Forgotten Debt

lostnfound

I have a debt with the dreaded Provident Personal Credit I took it out about 3years ago when we where in financial strife. I had been paying it back at £5.00 a week but about 6 months ago after lending my parents some money i stopped paying it as my mother said she would pay it for me because we lent her the money. I thought all fair and well thats fine but just recieved a letter in the post saying they havent recieved any payment. Dreading phoning them as i was already on a reduced rate for paying them back as it should have been £34.00 a week, because i had to give up my employment to continue my studies at college.

The thing is we are now plodding along paying everything on time and have some money left over not much i might add and yes we are in debt but we can manage what we have got the now but i cant afford to pay £34.00 a week as well.In May this year we will have paid off 2 loans we have giving us an extra £82.00 a month so i could pay more then and we also have 2 months free council tax in March and April which would amount to £266.00 do you think i should offer £5.00 a week until then and see if they will reduce the interest or push ourselves over the limit and pay it back quicker.

RAS

Hi

Starting point. Do not phone them. Write to them

Secondly. Post up an SOA here. HAve you spoken to e debt charity about your situation.

lostnfound

Thanks RAS i will write to them and i am doing one of those things now. I will put on here shortly.

lostnfound

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 365
Partners monthly income after tax....... 1000
Benefits................................ 702
Other income............................ 0
Total monthly income.................... 2067
Monthly Expense Details
Mortgage................................ 325.5
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 32
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 90
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 57
Internet Services....................... 19.99
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 120
Road tax................................ 90
Car Insurance........................... 17
Car maintenance (including MOT)......... 35
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..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
pet food................................ 40
husbands money.......................... 60
school lunches.......................... 148
personal loans.......................... 350
Total monthly expenses.................. 2014.49

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 70000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48000....(325.5)....0
Hire Purchase (HP) debt ...... 600......(32).......0
Total secured & HP debts...... 48600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................240.......44........0
cahoot.........................240.......39........0
lombard........................6000......265.......0
Total unsecured debts..........6480......348.......-

Monthly Budget Summary
Total monthly income.................... 2,067
Expenses (including HP & secured debts). 2,014.49
Available for debt repayments........... 52.51
Monthly UNsecured debt repayments....... 348
Amount short for making debt repayments. -295.49
Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -48,600
Total Unsecured debt.................... -6,480
Net Assets.............................. 15,520
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

lostnfound

Looks like i have a shortfall normally i dont count things like christmas and birthdays etc, just the main priorities the bills. And i thought i was doing pretty well oh well i think the !!!! just hit the fan.
What is e debt charity ??

TotallyBroke

lostnfound wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 365
Partners monthly income after tax....... 1000
Benefits................................ 702
Other income............................ 0
Total monthly income.................... 2067
Monthly Expense Details
Mortgage................................ 325.5
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 32
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 90 This is extremely high. Unplug everything and using a cashback site switch company
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50 Where are you phoning? This is way too high it's £600 per year
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 57 You can cut this back to bare minimum and maybe buy a freeview box
Internet Services....................... 19.99
Groceries etc. ......................... 280 You could shave this a little by careful meal planning and dropping down a brand
Clothing................................ 50 Will have to stop. Only get second hand childrens clothes or only buy as presents
Petrol/diesel........................... 120
Road tax................................ 90 Is this a typo, this would mean your road tax is £1080 a year!!!
Car Insurance........................... 17
Car maintenance (including MOT)......... 35
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..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
pet food................................ 40 Will have to be cut unless it is a dietry requirement
husbands money.......................... 60 What's this for? Where is your Money? Fairs fair
school lunches.......................... 148 Can they take pack lunch would save a fortune
personal loans.......................... 350What are these? They should be in the debt section
Total monthly expenses.................. 2014.49

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 70000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48000....(325.5)....0
Hire Purchase (HP) debt ...... 600......(32).......0
Total secured & HP debts...... 48600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................240.......44........0
cahoot.........................240.......39........0
lombard........................6000......265.......0
Total unsecured debts..........6480......348.......-

Monthly Budget Summary
Total monthly income.................... 2,067
Expenses (including HP & secured debts). 2,014.49
Available for debt repayments........... 52.51
Monthly UNsecured debt repayments....... 348
Amount short for making debt repayments. -295.49
Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -48,600
Total Unsecured debt.................... -6,480
Net Assets.............................. 15,520
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I hope my comments help

~Beanie~

You don't have a shortfall, you have got your debts included twice!! You don't need them in the main part of the SOA, just in the debts bit at the bottom.

