help...what do i do next?

charliemouse

I posted somewhere else earlier - but not sure if i posted in the right place.

Can any one help me and advise what i am supposed to do next?????

Had our meeting with CCCs today on the phone - and basically the outcome was that we have to make token payments to all the people we owe money to of £1 per month.

I feel like i have waited 2 weeks only to be none the wiser as to what to do about our debts.... making a token payment of £1 can't be a long term solution surely. And i can't see our financial situation changing...so what happens next??????

can someone please help i feel so fed up i was really hoping that the meeting today would set us on the path of being able to find a solution of how to deal with this situation - i feel like i've been left in limbo. and to make matters worse this isn't even my debt it is debt that my husband ran up using a secondary credit card on my account.

£35000 is the total that we owe after going through our finances it was worked out that we were about £500 short every month on basic living. That does not include the £550 minimum payments to credit cards and the bank fees of £100 per month.

Can some one help????? i just feel like running away from the whole situation.

10past6

Charlie

Are you entering into a plan with CCCS?

If so, the token payments are only until the plan is set up.

charliemouse

10past6 wrote: »

Charlie

Are you entering into a plan with CCCS?

If so, the token payments are only until the plan is set up.

Hi

They said that we weren't in a situation to be able to set up a plan. And to keep sending token payments of £1 until our situation changes...... but this might never happen...so what do i do then.

Basically we are around £500 short on just basic living expenses so if we did get any extra money they said to put it towards that and not any debts.

i just don't want to live like this any more, my husband is in complete denial and keeps spending more & more money from overdrafts etc that we just don't have.

I just wanted to get it all sorted and be able to plan for the future...i have a 12 month old baby and all this is ruining our time together as all i think about is all the debt that has been run up partially in my name.

10past6

Give Payplan a call and see what they suggest, don't inform them you've spoken to CCCS, they're both charities but have errr differnt opinions on assisting folk.

charliemouse

10past6 wrote: »

Give Payplan a call and see what they suggest, don't inform them you've spoken to CCCS, they're both charities but have errr differnt opinions on assisting folk.

Thank you for you kind advice. i will let you know how i get on.

CLAPTON

Post up a SOA ..without this information is very difficult to give any advice

http://www.makesenseofcards.com/soacalc.html

charliemouse

CLAPTON wrote: »

Post up a SOA ..without this information is very difficult to give any advice

http://www.makesenseofcards.com/soacalc.html

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 300
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2216

Monthly Expense Details
Mortgage................................ 1075.73
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 40
Gas..................................... 0
Oil..................................... 77
Water rates............................. 25
Telephone (land line)................... 44
Mobile phone............................ 10
TV Licence.............................. 11.63
Satellite/Cable TV...................... 0
Internet Services....................... 19.99
Groceries etc. ......................... 300
Clothing................................ 31
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 32.67
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 260
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24.95
Pet insurance/vet bills................. 100
Buildings insurance..................... 53.37
Contents insurance...................... 0
Life assurance ......................... 28.65
Other insurance......................... 257.2 ( break down of - Mortgage life & critical illness cover £178.17 unemployment cover £48.74, Washing machine insurance £8.16, Dyson insurance £8.16)
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2531.19


Assets
Cash.................................... 0
House value (Gross)..................... 198000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 199000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 181000...(1075.73)..5.65
Total secured & HP debts...... 181000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft joint accou..........6000......100.......0
Egg card - husbands............9353.72...227.......0
Barclaycard- husband..........5346.32...120.......0
MBNA Virgin....................9067.72...107.......0
MBNA - mine....................5058.49...138.6.....0
Overdraft - Husbands...........400.......1.16......0
Total unsecured debts..........35226.25..693.76....-


Monthly Budget Summary
Total monthly income.................... 2,216
Expenses (including HP & secured debts). 2,531.19
Available for debt repayments........... -315.19
Monthly UNsecured debt repayments....... 693.76
Amount short for making debt repayments. -1,008.95

Personal Balance Sheet Summary
Total assets (things you own)........... 199,000
Total HP & Secured debt................. -181,000
Total Unsecured debt.................... -35,226.25
Net Assets.............................. -17,226.25

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I know that you are going to say about the dogs - we are already looking at rehoming one of them.

