Just not sure what to do ......

harrisc0

Hi - well we are in money troubles and just not sure what to do?

We have in total it has been worked out just short of £33,000 in debts, these range from £6,900 in a bank loan and the rest as sad as it is is credit cards and store cards.

It has happened from over living and us never recovering really from me losing a high paid job and then starting a family and going to part time work.

We are currently paying everything off, minimum payments mind you, and have missed no major bills like mortgage or bank loan but have missed some credit card payments so our credit rating I would say is good to fair. Most of the credit cards are on 0% that ends this month so our monthly payments will shoot up next month and we are not going to be able to meet all the minimum payments which is what is now causing concern. Having worked with 2 companies, 1 of them being a fee paying company and the other CCCS (this has only been done on the internet though and my figures were completly wrong as I was hoping to get a change in employment and they are the figures I used not the acutal ones currently which makes us even worse off!, it was suggested we go down the route of a DMP? If we used the proper workings then this would be £380 a month for 7 years but we could increase this once daughter starts school in 2 years as nursery costs dissapear.

We have looked at selling as we have just enough in the house to cover costs and the extra the mortgage company would charge to end the mortgage and then go into rented but we just can not bring ourselves to do it, we have ploughed so much time and effort into the house and it's our kids home it's not fair to drag them down cause of what their mum and dad have done! It would cost us around £6k for fees etc, £3,500 from the mortgage company so to me just throwing away £9,500 to companies to lose our home?!

I suppose what I want to know really is is there any other options? Is CCCS a good company to use or is there others?

Sorry to go on but I am now getting worries, embarrassed of what is going to happen etc,

gettingbetter

hi harris

post up ur SOA and we can all pick it to bits and see if we can help

heres the link

www.makesenseofcards.com/soacalc.html

you will get all help and support you need

kas xx

harrisc0

Think I have done this right - I have tried to give up work and take daughter out of nursery and work evenings but this just hasn't happened. We can't go to 1 car due to where hubby works. Son is off school dinners now and on packed lunches to save money. We have sold 1 car and gone to a smaller one saving on costs etc.

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.................... 2
Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 2093
Benefits................................ 174
Other income............................ 0
Total monthly income.................... 2717
Monthly Expense Details
Mortgage................................ 582
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 51
Gas..................................... 38
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 383
Clothing................................ 53
Petrol/diesel........................... 260
Road tax................................ 15
Car Insurance........................... 55
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 345
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 24
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 2153

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 163000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(582)......0
Total secured & HP debts...... 124000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft A & L................950.......48........0
argos..........................991.......35........0
asda loan......................6947......194.......0
virgin.........................7818......225.......0
tesco..........................3698......111.......0
lloyds tsb.....................3120......94........0
egg............................5641......170.......0
debenhams......................250.......14........0
barclays overdrafts............2000......75........0
barclaycard....................1774......50........0
Total unsecured debts..........33189.....1016......-

Monthly Budget Summary
Total monthly income.................... 2,717
Expenses (including HP & secured debts). 2,153
Available for debt repayments........... 564
Monthly UNsecured debt repayments....... 1,016
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 163,000
Total HP & Secured debt................. -124,000
Total Unsecured debt.................... -33,189
Net Assets.............................. 5,811
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

RAS

harrisc0 wrote: »

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.................... 2
Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 2093
Benefits................................ 174
Other income............................ 0
Total monthly income.................... 2717
Monthly Expense Details
Mortgage................................ 582
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 51
Gas..................................... 38
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 35 - go to the lowest package and then freeview ASAP
Internet Services....................... 0
Groceries etc. ......................... 383 - for a family your size this is high
Clothing................................ 53 - do you really need this each month/Join https://www.freecycle.org and get a lot for free.
Petrol/diesel........................... 260 - cut unessential journeys, car share, drive conservatively
Road tax................................ 15
Car Insurance........................... 55
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 345 - cant see how you have this high a cost when you are not in full time work. Are you entitled to free sessions - 2.5 days a week?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 24 - seek out the local college
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25 - this is an emergency
Total monthly expenses.................. 2153

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 163000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(582)......0
Total secured & HP debts...... 124000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft A & L................950.......48........0
argos..........................991.......35........0
asda loan......................6947......194.......0
virgin.........................7818......225.......0
tesco..........................3698......111.......0
lloyds tsb.....................3120......94........0
egg............................5641......170.......0
debenhams......................250.......14........0
barclays overdrafts............2000......75........0
barclaycard....................1774......50........0
Total unsecured debts..........33189.....1016......-

