last chance saloon, PLEASE HELP

dancingfairy

Hi Mia a couple of thoughts from me:
Monthly Expense Details
Mortgage................................ 280
Secured/HP loan repayments.............. 0
Rent.................................... 75
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 400
Clothing................................ 0 you will need clothing at some point so put something in here
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 41
Car maintenance (including MOT)......... 0 need to budget for this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you really need this and buildings
Life assurance ......................... 32
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 budget something here
Haircuts................................ 35
Entertainment........................... 0 and here - even if a min amount
Holiday................................. 0
Emergency fund.......................... 0 and here
Total monthly expenses.................. 1227

The reason I have addd things is you need a realistic budget and not one that's going to split at the seems a few months from now . I would ring someone like the CCCS or one of the other free places Martin recommends. Basically a dmp may be a good plan - CCCS or whoever would let you spend money on the things listed above and then any spare you would give to them and they would split it fairly between your creditors - the ones you owe more to get more money etc. You ask all the companies to stop interest and charges so you can repay them. As things change you can pay more (or less -if your bills suddenly went up or the washing machine gave up or something you could negotiate a month off or higher or lower amounts depending on what you can afford). The creditors won't like it but frankly it's tough - they can't have what you haven't got and no -they won't care about your car or take your hosue. Give them a call and I'm sure they will talk through everything with you. You will need to get a new bank account though because if you stop paying your bank loan for example then they could help themselves to your money needed for bills if your current account is with the same bank you owe money to - I guess this is an unsecured loan and not a secured loan otherwise it would be a priority to continue to pay this.
df

mia1830

dancingfairy wrote: »

Hi Mia a couple of thoughts from me:
Monthly Expense Details
Mortgage................................ 280
Secured/HP loan repayments.............. 0
Rent.................................... 75
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 400
Clothing................................ 0 you will need clothing at some point so put something in here
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 41
Car maintenance (including MOT)......... 0 need to budget for this
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 you really need this and buildings
Life assurance ......................... 32
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 budget something here
Haircuts................................ 35
Entertainment........................... 0 and here - even if a min amount
Holiday................................. 0
Emergency fund.......................... 0 and here
Total monthly expenses.................. 1227

The reason I have addd things is you need a realistic budget and not one that's going to split at the seems a few months from now . I would ring someone like the CCCS or one of the other free places Martin recommends. Basically a dmp may be a good plan - CCCS or whoever would let you spend money on the things listed above and then any spare you would give to them and they would split it fairly between your creditors - the ones you owe more to get more money etc. You ask all the companies to stop interest and charges so you can repay them. As things change you can pay more (or less -if your bills suddenly went up or the washing machine gave up or something you could negotiate a month off or higher or lower amounts depending on what you can afford). The creditors won't like it but frankly it's tough - they can't have what you haven't got and no -they won't care about your car or take your hosue. Give them a call and I'm sure they will talk through everything with you. You will need to get a new bank account though because if you stop paying your bank loan for example then they could help themselves to your money needed for bills if your current account is with the same bank you owe money to - I guess this is an unsecured loan and not a secured loan otherwise it would be a priority to continue to pay this.
df

Hi,

Thank you for you reply. It looks like a DMP is going to be the only way to go, unless my dad sells his appartment anytime soon! The only thing with changing bank accounts that I am worried about that is my dads mortgage is with the bank that I'm with currently with. My dads mortgage is in both our names as when he went to buy it he could not get the mortgage on his own but he pays for it but it comes out of a seperate bank account in my name just to pay the mortgage, he gives me the money every month and I put it in, there is only ever enough for the mortgage, rates etc will they try and take money out of this account?or should I change that to? Another thing I have 2 bank loans one with my bank and one with another, even though I have been paying these and the interest has already been added will they have to take a reduced payment? appart from the 2 loans, car loan and 2 other HP items my other debts all incure interest every month. Should I try and keep paying as many people I can until I get to talk to someone about a DMP. I am so ashamed of the mess I have got our wee family into and I am so nervous about phoning anyone one about a DMP but I know I will have to take the bull by the horns! I don't want my little one getting the brunt of our stress or me and my partner fighting with eachother its not good for anybody, but when you worry as I do you can't see clearly. Thanks for your help

sofababe

I have a DMP that I did with the CSA but whoever you decide to go with, make sure its free.

Spend a day gathering ALL the info you'll need, utility bills, latest loan statements, CC bills, every penny you need to spend, including things you haven't included on your SOA- contents insurance & car maintenance for example. Whatever is left over will be divided between your creditors.

Once the DMP is in place you will feel SO much better, actually before then as just knowing it will soon be sorted is such a relief.

Then with a few cutbacks, such as your grocery bill and hopefully a change of electricity supplier in the future you and your family should be able to maintain a lovely happy lifestyle with a few treats now and again and no more stressing about money :j

I had bailiffs at my door once with a court order, ready to take my stuff, now thats scary! Well done for doing something before it got that far xx

sunfleur

Mia if you go to the CCCS website and fill in their SOA form it will give you an idea of what you should be looking for. They will also give you an idea of what may be acceptable in those 'missing' areas you need to budget for. CAP also have one but I'm not sure about Payplan - they may have one too.

