Just done something I so didn't want to do

ged1980

cherrypie556 wrote: »

Thanks thats really useful. With a basic bank ac that allows DD's, do they accept BACS aswell?

yes they do DDs and also BACS standing orders ect and lots banks do them.

Get yourself one and then you can sort the rest out in time

cherrypie556

Think I will do that then. The loan we do currently have with our bank is due to end Feb 2013. The loan I took out today (and no I have signed nothing!) was for 7 yrs with an APR of 12.6% OMG. With that loan it would pay off my current loan, 2 cc's and the OD. Is it better then (honesty please) to forget todays events, continue paying as we do now and just open a brand new bank acc leaving the OD where it is? How then do I come to an agreement to pay the OD back?

NorthernLas

CP - Don't know but assume that all accounts do BACS - Try co-op and ask them?

You need to find out where that £600 goes to so that your SOA is realistic. Can you go through last months bank statement and see what happened? Or keep a spending diary for this month?

*zippy*

Is there anyone to borrow money off for food or do you have anything you can return for a refund, can you do a boot sale Sat? If you do have some food in the cupboard, even if its dried or frozen stuff post over on the old style board and they will help you stretch it out.

Tixy

Once you have a new account sorted out with your income safely moved across then you can think about paying back the OD, what you will need to do then is work out what you can afford each month and set up a standing order, but first you need to ensure your wages etc will be safe.

Once the new account is set up then you probably need to spend a month or 2 just sending out token payments to all your creditors get yourselves a bit more organised financially.

Thinking about right now and food etc - how much do you have in the cupboards/fridge/freezer etc?
Just for this month do you have anyone who can lend you a small amount of money to ensure you are all fed at least?

I'd suggest you get some advice from the old style board and carefully plan the meals you will eat from now until your next money comes in based on what you have in and buying as cheap food as you can.

Do you have anythings you could sell - perhaps on gumtree or the local free paper as you would get the money quicker that way.

Have a read of this thread for food ideas and maybe start a thread of your own - https://forums.moneysavingexpert.com/discussion/2116179

When you say forget about today - did you sign any paperwork with the bank today?

NorthernLas

If you cannot afford what the bank are asking you to pay back then for me the new loan is a non starter.

Someone I am sure will be able to point you towards the snowball calculator so that you can work out whether the old accounts or the new loan will cost you more. Then you can make a more considered decision for your circumstances. You may decide that for peace of mind the loan is what you want, but then you still need to work out what is happening to the budget else you could end up in the same situation again

cherrypie556

The £600 goes back into the OD and we live off that. The £600 isn't a lump sum and doesn't go in at the same time altogether. We are never out of the OD always over £1000 in it so live off it continously. SOA shopping isn't realistic at all. £150 a week is more realistic for 7 of us and then thats just a ball part figure.

mummytofour

Hi Babe,
please dont stress.I know easier said that done, have you gone via the cccs, I am with them and they were brill and have been for the past years we have been with them.

I understand how hard it is running a large family, I have a dh and 5 kids of my own. Perhaps when you gave your budget over to pay plan last time you we not really honest about how much you spend? Its hard when the kids want money here and there for this and that, you dont always think about it and may not have included that in your budget?

I think first off you need a new back account far away from your current bank and secondly you need to work out what you are spending, how and why? Because there is something a miss between the budget and what is really going out, if you can address this you stand a chance of working out a way forward.


Lastly are you claiming all the tax credits etc you can get?

Chin up, think of this as one phase of your life that you need to meet head on and work out an action plan for. Do not allow yourself to be bullied by the bank, they dont care about you, they just wnat your money!

cherrypie556

mummytofour wrote: »

Hi Babe,
please dont stress.I know easier said that done, have you gone via the cccs, I am with them and they were brill and have been for the past years we have been with them.

I understand how hard it is running a large family, I have a dh and 5 kids of my own. Perhaps when you gave your budget over to pay plan last time you we not really honest about how much you spend? Its hard when the kids want money here and there for this and that, you dont always think about it and may not have included that in your budget?

I think first off you need a new back account far away from your current bank and secondly you need to work out what you are spending, how and why? Because there is something a miss between the budget and what is really going out, if you can address this you stand a chance of working out a way forward.


Lastly are you claiming all the tax credits etc you can get?

Chin up, think of this as one phase of your life that you need to meet head on and work out an action plan for. Do not allow yourself to be bullied by the bank, they dont care about you, they just wnat your money!

Thankyou xx

cherrypie556

NEW SOA AS OF TODAY AND REALISTIC (??) FIGURES

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 4
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 892
Partners monthly income after tax....... 945
Benefits................................ 732
Other income............................ 0
Total monthly income.................... 2569
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 37
Telephone (land line)................... 25
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 45
Internet Services....................... 17
Groceries etc. ......................... 650
Clothing................................ 30
Petrol/diesel........................... 150
Road tax................................ 50
Car Insurance........................... 148
Car maintenance (including MOT)......... 50
Car parking............................. 54
Other travel............................ 0
Childcare/nursery....................... 346
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 17
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 33
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2365

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................1452......32........0
Natwest CC.....................2607......60........0
halifax cc.....................2479......50........0
Santander loan.................5134......172.......0
natwest Loan...................7400......217.......0
Natwest OD.....................2000......20........0
Studio.........................100.......30........0
Next Cat.......................500.......40........0
Very cat.......................601.......30........0
Total unsecured debts..........22273.....651.......-

Monthly Budget Summary
Total monthly income.................... 2,569
Expenses (including HP & secured debts). 2,365
Available for debt repayments........... 204
Monthly UNsecured debt repayments....... 651
Amount short for making debt repayments. -447
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,273
Net Assets.............................. -19,273
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.