Arm bands have punctured!!!!

BERTIEMATE

Ok, take a few deep calming breaths.......... and go.......

I have been reading posts on this site for a few months now, plucking up the courage, as many of you already have, to put (not pen to paper) but finger to keyboard and tell all plus ask for guidance.
I have struggled for the past year with mounting debts from a new home purchase, which was v. run down when purchased, after a horrendous divorce from an abusive and violent ex, and the ensuing renovation to allow myself and my son to live in it.
Had small amount of cash saved which was eaten up really quickly with the renovations and sooooooo stupidly took cash out on credit card and loans.Lost the plot big time trying to swap balances to interest free cards and only ended up putting more onto the cards, idiot person that I am!!!!! Have always worked and have a good job but am now drowning in debt.I pay only the minimum balance on c/c and have not defaulted or failed to pay any of my essential and non essential debts but, have 0 balance at the end of the month to live on so overdaft has taken a bashing too. Cannot cope with this situation any longer.
I have had a meeting with lovely Gentleman at C.A.B. and am due to see a debt management lady at C.A.B. on Monday to talk about an IVA.
This is where advice from the debt free wannabe long haulers would be really appreciated: would the IVA route be the wrong thing for me to do? Would it be better to manage the debt alone as other people on here are very successful at? Just a bit (lot) frightened of making more mistakes ( sob) sorry, any help and advice would be really, really appreciated, thank you for taking the time to read this. xx

Woowoo

I can't offer any advice sorry, but good luck whatever route you decide to take - you will come out the otherside x

BERTIEMATE

Thank you. xx Hope so.

speedycat

Hi Bertie

Welcome along - have you done a SOA (statement of affairs) - why don't you post it up so that the experienced long haulers can have a look and see where savings could possibly be made.

You're in good company here

BERTIEMATE

Ok will have a go :eek::eek::eek::eek:

Income Amount

take home pay =£1,780
partner's take home pay= 0
Rent/board received = 0
Pension received = 0
Any other income received = 0
Income Support = 0
Jobseekers Allowance = 0

Income Amount

Incapacity Benefit =0
Disability Living Allowance =0
Working Tax Credit =0
Child Benefit = £80
Child Tax Credit = £15
Child Support = £20 !!!!!

Total income £1,895

Housing Amount
Rent =0
Mortgage = £670 (interest only)
Secured loans/2nd mortgage = 0
Mortgage endowment premium = 0
Service charge/ground rent = 0
Water =£16
Council tax = £83
Gas = £30
Electricity = £25
Other household fuel = 0

Household services

Building and contents insurance = £29
Telephone, mobile & internet = £48
TV licence = £12
Satellite = £20
Repairs and maintenance =0
Household appliance rental =0
Child maintenance =0
Childcare =0
Fines, CCJs, Decrees =0
Life insurance/pensions =£38
Medical/accident insurance =£18
Hire purchase =0

Transport

Vehicle spares and servicing = £10
Road tax =£10
Motor insurance = £14
Vehicle breakdown cover = 0
Fuel & parking= £90
Public Transport =0

Food & housekeeping

Food, toiletries, cleaning = £213
School meals/meals at work = £30
Pets, pet food/insurance = 0
Tobacco = £90

Misc. goods & services

School trips/activities =£5
Medicines/prescriptions =0
Dentist/opticians =0( this is my job so foc)
Hairdressing = £5
Union/professional fees =0
Laundry/dry cleaning=0
Education fees=0

Personal & leisure

Clothing & footwear = £30
Newspapers = £6
Sports, hobbies, entertainment= £10
Children's pocket money= 0
Church/charity donations =0

Sundries/emergencies/other costs

Sundries/emergencies = £15
Loan from family/friend=0
Other

Total expenses £1,517

Additional information Comment

No of adults 1
Dependants 1

Totals Amount

Total income £1,895
Total expenses £1,517

Surplus (Deficit) £378 _pale_

DEBT LIST

1 Barclaycard Credit Card £4,922 PAY £148
2 Egg Credit Card £2,230 PAY £67
3 Halifax Credit Card £11,250 PAY £338
4 Lloyds TSB Personal Loan £2,832 PAY £116 ( 2 YEARS LEFT TO RUN)
5 Tesco Credit Card £2,905 PAY £88
6 Virgin Credit Card £5,661 PAY £170
7 Yorkshire Bank Personal Loan £12,943 PAY £309 ( 4 YEARS LEFT TO RUN)
8 Yorkshire Bank Overdraft £1,600 TOTAL DEBT = £44,343
TOTAL MONTHLY DEBT PAYMENTS = £1,236 :eek:

I have cut down all that i can on electric, gas, mobiles by switching suppliers, have gone onto interest only mortgage payments. Am really wanting to stop smoking, but am finding things sooooo stressfull that the more i try the more i smoke, how does that work aaaagggghhhhh.:mad:

BERTIEMATE

oops, forgot to mention that I have opened a new bank account & transfered my pay etc to it plus set up d/d for my essential debts. This month will be scarey as the CAB have said not to pay any of the non essential debts ( bites non existant fingernails and glugs red wine.
Gulp.:(
(wine donated by my Dad, bless him)

Butti

Bertiemate
Welcome. Can you put some APRs against the debts so we can help you with which ones need to be attacked first.

