Messed up...!

eyeopener2

DFW - Debt Free Wanabee and people save small change in a sealed pot then open after a year for savings/debt repayment or just buying stuff.

My advice, stop smoking, cut the meals out to once a month (as a treat). You can cook your own take away style meals at home. its fun and cheap once you get the hang of things. You will feel better and you can start making serious inroads into your debt.

Not easy but otherwise you ain't ever going to get sorted.

Grab the bull by the horns and go for it. The hardest bit is starting.

younganddumb_2

Ok, I didn't really understand how to do it properly as i'm not currently repaying any of the debts, as stated in my first post up until now i've kinda been burying my head in the sand! I've done my best interpretation of it though, here goes!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 360
Other income............................ 360
Total monthly income.................... 720

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............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 90
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 250
Park Catalogue ......................... 40
Eating out/Takeaways.................... 120
Total monthly expenses.................. 820


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
doorstep loan..................300.......0.........272.2
doorstep loan..................100.......0.........433.4
doorstep loan..................100.......5.........433.4
overdraft inc charges..........3500......0.........0
electricity....................109.......0.........0
gas............................350.......0.........0
mobile contract................109.......0.........0
mobile contract................486.......0.........0
mobile contract................89........0.........0
loan...........................500.......10.97.....29.9
Total unsecured debts..........5643......15.97.....-


Monthly Budget Summary
Total monthly income.................... 720
Expenses (including HP & secured debts). 820
Available for debt repayments........... -100
Monthly UNsecured debt repayments....... 15.97
Amount short for making debt repayments. -115.97

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,643
Net Assets.............................. -5,643

[created using the soa calculator at makesenseofcards]

themull1

What do you get the DLA part of the benefit for?

honeybear68

younganddumb wrote: »

Ok, I didn't really understand how to do it properly as i'm not currently repaying any of the debts, as stated in my first post up until now i've kinda been burying my head in the sand! I've done my best interpretation of it though, here goes!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 360
Other income............................ 360
Total monthly income.................... 720

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............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 90
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Cigarettes.............................. 250
Park Catalogue ......................... 40
Eating out/Takeaways.................... 120
Total monthly expenses.................. 820


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
doorstep loan..................300.......0.........272.2 Is this provident ?
doorstep loan..................100.......0.........433.4 Is this provident ?
doorstep loan..................100.......5.........433.4 Is this provident ?
overdraft inc charges..........3500......0.........0
electricity....................109.......0.........0
gas............................350.......0.........0
mobile contract................109.......0.........0 are these cancelled
mobile contract................486.......0.........0 are these cancelled
mobile contract................89........0.........0 are these cancelled
loan...........................500.......10.97.....29.9
Total unsecured debts..........5643......15.97.....-


Monthly Budget Summary
Total monthly income.................... 720
Expenses (including HP & secured debts). 820
Available for debt repayments........... -100
Monthly UNsecured debt repayments....... 15.97
Amount short for making debt repayments. -115.97

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,643
Net Assets.............................. -5,643

[created using the soa calculator at makesenseofcards]

I have made some notes, have you spoken to CAB at all you seem to have more than you can afford, also have any of these got reduced payments. I think you need to cab or give a debt management company a call to explore all you oppotunities you have nothing to loose.

younganddumb_2

Firstly, @ themull1: Does it really matter?! I don't feel like that is a relevant question on this thread, at all!

Secondly, thanks for your reply, and I visited the CAB quite a while ago now, and was advised to get details of my debts before returning as I didn't have any paperwork from them, as at the time of debts occurring, I just threw all of my paperwork out. I have been advised via the CCCS website I will need a recent statement of my debts from each creditor when I apply so I will be contacting all of the companies I owe money to and asking them to send this out for me, which should help me at the CAB, which I am hoping to get an appointment for next week sometime.

The £300 doorstep loan is Provident, one of the £100 is Greenwoods (same company I think), and the other £100 loan is the Morse's Club - a similar thing. I am currently repaying my Morse's Club loan at £5 a week, but I haven't had any communications with Provident or Greenwoods since mid-2009. (Big worry there as i'm dreading the outstanding balance with those APR's!

The mobile phone contracts, I presume, are cancelled as I didn't attempt to pay them, unfortunately I was stupid enough for it to be a case of just taking them out for the phone, then "bumping them off".

The CCCS advised me to apply for a DRO, will see what the CAB say if I get an appointment next week and if they advise DRO also, then i'll be saving up the £90 ASAP!

With regards to contacting creditors and offering a goodwill gesture of say £1, would this be applicable in my case considering I haven't even attempted to pay most of my debts off for a very long time, if ever!

