Got to do something about it now ...

Kevicho

can you also give us in the APRs and minimum payments for each of the cards

then we can look at snowballing the debts

kathfisch

Try not to feel overwhelmed by all the comments and suggestions!!

Its a hard step, admitting that there's a problem, so well done for that :T

Thing is, you are probably used to a certain lifestyle and can't imagine giving up various things. The truth is you can't afford anything but necessities (and the occasional treat to stop yourself going crazy!). If you hang around on here long enough you'll soon get the bug and be challenging yourself to spend less, make do and save money - and its so rewarding! Its the difference between "we'll reduce the sky bill" and "to hell with it, we'll still live without sky, freeview's cheaper and just as good, that money may not seem a lot but every little helps to pay off our debts asap!"

Some suggestions might seem extreme, harsh even, but its all part of the process. You know which cut backs will be most appropriate to you but do try to keep an open mind about them all, even the unimaginable (for now!) ones!

Mrs_Sparkle

Just want to say good luck. Read everything you can on this board and on the old-fashioned savings board. Lynz's advice is fabulous as always. One of the hardest things is actually writing down the figures and seeing in black and white that you're overspending, but trust me- we've all been there. It gets better, I promise.

Marsie

rescuethemall wrote:

Pet Insurance - £28 (3 cats)

This seems very high. Is it with PetPlan?

Assuming none of your cats have existing conditions or are over age for new policies (is it 8 years for cats as it normally is for dogs?), I would look at different quotes for this.

Don't touch any policy offered or underwritten by E&L/Equine & Livestock, as that would probably be a waste of your much reduced policy price (they are historically dreadful at paying), but Direct Line, More Than, M&S etc. are very good.

Not a lot, but every bit helps!

Best of luck, and well done for facing up to things, hope your road gets easier.

M.

Marsie

scholt wrote:

one of us can't add! probably me:rotfl:

At least two of us can't count, as I've added it up twice and made it £668.89. Hope you're the one who's right, Scholt.

M.

rescuethemall

Marsie wrote:

This seems very high. Is it with PetPlan?

Assuming none of your cats have existing conditions or are over age for new policies (is it 8 years for cats as it normally is for dogs?), I would look at different quotes for this.

Don't touch any policy offered or underwritten by E&L/Equine & Livestock, as that would probably be a waste of your much reduced policy price (they are historically dreadful at paying), but Direct Line, More Than, M&S etc. are very good.

Not a lot, but every bit helps!

Best of luck, and well done for facing up to things, hope your road gets easier.

M.

Hi,

Thanks for all your suggestions - have only got time to quickly post but I will try over the weekend if I can to find the aprs etc out and post them for you.

The easy question to respond to is the pet insurance. We've got 3 cats - 2 are with Petplan and unfortunatey we've had to make claims for both cats - so if we moved them we wouldnt be able to claim again (as the petplan allows us to make more claims on the same problem).

The other cat is with Sainsburys, though this is only because Petplan would not take her as she was 9 years old when we rehomed her, and Sainsbury's appeared to be the cheapest I could find which didnt have an upper age policy.

Individually Pet plan is £17 and Sainsburys is £11

lynzpower

Ive added it up a few times now and every time its coming out with something different. I wonder if theres a prob with my calculator ?

OP are you there? I hope you are not scared off

CLAPTON

my calculations

income total = 2246

spending = 1254 excluding debt repayments

surplus for debts = 992

debt repayments = 1711
over all a short fall of £719 per month

(by the way what I meant about totals was simply to add the three totals above as it saves us all arguing about what they should be)

your main options as i see it and assuming my figures are right :

a. decide to default on the debts i.e. go into a debt management plan or
b. make some pretty drastic changes to your lifestyle


(and of course the shortfall doesnot seem to include food, going out, holidays etc etc..)

but firstly I would suggest you do teh following:
a. start a spending diary as i doubt the completeness of the above figures
b. sit down with OH and review yearly/one off spends (holidays, car costs tax, mot, servicing etc,xmas, boys toys etc.) absolutely everything you may spend over the next year. with the yearly figure divide by 12 to get a monthly figure

then add the total spending and compare it with income and see the surplus that can be spent on debts.

depending upon the revised figures you need to consider

a. can you increase income...part time jobs etc.
b. reduce spending ...get rid of the cars?

tawnyowls

rescuethemall wrote:

The DenPlan thing - we were kinda 'forced' into this as it was either sign up or find another dentist - and I dont want to be without a dentist. The charges I've seen which are for the private rates of check ups and work are astronomical, which is why we signed up to it. We at least get a discount off private work if any is needed.

Might be worth having another look at this, as a lot of health authorities are now managing to get NHS dentists set up again (courtesy of all the very well-trained Eastern Europeans arriving in). Have a look on here (http://www.nhs.uk/england/dentists/) and see if you can track one down. Also, would be worth double-checking re private dentists - I was with one, and checkups were £40 - OK, a lot more than NHS, but less than 2 months of your policy.

rescuethemall

Well, went to the CAB Saturday morning and spoke to a very nice person - kind of felt like i'd let a whole lot of stress out of me by just talking to someone 'neutral'.

She said that the IVA route appears to be my best route due to the amount of debt I have, as with the pro-rata payments it would take decades to pay off my creditors, and at least with the IVA after 5 years it should be all gone.
She also said that I would be best to do the IVA in purely my name (not involve my bf).I've got the expenses form to fill in so I can work out how much the creditors woudl be offered. Got to go back next Saturday for them to have a look at it, and then will speak to a debt specialist who will take me on as a client and deal with the creditors on my behalf.

The only 2 things which she said would cause an issue is the hp on the sofa and the car finance.

She said I could try putting the car payment down in the expenses column (as the trigger figure for a single person is 173, and could probably get away with it), though the other creditors may work it out and not agree to their payments. I know my parents are fully aware of the situation and they say they may be able to help pay the 'bubble' so that I would still have a car, which I know most people say is not essential, but the cost and time of public transport in Norwich, and also the fact that I have to go to the doctors every month due to medical issues means that I would then be spending the equiviant on bus fares / taxis than I would when compared to the car payment (as such).

As for the sofa - she said I can try see if they will accept a reduced payment, but we're of the opinion of 'if we lose the sofa, we lose the sofa' - cant quite see what Dfs would do with a 18 month old sofa which isnt in perfect condition.

Anyway, havent had time to find the aprs of the credit cards properly, but I know theres no chance of me putting any onto other cards etc as i've always been refused.

Feel a bit better knowing that things are finally getting going .. I know it'll be hard, but at least i'm dealing with the problem now.