I have a debt problem but I want to avoid an IVA or DMP

Jesthar

You're most welcome, Chris - that's what we do around here!

You are correct - you can indeed get your money situation straightened out with some smart budgeting. To help that, I recommend you start a 'Spending Diary' - this is simply a spreadsheet into which you enter the details of literally *everything* you spend in a month, no matter how small, so you can spot where the pennies slip away. I run one even though I'm a Mortgage Free Wannabee, not a Debt Free Wannabee, as it helps me overpay on my mortgage. It's an excellent way to catch silly spending habits and squish them before they do too much damage!

Regarding the car, see what the solicitors say, but if you can keep it until the half-way point has been reached and the associated complications therefore removed, it may be useful to do so. I'm no expert on those things, though, I've never had a car I didn't buy up front...

My weapon of choice for low cost tasty food is a slow cooker - makes fantastic stews, bolognaise, etc. and pot roasts cheap cuts of meat (beef brisket, lamb shoulder, etc.) to perfection - not only that, but the meat lasts for several meals, and you can freeze it too! I picked up a Morphy Richards 3.5l oval one for about £20, and it's more than paid for itself.

~Jes

chris_gray1980

Oh that is a very good idea, i will certainly go and make up a spreadsheet now, i do have them for my debts but not for my every day spending. What a great idea, that should pose very interesting, if i went shopping a bought 5 items would you list those 5 items individually? or as one shop (i assume individually but if you do a large shop that could take a while but probably worth it)

I did use to have a slow cooker and i will have to look at getting another one they are great, i also want a steamer as well it cooks frozen veg much nicer that frozen veg in a pan and probably more economical.

Unfortunately no matter what with the car there is an associated complication, but will have to see how it pans out i guess, but i think by the end of the day/tomorrow the form will have been sent off.

Chris

gonzo127

the spedning diary will depend on you how detailed you want to go into it

now for the weekly groceries i just put in one line however if i pop out and get 4-5 bits i will put each one as a seperate item (lets you see how many times a month you just buy a chocolate bar etc) most of the time i doubt you will buy more than 10 items in a shopping trip which isnt either budgetted for or that isnt your weekly/monthly grocery shop so listing each item should not be to big of a deal

Jesthar

The diary can be as detailed as you wish to make it - don't make it *too* complicated or you won't want to fill it out!

I'm a computer geek, so I went as far as adding spending categories to each line of mine, which automatically add themselves up into a summary so I can automatically see how much I have spent on things like supermarket shopping, regular bills, annual bills, car running costs etc. at a glance. I then put basic details into the description column, just the important bits ('car tax, petrol from XXXX, M&S - underwear, etc.).

So a supermarket shop would look like this

<date> "Supermarket Shopping" "Beef joint, 2xmilk, salad, veg, 4xcat food packs, 4x Shredded Wheat"

The 4xcat food/Shredded Wheat would instantly tell me on looking back that they were on special offer and worth stocking up on.

~Jes

chris_gray1980

My GOD Jes,

That sounds fantastic :-) how on earth did you put that together, im a bit geeky but not so much on excel, i have written the odd macro and things but its formulas that i sometimes find tricky, but goggle is a great resource :-)

i dont suppose yours is some where on the internet ;-) i may have to get goggling :-)

Chris

Jesthar

Mine isn't, no, but I know some people here use online spending diaries, which you could have a hunt for.

Or I could do you a version of mine, perhaps - it's not a huge job to tailor it these days.

~Jes

d3mon4ngel

I've started using www.spendingdiary.com but I'm also thinking of setting up my own in excel. The good thing about this one though is that I can access it at work as well as at home No more sneaky vending machine trips that can be conveniently forgotten about

chris_gray1980

ohh would you do that :j that would be GREAT :T

but only if you are board and have a bit of spare time, please don't go to a lot of trouble.

If its easier PM

Thank you

Jesthar

Suggest you PM me your e-mail rather than post it up in a public forum

~Jes

chris_gray1980

Morning all

After the discussions on here yesterday i started to feel a bit more positive about things now and the future :cool: and i will admit i have been very down about my debt problem for a while now.

i am still debating what to do with the car,

i have been looking in to Voluntary Surrendering my car a bit more and there are so many loop holes and negatives attached to doing it...

1) i am liable for further payments after the car is sold on so what they say is £2247 could end up £3247 i just do not know.

2) it is marked on your credit record, not as bad as a repossession but is a form off and stays on there for 6 years, the aim of me battling this alone is to avoid that.

BUT

The car is very high interest and there is still 3.5 years to run at £200 a month, which is a long time to go and it will not be worth a great deal even though i have paid back double what i originally paid for the car.

ARGH i do not know what to do but i need to tell the Finance Company today, i have been holding off talking to them but they want an answer mainly because the payment is due in the next few days

CAN ANY ONE OFFER HELP OR ADVICE WHAT TO DO

(my credit rating is shot at the moment from defaulting about 4 years ago)