My SOA - Oh dear!

VanillaDelia

Do you have the money in cash? Can you borrow the money? How much is it? I would try to get the money from somewhere (not payday loans though) and make the payment by other means.

If this is happening now it could get worse in the long run, so I would look into some debt advice with CCCS.

debrag

rachaelfleur wrote: »

Ok so I'm having a real rotten day. I'm full of the cold and one of my direct debits has just bounced. Which means calls from the creditor and bank charges :mad:

I don't know what to do now because this is the second time in the past few months I haven't been able to pay it. Last time I actually cancelled the direct debit and got letters and calls from the creditor. They would'nt accept my reason as general shortfall so I had to lie and say it was for car repairs. In the end they just added back on to the loan repayments with a £10 charge of course. I'm really worried this time because it's so close to the last one and I don't think they'll be so generous, they weren't exactly nice about it before. They'll probably ask me to pay the full amount, which I can't possibly afford as I'm still catching up with my rent and council tax. Oh god I feel sick, just want to bury my head in the sand again.

who is this for?

you clearly need a spending diary and to cut back

redo your SOA to include the payday loan

TotallyBroke

Ok first things first, drink lots of warm water to ease the cold.

rachaelfleur wrote: »

Monthly Expense Details
Rent - 240 Have you paid this for this month (March)?
Council tax - 110 Have you paid this for this month (March)?
Electricity - 40 What is left on the meter? Can you really cut this back so no mimimal usage for this month. Maybe halve the amount you put on
Gas - 40 Ditto the above
Telephone (land line) - 40 Did you reduce this down. Ring them today and ask them. Stop this direct debit from going out this month
Mobile phone - 20 Phone them and ask them if they will drop you down a tariff.
Groceries etc - 200 What do you have in your fridge, freezers and cupboards? Do not buy anything apart from milk and bread
Clothing - 0 (buy and sell on ebay) No buying just selling
Petrol/diesel - 60
Medical - 15 (Dental Insurance)
Contents insurance - 6
Other insurance - 7 (sky repair plan) Did you cancel this
Haircuts - 60 (every 3 months) No haircuts or dyes or anything for the next 6months. Go back to your natural colour. It can make you look so much younger.
Secured & HP Debts
Hire Purchase (HP) - debt 6714 payments 178 @ 24% apr Has this been paid
Hire Purchase top up - debt 726 payments 22 @ 28% apr Has this been paid

Unsecured Debts Did you write to these asking them to consider a token payment of £1.00
Barclay cc - debt 259.94 min payment 5 @ 24.9% apr
Vanquis cc - debt 531.11 min paymant 25 @ 39% apr
Capital One cc - debt 203.12 min payment 20 @ 25.9%
HFCS - debt 503 min payments 250 @ 0% apr
Lloyds TSB OD - 392 min payment 50 @ 0% apr
RBS OD - debt 2065.20 payment 20 @ 0% apr
PaydayUK - debt 525 min payment 525
Welcome Finance loan - debt 8274.42 min payment 197 @ 59.05% apr
Citifinancial loan - debt 9247.88 min paymant 239.40 @ 45.3% apr

Rent arears £240 - How much now?
Council tax £220 - How much now?

What do you have in your bank account right at this moment?
What of these payments have been made already?
What is still to come out of your account and on what dates?

Can you ask your OH to help you out with some money. Even for just this month until we can make progress with your debts.

Keep your chin up. Pm me if you would like.

rachaelfleur

Thanks everyone, I will do another SOA as soon as I get home. I knew I had made a mess this month but not this bad.

I think I'll have to swallow my pride and go with a payplan. I've already done a debt remedy with CCCS but haven't actually spoke to them yet, I'll do that after work too.

RAS

When you have done that make a list of what is in the fridge and freezer and then the cupboards and do a store cupboard challenge on Money Saving Oldstyle.

They will get you through the rest of the month with absolutely minimal purchases.

rachaelfleur

I've just had an online chat with the CCCS and they've sent an info booklet. I'm at work just now so will have to read it when I get home.

If I'm honest, I'm really scared about starting a DMP, I don't know why though. How does a DMP affect your credit rating? I was kinda hoping to buy a house in about 3 years time but not sure if I would get a mortgage. I don't have a great credit rating and the bad bits will be removed from it next year. My other worry is, will my car be taken from me as it's a HP? I really can't get to work without a car.

I'm just really scared right now, don't know what to do for the best. Try it on my own, get a DMP or wait and see if my credit union will help? Oh god I'm going to cry

RAS

Rachael

Take it easy. You do not have to do a DMP but they can advise on you options.

Can I check, have you asked the credit union for an emergency loan to cover the payday loan next month? If not, can you do so. They amy not offer them and loan rate is higher but it is a LOT lower than the payday loan.

VanillaDelia

Yes it probably would affect your credit rating as you will start to get the odd 1 or 2 defaults as things take a month or 2 to get the agreements in place, but leaving things as they are and struggling is also going to affect your credit rating and probably even more. A missed payment will show as a 1 on your credit file under that debt that hasn't been paid and further missed payments will do also it will go from 1 to 2 to 3 and so on until it reaches an 8 which is a default.

Don't worry about a DMP they are fine once you get going with it, but a mortgage may have to hold off a little longer. We would like to buy one day but I doubt that is going to happen any day soon. A roof over our heads is the main thing and at least we have that. A mortgage can wait a little longer.

Get a clean slate and a fresh start then look into it.

VanillaDelia

And no you wont loose your car on HP. They can not include that in a DMP. I have been on my current DMP for 3 years and we still have our car and its on HP

rachaelfleur

Thanks so much for telling me that, feel a bit better now.

My head is about to explode so I'm going home to have my dinner then sit and decide what to do for the best.