DFW - MSE Newbie

in Debt-free wannabe
3 replies 724 views
Hi All

Taking my/our first steps today by facing up and dealing with our debt problem. Any advice is gratefully received.

Ok here's the situation. We are both in our 30's and owned a flat with a northern rock together 125% (£30k unsecured loan) mortgage. We also had a secured loan for £45k and various cards and other debt each. My OH fell pregnant and at the same time the credit crunch bit and she was made redundant. We managed to sell the flat and pay of the mortgage and secured loan and we are now renting for %50 less per month than the mortgage. The unsecured loan is still outstanding and as my OH has been unable to find another job we have realised that this cannot continue and our SOA confirms this. Here are the bare facts:

Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
Capital One CC - £5000 - 23.29% £100
Mint CC - £4199 - 21% - £100
Barclaycard - £8117 - 24% £185
Barclaycard - £1961 - 0.561% - £50
HSBC - £1224 - £175

My main questions are what's the best way to resolve this, Bankruptcy, IVA or Debt Plan?
As the debt is in joint names we will both have to become insolvant.
I work for a high street bank but in back office operations but I am still concerned about problems this will cause.

Has anyone any advice they can offer - it would be much appreciated to hear from anyone who has been through this...

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Monthly Expense Details

In Your Home

Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Motoring & Public Transport

Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Debt Repayments

Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

Savings & Investments

Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Family

Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Entertainment

Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Clothes, Health & Beauty

Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33

Education & Courses

University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Big One Offs

Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Odds & Sods

Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00


Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

Replies

  • La_escocesaLa_escocesa Forumite
    3.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Hi,

    Welcome to MSE :beer:

    A few things immediately strike me about your budget...

    You need to get rid of all the things under Odds & Sods - £65 a month saving.

    Do you really need new clothes? Don't buy them or sell old clothes to make the money up for them. About £50 a month saving.

    Family days out and eating out need to be cut - £100 a month saving.

    £50 a month for holiday fund could be cut. And how much is in your Rainy Day account if you're saving £100 a month? Use this to pay off the highest interest debts.

    Some of your motoring costs seem to be yearly figures...surely? Tax and insurance?

    £50 drinks for home a month could be cut too.

    That's about £325 a month!

    HTH
  • katsukatsu Forumite
    4.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    Forumite
    Hi All

    Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
    Capital One CC - £5000 - 23.29% £100
    Mint CC - £4199 - 21% - £100
    Barclaycard - £8117 - 24% £185
    Barclaycard - £1961 - 0.561% - £50
    HSBC - £1224 - £175

    My main questions are what's the best way to resolve this, Bankruptcy, IVA or Debt Plan? - get advice from a charity like CCCS, CAB or go to Payplan.
    As the debt is in joint names we will both have to become insolvant.
    I work for a high street bank but in back office operations but I am still concerned about problems this will cause. check this out somehow - not sure if you need to talk to HR?

    Has anyone any advice they can offer - it would be much appreciated to hear from anyone who has been through this...

    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00 can partner work too?
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59 reduce spending - go PAYG or cut tariff
    TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 you can get this cheaper if it is just internet
    Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
    Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 too high. Estimated or actual bills? Use comparison sites, reduce usage (immersion off, heating off, standby off, use energy saving bulbs etc.
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 as above
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77
    Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00
    Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50
    Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
    Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65
    Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00 can be reduced - check out old style board
    Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00reduce

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00 reduce non-essential trips
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00 annual figure?
    Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70 annual figure?
    Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
    Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Debt Repayments

    Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00 in addition to the ones listed below???
    Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
    Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
    Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
    Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
    Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

    Savings & Investments

    Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 cancel for this year
    Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 if you are actually doing this, pay off a debt instead
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 cut this down to less than £20

    Family

    Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67 can you wash at home instead?
    Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
    Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 you need to reduce
    Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00afraid you need to stop this for now

    Clothes, Health & Beauty

    Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67 go to local college and leave an extra week between cuts
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 seems high, look for better options
    Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
    New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33 If you really need work clothes then you need to stop buying home clothes.

    Education & Courses

    University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One Offs

    Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 cut to £10
    Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Odds & Sods

    Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 look at taking packed lunch
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00 cut this out


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

    Am not convinced your credit card elements don't involve some duplication but it looks like you need some serious cuts. I've put in some suggestions.

    Good luck
    Debt at highest: £8k. Debt Free 31/12/2009. Original MFD May 2036, MF Dec 2018.
  • Numpty_MonkeyNumpty_Monkey Forumite
    14.2K Posts

    Northern Rock Unsecured Loan £30269 - 12.79% - 322.30
    Capital One CC - £5000 - 23.29% £100
    Mint CC - £4199 - 21% - £100
    Barclaycard - £8117 - 24% £185
    Barclaycard - £1961 - 0.561% - £50
    HSBC - £1224 - £175


    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,629.00
    Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
    State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 381.55
    Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Monthly Expense Details

    In Your Home

    Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.59 can you reduce contracts
    TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13
    Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00
    Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 check comparrison sites to se if you are on the best tarrif, and use cashback sites turn things off, not standby
    Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.00 as above
    Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.77 look at getting a water meter
    Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.00 ask to pay over 12 months
    Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.50 do you use the freee stuff?? that you will probably find cheaper on MSE;)
    Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.00 any insurence use comparrison and cashback sites
    Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550.00
    Plumbing/Boiler Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mortgage Payment Protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.65 as home
    Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 300.00 meal planning, dropping a brand and the Old Style board wil help
    Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

    Motoring & Public Transport

    Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240.00
    Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205.00
    Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287.70 :eek: as home

    Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
    Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Debt Repayments

    Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.00
    Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 322.30
    Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mint Credit Card. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.00
    Capital One Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
    Credit Card Barclaycard . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
    HSBC Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174.86
    Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00

    Savings & Investments

    Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 if not booked use to pay off debt, loads of cheap deals to be found
    Rainy Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00 it's raining:(
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 reduce to £10

    Family

    Pet Food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    School Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School Meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pocket Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Nappies/Baby Extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
    Laundry/Dry Cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
    Children's Travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Baby Sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Childcare/Play Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.33
    Pet Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Travel Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Entertainment

    Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 lots of cheap deals about:D:money:
    Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 ? no pet insurance or Vet bills
    Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
    DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 look for the deals in Martins Email

    Clothes, Health & Beauty

    Complimentary Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Optical Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67
    Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00
    Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Healthcare Cashplans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Dental Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Private Medical Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.67 do you really?
    New Children's Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33do you really?

    Education & Courses

    University Tuition Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    School Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Your Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Big One Offs

    Funeral Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Wedding Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 as christmas
    Winter Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

    Odds & Sods

    Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
    Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
    Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00
    Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00


    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010.55


    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596.83

    I've left a few budget suggestions, hope they help
    PROUD TO BE DEALING WITH MY DEBT NERD #869
    Numpty,Not sure why but I'm crying :o . Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & :( for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
    xx
    DFD 5/1/16
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