I have been an a***

nimpoppy

Please help. Have been on a DMP with CCCS for about 5 years now. This is slowly going down. However have just bought a new house and with all the moving expenses and buying things I have managed to go into my overdraft to the sum of 4k. My credit rating is pretty shot but they still have given me this whopping overdraft.

I really want to get out of my overdraft but done seem to be moving towards clearing it ever, each month i just go further and further into the red. Would it be better for me to get a loan to cover the overdraft then start afresh or should I try and get this down without borrowing on a loan (been trying this for 6 months with no luck)

SOA below.

OutgoingMortgage£531.50Kitchen Appliance Rental£16.56Council Tax£67.50Gas and Electricity£54.50House Insurance£15.00Telephone Line£13.50TV License£5.50Water Rates£12.50Sofa Payment£25.00TV Payment£33.82Car Payments£180.00Car Needed for workDog Insurance and Food£40.00Catalogue Payment£35.00Loan Repayment£131.00Loan Repayment£28.00Loan Repayment£15.00Credit Card£96.00Mobile£35.00Needed for workPayment Protection£11.00Food Per Month£200.00Including lunches Petrol Per Month£200.00Work is 50 mile round trip from homePrescriptions£7.00Ongoing ConditionEmergencies£5.00Overdraft Fee£50.00Outgoing PM£1,808.38Incoming PM£1,923.00Available £114.62

Although this shows £114 per month spare, something keeps happening for example this month my car's handbreak cable has broken so any extra money will be swallowed up.

Your thoughts!

Tixy

Hi Nimpoppy

Could you complete your SOA in this format http://www.makesenseofcards.com/soacalc.html
- this wil be easier to read and will include information such as interest rates on your debts including overdraft which will make it easier to advise.

Thanks

joolsybools

Your mobile sounds high, can you get a better deal or can work pay if you need it for work? Virgin are doing some good deals at the mo on pay monthly.

Do you really need dog insurance?

If you have not done so already, STOP buying things out of catalogues.

Payment protection? On what your credit card? I personally don't agree with these things and do not use them anymore. Have a good look at the Ts & Cs and decide if it's really worth keeping or try to get a better deal.

Overdraft fee £50? Can you get a better deal elsewhere? Not sure you will be able to but might be worth looking into.

Do you have a spare room? Rent it out?

Can you cut down on food bills at all, i.e. do more cooking from scratch rather than ready meals (if you are not doing that already).

GeorgeUK

As part of a DMP, you have agreed that you will not take any more credit. Be very careful with this.

I agree, a full SOA would be helpful.

nimpoppy

It all looks even worse when i have done that!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1923
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1923
Monthly Expense Details
Mortgage................................ 531
Secured/HP loan repayments.............. 180
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 67.5
Electricity............................. 27
Gas..................................... 27
Oil..................................... 0
Water rates............................. 12.5
Telephone (land line)................... 13.5
Mobile phone............................ 35
TV Licence.............................. 5.5
Satellite/Cable TV...................... 33.5
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 23.33
Car Insurance........................... 7
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 40
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1496.83

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 165000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(531)......5.45
Hire Purchase (HP) debt ...... 9000.....(180)......7.9
Total secured & HP debts...... 169000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Consumer Credit................17000.....131.......0
Vanquis........................2100......96........0
Camera.........................100.......15.96.....0
Private DMP with RBS...........4000......28........0
lx direct......................12........260.......0
catalogue......................54........26........0
tv payments....................200.......33.82.....0
sofa...........................50........25........0

nimpoppy

I haven't included my partners money in this as we run finances seperately. I have halved all the bills.

TotallyBroke

nimpoppy wrote: »

Please help. Have been on a DMP with CCCS for about 5 years now. This is slowly going down. However have just bought a new house and with all the moving expenses and buying things I have managed to go into my overdraft to the sum of 4k. My credit rating is pretty shot but they still have given me this whopping overdraft.

I really want to get out of my overdraft but done seem to be moving towards clearing it ever, each month i just go further and further into the red. Would it be better for me to get a loan to cover the overdraft then start afresh or should I try and get this down without borrowing on a loan (been trying this for 6 months with no luck)

SOA below.

