Any reassurance for MASSIVE debt?

Jezebel49

homersimpson wrote:

there are lots of people on the forum with similar levels of debts and substantially less income. however in your case i really do feel for you and hope payplan and people on forum can help sort the mess out.
1. how much is the house worth- can you downsize? Not really an option - small terrace which is fine for 3 of us, but have 2 step-daughters who come to stay at weekends and end up on sofabed as it is.[/COLOR]
2. do you care for child on day off? if childminder does reduce childcare costs by minding child yourself She goes to a subsidised nursery at my place of work - is only there when I'm working3. food bill can be cut substantially- where do you shop? Yep - agree with this one! Won't be visiting Waitrose or M and S anymore, 4. shop around for cheaper gas & electricity Already cheapest we can get
5. water meter would probaly work out cheaper Yes - will look into this6. life insurance is too high- shop around will look into this7. why are 2 cars essential? why can't you use public transport? sell them and reduce this debt Both use car for work - public transport would be more expensive and result in a 3 hour commute each way compared to one hour in car8 phone bill could be cut dramatically Yep, agree
9 which union are you with? Both are members of teaching unions.
10 broadband can be cut Yes - will do this
11 why are you paying £50 per month on clothes for a child!? As said previously, includes two teenage step-daughters....who will now be getting Saturday jobs to buy for themselves!
12 you need to list debts
(name of co)- amount- apr- min payments
if some on 0% interest when does that end? etc

Doing that tomorrow!
Thanks for all the useful advice......

jessicamb

Sounds like you are starting to get to grips with things Jez. I hope you are feeling better since your first post.

Emmzi

Jezebel,

just to say hang in there.The next few weeks will be the hardest, but once you have a plan soirted, you will feel better.

There are a few threads on here from people who were too afraid to tell their spouses for a long time. Reading some of those may help you get into hubby's head. He is probably very scared and angry at himself right now, so hugs to him too.

xx

Sea78

That's a lot for teaching unions epecially if you're part time!
I take it you're feeling a bit better or is it still just horrendous?

Has it helped just being able to talk on here? Sorry if being too personal - ignore if you wish!!

Sea xx

kickingkay

Hi Jez well you are most certainly not alone, you owe about the same as us, however ours keeps going upifrom interest alone!
right even though you could do better on some of the bills you pay be careful when changing supplier you dont get hit in a couple of months and end upi paying more like i do!
we are with CCCS they work out how much surplus they will tell you how much you can have to live on and how much you are allowed for bill phone mobile and tinternet is £60. (could be cased on the fact there is 5 of us though)
you are allowed clothing allowence and entertainment allowence you might be pleasently surprized have a chat with them or payplan, we pay about 380 pcm and we are going to be paying ours off for at least the next 6 yrs based on this amount we might contemplate an IVA in 4 yrs time but for a couple to set one up ive been informed it will cost £9000 for the two of us this is then added to teh amount the minimun they will accept would be 600 pcm also which at this moment in time are unable to afford
so for now we plod along.
we wanted to pay more but the CCCS said no we are paying the max we can afford the whole point is to be able to manage on what you have not get into debt again because you just can not afford to liv
anyway sorry might be a bit jumbled im tired but just felt i needed to post while fresh in my head, good luck keep posting and stick together for the why and where fores and how's are irrelibvant you are so you have to face that better together than on your own
good luck
klare xx:o

QueenB.

Sending a hug your way. Can't imagine how you are feeling at the moment as it is a double blow but well done on getting the courage to come on here and deal with it all so well.

Some great advice has already been given i would definitely second having a peek at the OS board for some great ways to cut back on the weekly shop.
You have some busy and very stressful weeks ahead but it will be worth it and remember you always have here to come to for support and advice.

Good luck with the payplan meeting.

In_Search_Of_Me

Good that you are getting there...big hug from me & hope you sleep well!! On a positive note you have surpluss which is fab as it means that situation is not hopeless, even though it feels like it...your DH needs to be honest about where these vast funds have gone & if its credit card HE needs to cut them up...if its gambling suggest gamblers anon...hopefully this has given him enough of a fright to have his lightbulb moment & move forward positively. Be gentle on yourselves though...its exhausting! Agree wholeheartedly with the glass of wine & bath (if you're not asleep already!). Keep posting!

Sea78

I hope that you've woken up today feeling a bit brighter!

Sea xx

System

Jez

Already I bet you are feeling better and over the coming weeks you will become more and more obsessed with saving money and how you can do it. Here's an extract from a reply from one of my threads and it explains how much you are allowed to live each month. They are called Trigger Figuers

There are actually banking guidelines on Income & Expenditure they are called "trigger figures"

Allowance Single Couple Single Couple
(£'s per month) No kids No kids with kids with kids
Phone 16 17 23 24
Mobile Phone 20 20 20 20
Housekeeping 191 314 322 461
Travel/Car 171 173 179 181
Plus each child 0 0 53 38
Health 20 17 8 13
Pets 10 12 8 14
Repairs/Maintenance 24 35 20 20
Sundries 47 61 49 74

Remember though it is a guideline the amounts above are considered alongside your priority debts such as mortgage. Something to think about anyway. I'm sure there is someone else here who can amplify what I written here.

Another subject as you enter a DMP you will be advised to open a new bank account, one that has no links to your creditors. If you Private Message (PM) me your email address I will send you a spreadsheet and a link that helps explain the spreadsheet. The spreadsheet also details what services each account offers.

Lenny

System

Jez

My last post doesn't read well. Here is how the figures should read:
1st column SIngle No kids
2nd Column Single with kids
3rd Column Couple No Kids
4th Column Couple with kids

Lenny