dottyanne's debt diary

doodledo_2

Evening Dotty.

Yes I would include it in my debts. The only thing I don't include in my debt (well for now) is my mortgage. All loans, cards, catalogues etc are in my debt total.

I have split mine up into secured and unsecured in my plan though. I am clearing the unsecured first and then moving on to the secured.

OberonSH

Don't forget the cup of tea. I know you feel bad about the holiday - but by the sounds you really need it - so try to enjoy it at least.

It's really tricky when stuff is that tight, but once payday gets here, you'll have your budget, you'll know exactly what has to be paid out and then what's left is to be split accordingly. Treat it as starting all over again - a starting point.

Have you signed up to some survey sites? I've signed up a fair few, doesn't take me all that ong, and it means Xmas is sorted, hence no place in my budget. Ebay some stuff if you have a sort out - don't forget the loft.

Add up evertrhing that needs paying back, except maybe mortgage. That way You have an accurate picture of where you're at - painful though it may be.

You're getting there chick. This is as hard as it gets - only going to get better. Make sure Mr Dots knows what's going on as well. Only 2 payments on Tax credit, so there's another £50 a month in a little while. Light at the end of the tunnel babes, might be a way off, but it's there.

dottyanne

As I said last nite i didnt have much time to do everything i planned but what i did do was sort out EVERYTHING, apart from regular priority debts that we owe - i'm adding in the car loan - would this be correct or added to priority debts?

Anyway here goes !!

DEBTS AS AT 17TH JUNE 2008-06-17
GE MONEY SECURED LOAN....(last statement May 08)....Balance...5849.50...monthly repayment 211.74 (remaining term 25 months)
CAR LOAN.......originally 12,000.00 for 2 cars, monthly repayment 288.43, last payment to be made 29th April 2012 (13,267.78 left in repayments)
DAD.... owe approx £8000.00.......monthly repayment £100 (when can afford)
CAPQUEST DEBT RECOVERY (Egg Loan)..........balance £18,538.54....monthly payment £150.00 (THEY WANT TO UP TO £180.00)
HM CUSTOMS (Tax credit overpayment) ...balance left owing 107.62....2 payments only left at 53.85 per month
SUITE REPAYMENT........monthly amount £70.80....final payment to be made 20th June 2009, so balance owing £849.60
TV LOAN.........monthly payment £68.25...final payment to be made 17th June 2010...so balance remaining £1638.00
BROTHER LOAN.....monthly repayment £39.67....final payment to be made on 10th November 2010..so balance outstanding is £1150.43
RBS Overdraft (applied for charges back but on hold) O/S 5141.91 because keep adding interest and charges – requesting £75 per month....
DLC (Egg card) Balance owing 959.72, offered £25.00 per month awaiting response.
Apex (Barclaycard) Balance owing £847.07 – arranging repayment plan
Fredrickson International (GUS) Balance £525.74 – offered £10 per month awaiting response.
FentonCooper (Lloyds Bank Business Account) will be reclaiming charges – balance owing £1529.57, offered £40 per month
Capital One (OH) Balance £646.77 – offered £25 per month.
Capital One (me) Balance £590.60 (over limit by £90.60) ! Need pay £105.00 by 3rd July
Mum.£500.00.no payments made as yet


TOTAL DEBT = £60,150.85

:-(

I want to try to focus on the smaller ones first and get rid asap - especially teh CC ones and catalogue one, obv the one to my Dad, Capquest (Egg Loan) and Car Loan are higher and will therefore take a lot longer

Any tips? advice welcome - please !!!!

dottyanne

anyone else had a shock like that?

Merlot

dottyanne wrote: »

As I said last nite i didnt have much time to do everything i planned but what i did do was sort out EVERYTHING, apart from regular priority debts that we owe - i'm adding in the car loan - would this be correct or added to priority debts?

Anyway here goes !!

