Dottyannes 'in need of support' debt diary (all new)

elantan

hey dottyanne just wanted to join in with the good wishes we are the same age (i think i mentioned that before lol)

lynzpower

Hey darling :wave:

Great to see you back & unbeaten

Best of luck, like Jamie, Ill be popping in to give you some of that Old time support

Love to you hun- maybe a new SOA on here would be good, someone might be able to spot something you havent

XX

JAMIEDODGER

morning dotty:)

Hey lynz:wave:

One of the challenges I find the most helpful is the PAD (Payment a day) Challenge. You pick a debt and pay whatever you can everyday toward it, even if it is only 10p! It soon adds up and the debts come down. Have a look at it and see what you think. I am using the challenge to save for DD flooring to be done. I need £170.

Put up your SOA and some fresh eyes may help x

dottyanne

Hey all, so PAD - do you actually just put the money in say, a jar and then pay a lump sum or do you like pay something off online?

I'm on a downer today (sorry) the realisation is hitting me again, i hate owing all this money, i have one of my bigger monthly payments (secured loan) paid off in april next year, but as they have added interest and charges for missed payments over the term of my loan (totalling over 1.5K) my monthly payment for the next 9 payments is an extra £120 to cover these.

On another cra**y note, my income will drop by an estimated £400 per month from the end of this month and in all honesty im struggling now as it is - god knows how i will cope then.

I recently got a CCJ from RSB for an overdraft - long story, i tried to defend (as nearly half of this was bank charges) the judge dismissed defence and we were ordered to pay over £5k forthwith, i wrote to their solicitors over a week ago with offer of monthly payment but still no reponse as yet.

I feel like our creditors are tightening their thumb screws, they (understandably) want their money back but they want it NOW, and i just dont have it, Im more terrified than anything of losing my house and possessions - im panicking big time!!

spiderdijon

Hi Dotty,

I think the SOA link you mean is this:

http://www.makesenseofcards.com/soacalc.html

And I love your icon!

Good luck with everything

Lemon_Tree

hi, i started with very similar debts so know exactly what you're feeling. It's a long road but we can all travel it together.

*Jellie*

dottyanne wrote: »

Hi Savingholmes, most of these debts are on monthly repayments anyhow, apart from 1 x cc and 1 x catalogue where i pay as much as i can each month, im a bit rusty on a lot of the things going on around here but woull love to join in!

What does the debt free birthdays club entail? also the make £10 a day challenge - how does that work?

The debt free birthday club is where you aim to be debt free by a certain birthday. If you check out the thread you'll see that to join you just say how much the debt is and which birthday you are aiming to pay for. Most people then make a ticker which shows your progress to paying off the debt and update it (most people do this once a month). Do join us!!

dottyanne wrote: »

Hey all, so PAD - do you actually just put the money in say, a jar and then pay a lump sum or do you like pay something off online?

People PAD both ways. Firstly you need to figure out the debt you want to aim to get rid of first (highest interest rate? smallest debt?). Then check if there are minimum amounts you can pay. Some people put the money aside in a jar and pay it in regularly. Some people move it into a bank account and pay it to debt regularly. Some use online banking and literally make a payment every day to the debt. Just find the way that suits you. It is surprising how quickly these little payments add up.

Hope this helps....sorry for such a long post and good luck!

dottyanne

thanks all, im defo going to join the PAD challenge, i was working a few things out last night, the total number of 'debts' i have is 13, my AIM it to get rid of all but 4 of these by the end of 2010, now 4 of these are contractually paid up next year anyhow i.e my secured loan (yay!) pd up April 2010, Bryan Carter (GUS Catalogue) pd up March 2010, One small loan, pd up June 2010 and another small loan, paid up October 2010....

Now i also have 5 other smallish debts i really want to clear by the end of 2010, these are 2 credit cards (balance on both together 1,107.77), Egg Card (handled by Capquest) value £762.64, Catalogue £450.00 and Fenton Cooper (Lloyds TSB Overdraft) £1,285.93 - these total 3603.34, now i'm paying a total of £115 off these monthly already, all bar one of the CC and the Catalogue have no interest or charges going on there. So, if im correct the approx figures to find will be as follows:

3603.34 debt i want clearing by end 2010 (starting sept 09) leaves me 16 months

LESS, approx payment going towards these in meantime = 16 x £115.00 - £1840.00

I NEED to find an extra £1763.34, that equates to £110.21 per month (or for easiness) approx £25.00 per week, then to break down even further, £3.60 per day for a total of 16 months.....

I found it so easy to break down like this, if i get a jar and put AT LEAST £3.60 in there EVERY day until the end of December 2010 then all these will be paid off in full - maybe even be able to pay more off my remaining debts if i can get F & F Settlements on a couple of these

This would mean only having 4 debts left by the end of 2010, albeit large ones, Im hoping that the RBS's solicitors accept my offer of payment now Judgment has been passed. Im also paying my Dad nothing at the moment on over 10k of debt, all in all out of the 4 remaining debts that would be left, one is contractually repaid on 2012, then my Dad, then there is RBS (5293.61) of which im hoping to reclaim about half back once the bank charges case moves forward, then another biggie to Capquest of £17K for an EGG loan...

Any thoughts on this method?

dottyanne

Income £1150.00
OH Income £1150.00
C/Benefit £185.60
Other Income (tax credits/maintenance) £622.56

TOTAL - £3108.16

Expenses:-

Mortgage £660.47
Car Loan £288.43
Child Support £120.00
Secured Loan £364.00
House Insurance £21.64
Gym £38.34
Sky/Internet £57.00
Mobiles £55.00
Insurances £103.95
Council Tax £121.00
Warer £80.00
Gas £100.00
Elec £100.00
TV License £13.95

£2123.78


Plus

Food £480.00
Kids £60.00
Petrol £160.00

£700.00

Debts/Repayments

Bryan Carter (GUS) £60.00 per month (o.s £370.74)
Dad Nil per month (o.s £10,339.00)
Brother Loan £39.67 per month (o.s £555.38)
Capital One (OH) £10.00 per month (o.s £577.77)
Capital One (me) £30.00 per month (o.s £530.00)
Fenton Cooper (Lloyds TSB) £25.00 per month (o.s £1.285.93)
Capquest (Egg Card) £25.00 per month (o.s £762.64)
Very Catalogue £25.00 per month (o.s £450.00)
Capquest (Egg Loan) £100.00 per month (o.s £17,507.10)
RBS (just recd CCJ) was paying £125.21 per month (applied to stay same) (o.s £5293.61)
TV £68.26 (o.s £750.75)

Total Monthly Repayments - £508.13

* No provisions for card tax/mot, birthdays, haircuts, holidays and xmas etc...any ideas.

Shortfall of £223.75 per month !!

dottyanne

Just to add....

4 of these debts are paid off in 2010, the Secured Loan (currently £364.00 per month) is paid off at the end of April 2010, also Bryan Carter £60.00 per month paid off 1st March 2010, TV £68.25 paid July 2010 and Brother Loan £39.67 paid October 2010, these montly amounts total £531.92...at which point I SHOULD be in the black and be able to alos budget for car expenses etc BUT I have nothing set aside NOW, car tax is due at the end of the month, seems like i will be juggling until at least April 2010, 9 months, so i need some help and advise...