Another Newbie

why?_3

Hi All,

Finally facing up to my problems, longtime lurker (without registering) and I dont feel I have anywhere to turn. I have a partner but our finances are very much seperate.

He knows nothing of my problems and has a few of his own too, but with him working he can sort his out within a few months with some budgeting.

Im self employed on a low income and stay at home mum so limited time to work.

Im currently searching and applying for evening work but getting knocked back all over the show. Fingers crossed something will come up.

Anyway I owe approx 12000 and at first I couls afford it all and now I cant. My own fault I fully accept that but Im scared and embarrassed and dont know what to do. I have been well and truly burying my head in the sand.

I have an income of approx 600 a month but apart from travel and kids clothes, nappys and school fees approx £20 a month. Optician direct debit the rest i can pay off debt with but its not enough. Im behind on payments. Im physically sick with it most days.

I wanted to do a dmp but I cant let my partner find out. Is this possible?
Can I do one myself as I am not sure if I could go through a company as I am self employed.

I hope I can join you all and offer help and support where I can or maybe just listening and sympathy (well not sympathy but you know what I mean) might be a little more me.

Thanks for reading

Tixy

Hi and welcome

Have you worked out a statement of affairs in detail? http://www.makesenseofcards.com/soacalc.html
Have you looked at whether you can get any working tax credits etc and that you are getting all else you can www.entitledto.co.uk
Are you financially associated with partner? any joint accounts/mortgage etc at all? If not it might be possible for you to do a dmp without him knowing.
Some of the charities have teams that help with self-employed people's dmps, but you would need more than £20 per month for them to do a DMP.
Might help if you post up a statement of affairs here and we'll see if we can help you free up enough for a DMP and think about alternatives.

why?_3

Thanks so much for replying, Ill look at doing a SOA now.

Me and my partner are not financially linked in any way unless tax credits are counted? But I didnt think they were ...

Tax credits are counted in as my income, OK here goes brb

why?_3

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income600Monthly expenses (incl. HP & secured loans)298Available for debt repayments302UNsecured debt repayments605Amount short for making debt repayments-303

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)0Total Secured & HP Debt-0Total Unsecured Debt-13,400Net Assets-13,400
Household Information

Number of adults in household2Number of children in household2Number of cars owned1
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax400Partners monthly income0Benefits200Other income0Total monthly income600

ExpensesAmount(£)Mortgage0Secured/HP loan payments0Rent0Management charge (leasehold property)0Council tax0Electricity0Gas0Oil0Water Rates0Telephone (land line)0Mobile phone45TV Licence0Satellite/Cable TV0Internet services0Groceries etc.40Clothing30Petrol/diesel0Road tax0Car Insurance0Car maintenance (including MOT)0Car Parking0Other travel75Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)20Pet Insurance/Vet bills0Buildings Insurance0Contents Insurance0Life Assurance0Other Insurance0Presents (birthday, christmas etc.)10Haircuts30Entertainment0Holiday0Emergency Fund0nappys28school fees20Total monthly expenses298

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage0(0) 0Secured & HP Debt totals0- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)3 credit cards2200800loan22007508 catalogues90004500Unsecured Debt totals13400605-

Asset DescriptionValue (£)Cash0House Value (Gross)0Shares and bonds0Car(s)0Other assets (e.g. endowments, jewellery etc) 0Total Assets0

why?_3

Oh Iv done it wrong, might take me a minute to work it out...

why?_3

Statement of Affairs and Personal Balance Sheet[/b]
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 400
Partners monthly income after tax....... 0
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 600
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45 this will be reduced down to 30 in 6 months time
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40 I sometimes need to top up on bead milk and fruit this is my only contribution around £8.00 per week
Clothing................................ 30 For my children, I dont spend money on me
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 75 my son goes to school in a different town so bus fare for the month for two of us - includes monthly savers
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 30 for myself and my son
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
nappys.................................. 28 I buy these as I get the child benefit
school fees............................. 20 snack times and odd school dinner as a treat
Total monthly expenses.................. 298

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
3 credit cards.................2200......80........0
loan...........................2200......75........0
8 catalogues...................9000......450.......0
Total unsecured debts..........13400.....605.......-

Monthly Budget Summary
Total monthly income.................... 600
Expenses (including HP & secured debts). 298
Available for debt repayments........... 302
Monthly UNsecured debt repayments....... 605
Amount short for making debt repayments. -303
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,400
Net Assets.............................. -13,400

Its an even bigger mess now I have put it like that!

This is just my money, we dont share but I dont have to pay for anything bills wise.

Im behind on lots of payments, so ashamed writing it all down and having it there in black and white.

[Deleted User]

It looks like even if you cut back on spending you'll fall well short. You need to up your income. Also, it might be a good thing if you discuss with your partner the problems you're having. He may be able to help, even if he can't financially.

What looks like you could cut back on in are: mobile - this is very high, look at the SIM only contracts or think of going pay as you go, clothes (only buy essentials), what's £75 the travel for? And can this be cut down any? walking? Cycling? plan journeys in advance and make sure you need to make them, What are the groceries etc for £40 - surley you don't feed the whole family on £40/month???!! - if this is for work lunches or something, then start to bring pack lunches with you, batch cook these and plan in advance.

Good luck

[Deleted User]

I think i posted that as the same time as you. It looks like you're best option is to up your income. I know you mentioed that you're already looking into, and are applying already for other things. Have you tried registering with agencies and the job centre? Handing out your CV on spec in places that offer hours that you could work - evening/weekends?

Although not a long term solution, but may be able to tide you over for a little while longer - but do you have anything that you could sell on e-bay/gumtree/amazon/car boot?

Tixy

I cannot imagine you can reduce your outgoings much so unless you can significantly increase your income in some way (or talk to partner) then you are going to need to look at more formal solutions.
I would suggest speaking to one of the debt charities, they will talk to you in confidence and discuss the options available to you and the chances of doing a DMP.

I understand that you feel ashamed but try to focus instead on being proud that you are now looking to tackle this and find a solution, thats a big step to take and should be applauded. Many many people are in debts and for many reasons you don't have to feel ashamed at all. Especially not on here.

Good luck with speaking to one of the charities. I'm fairly certain that CCCS do have a team which can help self-employed people.

why?_3

Thanks for your reply, I have gone back and pretty much explained all the spending I do now.

I really want to talk to him but he doesnt deal with problems easily.

I dont know what Im going to do, I keep sitting down to do a sort of DIY DMP and just lose it half way through I dont know if Im sending the right letters and when I send them they tell me to ring to discuss it. I have asked for all communication to be done in writing and some of them wont hear of it. I sent offers to creditors and asked them to consider them and they wrote back saying no call to discuss.

Only a few of the debts are being kept up to date like the loan and one credit card and two / three catalogues

why?_3

Thanks Tixy,

I guess I was pretty much right then? Im a lost cause.... sorry I hope that doesnt sound rude as its not meant to. I guess mmy head isnt all the way out of that sand yet as I think I thought someone would wave a wand and it would all with some dedication and hard wrok fall into place.
Deluded .... me .... just a bit

Thank you so much for the advice I will do what I can. Im on a mission to sort it now