DEBTS AS AT 17TH JUNE 2008-06-17
GE MONEY SECURED LOAN....(last statement May 08)....Balance...5849.50...monthly repayment 211.74 (remaining term 25 months)
CAR LOAN.......originally 12,000.00 for 2 cars, monthly repayment 288.43, last payment to be made 29th April 2012 (13,267.78 left in repayments)
DAD.... owe approx £8000.00.......monthly repayment £100 (when can afford)
CAPQUEST DEBT RECOVERY (Egg Loan)..........balance £18,538.54....monthly payment £150.00 (THEY WANT TO UP TO £180.00)
HM CUSTOMS (Tax credit overpayment) ...balance left owing 107.62....2 payments only left at 53.85 per month
SUITE REPAYMENT........monthly amount £70.80....final payment to be made 20th June 2009, so balance owing £849.60
TV LOAN.........monthly payment £68.25...final payment to be made 17th June 2010...so balance remaining £1638.00
BROTHER LOAN.....monthly repayment £39.67....final payment to be made on 10th November 2010..so balance outstanding is £1150.43
RBS Overdraft (applied for charges back but on hold) O/S 5141.91 because keep adding interest and charges – requesting £75 per month....
DLC (Egg card) Balance owing 959.72, offered £25.00 per month awaiting response.
Apex (Barclaycard) Balance owing £847.07 – arranging repayment plan
Fredrickson International (GUS) Balance £525.74 – offered £10 per month awaiting response.
FentonCooper (Lloyds Bank Business Account) will be reclaiming charges – balance owing £1529.57, offered £40 per month
Capital One (OH) Balance £646.77 – offered £25 per month.
Capital One (me) Balance £590.60 (over limit by £90.60) ! Need pay £105.00 by 3rd July
Mum.£500.00.no payments made as yet


TOTAL DEBT = £60,150.85

:-(

I want to try to focus on the smaller ones first and get rid asap - especially teh CC ones and catalogue one, obv the one to my Dad, Capquest (Egg Loan) and Car Loan are higher and will therefore take a lot longer

Any tips? advice welcome - please !!!!

Morning Dottyanne,

I think you need to look at the CCCS again, just take a look at there website, and maybe get there advice, £60,000 is alot of debt and will keep going up with the bank charges etc and as you think your income may fall I think you need help today rather than tomorrow. (I'm not trying to frighten you, but give you my honest opinion, I don't want to read in three months time that you are further in debt and that you have to consider Bankruptcy, its only a matter of time before things get much toughter with the higher food/fuel prices etc~~).

Merlot.x.

P.s. Did you phone the water company?

dottyanne

Hi Merlot, am considering CCCS again but i really wanted to try to get rid of the smaller ones on my own if i can - now its on paper it looks bad but ive included all payments that although are debt ie car loan i would also class as a priority, im really looking at clearing all the smaller ones :-

NAMEAMT OWEDAPR.MONTHLY DATE CLEARGE Money (Secured Loan)£5,849.50£211.7430th June 20107Car Loan£13,267.78£288.4329th April 2012Dad£8,000.000.00%Mum£500.000.00%Capquest (Egg Loan)£18,538.540.00%£180.008Inland Revenue (T/C Overpay)£107.620.00%£53.8528th July 2008Suite Repayment£849.600.00%£70.8020th June 20099TV Loan£1,638.00£68.2517th June 201011Brother Loan£1,150.43£39.6710th November 201010RBS Overdraft£5,141.91£75.00DLC (Egg Card)£959.720.00%£25.005Apex (barclaycard)£847.070.00%£10.004Fredrickson International (GUS)£525.740.00%£10.001Fenton Cooper (Lloyds Bus A/C)£1,529.570.00%£40.006Captial One (T)£646.770.00%£25.003Capital One (L)£590.60£100.002£60,142.85£1,197.74

Merlot

I can understand why you want to clear the small ones, but its all debt and with your anticipated fall in income, I think you need to do something about it today, don't wait until tomorrow or next week cause you want to repay the smaller ones off, it may just come and bite you on the bottom and thats what I am trying to avoid for you. I really only have your best interest at heart, and thats why I keep saying please get professional advice, you don't have to take a DMP with them, just see what they say, you could of course contact the CAB or National Debt Line as well as the CCCS.

dottyanne

oops that didnt turn out how i wanted, but basically ive done a spreadsheet and listed in number order the ones i want to tackle first - am going to be as frugal as possible and try to make huge inroads into getting rid of all but the car loan, secured loan and Capquest (Egg Loan) within te next 12 months - thats the challenge ive set for myself.

Dint ring the water board as i only got in late last night - am planning to go throught this amongst others - dont think it willcome to abnkruptcy but i see what you mean regarding large debt and high payments.

Dont have any CC's only one i dont use.

Dont pay with cards for anything all cash.

Merlot

I wish you well with your challenge, and I'm pleased to read that you pay for everything with cash nowadays.

Merlot.x.

dottyanne

Thanks Merlot - it's like having an updated lightbulb moment all over again, were not going to take any more credit on and are being as frugal as possible etc, just need to work out the following:-

Min income per month,
Possible reduction in tax credits could be a problem
Priority payments out each month, inc arrears to clear asap.
Budgeting in advance for things like car tax etc - how much to save in pots
Monthly debt total reapyments to meet minimums
then if any left throw at debts as above starting at one and working through them.