car tax etc) as you will obviously won't be able to use your credit cards again to fund these when they are due.

Regarding your interest rates, there really isn't much you can do about them at the moment, if you can't get a BT, I had this issue a year ago because I had made a couple of late payments and then kept getting refused, so I have had to just bite the bullet and keep chipping away all year (and make my payments on time!) and just this week have been able to get a 0% deal again, but this has taken me a year, I'm not saying that is right for you but it's something to consider.

Speak to CCCS and get professional advice on where to go next, but don't let it get you down, it will get better, promise x

Gemmzie

Hi OP,
If you're both in debt, then should you both be going onto a DMP? One of you struggling isn't really fair. Sometimes it can help to put everything together (mentally) and then divide it back out. You don't have to do it in reality but many of your creditors will ask why there's no rent etc in your SOA which may lead some to be more difficult.

hypno06

Have you put your debts in the snowball calculator? If you play around with it, you can work out which debt should be the focus of your "chipping away, little and often" stuff.

I have been in the same situation - high interest rates (egg at 26.9%, barclays at 24.9% etc) and with no ability to balance transfer to a lower rate, and have been in the situation where outgoings are higher than income for a while, and I agree, it does seem as though it is never ending.

BUT, with the snowball calculator at my side, on www.whatsthecost.com, and the ideas on this site, I have managed to chip away a little bit more, and now things are a lot more manageable as some of the higher rate cards have been paid off, freeing up the budget a little.

The "up your income" board has been invaluable, as has the "make £10 a day" challenge on this board - it really has made the difference between sink or swim in our house.

We HAVE spoken to CCCS a couple of times, but always make the decision to carry on chipping away instead. CCCS are not judgmental, and have never given me the impression I am timewasting, even when what I am really doing is gaining reassurance!

Give them a call or do the debt remedy, but before you make the decision to go with them, see if you can "bridge that gap" with a challenge or two!

ajaney

Just to echo what others have said about a joint SOA, really.

I don't think you can go into a DMP without knowing the status of your mortgage i.e is your husband in arrears?. I presume your name is on the mortgage?

Plus he may pay other things which are in joint names like House insurance so you really need to be tackling this jointly. If you go onto a DMP, it may affect him.

If you are both struggling, you will find it easier if you work together. I'm sure your reasons for having seperate finances but (& this is not a dig at you) something isnt working. Utility bills are rising all the time so if you are solely responsible for these & your Husband just the mortgage (which may be on a fixed rate), then he needs to be contributing more.

I really dont think you will get the full benefits of a DMP or the MSE forum without having a joint SOA.