Is it time to contact Debt advice bureau?

feelingbeyondlow

Today i have hit rock bottom.
Nothing left in the bank
2 and a half weeks until i get payed again

Incoming is about £1250
Outgoing is about £1500

That includes all my bills..my morgage..life insurance..council tax etc.
1 credit card and 1 loan.

Loan is for about 9k, cradit card is for 1.5k
and overdraft is at 1.5 k

I had this problem about 5 months ago..But got the loan..payed off 1 credit card..And just lived..5 months of living without worry about what day i would run out of money..Now that day has come.

You know that point when you feel like you have hit rock bottom and then fallen through that...Well thats where im at now.

I feel like my only choice is to speak to someone about this..ad try and get all of my payments into just 1 lower monthly payment.

Agree or not?

Radiantsoul

Depends on the interest rates really.

Draw up your income, expenditure, assets and liabilities. Consider if you can increase your income or sell items.

moo2moo

I think you're taking about consolidation but that rarely solves anything. Especially as it sounds like its only 5 months since you did just that.

Post a statement of affairs with exactly what your outgoings are, theres a link at the top of the DFW page, and we'll do all we can to help.

Welcome to the board!

feelingbeyondlow

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1176
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1176

Monthly Expense Details
Mortgage................................ 537
Secured loan repayments................. 237
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 55
Gas..................................... 110
Oil..................................... 0
Water rates............................. 60
Telephone (land line)................... 20
Mobile phone............................ 50
TV Licence.............................. 10
Satellite/Cable TV...................... 65
Internet Services....................... 15
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 100
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1690


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(537)......0
Secured Debt.................. 0........(237)......0
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1500......50........0
Total unsecured debts..........1500......50........-


Monthly Budget Summary
Total monthly income.................... 1,176
Expenses (including HP & secured debts). 1,690
Available for debt repayments........... -514
Monthly UNsecured debt repayments....... 50
Amount short for making debt repayments. -564

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -1,500
Net Assets.............................. -91,500

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

CLAPTON

how much is the house worth
how much is the secured loan for

cuddly12

Hi Hun, That is good and it will help people to look at you SOA and help you.
I think you should be able to reduce your electricity and gas? shop around and try and get a fixed rate, also can you lower your mobile bill? knock some of the extra's off if you get any or call the mobile company and reduce your tariff to a cheaper one so save some money.
Your life assurance also seems quite high, I have life assurance and it only costs me £6.00 p/m, I guess it depends on what you have got insured in the event of your death :-)

feelingbeyondlow

CLAPTON wrote: »

how much is the house worth
how much is the secured loan for

Last time i got the house checked they said i would get about about 98k
Payed 129k for it but only took 90k for the morgage.
The secured loan is 7.5k

laura2481

feelingbeyondlow wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1176
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1176

Monthly Expense Details
Mortgage................................ 537
Secured loan repayments................. 237
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 55
Gas..................................... 110 ouch! does this include arrears, or is it a pre-pay metre?
Oil..................................... 0
Water rates............................. 60 this is also high, I pay £26 per month
Telephone (land line)................... 20
Mobile phone............................ 50 very high! Can you switch to PAYG or cheaper contract?
TV Licence.............................. 10
Satellite/Cable TV...................... 65 Can you look at a cheaper package deal for tv/telephone/broadband you are paying £100 per month for all three!:eek: (I pay less than £35!)
Internet Services....................... 15
Groceries etc. ......................... 150 This could be less-we currently spend around this for a month for two of us. Will mean a bit of homecooking I'm afraid!
Clothing................................ 20 You may need to cut this out for a little while
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 35 Does this include contents too? You can get some policies for less than this per month including contents.
Contents insurance...................... 0
Life assurance ......................... 100 What?!! This seems very high! Do you have a dangerous job?! We curently spend £11 per month covering both of us!
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1690


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 90000....(537)......0
Secured Debt.................. 0........(237)......0 What is your secured loan? What is APR?
Total secured & HP debts...... 90000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
credit card....................1500......50........0
Total unsecured debts..........1500......50........-


Monthly Budget Summary
Total monthly income.................... 1,176
Expenses (including HP & secured debts). 1,690
Available for debt repayments........... -514
Monthly UNsecured debt repayments....... 50
Amount short for making debt repayments. -564

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -90,000
Total Unsecured debt.................... -1,500
Net Assets.............................. -91,500

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

Left some ideas in red for areas where you could cut down but not sure it will find £564 per month you need. perhaps it would be worth talking to CCCS people and considering a DMP

Good Luck
laura

feelingbeyondlow

cuddly12 wrote: »

Hi Hun, That is good and it will help people to look at you SOA and help you.
I think you should be able to reduce your electricity and gas? shop around and try and get a fixed rate, also can you lower your mobile bill? knock some of the extra's off if you get any or call the mobile company and reduce your tariff to a cheaper one so save some money.
Your life assurance also seems quite high, I have life assurance and it only costs me £6.00 p/m, I guess it depends on what you have got insured in the event of your death :-)

I switched to another gas company..But still owed £450 to british gas because they were just working off an estimate.

Im goin gto be calling the life insurance tonight to work out why im paying so much for that..I think its because im still paying for myself and my son and ex probably.

feelingbeyondlow

laura2481 wrote: »

Left some ideas in red for areas where you could cut down but not sure it will find £564 per month you need. perhaps it would be worth talking to CCCS people and considering a DMP

Good Luck
laura

Thanks for that....Whats a DMP?

laura2481

Actually, you may not be suitable for a DMP as you only have one unsecured debt.. I'm not 100% sure how it worksso don't quote me on that. Best to talk to the proffessionals!
You may have to massively cut your monthly outgoings for a while. Satellite and internet etc Would you be able to take in a lodger and perhaps get some extra income that way? You can get up to £4250 per year tax free by renting out a room...