paying off creditors

mandz1

Hi im just wondering if any1 can help me.
im currently arond £8,000 in debt that i know the actual amounts for and theres still around another £8,000 that i dont know the actual amounts for. Most of the amounts i know the actual amounts for, i have payment plans in place for ranging from £2 to £10 a month to try and pay them off. im in debt mainly because of my ex, but wont go into that.
does anyone know if i would be better off trying to pay off 1 at a time or carrying on with the small amounts i am paying. i only pay £30 a week board to my mum but also have 2 young boys.
i owe money to people like robinson way, capquest, cabot and severn trent water.
any info helpful.

Marisco

Hi Mandz, so are you paying anything for the ones you're unsure of the amounts for? I think you need to find out exactly what is owed to who. Are any of the debts joint with your ex? If you post up an SOA (statement of affairs) you'll find the link on a "sticky" top of the board, put as much detail as poss, and find out who is owed what, and there will be many who can advise on the best way to go.

NorthernLas

Mandy - It would be a good idea to speak CAB/ CAP/ or national debtline for advice. Have a look at the following link https://forums.moneysavingexpert.com/discussion/2077631

Without knowing more about your debts it is difficult to advise - so a statement of affairs is a good start. If you owe priority debts e.g. council tax, utilities, CAB may be able to help you access grants.

mandz1

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 440
Partners monthly income after tax....... 0
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 574
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 120
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 315

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
cabot/catalogue................279.28....2.........0
capquest/credit card...........838.54....10........0
robinson way...................238.31....2.........0
severn trent...................499.89....10........0
high court/old childc..........3495.58...10........0
Total unsecured debts..........5351.6....34........-

Monthly Budget Summary
Total monthly income.................... 574
Expenses (including HP & secured debts). 315
Available for debt repayments........... 259
Monthly UNsecured debt repayments....... 34
Amount left after debt repayments....... 225
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,351.6
Net Assets.............................. -5,351.6

i also pay 10 a month to welcome finance but dont know exactly how much that is!
there are also 4 other dabts that i am currently not paying. and i havent yet received a final balance from my old house about how much i owe them in rent.
dnt know why its saying i have 200+ left over for debt repayments cos i dont

podperson

Hi Mandz,

Would suggest starting up a spending diary to see where the extra £200 a month is going. You haven't budgeted anything for entertainment so probably a bit disappearing there, do the boys go to any playgroups or do you need to pay any childcare costs for them. Jot down everything you spend, no matter how small, sometimes just little things can drastically add up - I used to buy a a drink, a snack and often a magazine most days and when I worked out how much it was costing me over the month it was a real eye-opener!
Once you know where this money is actually going then can see if you would be able to cut down and have extra to go towards to the debts.

Triggles

Do you spend any on utilities, life insurance, contents insurance, haircuts, landline, internet? You've got £0 for all of those. Have you missed any of these out of your budget? I know you are paying your mum for rent, but wasn't sure if you helped out with utilities and such.

A spending diary is the best way to find out where you're spending on little extras that you don't think to budget for.

mandz1

no dont pay anything for internet, gas electric etc. my mum is kind enough to let me and my boys stay with her for £30 a week til i find a rented house. Kids dont go to any childcare provider although i do usually treat them once a month by going to a play centre. i do buy magazines and drinks etc forgot to write them in. thanks.