Up a certain creek without a paddle - any way out without a DMP?

tiny_courageous

Allypops wrote: »

washer - Yes I think CCCS is my next port of call and do whatever I can in the meantime. I don't think I wanted to accept that it had got that far.

Tiny courageous - yep DH knows but seems to have even more trouble than me in dealing with money. He thinks the lottery is the answer.


Oh poo

He sounds like my OH! Not sure I've got any practical advice to offer there because mine will still get his hopes up when there's a rollover!

gfplux

Examine yourself, is this really your “light bulb moment.” If you find plenty of reasons and excuses not to act immediately then the bulb has not come on properly. If you can not do without A Sky contract, Mobile Phones, Holidays, Fitness/Sports Membership, then again the bulb has not come on properly.
Is your partner fully committed with you (with light bulb on). If they are not it will be an uphill struggle.
It is not too late BUT you have to act now not tomorrow, next week or next month.
Good Luck

Allypops

I am pretty sure this is it. Due to the nature of his work, the car and mobile are necessary for DH but I should be able to get rid of my phone. I am waiting for the MAC code so I can swap my phone/broadband/tv package to just phone/broadband. No gym membership or anything. Will be moving forward to discussing options with CCCS on Monday. It is a bit of a pain not knowing when the big big 10k bill is coming, no one returned my call last week. I could keep up payments until that comes in and then arrange DMP, will see if CCCS think that's the way to go.

Little_Mis-spent

Hi!

Just wanted to say welcome and good luck for the future. I know that things look bad now (I remember the sick feeling well!) and I wish I could offer some practical advice. Still new to all this myself so I'll just offer you a {{hug}} instead

xx

Ames

What work is the 10k for? If it's external and you live in a block of flats then you shouldn't have to pay as your ownership doesn't cover externals, and it's impossible for them to miss you out. If it's internal then you have the choice not to do it. If you're freehold and getting externals done because the entire street is then you should be getting a big discount.

Do you have a tenants federation in your area? They'll know the law and be able to help you out.

How much notice have you had about the 10k?

Ames

Allypops wrote: »

I thought I had my LBM last year and then earlier this year but no. I have had a rude awakening when I tried shuffling cards to O% and realised the extent of how bad things really are. We (DH and me) owe a ridiculous amount of money and when I went on the CCCS site, it recommended a DMP. Thing is, I would still rather try and avoid it if at all possible as we got ourselves into this and I would like to get ourselves out without having no prospects of remortgage or moving in the future albeit several years away - we will need an additional bedroom within a few years. Can anyone see any way forward.

I mistakenly missed a payment on a catalogue recently which has now made my credit rating drop from 999 to 700 so this may also have a bearing but everything else is up to date but we are relying on CCs for day to day stuff now. As leaseholders we will also be having a very large bill in the next few months for about 10k (nice:eek:}

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 2275
Benefits................................ 130
Other income............................ 0
Total monthly income.................... 3405
Monthly Expense Details
Mortgage................................ 1017
Secured/HP loan repayments.............. 165
Rent.................................... 0
Management charge (leasehold property).. 40
Council tax............................. 115
Electricity............................. 60 check you're with the cheapest supplier, that you've got energy saving bulbs, turn everything off at the plug, don't have a tumble dryer etc.
Gas..................................... 50 Only turn the heating on when you have to, otherwise wear an extra jumper, have an extra blanket on the bed, snuggle under a duvet on the sofa etc.
Oil..................................... 0
Water rates............................. 0 I'm assuming you're in Scotland then?
Telephone (land line)................... 35 This is high, especially with separate broadband.
Mobile phone............................ 60 ouch! If OH needs his for work fair enough, but make sure you're getting the best deal.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20 This is high, you could easily half it at least.
Groceries etc. ......................... 280 This is a bit high, but if you're cutting it down to this from £600 then well done!
Clothing................................ 50 Can be cut for a while, then use ebay, charity shops etc.
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 45
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 35
Other insurance......................... 45 what's this?
Presents (birthday, christmas etc)...... 50 ouch! Only buy for kids, and give home made stuff as much as you can.
Haircuts................................ 30 try the local training college and leave it a bit longer between appointments.
Entertainment........................... 30
Holiday................................. 100
Emergency fund.......................... 50 This is your emergency!
Total monthly expenses.................. 2579

