Help.. I can only see one solution!

gonzo127

agreed with the above the best plan of action in the situation would be a debt management plan using one the the debt charities, making the saving stated above will help show all your creditors that you are making the sacrifcies that you can.

the debt management plan will usually mean a freeze on interest and charges on the majority of your unsecured debt and will give you a set amount to pay each month which will go entirly off the balance therefore reducing the amount you own, yes it will kill your credit rating, however having access to credit is what has gotten everyone one on these forums into the problems they have found themselve in in the first place so it really isnt a big deal in my mind

the only options you have when out goings are more than what you bring in are simple, spend less or earn more or a combination of both, since you are trying to earn more with your business and you are going to cut down the amount you spend no one can ask much more of you, however since you will still find you are having problems the DMP would probably be the most sensible course of action at least if you get one sorted you can start to move forward with your life instead of having to live day to day

dancingfairy

Hi. I'm not sure what you see as 'your only option'? is that a DMP (debt management plan), and IVA or bankruptcy? Whichever option is going to be best for you will be recommended by the debt charities. I wouldn't phone up the credit card companies and tell them you have a problem just yet until you have had a word with National Debtline or CCCS or your local Cab.
df

RAS

Please can you check out your monthly mortgage payment and find out if it is repayment or interest only.

redstararnie76

Hi,
Not sure if it applies to you, but perhaps worth checking out if you haven't already. In many areas the council will fund a certain number of hours childcare per week - in my area it's 15, but think it's only 12 hours in many others. This is for both nursery and registered childminders - it's helped us out tremendously. I believe this applies from the term after they turn 3 years old.

pepe2008

Mah, you are correct, there could be only one solution:D
Ring CCCS/NationalDebtline/CAB because...

If you drop the ciggies.................162
Make sandwiches..........................60 saving
Holiday cancelled..........................83
Change phone contracts, say..........75 saving
DVD, entertainment.......................30 saving
Total Saving...............................410 Nothing TOO drastic, but a start.

Current Expenditure..................4231
LESS CC and Loan (not Family).....908
LESS Savings ( above)................410
Total Outgoings.......................2913
Available for Debt Repayment......501 RESULT!

I pay CCCS approx £420 on , Originally, £64,000 of debt.

£501 on £34,000ish is a good offer for your Creditors. It WILL work. Do it.

mah

**confuzzled** wrote: »

Can I just say well done, with cancelling various things you've saved yourself £174.50:j:j Do you get groceries delivered?!? This would save a bit more on petrol. how about your 13yr old getting a paper round or help older people in village with odd jobs for pocket money, will help with those little expenses like the cinema and will also give him some more responsibility/independence

What have you done with the money you saved for the holiday if it's now been cancelled?!?!
How much is the overdraft?!?! I can't see it on SOA. I know it's costs you £60p/m but how much is it to begin with?! Whats the apr?!

I also 2nd the glasses idea instead of contacts...you can't be THAT vain:p:rotfl: Although I'm biased...can't stand the thought of something touching my eyeballs_pale_

Thanks,

Yes Tesco deliver, and i got £20 voucher for when they cancelled on Friday.

Daughter does odd jobs and gets pocket money from Grandma. I have the trips in from us as she does an awful lot helping out with the boys and needs alone time/treats with parents.

Holiday savings went the same way as the pet savings account.

OD is £4500 with Halifax, they charge £1 per day on agreed upto £2500 and £2 p/d when it goes over £2500 but is still arranged. then charge £5 p/d unarranged.

I have a pair of glasses but can't see at night in them due to glare, plus i can't stand anything touching my nose.... My wife doesn't have a pair of glasses and we would have to budget to buy a pair.

I have looked at buying the same lenses and solutions on line and can reduce cost by more than half, but then there is no health check.

mah

bigmommamuppet wrote: »

Hi mah,

This time last year I was in the same position as you i.e. looking at a £600 shortfall each month and debts continuing to rise.

That's when I decided a enough was enough and I wanted to start living so I filled in the CCCS debt remedy on line and I haven't looked back.

Our debts are reducing, our credit rating is shot to bits (but who cares) and my kids have a decent existence and still get to go their clubs etc without me having to worry about where to find the money.

In all honesty I think you need to speak to CAB, Payplan or CCCS and see what they advise. Cutting back to the bear min is fine for a short term plan but trying to life like that for a number of years can be very sole destroying.

Good Luck

Becks

On line with advisor from CCCS now

velrist

mah wrote: »

On line with advisor from CCCS now

Good luck, they should be able to help you prevent things from getting worse. Admitting the problem is definitely the biggest and most important step.

mah

RAS wrote: »

Please can you check out your monthly mortgage payment and find out if it is repayment or interest only.

it's a Repayment Mortgage

mah

redstararnie76 wrote: »

Hi,
Not sure if it applies to you, but perhaps worth checking out if you haven't already. In many areas the council will fund a certain number of hours childcare per week - in my area it's 15, but think it's only 12 hours in many others. This is for both nursery and registered childminders - it's helped us out tremendously. I believe this applies from the term after they turn 3 years old.

That started today with my 3yr old. No help for the rest of the time with child mider or for youngest though.