banks smile when they take your money and get nastie when you struggle to give it bac

runaroundpauper

dont now if starting in the right place but here goes house value about 130000 rougth guess mortgage 75000 ,loan 5800 half paid for 5000 at 6.9% for life of balance i missed a payment and they upped my rate to 26.9 i hand written them a letter saying i will report them to oft and they dropped the rate back to 6.9 i have another card with 2400 on it fixed at 4.9 % for life of balance ,i have another 4 credit cards with about 5000 each on them ,but what anoyes me is my bank phones me and says you are going over your overdraft limit is there anything we can do we want to help so i explained and said i get paid every 31 days and everything goes out every 28 and they said sort it or loose your bank acc i said well you said you will help me they said tougth we aint helping :mad:,you so i have been in touch with a couple of dbm companies and are considering payplan cccs etc cccs seems a bit low ,i phoned virgin and said i am thinking about a dbm so they closed my credit card lesson learnt there .i have just applied to natwest for a basic stepp acc there sending out the forms .my credit history is okay just a few missed payments but no ccj or anything like that i have spoken with a mortgage advisor through moneysupermarket who reckons i can remortgage and consolidate but i do not see why i should put unsecured debt on to secured debt , a dbm might affect my job iva out the question total income includeing wage child tax credits and childbenefit is 2200 a month ,allso i am locked into a fixed rate mortgage at 5.4 % on interest only as i am trying to control cards and getting them rid off them i have considered remortgage just mortgage and might save a good 100 a month but will cost 1600 to get out of current mortage that is locked in till october 2016 so if anyone has a good suggestion it will be much appreciated

sassy_one

I have noticed something like this, whenever I pay money into my account they are all smiles and talking to you, however when I go to withdraw any they ALWAYS try to sell me some product of there's and just go, 'thank's' lol

Fang_3

I literally have no idea what that is. But I assume it's something to do with debt and needing help, so if you could go here - http://www.makesenseofcards.com/soacalc.html fill out your SOA and then post it here, the lovely posters will be able to advise you.

runaroundpauper

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 650
Other income............................ 0
Total monthly income.................... 2150
Monthly Expense Details
Mortgage................................ 331
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 74
Gas..................................... 80
Oil..................................... 0
Water rates............................. 230
Telephone (land line)................... 25
Mobile phone............................ 35
TV Licence.............................. 140
Satellite/Cable TV...................... 30
Internet Services....................... 30
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 20
Road tax................................ 210
Car Insurance........................... 400
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 28
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2311

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 134000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 75000....(331)......5.4
Total secured & HP debts...... 75000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
5 credit cards ................27000.....0.........16.9
loan 5800......................148.......0.........7.9
Total unsecured debts..........27148.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,150
Expenses (including HP & secured debts). 2,311
Available for debt repayments........... -161
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -161
Personal Balance Sheet Summary
Total assets (things you own)........... 134,000
Total HP & Secured debt................. -75,000
Total Unsecured debt.................... -27,148
Net Assets.............................. 31,852

LilacPixie

your £400 a month for car insurance and £210 for road tax A Month?? I think you made an oopsie and put in the yearly figures OP

Hannah_10

By DBM do you mean DMP? Debt Management Plan? The one where you pay it off a bit a month?

If you do mean DMP then I can't see how it could possibly affect your job as your employer wouldn't knwo about it unless you yourself told them. What job do you do?

If you didn't mean a DMP then could you please tell me what you did mean as I'm not following and I'd like to.

Marisco

Hi RAP, I'm struggling a bit here, but I noticed you said you get paid on the last day of every month. My oh does as well, and what I did was arrange for everything to get paid out on the first or second of every month, that way you won't get into an overdraft situation. Nearly all were happy with that arrangement, those that weren't, soon came round to my way of thinking;) I also think you need to re post your SOA - £230pm for water is a canny bit like:D

runaroundpauper

sorry i am new to this car insurance is 400 a year and water rates is 230 a year,just opened a bank acc with natwest just a basic acc that i have no debts with thinking of phoneing payplan on monday

Dame_Washalot

Banks are nasty self serving organisations and they are not run for anyones benefit but the directors and shareholders

I think you've also given the annual figures for water and tv licence.

You're electric and gas look a bit high too - try to check you're getting the best deal there - if not you may need to start turning things down or off

Just change whatever DD's you can so they go out straight after payday
Alternatively - open a joint household account for all your household bills and then you know they are covered.
Also - can you and OH join any challenges? - the weekly spend is a good one to start with as you have to keep a close eye on where the pennies go on a day to day basis
Well done for getting started

NorthernLas

It would be useful if you could update your SOA to make the yearly figures monthly. Then you can see how much of a problem there is.

dancingfairy

Hi - a couple of thoughts /pointers from me:
1) yes the banks don't always help when you say you are struggling and as you have found then can just close your accounts etc/withdraw overdrafts etc
2) a basic bank aco!!!! is a must which you have now got? which is good.
3) I think when you change the amounts from yearly to monthly you will show on paper a surplus - you will need to keep a spending diary as either your SOAa isn't quite right or you are 'loosing' money by buying 'odd' things like cd's/dvd's/magazines/things for the kids/lunches out/coffees/coke/crisps etc etc. If you can identify and retain some of this 'lost' money it will really help.
Good Luck
df