Advice on bank debts?!?

RAS

Mrsgibbs1503 wrote: »

Out of his business comes mobile top up, fuel, NI, insurance for his truck & repayments to the local garage for the reapir work done!!

In which case all these items need to be moved out of the hosuehold budget and into the business accounts.

Can i ask why he needs a truck if he is milking?

Mrsgibbs1503 wrote: »

I haven't known who to speak to as the Citizens advice is booked up till the end of August & any others I'm unsure of hidden agendas...

Will post the list of martin-approived debt charities in a mo. http://www.moneysavingexpert.com/loans/debt-help-plan#help any of these will help.

Mrsgibbs1503 wrote: »

the £40 under emergency fund is what's in my budget

for my hubbys smokes,

Put this as smkoes or entertainment

Mrsgibbs1503 wrote: »

the logs/coal for the winter -

just change the wording on either gas or oil and list logs/coal.

Mrsgibbs1503 wrote: »

and some towards the kids uniform..

Clothing

Mrsgibbs1503 wrote: »

Oh I also save £20 per month with park for vouchers to use over the following year for birthdays/xmas etc...!

Please please stop doing this and put the money into a cah ISA. You will get a lot more for your money and not be a risk if they go bust.

Mrsgibbs1503 wrote: »

Thanks for the support, I'm so glad I didn't agree to the new loan... he gave me all the forms to fill out for the underwriters but I really don't want £38k of debt!

Glad you did not do this but we really need to get your finances sorted.

You need new basic bank accounts with someone not related Natwest, urgently. get all you income and benefits paid in there.

talana

One thing you need to do is look at boosting your income, even by a few quid herer and there as it all helps. See if there's something in this list that leaps out at you
http://www.moneysavingexpert.com/family/make-money

- Ditch satellite/cable TV and go freeview instead
- Elec: shop around and switch to any better deal. £73 seems a wee bit high
- Council tax: is that over 10 or 12 months? If the former change so it's over 12 months. Spread out the cost a bit.

MadamMim2013

RAS wrote: »

Can i ask why he needs a truck if he is milking?

We live in a remote village & he does a 40mile round trip to get to work, my housekeeping is also the same, lots of different places to get to, so I also need a vehicle.

RAS

Hi

The question was not why he needed a vehicle but why that vehicled needed to be a truck, which obviously costs a lot to run and maintain.

MadamMim2013

talana wrote: »

- Ditch satellite/cable TV and go freeview instead
- Elec: shop around and switch to any better deal. £73 seems a wee bit high
- Council tax: is that over 10 or 12 months? If the former change so it's over 12 months. Spread out the cost a bit.

Freeview doesn't work here missing most of channels!
Elec is high cos we owe £150 from last 6mths, we moved in here last Aug & being on economy 7 tariff, took a bit of working out, have upped payments to cover debts.
Will ring council tomorrow & request 12 mths payments.

Thanks for your help

MadamMim2013

RAS wrote: »

Hi

The question was not why he needed a vehicle but why that vehicled needed to be a truck, which obviously costs a lot to run and maintain.

Where we live you have to have a landy/truck to actually get to most farms here, when it snowed my hubby was the only one to actually get out the village (& managed to work, thank goodness)

MadamMim2013

Have tried to ammend errors....

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 280
Partners monthly income after tax....... 440
Benefits................................ 888.17
Other income............................ 175.82
Total monthly income.................... 1783.99
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 73
Gas..................................... 0
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 25
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20
Internet Services....................... 25
Groceries etc. ......................... 220
Clothing................................ 10
Petrol/diesel........................... 280
Road tax................................ 35
Car Insurance........................... 60.5
Car maintenance (including MOT)......... 50
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 3.13
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wood/coal............................... 5
Park Vouchers........................... 20
Hubbies smokes.......................... 15
Total monthly expenses.................. 1388.75

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................16888.....318.......0
Overdraft......................3400......0.........0
Credit card....................1555......35........0
Garage repairs.................1000......80........0
Total unsecured debts..........22843.....433.......-

Monthly Budget Summary
Total monthly income.................... 1,783.99
Expenses (including HP & secured debts). 1,388.75
Available for debt repayments........... 395.24
Monthly UNsecured debt repayments....... 433
Amount short for making debt repayments. -37.76
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -22,843
Net Assets.............................. -21,343
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

MadamMim2013

Have just gone through the CCCS site & there recommendation for us was bankrupcy???? eeeekk, now we're really confused & scared too.
Any thoughts on where to go next?
Thanks again for all your help & advice it really is appreciated

NorthernLas

This is probably because the time taken to pay off the debts is longer than the time it would take you to recover from bankruptcy (i.e. more than 6 years). It is an option and another charity may view things differently. You could try phoning National Debtline and see what they say.

Have a look at this link for debt options: http://www.nationaldebtline.co.uk/england_wales/page.php?page=35_options_for_paying_back_your_debts

Sort out new bank accounts and phone the council about doing council tax over 12 months.
Start a spending diary to check that you are spending what you estimate.
Have a look at the O/S board to see if you can save on shopping.
Is there anything that you can carboot/ebay?
Is there anything that you can do to increase your income?

podperson

Hi,

I would think the main priority would be to open a new bank account elsewhere and move your wages, direct debits etc over. This is to stop the bank taking any more money out of your accounts to go towards the loan or cc. You might also want to look at hubby opening a new business account elsewhere as not sure whether they would be able to take from this as well.

Not on a massive shortfall at the moment so hopefully can make a few cut backs so you are at least covering the day to day bills and min payments. Definately look at spreading council tax over 12 months, also is council tax/housing benefit included in the benefits you currently get? If not look at applying for.
Appreciate you don't want to be left with no tv if you can't get freeview but can you get a combined package for tv, landline and internet. I get the basic one with Virgin media and works out to about £30 a month, which is less then half what you're paying at the moment. Am fairly sure Sky and Bt do a similar package.
Could hubby look at giving up the smokes? Appreciate that £15 is not much for a smoker so he has probably cut down but lots of free help from the nhs now on quitting.

Is there anything you can both do to be making extra money since you're both working about 16hrs a week should have a little spare time. Could have a big clear out for a start and either car boot or ebay. Look at surveys and mystery shops (though the latter may not work if you're in a remote area). What does hubby do currently - just milking or general labouring? Could he offer anything extra, eg odd jobs or even deliveries/removals since he has the truck? Apologies if you've thought of some of these already just some general ideas.

Regarding getting some advice on the debts I've had the same problem with CAB being ridiculously slow with appointments. Try ringing one of the debt charities like CCCS, National Debtline, there are links for a full list.

Good luck with it x