Help SOA

huskypup

We could sell the house and move back into quarters - but there is a 4 bed house round the corner from us that has been up for sale for 9 months and is reasonably priced - so selling may be an option in the long term but wouldn't solve the problem now - plus husband only has 4 years left so would have to find somewhere to live anyway. we are hoping to pay off alot of the debts with his money when he comes out.

I already work two jobs, HB is going to contact a driving agency when he returns from exercise - but he is limited to what he can do because of hours he works and shift patterns.

andys15

oh yes i missed the csa.

Something has to give. You are £69000, plus £40000 in debt. It looks like you have already consolodated in he past. Combined income of roughly £55000. Married quarters could save you a few hundred, plus a few grand once you sell. Seems you are only paying minimum of CC, and you will only get extra income once you have repaid the loans, whenever that might be. You must have a lot of things you could sell, ie big tv, clothes, whatever you have bought to amount such a huge debt.

andys15

huskypup wrote: »

We could sell the house and move back into quarters - but there is a 4 bed house round the corner from us that has been up for sale for 9 months and is reasonably priced - so selling may be an option in the long term but wouldn't solve the problem now - plus husband only has 4 years left so would have to find somewhere to live anyway. we are hoping to pay off alot of the debts with his money when he comes out.

I already work two jobs, HB is going to contact a driving agency when he returns from exercise - but he is limited to what he can do because of hours he works and shift patterns.

Well if thats the case, you will havv to sit it out for four years and pay of some with his lump sum. Looking at his wage he is probably a NCO, so he should get a healthy lump sum, but then his monthly pension will be quite low. Sell loads of suff. Downgrade the cars. When do your loans end(not secured one

the_cat

How about renting out 1 or 2 of the rooms to lodgers?

Or even renting out the house totally and moving into quarters for now?

Mimi_Arc_en_ciel

huskypup wrote: »

Have recopied SOA with new figures on

Household Information
Number of adults in household........... 2
Number of children in household......... 2(everyother weekend and all holidays)
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1245
Partners monthly income after tax....... 2105
Benefits................................ 0
Other income............................ 360 (part time job)
Total monthly income.................... 3710

Monthly Expense Details
Mortgage................................ 500
Secured/HP loan repayments.............. 418
Rent.................................... 0
Management charge (leasehold property).. 21
Council tax............................. 95 Can you pay this over 12 months instead of 10?
Electricity............................. 47
Gas..................................... 65 This can still be lowered a bit
Oil..................................... 0
Water rates............................. 27 Can you check this? Are you on a meter? Mines £17.27 with Severn Trent
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 63 (sky/internet and phone) (will cut to £40) Definatley needs to be cut to £40
Internet Services....................... 0
Groceries etc. ......................... 200 (will cut to £150) Meal plan, down grade in "brands" £150 will be easy
Clothing................................ 50 This can still be lowered
Petrol/diesel........................... 200 (need both no public transport to wk)
Road tax................................ 25
Car Insurance........................... 70 Can you check this? See if you can get better deals (cant think of company name atm but theres one that specialises for households with 2 or more cars)
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings & contents insurance..................... 20
Life assurance ......................... 20
Other insurance......................... 48 (heating & drainage insurance) (will take off electricals will reduce to 30.
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10 Not bad but you could still get it done at a college for cheaper - they're level 2 trained (which is same as a toni&guy stylist)
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 20
mess bill............................... 15 whats a mess bill?
csa..................................... 275
Total monthly expenses.................. 2236

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 2000 Get cheaper cars? Insurance / Petrol / tax will drop
Other assets............................ 0
Total Assets............................ 182000

Secured & HP Debts[/b]
Description....................Debt......Monthly..
Mortgage...................... 129000...(500)......
Secured Debt.................. 40000....(418)......
Total secured & HP debts. 169000....

Unsecured Debts
Description....................Debt......Monthly.. .
tesco loan me..................10000.....198......
tesco load hb..................17500.....340.......
tesco cc me....................9500......280.......
barclaycard me.................14500....314.....
egg hb.........................9500......228......
egg me.........................5000......133......
tesco cc hb....................3000......75.......
Total unsecured debts..........69000....1568

Monthly Budget Summary[/b]
Total monthly income.................... 3,710
Expenses (including HP & secured debts). 2,125
Available for debt repayments........... 1,585
Monthly UNsecured debt repayments....... 1,568
Money left over £17

Personal Balance Sheet Summary
Total assets (things you own)........... 182,000
Total HP & Secured debt................. -169,000
Total Unsecured debt.................... -69,000
Net Assets.............................. -56000

My comments are in Blue for you hth x

huskypup

Have just spoken to Sky, and had reassessed the package - free broadband is not available in this area - have managed to get down to £35, have also spoken to British Gas have halved the insurance plan, we are still covered but we have to pay a £50 excess. So in one lunchtime have managed to save £50.