Jesthar

Hi, lostnfound, and welcome

Lets have a look at this for you:

lostnfound wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 365
Partners monthly income after tax....... 1000
Benefits................................ 702
Other income............................ 0
Total monthly income.................... 2067
Monthly Expense Details
Mortgage................................ 325.5
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 32
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 90 - :eek: HORRIBLY high, does this include arrears? Can you change provders? I don't think I pay that much for electricity in a year...
Gas..................................... 45 - Also quite high, does this include arrears? Can you change provders?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50 - Nastily high, you should be getting both phone and broadband at well below this price...
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 57- you could (should!) reduce this to the cheapest package, or ditch completely and go Freeview
Internet Services....................... 19.99 - This is pretty high for normal broadband...
Groceries etc. ......................... 280 - not bad! But check on the Moneysaving Old Style section of this message board for ideas on how to knock even more off your budget - you could make the £200 mark!
Clothing................................ 50 - this needs to go 'essentials only' for a while
Petrol/diesel........................... 120
Road tax................................ 90 - :eek: a MONTH? Are you sure that isn't annual?
Car Insurance........................... 17 - not bad!
Car maintenance (including MOT)......... 35 - seems high, does it really cost that much over the year?
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..................... 6 - not bad!
Contents insurance...................... 6 - not bad!
Life assurance ......................... 0 - as you have children, you really should have some
Other insurance......................... 18 - what is that for?
Presents (birthday, christmas etc)...... 30 - this needs to be cut back for a while
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
pet food................................ 40 - can you get this cheaper/switch down a brand?
husbands money.......................... 60- what is this for?
school lunches.......................... 148 - packed lunch time! Mine (sandwiches and a few pieces of fruit) cost under £1 a day, which is included in my monthly food budget.


personal loans.......................... 350 If these are the same as the unsecured debts listed below, you don't need this here too, and your shortfall is history! If not, they need to be listed below, not here... (good spot, beanie!)


Total monthly expenses.................. 2014.49

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 70000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48000....(325.5)....0
Hire Purchase (HP) debt ...... 600......(32).......0
Total secured & HP debts...... 48600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................240.......44........0
cahoot.........................240.......39........0
lombard........................6000......265.......0
Total unsecured debts..........6480......348.......-

Monthly Budget Summary
Total monthly income.................... 2,067
Expenses (including HP & secured debts). 2,014.49
Available for debt repayments........... 52.51
Monthly UNsecured debt repayments....... 348
Amount short for making debt repayments. -295.49


Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -48,600
Total Unsecured debt.................... -6,480
Net Assets.............................. 15,520
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Well, if the 'personal loans' bit highlighted is NOT a duplicate of your debts, this is tricky, but might possibly be do-able without a debt management plan (DMP). But you are going to have to make a few sacrifices. Prime targets are your Gas and Electricity (Elec in particular is viciously high - is there an obvious reason for this? ), your telephone and internet and your Sky subscription. It should be noted that if you do have to go on a DMP, you will have to drop your Sky and Telecoms as low as possible, or your creditors are not going to take you seriously.

On the other hand, if you have listed your debts twice by accident, then you're pretty much OK, although many of the potential savings (especially utilities and telecoms) are worth doing anyway. Oh, and check your Car Tax entry, you might save a bundle there thanks to a typo!

~Jes

lostnfound

I think i need to redo that i messed that up a bit me thinks.

arthur_dent_2

Agree with all that the others have said espescially the School dinners, that is horrendous.

lostnfound

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 365
Partners monthly income after tax....... 1000
Benefits................................ 702
Other income............................ 0
Total monthly income.................... 2067
Monthly Expense Details
Mortgage................................ 325
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 32
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 90
Gas..................................... 45
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 50
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 57
Internet Services....................... 19.99
Groceries etc. ......................... 280
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 17
Car maintenance (including MOT)......... 15
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..................... 6
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 18
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
school lunches.......................... 0
hubbys money............................ 60
pet food................................ 40
Total monthly expenses.................. 1401.99

Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 65000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 48000....(325)......0
Hire Purchase (HP) debt ...... 600......(32).......0
Total secured & HP debts...... 48600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
cahoot.........................240.......43........0
cahoot.........................240.......39........0
lombard........................6000......265.6.....0
Total unsecured debts..........6480......347.6.....-

Monthly Budget Summary
Total monthly income.................... 2,067
Expenses (including HP & secured debts). 1,401.99
Available for debt repayments........... 665.01
Monthly UNsecured debt repayments....... 347.6
Amount left after debt repayments....... 317.41
Personal Balance Sheet Summary
Total assets (things you own)........... 65,000
Total HP & Secured debt................. -48,600
Total Unsecured debt.................... -6,480
Net Assets.............................. 10,520
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.