B

Numpty_Monkey

:hello:Hi Bertie andd welcome along

Well done for getting in touch with CAB:T

An IVA is not suitable for most people, have a read of Martins guide
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

The good peeps at CAB will advise you :A

brokeinyorkshire

Hi Bertirmate.

Just wanted to send you lots of support and hugs.

I too found myself in debt to the tune of many thousands after splitting from my horribly abusive ex.

I struggled along for a while like you, making the mimimum payments but eventually it all got too much for me and i am now on a DMP with Payplan who have been great.

I didn't take an IVA as i work for a high street bank .

For me, putting things in the hands of Payplan took a massive weight off my shoulders.

Sorry i haven't offered more advice but i just wanted to offer my support and let you know that things do get better.:kisses3:

Nargleblast

Hello Bertie and welcome. Yes, you have been an idiot, but so have lots of us on here, and life circumstances have a habit of kicking you in the teeth at times. Well done for getting advice on your debt situation. By all means talk to the IVA person, but don't commit to anything just yet - you need to explore all the different options. If you decide on a debt management plan, you might be better doing it through an organisation like CCCS or Payplan, who will administer it for you for free. Doing something like that on your own is not easy when you are new to this kind of thing - you can always switch to a self-managed one later if you chose to, once you had the confidence to run it. An IVA may be a better option as it would be a 5 year plan, rather than being on a DMP for 10 years or so, but you would have to try and release some equity in your home at the end to finish it off. Bankruptcy is also an option for some people, but again get proper advice on it. None of these options are a walk in the park, but one of them will be right for you, and having chosen whichever one you have to stick to it - it is worth it in the end, to be free of debt.

Don't feel pressured into rushing into anything until you have information about all your available options, no-one is going to come round and break your legs or anything like that. You can take your time and decide which solution works best for you.

Numpty_Monkey

BERTIEMATE wrote: »

Income Amount

take home pay =£1,780
partner's take home pay= 0
Rent/board received = 0
Pension received = 0
Any other income received = 0
Income Support = 0
Jobseekers Allowance = 0

Income Amount

Incapacity Benefit =0
Disability Living Allowance =0
Working Tax Credit =0
Child Benefit = £80
Child Tax Credit = £15
Child Support = £20 !!!!! Are you getting all Benefits check out Entitledto How many people live with you?

Total income £1,895

Housing Amount

Rent =0
Mortgage = £670 (interest only)
Secured loans/2nd mortgage = 0
Mortgage endowment premium = 0
Service charge/ground rent = 0
Water =£16
Council tax = £83 ask to pay over 12 months
Gas = £30
Electricity = £25
Other household fuel = 0

Household services

Building and contents insurance = £29
Telephone, mobile & internet = £48 you can get phone/internet package deals for less than £20
TV licence = £12
Satellite = £20 Sorry you can't really afford this
Repairs and maintenance =0
Household appliance rental =0
Child maintenance =0
Childcare =0 ???
Fines, CCJs, Decrees =0
Life insurance/pensions =£38 Reduc, checkout comparison and cashback sites
Medical/accident insurance =£18 Whats this for???
Hire purchase =0

Transport

Vehicle spares and servicing = £10
Road tax =£10
Motor insurance = £14
Vehicle breakdown cover = 0
Fuel & parking= £90
Public Transport =0

Food & housekeeping

Food, toiletries, cleaning = £213 How many is this for?
School meals/meals at work = £30 take pack up
Pets, pet food/insurance = 0
Tobacco = £90change to roll ups, you can get a rolling machine tin for about £10 (argos) it pays for itself in a week, then think about stopping;)

Misc. goods & services

School trips/activities =£5
Medicines/prescriptions =0
Dentist/opticians =0( this is my job so foc)
Hairdressing = £5
Union/professional fees =0
Laundry/dry cleaning=0
Education fees=0

Personal & leisure

Clothing & footwear = £30, reduce, wear what you have. Replacements only, use charity shops
Newspapers = £6 read online
Sports, hobbies, entertainment= £10
Children's pocket money= 0
Church/charity donations =0

Sundries/emergencies/other costs

Sundries/emergencies = £15
Loan from family/friend=0
Other

Total expenses £1,517

Additional information Comment

No of adults 1
Dependants 1

Totals Amount

Total income £1,895
Total expenses £1,517

Surplus (Deficit) £378 _pale_

DEBT LIST

1 Barclaycard Credit Card £4,922 PAY £148
2 Egg Credit Card £2,230 PAY £67
3 Halifax Credit Card £11,250 PAY £338
4 Lloyds TSB Personal Loan £2,832 PAY £116 ( 2 YEARS LEFT TO RUN)
5 Tesco Credit Card £2,905 PAY £88
6 Virgin Credit Card £5,661 PAY £170
7 Yorkshire Bank Personal Loan £12,943 PAY £309 ( 4 YEARS LEFT TO RUN)
8 Yorkshire Bank Overdraft £1,600The APRs will help:A

TOTAL DEBT = £44,343
TOTAL MONTHLY DEBT PAYMENTS = £1,236 :eek:

I've left a few coments, and questions:o
hope they're not to hard:A