Assets
Cash.................................... 250
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 3500 (OH - absolute necessity)
Other assets............................ 0
Total Assets............................ 163750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144000...(1017).....6.99
Secured Debt.................. 10000....(165)......6.5
Total secured & HP debts...... 154000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
lloyds tsb loan................15000.....340.......14
lloyds tsb c/c 1...............6000......140.......11
lloyds tsb c/c 2...............5000......120.......10
OVERDRAFT ABBEY................400.......5.........0
overdraft TSB..................3000......35........0
Post Office c/c................1500......20........0
M&S Credit card................1500......20........20.9
virgin c/c 2...................6000......150.......0
virgin c/c 1...................2850......100.......34
Total unsecured debts..........41250.....930.......-

Monthly Budget Summary
Total monthly income.................... 3,405
Expenses (including HP & secured debts). 2,579
Available for debt repayments........... 826
Monthly UNsecured debt repayments....... 930
Amount short for making debt repayments. -104
Personal Balance Sheet Summary
Total assets (things you own)........... 163,750
Total HP & Secured debt................. -154,000
Total Unsecured debt.................... -41,250
Net Assets.............................. -31,500
Created using the SOA calculator at makesense of cards
Reproduced on Moneysavingexpert with permission, using IE browser.

The figure for shopping are what I want to be spending and what I am heading for now as it was about £600. I am trying to pick up tips from the oldstyler board
We have just been living beyond our means since, well, forever. DH is a heavy smoker (30 a day) - luckily I gave up nearly 10 years ago although you'd never know it from my bank account. We had takeaways sesveral times a week and if not it was M&S's finest. I am trying to reform and have started making food from scratch and even making my own bread but I fear it may be too late. I realise that I have let my family, in particular my 2 small children who rely on me, down and really need some honest (but not too harsh) advice on what, if anything, can be done. I have finally accepted that buryng head in sand or carrying on regardless are not options.

There are a few thoughts from me. I know M&S is nice (although I've never set food in Waitrose, I daren't!) but home made is better. Buy meat from a local butcher (if you have one!), it's cheaper and much nicer than supermarkets. Also shopping online's great, I've only just started to do it myself.

Allypops

Thanks

Oops I missed the water rates and I forgot to put in DH's ciggies :rolleyes:. I am in Surrey .

You are right we can cut down on bills - I have got a tumble dryer-use it all the time, leave lights on, have the heating on 24 hours from autumn to spring, leave everything on standby. So there's a few bits to start with.

The terms of our leasehold mean that we pay a percentage towards major works on our block. This year they decided to replace the roof and install double glazing. So although we are on the ground floor and already have double glazing it means we are still liable for a percentage of the total. It is really annoying but all there in the lease so it's not like they're pulling a fast one. We have a leaseholders association and theres unfortunately no way out.

It sounds like I should be able to get landline//broadband cheaper than I thought- will go and have a look

Will recheck my figures again methinks

Compingirl

hi Allypops, and well done for posting your SOA. You've done the hardest part in writing it all down and accepting your situation. There are some useful tips been posted here, the only thing I can vouch for is the internet shopping & homebaking, i've reduced my shopping budget from £600+ to about £350 by planning a months meals (easier than it sounds!) cooking from scratch and batch cooking.

Good luck to you, I hope things pick up for you soon cgx

Ames

It might be worth getting in touch with a tenants federation to make sure that they've followed all the right procedures for letting you know, they might be able to extend the term you have to pay for it in or something. I mean someone with legal knowledge, not just a leaseholders association, unless they've got legal advisors, which is possible but not likely.

SouthCoast

How realistic is the value of your property with a £10k liability hanging over it?