I have been an a***

nimpoppy

Thank you for advice on food. I must cut this down obviously, I thought I was doing quite well, not as MSE as you all. I did have the debts before I got with boyf.

Tixy

Just to check - as the bottom of the SOA is cropped off - are all debts you pay included?

If so then I think
Income 1923
Outgoining incl secured 1496.83
Avail for unsecured debts 426.17

Debt repayments 615.78 (if lx direct is £260pm repayment?)

Overspend each month 189.61

You need to cut back by this amount or you are going to continue to get into more debt. You will probably have to be pretty tough with yourself to save this amount so need to look at the areas totallybroke has mentioned.

Do you still have £9000 outstanding on the car loan or was this the original amount? As car is only worth £5000? If the original amount how long left do you have to pay the loan for?

Have your run up all the non CCCS debts since you started your DMP? As George said earlier you are not supposed to take on any more credit when you are in a DMP - and things like the camera, catalogue and tv are not essentials.

You don't seem to have included an overdraft in your debts or the £50 overdraft fee you mentioned in your first post either.

Just my thoughts - and hopefully some things to think about.

TotallyBroke

Ok you say your partner does not earn as much as you,does he have debts of his own.
Can I suggest that you do a joint soa, if you like you can do things you pay for in pink, things he pays for in blue and joint bills like mortgage etc in purple.

It may well be that your OH has a good credit rating and maybe able to get a good credit card deal that could pay off one of your other debts and so cost you a bit less in the long run.

RAS

If this is for one, then your expenditure is very high.

Also am very concerned that you appear to be taking more credit when you are on a DMP. If your old creditors find out, you risk them refusing to continue your DMP.

nimpoppy wrote: »

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 - is this your share
Secured/HP loan repayments.............. 180 do you really need such and expensive car? When can you hand it back without penalty?
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 You need to stop using it day-time and learn about free and cheap calls on the telephone forum here
Mobile phone............................ 35 - this is huge, reduce it every month and basically use it for in-coming calls only.
TV Licence.............................. 5.5
Satellite/Cable TV...................... 33.5 - IS this HALF? Whatever, get rid ASAP. Innthe mean-0time cut down the package
Internet Services....................... 0
Groceries etc. ......................... 200 - you can halve this, including lunches
Clothing................................ 20 - stop buying things altogether for a year.
Petrol/diesel........................... 200 - I struggle to see how a 500 mile a week commute costs this much?
Road tax................................ 23.33 - so this is an expensive car to run?
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 - if this is half you are being fleeeced - check the comparison sites and use www/quidco.com to get cashback.
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 - you cannot afford them.
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 5
Kitchen Appliance Rental£16.56
Payment Protection£11.00
Overdraft Fee£50.00
Total monthly expenses.................. 1579.39

IS the payments listed below in your debts below?

Catalogue Payment£35.00

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 CS........17000.....131.......0
Vanquis........................2100......96........0
Camera........................100.......15.96.....0
Private DMP with RBS......4000......28........0
lx direct....................... 260....12...0 corrected
catalogue......................54........26........0
tv payments..................200.......33.82.....0
sofa........................... 50........25........0

Do i get the feeling that Consumer credit is CCCS and you have another £6,700 of debt that is on top of that?

nimpoppy

QUOTE=Tixy;21873373]Just to check - as the bottom of the SOA is cropped off - are all debts you pay included?

If so then I think
Income 1923
Outgoining incl secured 1496.83
Avail for unsecured debts 426.17

Debt repayments 615.78 (if lx direct is £260pm repayment?)

Overspend each month 189.61 Thats Right

You need to cut back by this amount or you are going to continue to get into more debt. You will probably have to be pretty tough with yourself to save this amount so need to look at the areas totallybroke has mentioned.

Do you still have £9000 outstanding on the car loan or was this the original amount? As car is only worth £5000? If the original amount how long left do you have to pay the loan for? Three years left, at 180 per month, car is prob worth only around 5k

Have your run up all the non CCCS debts since you started your DMP? As George said earlier you are not supposed to take on any more credit when you are in a DMP - and things like the camera, catalogue and tv are not essentials. I have been extremely stupid. Camera is nearly paid off now, as are the catalogue. TV debt was another stupid purchase but is again nearly paid now.

You don't seem to have included an overdraft in your debts or the £50 overdraft fee you mentioned in your first post either. That is to be added on as well.

Just my thoughts - and hopefully some things to think about.[/QUOTE]

RAS

LX direct - can you please confirm the debt owing and the monthly payment as the sums are very odd.

nimpoppy

To explain properly about my car and car expenses. I work as a travelling sales rep. Work give me 6k per year to run my car. I do 1500 miles per week. I have included this 6k in my incoming money and the outgoing is also included, I was trying to simplify this for you to understand but I have obviously confused things further. My car is chosen by my company

nimpoppy

LX Direct - Owing 260 and monthly payment is £12. I have no idea on APR

nimpoppy

I am in a real mess aren't I?

RAS

OK so you need to revise your SOA to reflect that.

The APR of all your debts will be on the statements, but watch out for anything that says 2.5% or a simliar figure as that will be the monthly interest rate. Vanquis is likely to be 39% or similiar as are most of your other debts.