Desperate... Help Needed

hampsterpoo

also do the daily clicks on sites like quidco and freefivers.


(can't belive I forgot those )

klairbear

there will be better people on here to advice you, but just to say well done for posting and that you are in no way alone

savingholmes

mayan13 wrote: »

Monthly Income Details
This is how stupid I have been
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 45 Can you spread this over 12 months instead of 10
Electricity............................. 25
Gas..................................... 35
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 20 Can you not buy for a bit? Ask for clothes on freecycle - they regularly offer clothes for men, women and children
Petrol/diesel........................... 30
Road tax................................ 15
Car Insurance........................... 20
Car maintenance (including MOT)......... 30 You have nearly £100 in car bills and yet only use £30 of petrol - would suggest that you perhaps don't need a car and it might be cheaper to use public transport and the OCCASIONAL taxi?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30 This could be less - ring them up and say you are thinking of switching as you've been offered a cheaper rate elsewhere. Check out the level of savings available using quidco or a similar cashback site and get paid to switch... Mine is 24 for buildings and contents - before I took this advice it was 54!
Life assurance ......................... 30 Keep this if you can particularly if you have kids
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Try to cut this down to 0 and/or use the £10 a day challenge to make money for this ie do surveys, clicks, get cashback
Haircuts................................ 0
Entertainment........................... 50 I am sorry but you can't afford this....
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 817

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
LLOYDS LOAN....................14000.....280.......9.5
LLOYDS LOAN....................8000......245.......9.5
LLOYDS CARD....................9500......200.......17
HALIFAX CC.....................2000......30........23
MARBLES CC.....................7000......180.......33
MINT CC........................8500......200.......27
Total unsecured debts..........49000.....1135......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including secured debts)....... 817
Available for debt repayments........... 383
Monthly UNsecured debt repayments....... 1,135
Surplus(deficit if negative)............ -752

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total Secured debt...................... -0
Total Unsecured debt.................... -49,000
Net Assets.............................. -47,000

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

Can I ask do you live with your partner? Can they pick up some of the payments you are making? If you do live together it would make more sense to do a joint SOA. I have puts some comments above as if you live apart...

If your partner can't or won't contribute or you won't tell them about your debts then I agree that it does look like you need a dmp or similar

tallyhoh

Your life insurance is way too much. Mine is £8.25 a month.

If you dont have a mortgage or kids there is absolutely no need for high insurance. You need enough for a funeral & some ham sandwiches after. Your debts die with you UNLESS you leave estate, which you are probably not going to.

atomicspaceship

Hi,

Well done for getting your lightbulb moment and posting your SOA.

Looking at your motoring costs you're paying £65 a month before you even turn a wheel and then just £30 in petrol which doesn't indicate you're driving lots. There are other obvious costs to motoring including the pain that is depreciation on your car (in other words, depreciation on one of your key assets). Could you give up the car and either join a car share scheme, use public transport, walk or even acquire a cheap bicycle (second hand or freecycle)? Just going for the latter two options would save you almost £100 a month and a mixture of all of them could save some of that money.

Also ditch the entertaining. It's hard (I know), but you can still have fun, inviting friends over and that sort of thing. Also clothes, I know its tempting to keep on buying, but if you have enough in your wardrobe, make do and mend for a bit.

Really the best of luck and make sure you keep at it - you really can do this!

mayan13

Thanks for all the advice,Im seriously considering selling the car !! and i will definately cut back on the entertainment.Can anyone steer me in the right direction for selling things,ive used ebay before but are there anymore sites like it.I have hundreds of cds and books i no longer need.Are there any sites that buy collector edition cds and vinyl because im sure i have few.I want to make in roads into paying my debts and DMP would be my last resort.

GeorgeUK

Hi Mayan

Amazon is another place mentioned for selling stiff. Never used it myself.
Got to ask though, how are you coping right now as your SOA says you are over £750 short every month. How have you not missed any payments yet?

Also, are you in Scotland or England - if you do decide to go for a DMP, you may want to consider a DAS if in Scotland.

Have you reclaimed bank or overdraft charges? Were you missold PPI on the loans?
http://www.moneysavingexpert.com/reclaim/

terri72

Welcome
I was in a similar boat to you a month ago. My husband didn't know of my debts (about £27k) and I was scared that he would leave should he find out as he's always been really good with money.
I pucked up the courage to tell him and it was the best thing I have ever done. I was in the process of signing up to a fee paying IVA but I need information from him re mortgage payments and his salary, so I had to tell him to get the information. He advised me not to rush into anything and went with me to the CAB where I was given a leaflet for Payplan. He also sat down with me while we searched the internet for advice.
I have now entered into a DMP with Payplan and he has been great at fielding calls from the people I owe money too.
I also told him as I was really worried that my bad credit history was going to effect his as we had a joint account and therefore I was associated on his credit file (sorry if that's not the right term, but I hope you get the idea).
We have now written to the bank to have me removed from the joint account.
I know telling your other half will be difficult, but please tell them. You will need someone to give you a big hug quite abit in the setting up stage. I know I did.

Anyway, that is enough of me going on about my situation.

You could try http://www.greenmetropolis.com to sell your books

Good luck. There will be lots of support on here. I know I have found this forum really useful as well as the site.

atomicspaceship

Ebay is pretty good for selling your car. I've been car-less for the last two years after selling my car there. I posted the car for a 7 day auction and fretted like mad when I got no offers for 5 days but then there was a last minute flurry and I sold for more than I thought! Don't be tempted to spend the cash though, put it straight into the bank and work out where it would be best spent.

A lot of people feel anxious about giving up their car (I was!) but it can be done. I now bus and train it and cycle everywhere and I'm also a member of a car club for the odd journey that can't really be done by public transport (getting the Christmas tree back from Homebase last year for example!). Try http://www.transportdirect.info that has an online bus, rail and coach journey planner for getting about and remember to book longer distance journeys in advance to save money. For regular journeys a weekly ticket either on bus or rail will be a lot cheaper than paying by cash each day.

If you have rare CDs and records, do some research online but I expect that Ebay would be the best for these. I know a friend of mine had a stash of vinyl that she sold on there.

Good luck!