DMP or hang on in there?

Cheshire_Cat

it came in by going interest only (quote from northern rock)

good idea with the cards - didnt think about putting the loans on to them - will see what the settlement figures are and what savings there would be

credit rating shouldnt have been affected but i was turned down for an abbey zero credit card just before holiday - not sure why - ive never missed payments - could it be because of inputting data to CCCS?

Numpty_Monkey

Cheshire_Cat wrote: »

ok have done the SOA as advised.

hope this helps

thanks!


Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2600
Partners monthly income after tax....... 1300
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 4020
Monthly Expense Details
Mortgage................................ 1077
Secured/HP loan repayments.............. 168
Rent.................................... 0
Management charge (leasehold property).. 25
Council tax............................. 143
Electricity............................. 50 Check out comparrison sites and cashback sites
Gas..................................... 60 as above
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 11.75
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 300 checkout OS board this can be cut to £250 easily
Clothing................................ 20 need to wear what you have
Petrol/diesel........................... 220 check Martins article about reducing petrol costs
Road tax................................ 33
Car Insurance........................... 66 Any Insurance use comparrison sites and cashback sites
Car maintenance (including MOT)......... 33:T
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 850
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 2
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.62 as car
Contents insurance...................... 0 as car
Life assurance ......................... 13.75 as car
Other insurance......................... 0
Presents (birthday, christmas etc)...... 67 this needs to be cut done to at most £10
Haircuts................................ 20 Look into getting haircuts at collages and trainee days at saloons
Entertainment........................... 100 Look into cheaper alternatives,cut down to £20
Holiday................................. 166 If not booked you can't afford, Look at weekends away, cheap days out
Emergency fund.......................... 0 Guess thats the petty cash fund , £20 MAX
(Unnamed monthly expense)............... 0
petty cash.............................. 50 New emergancy fund at £20
union subs.............................. 25
gym/squash.............................. 50 You can't afford this cancel it
Total monthly expenses.................. 3738.12

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 13000
Other assets............................ 0
Total Assets............................ 193000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 167881...(1077).....5.39
Hire Purchase (HP) debt ...... 7667.5...(168)......10.4
Total secured & HP debts...... 175548.5..-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loan ..........................7733.85...160.......9.85
loan...........................7226.36...329.......6.1
overdraft 1....................5300......60........18
overdraft 3....................400.......6.........18
overdraft 2....................1000......15........18
Total unsecured debts..........21660.21..570.......-

Monthly Budget Summary
Total monthly income.................... 4,020
Expenses (including HP & secured debts). 3,738.12
Available for debt repayments........... 281.88
Monthly UNsecured debt repayments....... 570
Amount short for making debt repayments. -288.12
Personal Balance Sheet Summary
Total assets (things you own)........... 193,000
Total HP & Secured debt................. -175,548.5
Total Unsecured debt.................... -21,660.21
Net Assets.............................. 3,458.79

I've left afew thoughts, you can make enough savings to start on the overdrafts in a "snowball" order- payoff the highest interest one first with available spare money,paying minimum on the rest, when the first is paid off, that money goes onto the next one , and so on

HTH:A

GeorgeUK

Inputting data to CCCS wouldn't impact your credit file. You can have about 3 credit checks in a 6 month period before your credit score is affected. Might be worth checking your credit files to see if there is anything on there and that they have you as being on the electoral roll at that address - you can do so free at experian (if you cancel within 30 days).

LeeSouthEast

I disagree on the emergency fund. If you're up to your eyeballs in debt, something breaks, how do you fix it? More credit? With a (maybe just) £500 emergency fund, minor crises do not have to throw you off your debt-freedom journey.

El_Skinto

Hey

Just wanted to say, that we were in the same position as you. We really did struggle for months until it finally hit us that we could no longer scrape by.

we only had 6 months on 1 debt and 9 months on another which meant that this would free up £330 a month but unfortuately we were never going to make it.

We spoke with the National debt helpline and they were the ones who said that yes it would be a struggle but to carry on, even although they knew my wages were about to drop (having just had a baby which they knew 2). We did try for months but it was getting harder and harder by the day.

We finally took the plunge with CCCS and took a DMP and can honestly say although its not ideal as we liked the sound of my 2 debts being nearly paid off but by doing this we can finally sleep at night again. We really do feel as though the weight has been lifted off our shoulders. I no longer dread going to the bank or feel sick going to the supermartket to buy food for our family. The only thing i would say is that i wish we had done it sooner, in fact when we contacted the national debt helpline months before.

Maybe you can struggle on but we really did give it a try.

Good luck anyway on whatever you decide!! We all get there in the end!!

LeeSouthEast

It'd come from savings made from the SOA adjustment, of course.