I know I seem like a right to-rag and what have you but I went off the rails as a teenager, and seemingly I was still getting this out of my system aged 18! I'm glad to say that it is now out of the system and I am trying to get myself sorted, hence the posts on here! Think i'll head on over to some of the other boards and get some further idea's on money saving! (Which to be fair is not something i've ever been any good at!)

Thanks again to everyone who's posted so far!

Young&Dumb! X

theoretica

The first problem is that you are spending more every month than you have coming in, even without paying the debts. This has to be your priority as sorting out your debt won't help this. Could you and your fiance eat at your parents more often to lower the food cost? Is it possible to get to your parents' house by bus to save petrol costs? Stopping smoking of course. I am sure you could remove chips from your diet and switch to healthier foods without seeing a dietician, though you are wise not to embark on an extreme diet before getting sensible advice.

honeybear68

your right in thinking Provident,morses and greenwood are all the same company and I suprised that provi hasn't been in touch, I used to be a provi agent and they will soon catch up with you especially as you with their sister companies as well, but your main priorities is to stop spending more than you recieve each month.

taehc

Well done for taking the first step and seeking advice. The fantastic people on this site will give you great advice and can help you to turn your life around, if, YOU choose to follow that advice.

At the moment you are spending more than you have coming in without servicing your debts or having high living costs. If you deal with this area it should mean that in the future budgeting will be much easier and when you get your own place you should be able to manage your money well. Also when you are well enough to work and have the bills to do with work (clothes, travel etc) you will be able to cope with this.

You have a decent income with fairly low essential outgoings your main expenditure is on non essentials- fuel 200, smoking 250, take-away food 120=570 more than 3/4 of your monthly income!! However these are areas that you can tackle, if you want to!

Look at public transport in your area, with your dissability allowance can you get a discount/free public transport? If not then a travel card that will allow you to do multiple journeys for a set price should work out cheaper. I travel 40 miles + per day to work and my fuel is less than 150/month and i have a fairly big car with a thirsty 1.8lt engine. You cannot afford to continue to spend 200 per month on fuel, look at your activities and make them more local, plan longer journeys as a treat. Also consider staying at your parents more often to save travel OR move in with your fiance and save a massive amount on travel.

Take-away food-you need to start cooking and doing it now, restrict take-aways to 1 per week (at £10 per time for 2 of you thats £40/month saving 80 for food. How much does you fiance pay towards food?) Look at the thread on here with good ideas on how to shop on a budget and healthy meals costing very little. This will be good for your health and waistline and you should feel better for eating better food.

Smoking-You say you want to quit which is good-get support and take your time you will benifit more than just financially, better health, skin, breath etc all positives. It will also save you a massive £250/month!!! Incentive in itself! Are you smoking around 800 cigs a months? even cutting it down to 600=20/day but saves you around £60/month.

I wish you good luck, you are young and have your whole life in front of you and if you get yourself sorted and get into good habilts you will be in a great position to save for getting married/kids/holidays/own home etc, whatever you want.

eleanor73

Right first thing is that you are young and you realise what is going on - you are not dumb! Well done on posting and realising so young. Most people (including me!) don't realise until they are 30squillion that they have spent and spent and spent!
Now you must change things before you get yourself in more of a pickle. The advise above is priceless.
The main change you can make is to-from now on til you win the lottery;)-never spend more than you have.
Sorry if I haven't studied your statement of affairs but the fact you are here asking is a really good sign.

younganddumb_2

Again, thank you for the replies!

I am planning to book an appointment at the doctors on Tuesday (as I have a lot to do on Monday!) to see the smoking nurse and enquire about which NRT would be most suitable for me. My fiance is also going to do the same.

I am also going to start eating more healthily as of Monday, which will save on the takeaways, as if i'm eating more healthily I won't be eating chips etc . I've cut the takeaways out time and time again and I do save a lot of money, but I always get stuck back into the same old rut and start eating them again! Not this time hopefully!

Petrol is an area that I don't feel we can change at the moment. We will be trying to save on journeys where we could walk instead etc. Public transport would probably save a lot of money on fuel, but, at least for the time being, I cannot cope in crowds and / or public situations like that.

Eating at my parents house more often is do-able most nights but they tend to eat late at night, when i've already left. This is because they go to the local pub for a few hours when my dad finishes work, and tensions tend to run high when they return home. It's an idea I will think more about though so thank you!

I haven't given any of my debtors my new address, and, as far as I know, have nothing linked to my current address. I think this will be why I haven't heard anything from the doorstep lenders.

Could anyone give my any advice on what the £10 a day challenge etc is all about, as I can't seem to find any threads which describe this, just people talking about succeeding etc.

TIA.

Young&Dumb!X