In Debt big time,Help wanted Please

Tottonian

yorkshire-lad wrote: »

tottonian,
please dont stop posting on here, there are lots and lots of honest and good people on this forum.

you occasionally get the 'look at me, im perfect' poster who posts just to get a response and to annoy people.
dont let them get to you.

certainly do not feel embarrassed about your debts or posting on here, people are all here for the same reason.
people still stay on here even after they have paid their debts off to give help and support to others.

i will keep following this thread.

Thanks, feel a little better now,another sleepless night worried again & to wake up to that was really the last thing I wanted.

Tottonian

Hi everyone who’s helped & responded positively, was wondering how do I go about contacting the credit card companies who I owe & tell them I would like them to do reduced payments, do I just stop paying them then contact them after I’ve missed a payment or contact them 1st, I’ve never missed a payment but its now beyond a joke.
Thanks Tottonian

d3mon4ngel

Tottonian,

Please don't leave. Although you do get the occasional troll, the people here are mostly very kind and helpful

I've had a quick look through your SOA and I think that the satellite / telephone / internet charges are quite high (£40), even more so if they are only half of the total cost. I would advise getting rid of Sky / VM channels and switching to Freeview until you've got yourselves someway towards sorted out. Also, check if you can get your phoneline / broadband any cheaper.

You seem to be paying a lot for road tax. Would it be at all possible for you to sell your car and get a smaller, cheaper to run one? I only pay £120 a year for the road tax on my 1.4l Corsa, while yours works out at £480 a year!

I would also advise anyone to start a spending diary, as this really helps you to focus on what your money is being spent on. I found that it was the little things, £1 here, £2 there, like buying food at work rather than taking a packed lunch. £2.50 a day for a week is £12.50, which is about £55 a month - and that's just one thing! It soon adds up and you just don't realise it until you start writing it down. Try using the demotivator which calculates it for you - it's a real eyeopener!

I think that your best course of action would be to contact CCCS and look at sorting out a DMP. When doing that (as I understand it), you will work out what you need to spend on essentials, then anything left over will be split proportionally between your creditors. So you will no longer be living on what's left after debt payments, but rather they will get what's left after your living expenses. I'm really not sure how a mortgage fits into it, whether it's classed as an essential or as a creditor, but CCCS will be able to help you there.

Most of all, I wish you good luck and hope things start to work out for you and your family
(( HUGS ))

Tottonian

Combination no pay rise’s, myself, wife’s overspending but also my wife leaving a job as a assistant manager of a care home for challenging behaviour 5 years ago after being attacked, we were taken the company to court & we had to pay out for a barristers report of £1500, he told us we had a 70-30% chance of winning in there favour, she left a £25k job at the time as an assistant Manager with potential of moving up. Now has a £18k a year job, since then things gone downwards, I work nights as we have 2 children so there’s always somebody at home, we see very little of each other.

Tottonian

d3mon4ngel wrote: »

Tottonian,

Please don't leave. Although you do get the occasional troll, the people here are mostly very kind and helpful

I've had a quick look through your SOA and I think that the satellite / telephone / internet charges are quite high (£40), even more so if they are only half of the total cost. I would advise getting rid of Sky / VM channels and switching to Freeview until you've got yourselves someway towards sorted out. Also, check if you can get your phoneline / broadband any cheaper.

You seem to be paying a lot for road tax. Would it be at all possible for you to sell your car and get a smaller, cheaper to run one? I only pay £120 a year for the road tax on my 1.4l Corsa, while yours works out at £480 a year!

I would also advise anyone to start a spending diary, as this really helps you to focus on what your money is being spent on. I found that it was the little things, £1 here, £2 there, like buying food at work rather than taking a packed lunch. £2.50 a day for a week is £12.50, which is about £55 a month - and that's just one thing! It soon adds up and you just don't realise it until you start writing it down. Try using the demotivator which calculates it for you - it's a real eyeopener!