CCCS advised to look for cheaper house insurance. they also advised to possibly cancel Life & critical illness insurance as this would save us money.

Another thing was to change to an interest only mortgage for a short time...although i'm a bit reluctant about doing this.

We have had an estate agent around already this week as we don't think we have much option but to sell the house. but there is not the equity in the house to clear any of the debts - we have a £5000 release fee.

RAS

Hi

Selling the house will not solve your basic problem - that you are living beyond your means.

Although if you can reduce you housing costs it would help.

Will be back.

debrag

charliemouse wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 300
Benefits................................ 116
Other income............................ 0
Total monthly income.................... 2216

Monthly Expense Details
Mortgage................................ 1075.73
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 130 - over 10 or 12 months
Electricity............................. 40
Gas..................................... 0
Oil..................................... 77
Water rates............................. 25
Telephone (land line)................... 44
Mobile phone............................ 10
TV Licence.............................. 11.63
Satellite/Cable TV...................... 0
Internet Services....................... 19.99
Groceries etc. ......................... 300 - cut this down if poss
Clothing................................ 31
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 32.67
Car maintenance (including MOT)......... 50 - £600 a year?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24.95
Pet insurance/vet bills................. 100
Buildings insurance..................... 53.37
Contents insurance...................... 0
Life assurance ......................... 28.65
Other insurance......................... 257.2 - whats this for? have a look around can you get this with building insurance?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2531.19


Assets
Cash.................................... 0
House value (Gross)..................... 198000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 199000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 181000...(1075.73)..5.65
Total secured & HP debts...... 181000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft joint accou..........6000......100.......0
Egg card - husbands............9353.72...227.......0
Barclaycard- husband..........5346.32...120.......0
MBNA Virgin....................9067.72...107.......0
MBNA - mine....................5058.49...138.6.....0
Overdraft - Husbands...........400.......1.16......0
Total unsecured debts..........35226.25..693.76....-


Monthly Budget Summary
Total monthly income.................... 2,216
Expenses (including HP & secured debts). 2,531.19
Available for debt repayments........... -315.19
Monthly UNsecured debt repayments....... 693.76
Amount short for making debt repayments. -1,008.95

Personal Balance Sheet Summary
Total assets (things you own)........... 199,000
Total HP & Secured debt................. -181,000
Total Unsecured debt.................... -35,226.25
Net Assets.............................. -17,226.25

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I know that you are going to say about the dogs - we are already looking at rehoming one of them.

CCCS advised to look for cheaper house insurance. they also advised to possibly cancel Life & critical illness insurance as this would save us money.

Another thing was to change to an interest only mortgage for a short time...although i'm a bit reluctant about doing this.

We have had an estate agent around already this week as we don't think we have much option but to sell the house. but there is not the equity in the house to clear any of the debts - we have a £5000 release fee.

I don't think Payplan could help as you have nothing to give to a DMP but I think you can cut back to reach your monthly expenses

charliemouse

debrag wrote: »

I don't think Payplan could help as you have nothing to give to a DMP but I think you can cut back to reach your monthly expenses

Car expenses is for mot, servicing & tyres etc.

other insurance breakdown:
Mortgage life & critical illness cover £178.17
unemployment cover £48.74
Washing machine insurance £8.16
Dyson insurance £8.16

I have also just realized i have put in the figure of £60 for childcare this is per week - so should be more than this at £260 pm

charliemouse

charliemouse wrote: »

Car expenses is for mot, servicing & tyres etc.

other insurance breakdown:
Mortgage life & critical illness cover £178.17
unemployment cover £48.74
Washing machine insurance £8.16
Dyson insurance £8.16

I have also just realized i have put in the figure of £60 for childcare this is per week - so should be more than this at £260 pm

So if we manage to get the extra money to be able to afford the basic living expenses - what do we do about our debts as i can't see that we are going to be able to pay anything to these people in our current situation - can anyone advice?