Also spoke to Tesco Credit card, about lowering monthly payments - as I am not in arrears they can't help, they have advised me to have the direct debit cancelled not pay for 2 months then contact them again - using the reference number they have given me, then they can reassess how much I pay - I have suggested £100 less - which she says should be ok, as I will still be paying them some interest and the balance. Is this ok, as I have not heard of this before. If this is legit, and I can get the others to do this as well - she says this way - it won't affect my credit status to much - the card will be frozen for 12 months and not cancelled, and they will reassess after 12 months - she is putting this is writing to me. Not sure about this - help anyone.

Will speak to council about getting council tax over 12 months - didn't think of that one.

Water is high (we are on a meter) as the meter was faulty - inside and outside meters showing different readings - not noticed for 6 months - (we used the meter outside to check when the bills came in - same as the meter reading guy), will be sorted by the summer then we will go back down to £20 per month.

Will look in the thrift shop for the kids clothes.

Have started to meal plan for the next two weeks (shop two weeks at time - will be hitting the supermarkets 1 hour before they close to get the bargains)

My car is already a P reg and worth nothing HB car is diesel and is still only worth £1500, need a decentish car, because of the miles he does to collect the children at weekends.

Will look at the car insurance tonight - will use one of the comparrison sites, then take that back to swinton - who we got from a comparrison site last year.

Mess bill is compulsary in the forces Im afraid - whether you use the mess or not - its like a private members club.

andys15

What about your loans though. How long have you got left on them? Anything to ebay? How did you accumulate your debt? You thought about lodgers. If your Husband could get a lodger from work you would also save on petrol. Would it not be cheaper for kids to get train down, they are old enough now or cheeap flights.

savingmummy

huskypup wrote: »

Have just spoken to Sky, and had reassessed the package - free broadband is not available in this area - have managed to get down to £35, have also spoken to British Gas have halved the insurance plan, we are still covered but we have to pay a £50 excess. So in one lunchtime have managed to save £50.:j:T

Also spoke to Tesco Credit card, about lowering monthly payments - as I am not in arrears they can't help, they have advised me to have the direct debit cancelled not pay for 2 months then contact them again - using the reference number they have given me, then they can reassess how much I pay - I have suggested £100 less - which she says should be ok, as I will still be paying them some interest and the balance. Is this ok, as I have not heard of this before. If this is legit, and I can get the others to do this as well - she says this way - it won't affect my credit status to much - the card will be frozen for 12 months and not cancelled, and they will reassess after 12 months - she is putting this is writing to me. Not sure about this - help anyone.

make sure you get the written proof of this agreement! once you have this you can throw it at them if they object later!! DON`T stop repayments until you recieve confirmation letter.

Will speak to council about getting council tax over 12 months - didn't think of that one.

Water is high (we are on a meter) as the meter was faulty - inside and outside meters showing different readings - not noticed for 6 months - (we used the meter outside to check when the bills came in - same as the meter reading guy), will be sorted by the summer then we will go back down to £20 per month.

could you try getting someone sooner to sort this?

Will look in the thrift shop for the kids clothes. ebay bundles/carboots too!!

Have started to meal plan for the next two weeks (shop two weeks at time - will be hitting the supermarkets 1 hour before they close to get the bargains):)

well done :T your doing great already!!!!

huskypup

We looked at trains for them - but were they live they would have to catch 2 of them and go on the underground through London - and believe or not it is cheaper to collect them, even looked at coaches but none leave from where they live.

Have 3 years to run on my loan and 4 on HB - would rather if we can continue paying them off as they are, if I can get the credit cards sorted we'll be ok.

Stupidity thats how we got ourselves into this mess - no one fault but our own - money wasted over the last 5 years - the secured loan on the house was for a new kitchen, bathroom and conservatory - wanted but not nessacary - we've learnt the hard way - and it's time now we faced upto our mistakes.

bloodofareptile

huskypup wrote: »

Have just spoken to Sky, and had reassessed the package - free broadband is not available in this area - have managed to get down to £35, have also spoken to British Gas have halved the insurance plan, we are still covered but we have to pay a £50 excess. So in one lunchtime have managed to save £50.

Also spoke to Tesco Credit card, about lowering monthly payments - as I am not in arrears they can't help, they have advised me to have the direct debit cancelled not pay for 2 months then contact them again - using the reference number they have given me, then they can reassess how much I pay - I have suggested £100 less - which she says should be ok, as I will still be paying them some interest and the balance. Is this ok, as I have not heard of this before. If this is legit, and I can get the others to do this as well - she says this way - it won't affect my credit status to much - the card will be frozen for 12 months and not cancelled, and they will reassess after 12 months - she is putting this is writing to me. Not sure about this - help anyone.

Well done on those - you got a lot accomplished today.

I would personally advise against the plan above (others are free to disagree with me!). If you make all the cuts that others have outlined here, you will be able to make all of your payments, and overpay a little. Anything that you would do that would mean missing payments or paying less than what your agreement is will most likely affect your credit rating and could result in a default and eventually the debt being sold on.

Your original question about self managing a DMP instead of going through an agency to save your credit rating is the same answer - no matter who manages it, if you start missing payments it will affect your credit rating.