going to miss a payment please advise???

theoretica

Why are you insuring your TV? And paying over 1/3 of your entire home and contents policy for it? Should something happen to it you could buy another TV for less than 1 year of premiums. It might not be as large or as fancy, but can you really afford large and fancy at the moment?

I suggest you look to cut down on mobile and satellite costs too.

Tink_04

Thanks for the comments everyone!!!

*chilcare is expensive but our only option and thats what the tax credits are for the pay us a % of it back so they pay for it really. And neither employer do CC vouchers.
*Mobiles and sky are in contract (april and Dec)
*Tv cover is DH's for his baby lol - we can talk about it i suppose!!!
*And im in the process of claiming the PPI back on my loan i honestly had no idea i had it i got made redundant last year and didnt work for 7 months!!! thats how much my head was buried in the sand!!!
*were getiing the car services and some work done to it in our CT free months that honestly couldnt wait as the car is in an awful state butr been putting it off since nov!!!

Im just still really worried about missing the loan payment do you think i should ring now or wait until its missed???

Tink_04

please can some one advise me if i should ring halifax or wait until the payment is missed and ring them???

Clarie_2

Hi Tink,
You must be really worried :-( I think tebb1t's idea was a good one - phone them, say you can't pay, and suggest you over pay in the coming months to make up the arrears. If they accept, great - if not, then don't pay it. And don't get worried by the harrassment - just refuse to talk on the phone and get them to write to you.

If this is going to happen again, then maybe it is time to chat with CCCS or payplan? Things look really tight for you, and they might be able to help you negotiate a smaller repayment/ freezing interest etc.

Good luck and let us know how it goes!

Clarie

moonpixiewitch

Hi Tink,
please try to pluck up the courage to call them . It has to be better than waiting for them to call you and getting more and more stressed. Tell them straight you are unable to pay this month and ask if they can either extend the loan at lower monthly repayments or can you take a payment holiday? If they say no , you have lost nothing (and saved yourself a whole load of stress days!) and do not pay them anyway until you have spoken to cccs. Personally the cccs helped me turn my life around , have gone from dmp to bankrupt to now rebuilding my credit rating and starting my own business . You can turn this around, it just takes a good dose of reality and some guts to get the ball rolling!
I am in agreement with the others about the TV Insurance , what exactly does this cover ? also lots of people have had success with getting sky to reduce monthly payments by just phoning and asking (nicely) , the other option is to be straight with them and say you can't afford £55 per month can they reduce your package to a manageable amount (minimum is about £20 per month now ) for a few months until you have caught up .
The old style money saving boards are full of fantastically helpful folk, who can give you some help on how to reduce grocery shopping and household bills .
I hope you get things sorted soon and as the CAB once said to me when I was getting in a state about my debts "they can't hang you for it" :T
HTH
Moonpixie

bargainbetty

Is there any chance of increasing your hours or taking on a second job, perhaps a bar job a few nights a week? It might give you the leeway you need.

Moonpixie is right - even if you are in contract, call Sky and the mobile phone companies and ask about reducing your tariffs. They might say no, but it's worth a try! Your husband needs to get over his 'baby' complex about the TV and cut that insurance out - you are covered on your household policy, so why pay twice? He cannot afford it. You cannot afford it. Don't just 'talk' about it - cancel it!

Do the storecupboard inventory and work out what you have to play with (good thing is, it also takes up time where you can't spend anything ) and keep your spends down as close to nothing as possible for the month.

Good luck x

ceejaydee23

Tink, I had a bit of time convincing my other half about reducing the virgin package again and loosing his beloved sky sports, but guess what, he hasnt missed it one bit! as he has been able to watch his footie on ITV and ESPN. Yes i relish the day we can be debt free, and me not having to be quite so tight, its been very hard for me trying to stick to my cash budget of £60 a week! BUT there have been some weeks where i have totally cashed out, BUT thankfully my daughters off to her nans for a week now so this weeks shopping has been next to nothing (in comparison) As i have quite a lot in my freezer.

BFM

also, with regard to sky, pretty sure you can phone up and get on the cheapest available package before the anniversary - think its like £20 per month. and you can take it back up once you get through the next few months. we pretty much always do this through the summer when the footy isn't on...