As others have said priority for you is to speak to someone at CCCS but you can get going with it by filling in their form online and getting immediate advice first - you can still speak to someone which is probably recommended as you do have one or two unusual circumstances like your mortgage with your dad. There is no need to feel afraid or intimidated by having to speak to someone at CCCS/Payplan/CAP because they are all lovely people trained to put you at ease and no-one is going to judge you. The next priority is to open a basic bank account with a bank NOT connected to ANY of your debts/loans/HP/over-draft/mortgage - with no cheque book and no over-draft facilities. You will still get a debit card and direct debit and standing order facilities which is all you will need.

You can do it mia.

Ames

Ok, the mortgage thing does complicate things. But for that you just need to open a different account with a different bank and set up the standing order to the mortgage from that. Then they can't dip into it (obviously make sure the new bank isn't connected to anyone you owe money to).

You do need to be aware though that because you have financial products with your dad then your credit rating will affect his.

chevalier

I was wondering with your such low income, whether you are getting all the benefits that you are entitled to? Surely you are due working family tax credits? Council tax benefit? Can either of you get a second job even for just a while?

I think others have gone through your soa, good luck with moving forward
chev

mia1830

sofababe wrote: »

I have a DMP that I did with the CSA but whoever you decide to go with, make sure its free.

Spend a day gathering ALL the info you'll need, utility bills, latest loan statements, CC bills, every penny you need to spend, including things you haven't included on your SOA- contents insurance & car maintenance for example. Whatever is left over will be divided between your creditors.

Once the DMP is in place you will feel SO much better, actually before then as just knowing it will soon be sorted is such a relief.

Then with a few cutbacks, such as your grocery bill and hopefully a change of electricity supplier in the future you and your family should be able to maintain a lovely happy lifestyle with a few treats now and again and no more stressing about money :j

I had bailiffs at my door once with a court order, ready to take my stuff, now thats scary! Well done for doing something before it got that far xx

Hi thanks for helping, sounds like this is what i will have to do because i am getting nowhere with the interest montly bills my loans are always paid as is car but visas and others are getting missed every other month! At the moment I don't think we have bailiffs in NI but god that would scare the life out of me someone calling to your door to take my stuff. I am just going to have to take the bull by the horns and sort this out once and for all. So will i also need payslips and proof of benefits etc as well as all my bills? Thanks again

mia1830

Ames wrote: »

Ok, the mortgage thing does complicate things. But for that you just need to open a different account with a different bank and set up the standing order to the mortgage from that. Then they can't dip into it (obviously make sure the new bank isn't connected to anyone you owe money to).

You do need to be aware though that because you have financial products with your dad then your credit rating will affect his.

Hi Ames,

You have been a brilliant help so thanks for that 1st of all. The mortgage with my dad has never shown on my credit file which is a bit strange don't know why it was all above board! I had done it before I got my own mortgage and thought it would affect me getting one but it never showed, I think at the time when we got it I had put his address as my own in order for us to get it. I have looked at my credit file over the years and always wondered why it has never shown so I am still hoping it won't affect him then. Will have to get the ball rolling, I will get on to one of the debt companys suggested in the next couple of days running about a bit as my dad was taken into hospital on friday so trying to do things in between everything else. So do I talk to one of these companys 1st, then get bank accounts set up and notify our employers etc or will one of these debt companys advice me on this. Thanks again have to o to hospital visit now

Ames

The companies will advise you on everything, but there's no harm in getting the ball rolling and setting up the new bank accounts. In fact, the sooner you do that and get wages/benefits etc paid changed over the better, because you can then stop paying the debts as soon as you have a reference number from one of the free companies, and just write and explain the situation, that you're taking advice and enclose a token payment. But the company will go through all that with you. For now, just concentrate on your dad, family and health are far more important than money and debts!

mia1830

Ames wrote: »

The companies will advise you on everything, but there's no harm in getting the ball rolling and setting up the new bank accounts. In fact, the sooner you do that and get wages/benefits etc paid changed over the better, because you can then stop paying the debts as soon as you have a reference number from one of the free companies, and just write and explain the situation, that you're taking advice and enclose a token payment. But the company will go through all that with you. For now, just concentrate on your dad, family and health are far more important than money and debts!

Hi Ames,

Just back from seeing my dad, he is just waiting on biopsy test results so have everything crossed they come back ok! Thanks for all your help, think I will try and get bank accounts sorted this week at least thats a start. Thank you again for all your advise its really appreciated so so much. Just didn't have a clue where to start and my financial advisor I would use for my mortgage had metioned an IVA but after reading up on fee's etc didn't feel it was right for me as then I would be paying only a little of my debt and the rest to someone else, I didn't realise you could get free help as it feels sometimes people are out to get every penny of you for themselves. I think in the meantime I will still pay whats due to come it in the next few weeks, well what I can anyway or will this look worse when I try to set up a DMP as I am not really behind with payments I always make up for it if I have missed a payment the following month and then its someone elses turn, this has only started happening the last few months or so. Thanks for everything starting to feel a bit lighter alrwady just talking about it :j

ps sorry for always ending up asking another question!!