DMP, what happens.....

livinginhope

Bobby81 wrote:

its the new loans the car of 180 a month and the other loan of 8000 at 180pm, if one of them was gone we could probably do without the DMP too.

The solution to that problem is obvious,sell the car and buy a cheap one,you insurance would probably be lower too.

Bobby81

we have done that already sold our new car for a second hand one.

Bobby81

insurance also went from 65 to 48

livinginhope

Bobby81 wrote:

we have done that already sold our new car for a second hand one.

why do you pay 180/month for a car loan?

all_hours

Hi bobby,

Here's the SOA from the last thread with the extra debts added. I've removed the council tax and rent. I've added the missing outgoings that you had on the last thread - I assume you haven't cancelled your mobile or trust fund.

With this updated information I don't think you would need to do a DMP or IVA as you appear to have a little left over each month and will have even more when those small debts are gone. I've included a 2% monthly payment on the overdraft. Please could you post the APR of your overdraft - if you don't know what it is you can phone to bank to ask.

You might be able to put all the small debts on one card - this will reduce the number of bills you have to pay - reduce the interest you pay and could reduce the monthly outgoings slightly.

Can post all your credit card details including the APRs, credit limits and balances. Include the ones you have no debt on. To find out the APR look on your last statement to see if its stated - if not phone them to ask.

Also include the APRs on Next + Gus - are these catalogues or cards?

Can you clarify the insurances you're paying. Is the £33 for pet insurance - on your last thread you had this listed after other pet costs. You also had two other insurances listed but on this thread you have the total as £30.

Husband Income: after tax 1280
Mine: 370
Child Benefit: 116
Tax Credits: 0
Total 1766

Outgoings

Childcare: 0
Rent: 0
Elec: 21
Gas: 33
Council tax 0
TV Licence: 10.99

Phone/Internet: 41
Mobiles: 54

Car Tax: 11
Petrol: 100
Car Insurance: 48
Car Repairs and Servicing:

PC world Insurance 0
Household Insurance 16.75
Pet insurance 14.99
Life Insurance 30

Child trust Fund: 0
Food: 320
Sky: 46

Total 746.73


HP? 13
Great Universal 30
Next 35
Barclay card: owe £73 15
Sky card owe £98 17
1st LLoyds TSb Loan owe £17600 pay £407 (APR 7.1%) 407
2nd Lloyds TSB Loan owe £8000 pay £180 (APR11.8%) 180
Lloyds CC: £6000 Limit owe £490 10
Car Loan £8200 pay £180 (APR 16%) 180
Overdraft: £2000 40
Total debt repayments 927

Total 1673.73

Surplus/deficit 92.27

Bobby81

I will find out all this, just gonna put baby down for a nap, sorry i didnt get an email to say someone had replied, will try and find all this out.

Maybe we can cope without a DMP..............putting all those little payments on to one might be a better option i know one thing we pay is 29.8% apr. will sort it all out in a mo xxxxx THANK YOU!!!!

Bobby81

OK, yes i forgot the 20 pound trust fund, on insurances we pay 7.99 (pc world:o ) 14.99 the pets, 16.75 insurance think its the household one, the other 30 pound one is life, ilness etc.

Cards we have Barclay card owe £71.19 credit limit £3500 17.9% APR

Visa LLoyds Card £7000 limit (its gone up) owe £490 13.85%apr

Platinum LLoyds TSB £10000 limit owe nothing (99p in credit) need to find out the APR (probably same as the visa one?)

Sky card owe 90 odd pound £3500 limit and 18.73% APR

Some Clydesdale Finance for a fridge we bought over a year ago and only pay minimum on it still owe 208 pound as APR is 29.8%, this one needs to go!!!

NEXT i cant find the APR need to ring them owe about £226 pound, have just checked, thought it was more to be honest.

GUS is about £300 that i owe but this is 0%

Maybe husband should phone the lloyds platinum and ask if they got any offers on out card as they always ring and offer us stuff as in balance transfers 0% for 6 months ??? What do you think??

lynzpower

Im sure IM not the first person to tell you to get rid of that sky. its is costing you 46pcm whic his (ish ) equivalent to your HP & Next card.

If you have cards which are empty, get them closed down and ask for your credit file to be updated, having too much debt open to you is one way of stuffing your credit rating.

I suggest you cut your credit cards up too.

Bobby81

cards were cut up months ago apart from one that we owe 490 on due to gas and elec bill. We owed a lot more on them but managed to get them down.

Bobby81

right in last 5 min i have saved 28 pound a month, cancled child trust fund for a little while and canceled 7.99 for pc world. Hubby is phoning his credit card people the 10000 one to find out what offer they have for him and then transfer all payments on to this. I REALLY want to cancel sky and got for basic package but hubby sais we are on a 1 year contract.
We are also phoning our bank and asking for a 1month payment break on our big loan, we have never missed a paymentfor last 2 years so hopefully that will be ok which gives us a chnace to pay off the two credit cards next month the 70 pound and 90 pound one and then will close them down.