Monthly Budget Summary
Total monthly income.................... 2,717
Expenses (including HP & secured debts). 2,153
Available for debt repayments........... 564
Monthly UNsecured debt repayments....... 1,016
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 163,000
Total HP & Secured debt................. -124,000
Total Unsecured debt.................... -33,189
Net Assets.............................. 5,811
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

I have done this as a fairly serious job, not just a CCCS allowance version. How many hours are you working and how many hours are your children in nursery?

harrisc0

I work 16 and my daughter is in nursery 20 hours but 4 of those hours I can do nothing about as it is 8-9am when I am doing the school run and not at work - I work 9-1pm 4 days a week. This is a school job as well so is term time only so would really be silly to give it up as I am at home during the holidays, on pay, to look after our son and we then reduce our daughters nursery to 2 days, can't reduce completly as we would lose her placement. She is 2 so does not qualify for government funding yet either.

Moneymaker

Basically, you need to earn more money. Have you read the suggestions here?
http://www.marketingtips.uk.com/section2.html

As for saving money when your daughter starts school, have you any idea how much the uniform etc. costs? It's bad news unfortunately.

All the Best. You can do it!

harrisc0

bump help please

boo80

Hi Harris, I started a DMP which I organise myself in March and it's the best thing I've done in a long time! It's so good being able to sleep at night as I know I have enough money to pay everything! Who cares if it will take 7 years - they won't be a bad 7 years, we are living a better quality of life now that I have a plan and a budget and I'm not seriously stressed all the time! If you want help to organise it you can go through the CCCS or Payplan, if you want to organise it yourself you can get template letters etc.. from the National Debtline website.

There are area's in your SOA where you could cut down, your electric is really high and so is your food bill. If you visit the Old Style board you can learn about meal planning etc.. it's amazing how this can save you money! Good luck, Boo.x

Jedilibrarian

harrisc0 wrote: »

Think I have done this right - I have tried to give up work and take daughter out of nursery and work evenings but this just hasn't happened. We can't go to 1 car due to where hubby works. Son is off school dinners now and on packed lunches to save money. We have sold 1 car and gone to a smaller one saving on costs etc.

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.................... 2
Monthly Income Details
Monthly income after tax................ 450
Partners monthly income after tax....... 2093
Benefits................................ 174
Other income............................ 0
Total monthly income.................... 2717
Monthly Expense Details
Mortgage................................ 582
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 128
Electricity............................. 51
Gas..................................... 38
Oil..................................... 0
Water rates............................. 43
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 383 ----Head to the Oldstyle board, you could save a lot by following the advice here
Clothing................................ 53
Petrol/diesel........................... 260----any chance of carsharing? Do you already check around for cheapest petrol? If not sign up for petrolprices.com
Road tax................................ 15
Car Insurance........................... 55----could you get this any cheaper come renewal time?
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 345
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 41
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 24
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 25
Total monthly expenses.................. 2153

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 163000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 124000...(582)......0
Total secured & HP debts...... 124000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft A & L................950.......48........0
argos..........................991.......35........0
asda loan......................6947......194.......0
virgin.........................7818......225.......0
tesco..........................3698......111.......0
lloyds tsb.....................3120......94........0
egg............................5641......170.......0
debenhams......................250.......14........0
barclays overdrafts............2000......75........0
barclaycard....................1774......50........0
Total unsecured debts..........33189.....1016......-

Monthly Budget Summary
Total monthly income.................... 2,717
Expenses (including HP & secured debts). 2,153
Available for debt repayments........... 564
Monthly UNsecured debt repayments....... 1,016
Amount short for making debt repayments. -452
Personal Balance Sheet Summary
Total assets (things you own)........... 163,000
Total HP & Secured debt................. -124,000
Total Unsecured debt.................... -33,189
Net Assets.............................. 5,811
Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi Harris
Some suggestions above to help you shave some money off your outgoings. Also can you post your APRs for all your unsecured debts? This would help when people try to offer you advice. To raise more money you could try doing daily clicks, free scratchcards, paid for surveys, using cash back site-loads of folk on here do this and make a few bob extra.
Have you approached your local CAB for free advice?
Good luck with everything, you will find lots of support and advice on here.
JL