New Year Still Broke

suzzybabe

I am at present making minimum payments to cc's by using cashback on ccs???


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2650
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 25
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 46
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 160
Petrol/diesel........................... 100
Road tax................................ 17
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 20
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 100
Emergency fund.......................... 20
Total monthly expenses.................. 1972

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 8000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................47000.....470.......16.5
loans..........................20000.....465.......0
Total unsecured debts..........67000.....935.......-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,972
Available for debt repayments........... 678
Monthly UNsecured debt repayments....... 935
Amount short for making debt repayments. -257
Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,000
Net Assets.............................. -59,000

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debtinfo

Hi, just a couple of questions, it does seem that you have a good wage and have a significant surplus, but this is all wiped out plus more by the debt repayments. This means that an IVA is certainly available to you (although not necessarily the best option). Is the car on HP, or is it owned outright. The rent and council tax seem quite high for 1 person, do you live in a particulary expensive part of the country. Also your clothing and holiday allowance seem quite high as well, are you the only member of your household.

btw i was just pointing out the bad bits, there are probably things that could be added as well

suzzybabe

Thanks for that

I have just done the CCCs Debt Remedy again I must have filled the first one out wrong because now it is recommending (sp) a DMP and not Br

I was not allowed the £160 for clothes on the remedy either

I am going to ask for an appt with a counsellor to see if I can work out all this mess.

The car was bought with a personal loan

What a nightmare I have not included the approx £300pm I spend on nights out either

My rent and CT are what they are I would hate to move

So_Sad_Angel

Hi Suzzy & welcome.

Definately get a telephone appointment....obviously I don`t know the full situation but with your surplus & maybe more savings within your soa I think that at this stage BR would be too drastic.

Personally I had a higher level of debt on similar net monthly income & outgoings....a DMP was recommended by CCCS.

Hope that helps....there is a DMP thread over on Debt Free Wannabee which you may find useful.

Angiexx

So_Sad_Angel

BTW its good that you know that BR is an option....too many people are afraid of it when actually, if its the last resort, then it is the best option.

In my case my income has gone now so I have no alternative..

slummymummyof3

Sorry, but did I read that right? You spend £160 per month on clothes, £300 per month on nights out and £100 per month for a holiday???? Isn't it time YOU took responsibility for your spending and looked to repay it rather than go down the bankrupcy route?

What sized accomodation do you live in for 1 person £850 per month sounds a lot - can you find someone to share with you or move somewhere cheaper.

I think most people who spent money like you have been would be in financial difficulty!

suzzybabe

I know I know That is what my Mum has said She has bailed me out twice in the past to the tune of 100k and is refusing to do it again She cannot understand how I can spend so much.

I earn a good living and should be able to manage

I live in a 2 bedroom house in the middle of York It is so small it is practically Japanese

The rent seems high but it is a really nice area I am loath to move

staffie1

suzzybabe wrote: »

I know I know That is what my Mum has said She has bailed me out twice in the past to the tune of 100k and is refusing to do it again She cannot understand how I can spend so much.

I earn a good living and should be able to manage

I live in a 2 bedroom house in the middle of York It is so small it is practically Japanese

The rent seems high but it is a really nice area I am loath to move

On your level of income, and at your age (I'm assuming you're not very old) and with a different attitude to spending money, it's my opinion that you can clear these debts without going down the bankruptcy route which will devastate you. It really is a last resort, and I think you have a way to go before seriously considering it.
There is no easy way out - you'll have to knuckel down and take control.

curly04

Hi Suzzybabe
We are not here to judge you and I am not judging you, but I kinda agree with what the other person has said.
However you are in the right place to get some help and support
OK you live in a nice house, in a nice area - fine you work hard, (wages prove that)
Clothes - if you work in a good job you need nice clothes, which can be expensive, but charity shops and ebay can sell some really good stuff a lot cheaper, also there is Swap parties where you swap you clothes.
Nights out £300 - yes you have to go out and you have to have fun, what about arranging nights in, Wii , PS3 sing star nights - get a bit of cheap booze - we have really good fun at these, your not out in the cold, standing in line waiting for drinks, bad chat up lines.....etc

In BR they will not allowed some of the things like Sky/cable, i've been allowed £10 for a hair cut (I know shocking)
You can work through this, but you are going to need to make some changes, and if you are willing to do that we will be here to help you.

Good luck

slummymummyof3

Can you not get someone to share the house with you as you quite clearly cannot carry on living beyond your means any longer? Are you getting the single occupancy council tax at the moment?

You have made the first step by coming on here so you clearly have some motivation to sort yourself out???? It won't be easy but you can do it with some self-discipline and hard work.

Ebay anything you don't need or carboot it (although I appreciate it is a tad cold for carboots at the mo), quit the extravagent nights out, the excessive clothing budget and the holiday fund and start wholloping money towards your debts. Reduce your sky package etc as it all adds up. You need to take responsibility for your spending and now.

You need to have some serious lifestyle changes and that includes making your own packed lunches for work.