[Deleted User]

Tink_04 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 560 (any way to increase this, or below - overtime, increase hours or second job)
Partners monthly income after tax....... 950
Benefits................................ 550
Total monthly income.................... 2060

Monthly Expense Details
Mortgage................................ 458
Council tax............................. 97 (Are you paying this over 12 months - if not you should be having CT free months at the moment, so this could go towards loan payment)
Electricity............................. 37 (Check comparison sites to see if this is competitive for your are (often online and duel fuel are cheaper. And if cheaper go through cashback sites like Quidco, TopCashBack, OnePoll)
Gas..................................... 47 (as above)
Water rates............................. 26.88
Telephone (land line)................... 11
Mobile phone............................ 42 (this is high, especially as you have a landline as well. If you are in contract check with the provider to see if you can drop a tariff, and at the end of the contract switch to SIM only or PAYG - also if you have good mobiles see how much you could get for them if you sold them and replace with £10 cheap ones)
TV Licence.............................. 12
Satellite/Cable TV...................... 55 (Cancel if you are out of contract, if not drop to the minimum basic package)
Groceries etc. ......................... 125 (Can you cut back on this even just for this month - use what you have in the store cupboard - check the old style board for help/advice)
Clothing................................ 5
Petrol/diesel........................... 70
Road tax................................ 2.9
Car Insurance........................... 48.85 - DUE IN APRIL WILL BE 25 SO SHOULD DROP! (when you go to renew, check cashback sites as well)
Car maintenance (including MOT)......... 7
Other travel............................ 44 (what is this, and can it be reduced? Walk/cycle, car share or get weekly, monthly, season tickets instead)
Childcare/nursery....................... 449.15 - GOING UP AGAIN IN APRIL SO WILL NEED TO RE ADJUST (this is quite high - nearly as much as one income)
Buildings insurance..................... 30.12 - JUST RENEWED IS NOW £24.15 + £40 CASH BACK THROUGH QUIDCO
Contents insurance...................... 0-IN WITH THE BUILDINGS
Life assurance ......................... 35
Other insurance......................... 9 - TV COVER (is this necessary?)
Presents (birthday, christmas etc)...... 20 - NEED TO ADD MORE TO THIS
Haircuts................................ 5
Holiday................................. 10 (Can you afford a holiday?)
Emergency.............................0 (Perhapse start to put something here, even £5/month - would be a bit of a buffer for when/if you are ill again and need to make up wages)
Total monthly expenses.................. 1655.9


Assets
House value (Gross)..................... 90000
Car(s).................................. 1500
Total Assets............................ 91500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 97000....(458)......0
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR (You need to find out what the APR's are)
egg............................560.......15....... .0
halifax OD.....................490.......15........0
Natwest CC.....................980.......50........0
Halifax........................5000......160...... .0 - THIS HAS PPI ON THAT I HAD NO IDEA ABOUT - (As another poster has mentioned, see if you can claim this back - Check Martin's guide on the main site)
HSBC loan......................2000......100.......0
Total unsecured debts..........9030......340.......-


Monthly Budget Summary
Total monthly income.................... 2,060
Expenses (including HP & secured debts). 1,655.9
Available for debt repayments........... 404.1
Monthly UNsecured debt repayments....... 340
Amount left after debt repayments....... 64.1

Personal Balance Sheet Summary
Total assets (things you own)........... 91,500
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -9,030
Net Assets.............................. -14,530

Hi,

I have made some comments above. Most of which will probably be more useful in the long term than the short term. But making changes now will not only help you become debt free quicker - but will also give you some breathing space if you are off work ill again in the future).

As other posters have mentioned - call Halifax and see what you can negotiate.

Also, do you have anything in your house that you no longer use/need and can e-bay/amazon/gumtree.

HTH

Domino9

mdr86

Hmm, I've been thinking about the replies so far, and most are about how to cut down expenditure, which is a good thing to do, but can't solve the problem of *this* month's repayment, as making all these changes won't make £180 appear in time. So my thoughts would be: work out how much you may be able to save each month, so you know how long it will take to pay back the 180 you'll miss this month, then call Halifax; I don't think there's any way to avoid this, but if you know the figures of what you can afford and stick to them I hope that would help.
I think the consensus is yes, you do need to call Halifax, before the payment is due to go out.