Just wanna cry :(

MyLastFiver

Debt Management Plan. For those who can't afford their monthly debt payments. Basically you negotiate reduced payments with your creditors, depending on what you can afford. As long as the payments are for a reasonable amount then creditors will accept, and usually suspend interest. Being on a DMP gives you breathing space and enough money every month to live a decent life. The downside is it will adversely affect your credit score.

rugbymum

sugarpants wrote: »

Thanks small fish. Nice to know you werent ashamed of your folks. Maybe my kids will be careful with credit once we tell them what mummy and daddy felt like everyday when they were growing up. Thanks chick. And were adding streaky bacon to our beans on toast tonight...We also habe marmite on toast with beans too...lol

really appreciate everyones posts..Im starting to feel chirpier already. x

Glad you're feeling better. Can I come to yours for dinner tonight? It sounds great, I've never thought of adding bacon! I will bring beans & bread (is homemade ok?)
I think you need to take a long hard look at your signature. I don't know how long it's taken you to get to where you are now but it looks pretty damn fantastic. You need to give yourself a HUGE pat on the back.
A DMP may not be the best option if you want a clean credit sheet for 2010.
I know you've already posted your SOA, but is there any chance you have the energy to do it again. Two (or the hundreds of people on here anyway) heads are better than one!

mags33_2

MyLastFiver

this is what i am on and yes it does help as i would be in deep deep trouble if i hadnt done this but i admit with the spare cash i squandered it on rubbish

i am a changed woman lol and i now watch everything that leaves my bank account i know when every direct debit is due off

i now dont have an overdraft which makes me watch the pennies more

pink_princess

sugarpants wrote: »

Wow what job do you do from 11pm-7am?
I wouildnt be able to sleep in the day as my youngest is still at home with me.

Hi i work in a well known supermarket but only 2 shifts a week due to what you said no sleep.It brings in over £7 an hour for 16 hours a week .Its a massive help and lets us have time together as well.Its perfect for our situation but obviously doesn t suit every-one.
Im glad your starting to cheer up a bit ,you really have come a long way :j

MyLastFiver

mags33 wrote: »

MyLastFiver

this is what i am on and yes it does help as i would be in deep deep trouble if i hadnt done this but i admit with the spare cash i squandered it on rubbish

i am a changed woman lol and i now watch everything that leaves my bank account i know when every direct debit is due off

i now dont have an overdraft which makes me watch the pennies more

me too! :beer:

kittiej

Hi, I know exactly how you feel and I work full time!

If it helps I know a girl who works for Mr A's stacking shelves through the night. Would this be something you could do, I think she only works two shifts a week.

sugarpants_2

Heres my SOA!! Thanks guys...Any tips/advice will be appreccaited!!
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 375
Partners monthly income after tax....... 1579
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2134
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 160
Hire Purchase (HP) repayments........... 0
Rent.................................... 875
Management charge (leasehold property).. 0
Council tax............................. 138
Electricity............................. 20
Gas..................................... 15
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 19
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 17
Internet Services....................... 30
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 0
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).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1623

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 800......(160)......5
Total secured & HP debts...... 800.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc mastercard................3900......96........21
barclaycard....................3200......95........22
barclaycard plat...............590.......11........0
Total unsecured debts..........7690......202.......-

Monthly Budget Summary
Total monthly income.................... 2,134
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 511
Monthly UNsecured debt repayments....... 202
Amount left after debt repayments....... 309
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -800
Total Unsecured debt.................... -7,690
Net Assets.............................. -7,990
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

RAS

Hi

What is the secured debt?

And do you have £300 per month left?

If so, you can clear this debt in two years?

sugarpants_2

It comes up £309 left over but we are paying double our minimums off our creidt cards just to see them do down slightly quicker. So we end up with not very much lol But its great when you recieve a bill and the total has gone down by £150 instead of juust £50.

nova

Hi Sugarpants! great name by the way!!

l know how you feel,, some daysl feel exactly the same, but its good to know you can come on here and vent your frustration and sometimes that's all it needs to be able to feel better. My OH is self employed and did earn fairly good money but due to the credit crunch work was thining and now he's just found out he has rheumatoid artheritis and needs double hip replacement asap! Or eldest has just started uni and when he could do with our financial help we just dont have it. But if its any consellation this xmas our finances were really short and the kids didnt have anything like they usually have, but they didnt mind at all, it had no adverse effects on them!! Your kids will never be ashamed of you, they'll just be grateful that they have loving parents and a warm home.
Sometimes though, if lm having a down day l just have a day off thinking about the finances (l know its easier said than done, but give it a go)and then l do feel refreshed the next day, so chin up and lots of love XX