My Budget, Need Help

LandyAndy

Sorry If I've missed something but why do you still have £300 in for childcare if you are assuming your partner isn't working?

dancingfairy

Hi. when does the debt to the credit union get paid off? and the car loan? if this is in the near future I would be tempted to hang on for a few months until things ease a little.
Another suggestion would be to contact Payplan and get them to use the correct figures and see what they come out with regarding the DMP.
I don't know how old your child/children are but presumably at some point you won't need to be buying nappies etc which will save you and presumably they will get a couple of free sessions of childcare a week? from age 2 or is it 3? do they do this in NI?
Are you able to do a DRO? or do you owe too much?
Sorry what was maintenance? was that for the car?
df

Tixy

Whilst your DMP works out at 10years at the moment, this may well shorten in time.

Hopefully your pay may increase, through a promotion or better paid job. Once your children are at school or older then childcare may stop or reduce. Again once the kids are older your partner could work more hours. At some point the car loan payments will stop.

Any of these items alone could contribute an extra £100 per month which could shorten your DMP to 5years. Several of them together could mean you could multiply the £100 you currently pay your currently by 4 or 5 times.

Unfortunatley the scrimping and getting by is what a lot of people are now having to do having overspent in the past. Thats reality for a lot of people on here.

Morgan_Ree

LandyAndy wrote: »

Sorry If I've missed something but why do you still have £300 in for childcare if you are assuming your partner isn't working?

That's what I was thinking?

I'm sure you're bored with the same lecture but the smoking has got to go
And the hairdressing, is that really an essential?

RAS

NIrelandguy

What is the credit union about?

The problem you have is that there are nationally agreed rules about what can and cannot be included in a DMP budget and although CCCS and Payplan have slightly different allowances, you simply will not get an allowance for the credit union, smokes loterry and the allowances for food, telephones and savings are much lower.

If i remember rightly the car loan is not in the DMP because it is owed by OH to her brother. It may be secured or unsecured but because the debt is not owed to the car company but to BIL, he would only be paid pro-rata if it was in the DMP. So that ameans you have to reduce your spendign somewhere else to find the money, when in fact your expenditure is high on several counts.

gfplux

Hello nirelandguy,
Sorry you are in such a mess but you should pause for breath and start over.
The SOA here http://www.makesenseofcards.com/soacalc.html
is easy to fill out and save. it does ALL the calculating for you so you can so easily do what if's. You can also add lines to put in things not covered by the form.
Why not do your SOA using this form and start again.
You know that doing the lotto is not a treat. you know having a huge mobile phone contract is not a treat.
Call the mobile company tomorrow and TELL them you MUST change the contract.
good luck

System

LandyAndy wrote: »

Sorry If I've missed something but why do you still have £300 in for childcare if you are assuming your partner isn't working?

No that budget is ammended with her working and me reducing a few things.

I contacted Payplan yesterday who emailed the following today.

I’ve just received your budget amendments. Thank you.

Would you like me to update your file according to the values provided bellow and decrease your monthly payment from £100.00 to £21.39?

Hope to hear from you soon!
Many thanks!

RAS

I think Nirelandguy knows much of this... but his OH refuses to reduce expenditure.

dancingfairy

What's wrong with the mobile - they were only 20 and 25 a month which isn't that bad to be honest.
df

dancingfairy

Unfortunately if she is earning and wants to spend her money there isn't really a lot Nireland guy can really do about it - if she hasn't had her lightbulb moment.
I think maybe setting the dmp amount at a realistic level but accepting that it will take longer to pay off is the way to go. Especially as things are likey to change regarding childcare etc and wanting to pay off the car loan to a friend? I guess going bankrupct would make things even harder to afford the money to the friend/family member?
Nireland guy how long have you got left on the credit union thing?
df