OutgoingMortgage£531.50
Kitchen Appliance Rental£16.56
Council Tax£67.50
Gas and Electricity£54.50
House Insurance£15.00
Telephone Line£13.50
TV License£5.50
Water Rates£12.50
Sofa Payment£25.00
TV Payment£33.82
Car Payments£180.00Car Needed for work
Dog Insurance and Food£40.00
Catalogue Payment£35.00
Loan Repayment£131.00
Loan Repayment£28.00
Loan Repayment£15.00
Credit Card£96.00
Mobile£35.00Needed for work
Payment Protection£11.00
Food Per Month£200.00Including lunches
Petrol Per Month£200.00Work is 50 mile round trip from home
Prescriptions£7.00Ongoing Condition
Emergencies£5.00
Overdraft Fee£50.00
Outgoing PM£1,808.38
Incoming PM£1,923.00
Available £114.62

Although this shows £114 per month spare, something keeps happening for example this month my car's handbreak cable has broken so any extra money will be swallowed up.

Your thoughts!

This is a bit awkward to look through but things that do spring to mind are.

Stop renting for kitchen appliances and the tv. Return them and get what you need from freecycle until you have saved enough to buy for yourself.

Reduce your mobile down a tariff or two. If needed for work then get work to pay towards it.

How many people is your grocery budget feeding? If just you then it can be halved.

Paying for the handbrake cable should've come from your emergency fund. Otherwise what is the £5 per month being saved for.



EDIT: You added new one as I was typing this sorry.

TotallyBroke

nimpoppy wrote: »

It all looks even worse when i have done that!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1923
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1923
Monthly Expense Details
Mortgage................................ 531
Secured/HP loan repayments.............. 180
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 67.5
Electricity............................. 27If this is your half then it needs to be cut down
Gas..................................... 27 Ditto above
Oil..................................... 0
Water rates............................. 12.5
Telephone (land line)................... 13.5 Again if this is half then it needs to be reduced
Mobile phone............................ 35
TV Licence.............................. 5.5
Satellite/Cable TV...................... 33.5 Half again, needs to be cancelled
Internet Services....................... 0
Groceries etc. ......................... 200 Your half for 2 of you!!! Can be reduced to 75 each easily
Clothing................................ 20 Stop
Petrol/diesel........................... 200
Road tax................................ 23.33
Car Insurance........................... 7
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 40
Buildings insurance..................... 15
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10 Stop
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1496.83

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 165000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 160000...(531)......5.45
Hire Purchase (HP) debt ...... 9000.....(180)......7.9
Total secured & HP debts...... 169000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Consumer Credit................17000.....131.......0
Vanquis........................2100......96........0
Camera.........................100.......15.96.....0
Private DMP with RBS...........4000......28........0
lx direct......................12........260.......0
catalogue......................54........26........0
tv payments....................200.......33.82.....0
sofa...........................50........25........0

Have you missed debts off this as there are no total figures at the end.
Sell the camera and pay the debt off, and as I posted before stop renting appliances and get rid of the tv.

nimpoppy

I am a complete !!!!!! when it comes to money. I don't have savings,

I do cook alot from scratch already, This is something that i could try and cut down on my food but this does do food for both lunches and dinners etc.. for 2 people per week.

Mobile bill - O2 will only let me take down tariff by £5 per month. I only need a few minutes per month to be honest. I don't make outgoing calls on my mobile for work just incoming, I am locked in until september

My emergency fund is actually empty at the moment. I had 2 congestion zone charges which I didn't know I had accrued to pay for.

Dog Insurance - I have an old rescue dog who has got a number of health issues. his medication each month would come to over £145 per month if i didn't have the insurance as this covers it. I had thought about it though

nimpoppy

Sorry the food bill is not half this is in total. My other half doesn't earn as much as me but he covers holidays and entertainment like meals out for obligitary birthdays etc...

TotallyBroke

nimpoppy wrote: »

I am a complete !!!!!! when it comes to money. I don't have savings,

I do cook alot from scratch already, This is something that i could try and cut down on my food but this does do food for both lunches and dinners etc.. for 2 people per week. I live with a 2yo still in nappies and I don't spend half this per month, lunch can consist of some cooked pasta, tomato and grated cheese which cost next to nothing, buy cheap pitta breads or wraps as an alternative to bread.

Mobile bill - O2 will only let me take down tariff by £5 per month. I only need a few minutes per month to be honest. I don't make outgoing calls on my mobile for work just incoming, I am locked in until september £5 is £5 at the end of the day

My emergency fund is actually empty at the moment. I had 2 congestion zone charges which I didn't know I had accrued to pay for. You don't need me to say this but you need to be careful when it comes to spending your money

Dog Insurance - I have an old rescue dog who has got a number of health issues. his medication each month would come to over £145 per month if i didn't have the insurance as this covers it. I had thought about it though

Is your DMP something you had before your partner. Do you intend spending the rest of your life with each other, if you do then I think you need to combine forces and money and see where you can cut back as a couple. You maybe able to juggle debt around a bit to relax the finances slightly