This is ridiculos

mammamia2

hi
I am new so please be nice !!
recently i have been thinking about my financial situation and the future for me and my daughter !
I have about 11,000 of debt from before i had my daughter and i have a DMP with payplan .I naughtily have not updated my income and expenditure since i was on benefits so i am only paying a small amount of £43 per month .(which will take me till i am 58 only another 31 years)
I am now working but am currently looking for a new job not neccersarily with a higher wage just with better hours to suit my family life .

I feel that i should be trying to clear this debt quicker and on paper it looks like i can afford to pay more but in reality i hardly have any money in my pocket . I find it hard to do a soa because my wages are never consistant in this job due to commission which affects my housing benefit making it change every fortnight I never get a clear working out ! I also find it difficult as i dont get all my money at the same time so i get wages monthly ,child matinence monthly ,tax credits and child benefit weekly ,housing benefit fortnightly .

I seem to always be behind in paying bills pay a bit here and there and dont have enough to pay the rest till i get more money .I have no savings or life assurance and feel i should as i am a single mum and my daughter will have nothing if .........

I am lucky in that my parents still help with paying all my car costs except tax and they pay my t.v liscence which i hate them doing and would love to be able to be more responsible and do it all myself

sorry for the long message but i feel better getting it all out in the open

urg123

Hi MM2

Welcome to the Boards. I have found everyone here to be so helpful - sometimes it can be a bit painful to hear what others have to say but they say because they have been there and done it!

I understand why it is hard to do an SOA in your circumstances but without having information in black and white it can be hard for you to see where you stand financially. I would suggest that you have a go and be conservative with your information - lets have a look at what it would be in worst case scenario. Try and have an educated guess at your average earnings over a three month period.

The more information that you have, the more power you will have to really deal with the debt and try to rely on yourself.

Here's the SOA calculator: http://www.makesenseofcards.com/soacalc.html

Get your paperwork together and a large cup of tea/coffee. It'll take some time and may be horrible to see but it'll be worth it.

URG x

I suggest you have a go at the SOA

Penny2myName

I would do an SOA with the minimum amount you know you would have coming in wage wise, and the maximum housing costs you would have to pay., too me that is worse case scenario. Sounds like you could do with finding a job that has a set wage, so you know where you are all the time finacially.

doodledo_2

Hi and welcome to the board.

Like the others have said I would definately post an SOA on the board so you can see clearly where all your money is going.

You will get lots of good advice on here on how to reduce those outgoings and then you can up your payments to your creditors.

Good luck,

shinyhead

Hi, and welcome.

Posting your SOA so we can all see if we can help would be a great idea.

Was a DMP Payplan's only advice? Did you also try CCCS?

While putting together your SOA why not have a shot at CCCS's online debt remedy. If you put all your info on there it should give you more advice, and it's done anonymously if you want.

As you've mentioned it's going to take a long time to pay off if your circumstances don't change, do you have any assets to protect like your house? If not have you thought about bankruptcy?

LilMissEmmylou

if u want to know ur monthly amount for things u get weekly... times the amount by 52 and divide by 12 if you want to know the amount for things you got every 2 weeks... time the amount by 26 and divide by 12

mammamia2

This is not exactly true as i do get some housing benefit but like i said before it is not a fixed amount and is always changing

Monthly income after tax................ 615
Partners monthly income after tax....... 0
Benefits................................ 491
Other income............................ 200
Total monthly income.................... 1306

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 39
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 380
Clothing................................ 30
Petrol/diesel........................... 35
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1374

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
dmp payplan....................11000.....43........0
Total unsecured debts..........11000.....43........

Monthly Budget Summary
Total monthly income.................... 1,306
Expenses (including secured debts)....... 1,374
Available for debt repayments........... -68
Monthly UNsecured debt repayments....... 43
Surplus(deficit if negative)............ -111

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -11,000
Net Assets.............................. -11,000

Penny2myName

mammamia2 wrote: »

This is not exactly true as i do get some housing benefit but like i said before it is not a fixed amount and is always changing

Monthly income after tax................ 615
Partners monthly income after tax....... 0
Benefits................................ 491
Other income............................ 200
Total monthly income.................... 1306

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105 (if you live alone are you getting single person's 25% discount)
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 39 (This seems high when also having a mobile)
Mobile phone............................ 40 (this seems high when also having a landline)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 380 (How many is this for, can you try cutting it down by joining Grocery challenge, I average £120 for four, but have come good at bargain hunting)
Clothing................................ 30
Petrol/diesel........................... 35
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1374

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
dmp payplan....................11000.....43........0
Total unsecured debts..........11000.....43........

Monthly Budget Summary
Total monthly income.................... 1,306
Expenses (including secured debts)....... 1,374
Available for debt repayments........... -68
Monthly UNsecured debt repayments....... 43
Surplus(deficit if negative)............ -111

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -11,000
Net Assets.............................. -11,000

Sure others will come along with more indepth savings for you. But think you could break even if you could shave atleast £80 off the groceries.

urg123

mammamia2 wrote: »

This is not exactly true as i do get some housing benefit but like i said before it is not a fixed amount and is always changing

Monthly income after tax................ 615
Partners monthly income after tax....... 0
Benefits................................ 491
Other income............................ 200
Total monthly income.................... 1306

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 39 This looks quite high - can you look for a cheaper telephone/internet package
Mobile phone............................ 40 This looks high - can you reduce to a lower package?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 380 If this is for you and your daughter - this looks quite high - look at the Old-Style Board to reduce this. You can propably go down to £250.
Clothing................................ 30
Petrol/diesel........................... 35
Road tax................................ 10
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 50 This needs to be reduced until you are back in control.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1374

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
dmp payplan....................11000.....43........0
Total unsecured debts..........11000.....43........

Monthly Budget Summary
Total monthly income.................... 1,306
Expenses (including secured debts)....... 1,374
Available for debt repayments........... -68
Monthly UNsecured debt repayments....... 43
Surplus(deficit if negative)............ -111

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -11,000
Net Assets.............................. -11,000

Hi

I've listed a few comments above.
It sounds as though you really need to keep a tight reign on the finances. Keep a spending diary and try to have an overview of the next month. You need to make sure you are breaking even every month. Also have a think about how much you would need in order start taking over the payments that your parents make. Maybe you could create a spreadsheet that shows what is currently your actual situation and what you would like it to be to be fully in control of your finances.
Also have you got things that you can sell? Freecycle is a good way of getting things for free - you need to offer something to start off with.

Hope this helps.

URG x

mammamia2

the entertainment is not only for me i seem hardly to have anything for myself i use this money to pay for daughter when she goes out with friends to indoor play centre and ice creams and parking when going out to the park .

I do admit that grocerries are high and would love to cut them down . I probably not alone but i do buy alot of name brands for school packed lunches so that she fits in with what her friends are having

as i said i am looking for a new job so think i would be best to re avaluate my situation when i start a new employment and hopefully get a set wage .

Just one more query if i am on a dmp is it possible to pay off a lump sum occasionally as well as regular monthly payments ?
I was going to try and reclaim my bank charges under financial hardship and if i was successfull i could use this money to pay off some of my debt !

shinyhead

By all means claim back your bank charges but I'd suggest you keep the reclaimed money as an emergency fund. When I've been looking through the threads here it seems that creditors love lump sum payments but think if you can do it once you can do it all the time. So personally I wouldn't bother, just keep it.