I think that your best course of action would be to contact CCCS and look at sorting out a DMP. When doing that (as I understand it), you will work out what you need to spend on essentials, then anything left over will be split proportionally between your creditors. So you will no longer be living on what's left after debt payments, but rather they will get what's left after your living expenses. I'm really not sure how a mortgage fits into it, whether it's classed as an essential or as a creditor, but CCCS will be able to help you there.

Most of all, I wish you good luck and hope things start to work out for you and your family
(( HUGS ))

Thinking of getting one car although we both need cars for our jobs, going knock virgin tv on the head & try to spend less (although we do now),we don't use the phone during the day now as after 6pm & weekends it's free.
Thanks Tottonian

RAS

Tottonian

We really do need to see the full Statement of Affiars for both of you, not just yours.

Based in your income, there should be working tax credit, but there is none. Do neither of you claim, or is your joint income over the limit?

Also it is not clear whether the expenses in your SOA are half the monthly cost or the whole?

Tottonian

RAS wrote: »

Tottonian

We really do need to see the full Statement of Affiars for both of you, not just yours.

Based in your income, there should be working tax credit, but there is none. Do neither of you claim, or is your joint income over the limit?

Also it is not clear whether the expenses in your SOA are half the monthly cost or the whole?

Will post a new SOA later tonight after my wife has come in from work & we will sit down & put everything down.
Thanks Tottonian

Hax

Tottonian - I would suggest that you jsut ignore londonpride77 - they clearly have no idea what it is like to be in the position you are in right now.

FWIW: Many years ago, I was in a similar position to you - my OH was unable to work due to health issues and we ended up having to subsidise "normal" living costs with our credit cards. At it's worst point, I had around £35K of unsecured debt.

For me, the best thing ever was to enter a Debt Management Plan (DMP) which took the stress out of managing the payments, etc. You have already contacted CCCS and I can vouch for the service, help and support they will provide you - they are truly excellent.

Your best bet is to talk to the CCCS about how to proceed. It's probably best if you also include your wife's debts and income in the DMP.

Once you start the DMP, your credit files WILL be affected in a negative way but this isn't a bad thing as it's going to happen sooner or later. This will stop you taking on further debt and let you concentrate on paying back what is owed.

You will also get a lot of harassment phone calls from the lenders and debt collection agencies - especially during the first few months until agreements are setup for your new monthly payments. Don't let those get to you - they are normal and to be expected.

Most lenders will freeze interest on your debts - although this may not happen until your debt gets passed to either their internal collections department or an external DCA.

Your monthly budget will be very strict so make sure you tell the CCCS about absolutely every expense you have so that it is budgeted for. You can make alterations, but it's best to make sure the initial living budget is adequate before you start as you will not have much room for error.

Whatever you do, don't use a DMP company that charges a fee - they offer no extra services, it will take you longer to clear your debts (as that fee could go towards paying your creditors) and some creditors will not be so willing to accept the DMP knowing that the arranging company is possibly getting a larger monthly payment than they are!

Stick with it and don't give up - you CAN get through this!

Good luck!

goodgirl80

Tottonian wrote: »

Hi everyone who’s helped & responded positively, was wondering how do I go about contacting the credit card companies who I owe & tell them I would like them to do reduced payments, do I just stop paying them then contact them after I’ve missed a payment or contact them 1st, I’ve never missed a payment but its now beyond a joke.
Thanks Tottonian

Hi tottonian, I'd suggest contacting the credit companies sooner rather than later. I think there are template letters on this site which might be of use. If you leave it until you're starting to miss payments you'll just get a whole heap of fees on top.

PS - look at some of our signatures - we have all accepted responsibility for getting ourselves out of debt and are proud to be working towards it! You'll be there too soon!

tbourner

Don't know if this thread will help you:
https://forums.moneysavingexpert.com/discussion/2976812
Worth a look though.

It would be great if you could get a joint SOA for both of you, with all the debts and all the income, as I'm guessing the grocery spend is split? I don't think £75 is enough for a family of 4!