Do you think this will be an acceptable to my creditors?

iwillbefree_3

Hi,

Income:

I currently get £1140

My outgoings are:

Rent to partner (includes bills, council tax) £450. (he owns the property & mortgage is currently £800, so is paying majority of this & bills)
Food (for 2 people) £100
Travel costs £45
Mobile phone £50 (normally £30, but limit set at £50- can't cancel til end of this year)
Gym (can't cancel til end of year & do use every day as it keeps me sane) £50
Prescriptions/lenses/Pet food/Newspapers £50
Going out/clothes/Birthday & XmasPresents £200

Total: £945, this only leaves £195 to pay towards the below debts:

A&L Overdraft & CC £1600 (min payment £25)
A&L loan (£10,500 o/s) £278 per month.
Natwest cards (3 in total £8200) min payment (£170)
Mint (£500), min payment £11
Barclaycard (£1500) min payment £40
RBS (£400) min payment £10
Capital One (£600), min payment £30.
Total £23,300 (£564 p/m)

These are all vary from 9-16% Apr & I am not in a postition to do balance transfers, so a DMP really is the only way forward now, as I an unable to meet the payments.

I have put my salary as the worst case scenario, I can normally get around an extra £200 per month from overtime, but don't want to include that incase there is none available for a certain month.Obviously if I can overpay I will, but just want to be sure that I can always pay what I've agreed (if that makes sense...) I am also due a payrise in March which should increase my basic salary by around £50 a month as well.

Does this sound acceptable? Please feel free to shout at me! As I'm such an idiot getting into this state.
I'm contacting either CCCS/Pay Plan this week & just wanted to get an idea as to whether they could help me.
Has anyone else had a similar situation to mine & managed to work out a DMP??

Thanks.

bank_of_slate

Hi, and well done for posting your SOA.
It's hard isn't it...seeing it all written down?

Do you really need £200 per month for the going out/birthdays bit?
Just a few cuts here and there could see you right!

Have you contacted payplan to see if they can help you?
Above all, once you make an agreement with your creditors you MUST stick to it, so I think that you're right not to include occasional overtime. can you put some of the overtime money in savings for 'rainy day' money?
Welcome to the forum babe, and you won't be judged on here...or shouted at!
Everyone on here is or has been in some debt, we know how easy it is to find yourself in over your head! It's not like any of us planned it.
...Linda xx

iwillbefree_3

Thank you!
Sorry it's meant to say £100 for entertainment etc- meaning I can pay £297 each month for my DMP.

chi-chi

Hi Iwillbefree
As the AP says, you won't be judged on here. Just a few thoughts, I am on a tight budget at the mo. Just had a glance at Jan spends. I've bought a total of 4 bottles of wine this month - Aldi specials at 2.50 each! 3 of those were bought all at once because I had a weekend guest. Just one newspaper, very unusual,( for the Schools' League Tables). Usually I look up the news on the internet.

I've also spent £30 on 5 weeks of pilates classes. Really deliberated hard over that one but decided my bad back needed them. I also spent 4.50 on flowers and split them between myself and a friend who was feeling low. That's the sum total of my spending this month - £45. The rest has gone on food (bags of veg) and bills.

You can easily do this. Don't buy newspapers, only use mobile if it's absolutelynecessary, wear specs (if you have them) instead of lenses, maybe go cycling instead of gym? Or find a cheaper gym, they don't have to cost £50 a month. Presumably your £200 a month included xmas pressies so that will come down.

For me, this was like the time I gave up smoking. The hard part was getting into the mindset (of giving up smoking/spending NOTHING), having done that it was easy to give up the cigs/spending. Just don't spend anything on yourself. It's strange at first but you can do it, you are already making a dent in your debts and from the looks of things, being very economical with your food. Pet food - I remember a very thrifty friend of mine buying huge sacks of a vegerarian mix for his doberman, it was very cheap.

I think if you get the £200 a month down to about £40, reduce the newspapers, pet food, lenses, gym, mobile - you'll be pleasantly suprised how much more you can save.

It is important though, to give yourself little treats, eg flowers, or you end up going bonkers, feeling like you have no fun atall!
very best of luck
Stephanie

Avogirly

chi-chi wrote:

It is important though, to give yourself little treats, eg flowers, or you end up going bonkers, feeling like you have no fun atall!

Even if you have NO money a little treat such as a long soak in a bath, with candles can make you feel wonderful. I know it does me!

GOOD LUCK!

mrelephant_2

£50 a month for contact lenses? I wear the 30 day non removal one' and they cost £15.60 a month from Specsavers, really great, so comfy you forget they are in there, and no hassle with cleaning. Ever thought of trying these if you can't bear going back to weawring glasses? You'd at least save £34 a month.

bank_of_slate

Check out the forum on here called 'freebies - no spend required' loads of good stuff to be had!
...Linda xx