New Year Still Broke

So_Sad_Angel

suzzybabe wrote: »

I intend to be very contrite (which I am) and throw myself on their mercy Do you think that will work?

I have done the CCCS debt remedy which recommended a DMP which I believe to be unworkable for me

I find this very odd Suzzy.....why would you choose BR when DMP is clearly the better option?.....unless there is something that you have not disclosed in your posts or I have misunderstood....if so I apologise for my comment.

DMP would allow you to maintain your lifestyle, keep your car & roughly pay off your debt in around 8 years...if not sooner. 67k on a salary c40k should be do-able IMO...esp as you have c£600 a month spare!

If CCCS recommends DMP then a judge & the OR will likely question your actions. BR can be refused in some cases.

Just my opinion & if there is something that you would rather not disclose online then please feel free to PM me....I like to try & understand.

Angiex

suzzybabe

No SSA I have put my life story on this thread really

Its the level of debt I have got that is worrying me This is the third time I have been here First two times Mum and Dad bailed me out.

I know it seem easy to - Just say no - but I am a spendholic and I think Br would be a harsh lesson for me No more credit Cold Turkey so to speak.

I know I will get an IPA and lose my car

I can hear people screaming what about the creditors????? And I am not making excuses and they did not make me spend the money and I did apply for the cards originally but now I have 7 cards all with an (unasked for) limit of £10,000 to which I owe a total of £47k

My lifestyle has to change I will have to make an adjustment I am going to phone CAB in the morning see if I can get an appt.

I realise court might not accept my Petition unless I get advice

My car will probably only realise £5K on the open market

So_Sad_Angel

Thanks Suzzy,

I do understand & its a lot like an addiction really....trouble is there is no therapy available to help....it may be worth making sure that there is no underlying issues like depression or stress that is causing your overspending.

LOL I guess that may seem odd to `non-spenders` but there is often a link between the emotional state & the `high` that spending gives you...if that makes some sense.

Its a bit like an alcoholic...the more you are desperate to stop ...the more the drinking increases....I think that it is the same with debt.

Get yourself in front of a CAB debt advisor....get them to help you with your financial statement & they will arrange with your creditors to take the pressure off you for a few months. If BR is the outcome then so be it...but please don`t rush into anything....make sure you make the right choice for you.

If you need to chat Hun then do PM me.

Angiex

suzzybabe

Thanks SSA and BAAB

I thought I was the only one in this deep dark hole Just when I thought I was alone

You have shone a light

Feels like I want it over with yesterday

Phone CAB tomorrow and back to work

I think I have been used to 'having it all' Its the way I was raised BTW not a critisism of parents

If you are as understanding to half the people on Mse boards as you have been to me You deserve an award

Thanks again

Suzy xxx

tigerfeet2006

suzzybabe wrote: »

Here is my re jigged SOA Can anyone have a look at it I believe that will leave me with an IPA of £577 per month for three years if the OR accepts it

I think Br is the best route for me as it would trash my credit file and with my history That would be for the best

My Mum and Dad will be furious but at least I am OWNING my problems and not running to them

I take it OR will take my car which will leave me with a BIG problem doing my job????

Also was wondering what the story is with the tax code?

At the moment I am paying my cc's with cash back from other cc's

so its a big mess

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).. 30
Council tax............................. 120 Does this include single person allowance?
Electricity............................. 60
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 30
Mobile phone............................ 25 add to phone max £50
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 10 only allowed on your SoA if needed for work, otherwise must come from surplus.
Groceries etc. ......................... 240 £200
Clothing................................ 40 £50
Petrol/diesel........................... 100 is it really this low?
Road tax................................ 17
Car Insurance........................... 25 make sure this is fully comp.
Car maintenance (including MOT)......... 20 £30
Car parking............................. 0
Other travel............................ 30 not allowed
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15 make sure this has accidental damage.
Life assurance ......................... 20 the OR will most likely have an interest in this.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 most OR's will not allow but leave and see.
Haircuts................................ 10
Entertainment........................... 20 definatly not allowed
Holiday................................. 20 £25
Emergency fund.......................... 20 most OR's won't allow but leave and see.
professional fees....................... 10
newspapers.............................. 20 not allowed unless they are 'trade' papers ie: science teacher would need New Scientist, though not all OR's will allow I have seen a lot who do.
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1825

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
Bank Loans.....................20000.....465.......0
Total unsecured debts..........67000.....935.......-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,825
Available for debt repayments........... 825
Monthly UNsecured debt repayments....... 935
Amount short for making debt repayments. -110
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

Reproduced on Moneysavingexpert with permission, using IE browser.[/i]

You could add dry cleaning £10 and get breakdown cover for the car, this is very useful if BR £10.

This is roughly how an OR would look at your SoA. I agree with the others you will probably be better off in a DMP at the moment. Your credit rating will be just as trashed and you will have difficulty getting anymore credit, but you won't have some of the worst ramifications of BR.

Is the car on a loan or HP?

Oh! and Angel speaks a lot of sense

suzzybabe

tigerfeet2006 wrote: »

You could add dry cleaning £10 and get breakdown cover for the car, this is very useful if BR £10.

This is roughly how an OR would look at your SoA. I agree with the others you will probably be better off in a DMP at the moment. Your credit rating will be just as trashed and you will have difficulty getting anymore credit, but you won't have some of the worst ramifications of BR.

Is the car on a loan or HP?

Oh! and Angel speaks a lot of sense

The papers are work related
That is fully comp insurance
The life insurance is whole life It has no surrender value

No entertainment????? eek

Thanks for a very constructive reply

Car was a personal loan

Petrol was a rough estimate do you think I could increase it a tad?

Much Kudos

I luv Mse

Suzy x

So_Sad_Angel

tigerfeet2006 wrote: »

Oh! and Angel speaks a lot of sense

Thanks Tiger..

....hope you are well Sweetie...Happy New Year xx

suzzybabe

So_Sad_Angel wrote: »

Thanks Tiger..

....hope you are well Sweetie...Happy New Year xx

Thanks for the PM SS I have tried to reply but can't seem to anyway the jist was Everyone has been so kind and non judgemental and that you really suit your soubriquet Though I think you may be a saint

Keep the Faith

You shine a light

Suzy xx

So_Sad_Angel

blind-as-a-bat wrote: »

Welcome to the world of a BR, my idea, or should i say reality, of a night out, is standing in the garden, with a glass of the local shops cheapest cider, £2.59 for two litres

LOL BAT....you`ve moved on from the Morrisons 89p for 2ltr stuff then:D:D:D

One thing to remember Suzzy is do not lose your sense of humour....debt crisis takes lots of stuff away from us.....most of it materialistic but you are still `you` & I hope that you feel ready to get that debt sorted once & for all.

....you are in control now Hun.

suzzybabe

blind-as-a-bat wrote: »

Welcome to the world of a BR, my idea, or should i say reality, of a night out, is standing in the garden, with a glass of the local shops cheapest cider, £2.59 for two litres

My only other 'luxury' is the internet, which is not so much of a luxury really.

Its a tough wake up call Suzy, ten years ago i earned 25-30k, one epeleptic fit later, that was at least halved overnight:rolleyes:

I know things will have to change that is for sure Its the new shoes I will miss most

Hope you are well now???

I don't think you can put a price on health

Your little posts certainly light up my life.

It sounds crazee but I have went from being advised by my friend to max out my cards to actually putting together a budget in the space of 36 hours with the help and constructive critisism of the kind people on this MSe board

I neva though that day would come

Thanks everyone and good luck to you all

shine a light

Suzy xxx