hi newbie just asking for some general advice

time4help

hi all after spending few years robbing peter to pay paul etc i decided i had to get sorted. looked at consolidation loan but credit rating poor and decided this would just increase my debt.

so have applied to cccs for a DMP its not what i really wanted to do but it is my best option to sort my life out.

I have cut all my credit cards up self excluded and closed all my online gambling accounts imposed a take away ban etc etc and am determined to get on the straight and narrow.

my total debt is 20000approx

12000 barclaycard
5000 halifax loan
1000 capital one card
1000 abbey loan
350 aqua credit card
500 creation credit card

on the cccs remedy result they have told me they would want 290 payment and would take 5 years 9 months dependant on my creditors freezing my interest.

Can anyone give me an idea on these creditors likelyness to freeze interest , and a bank account to open that isnt linked to any of these debts.

i have buried my head in the sand for too long, i am worried as my wife does know my situation and we have a joint mortgage . hopefully this will be the start of me turning things round and changing my life for the better .

bottleofred

Hi time4help and welcome to the forum,

If you could post your statement of affairs, you'll get loads of help and advice on how you can save money, which can then go towards your debts. http://www.makesenseofcards.com/soacalc.html
The co-op cashminder account is good and I don't think it's linked to any of the above companies, but wait to see what other members advise.

Good luck

Red

time4help

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................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 370
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 15
Gas..................................... 25
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 10
Mobile phone............................ 30
TV Licence.............................. 5
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 140
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 50
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 10
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1097

Assets
Cash.................................... 0
House value (Gross)..................... 130000
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 130750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111500...(370)......0
Total secured & HP debts...... 111500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................12500.....300.......0
capital one....................1000......40........0
aqua...........................350.......15........0
santander loan.................1000......41........0
halifax loan...................5000......148.......0
creation.......................500.......18........0
Total unsecured debts..........20350.....562.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,097
Available for debt repayments........... 303
Monthly UNsecured debt repayments....... 562
Amount short for making debt repayments. -259
Personal Balance Sheet Summary
Total assets (things you own)........... 130,750
Total HP & Secured debt................. -111,500
Total Unsecured debt.................... -20,350
Net Assets.............................. -1,100


i have basically halfed all our bills, my wife works out half all the bills each month i and give her the money , due to my history my wages go in seperate account the direct debits come out of her account not mine . but i give her enough money to pay half all bills including mortgage.

slummymummyof3

So does your wife work then?

time4help

my wife does work but for several reasons our finances are kept completely seperate

katsu

Can you please hit the edit button and mark what bills you have halved. For example is that half the food bill as well as half the gas and electric? Is it a fairly static figure you give your wife or does it change from month to month?

Presents and entertainment - if these are actually double what you show, then they can definitely be cut back on.

Does your wife keep all the child benefit? Are your wages and hers similar? Have you done any joint budgeting?

theoretica

These are the places where I think you may be able to cut back.

Mobile phone............................ 30 Go PAYG?
Internet Services....................... 20 40 total seems high, especially on top of land line
Groceries etc. ......................... 160 320 total could be cut quite a bit - see the old style board here
Clothing................................ 20could be squeezed
Petrol/diesel........................... 140
Road tax................................ 10
Car Insurance........................... 45 Are car costs half or total? Tax looks high to be half
Childcare/nursery....................... 50 Are you getting tax efficient vouchers from work?
Other child related expenses............ 20 what is this?
Buildings insurance..................... 15 high for 1/2
Contents insurance...................... 10 ditto - shop around, see article on main site
Life assurance ......................... 10
Presents (birthday, christmas etc)...... 20
Entertainment........................... 40

[Deleted User]

[QUOTEHousehold 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................ 1400 (is there any way to increase this? - overtime? second job? - also check that you/your wife are getting all of the benefits that you are entitled to)
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 370
Council tax............................. 55 (Are you currently paying over 10 months? - (Consider either switching to pay over 12 months, or put the same amount during your CTFree months towards your debt with the highest APR)
Electricity............................. 15
Gas..................................... 25
Water rates............................. 13
Telephone (land line)................... 10 (If this is half - shop around, also see if combining with home phone would be cheaper)
Mobile phone............................ 30 (this is quite high, especially as you also have a landline, if you are in contract, see if you can drop a tariff, if not in cotract look at SIM only deals (several at £10 per month), or go PAYG)
TV Licence.............................. 5
Internet Services....................... 20 (shop around - check comparison sites, especially if this bill is halved - as above - see if combining with home phone would be cheaper)
Groceries etc. ......................... 160 (If this is half your gorceries for 2 adults and 1 child, then this can be reduced - drop brands, batch cook, meal plan, stick to a list - check out cheaper supermarkets (Lidl & Aldi) - £320 is high) - we are 2 adults (not in debt) and out bill comes out at around £150 and we eat very well)
Clothing................................ 20 (reduce to essentials only - maybe £5pm)
Petrol/diesel........................... 140 (any way to reduce, combine trips, car share - check out public transport options and see if cheaper)
Road tax................................ 10
Car Insurance........................... 45 (is this halved? check comparison sites at renewal)
Car maintenance (including MOT)......... 0 (possibly need to budget something here)
Childcare/nursery....................... 50 (Do either you or your wife get vouchers from work?)
Other child related expenses............ 20 (what's this for? ANy way to reduce - shop around)
Medical (prescriptions, dentist etc).... 9
Buildings insurance..................... 15 (high if halved, At renewal shop around and check comparison sites - often combined contents and buildings are cheaper)
Contents insurance...................... 10 (as above)
Life assurance ......................... 10
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 40 (What's this? can you reduce? See if you can get the same, or similar for cheaper elsewhere - use vouchers for restraunts etc)
Total monthly expenses.................. 1097

Assets
House value (Gross)..................... 130000
Car(s).................................. 750
Total Assets............................ 130750

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 111500...(370)......0
Total secured & HP debts...... 111500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR (You need to find out what the APR's are on each of these debts to help you prioritise any overpayments you are able to make)
barclaycard....................12500.....300.......0
capital one....................1000......40........0
aqua...........................350.......15........0
santander loan.................1000......41........0
halifax loan...................5000......148.......0
creation.......................500.......18........0
Total unsecured debts..........20350.....562.......-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,097
Available for debt repayments........... 303
Monthly UNsecured debt repayments....... 562
Amount short for making debt repayments. -259 (There doesn't really seem to be this amount of movement in your SOA - consider talking to one of the debt charities - CCCS, Payplan, CAB, National Debtline)

Personal Balance Sheet Summary
Total assets (things you own)........... 130,750
Total HP & Secured debt................. -111,500
Total Unsecured debt.................... -20,350
Net Assets.............................. -1,100

Hi,

I have made some comments above - hopefully some of them will be useful to you.

D9

time4help

the internet is mine and the mobile is mine and the car insurance is also just mine ( i have fair few points on my license .

I will edit the SOA 2moro to try and make it more accurate, maybe i could cut back significantly and do some of the grocery shopping myself al aldi etc .

I have already gone through the remedy thing on cccs for a DMP am just awaiting the pack to be sent to me .

I could type pages of stuff about some personal circumstances some my own fault some not but its not gonna change the fact that i need some help with my spirraling debt.

I am very hopeful i can stick to the plan the cccs have suggested and hopefully as my situation improves i would try to pay more if possible to them to get through this as quickly as possible.

To be honest at the moment me and the wife are only together to look after our little boy, she is also a member of a professional body in the finance world so i want to keep her out of this as it could harm her affiliation.

Another big reason for doing this is so i can work towards being in a decent financial position so i can eventually afford a small place of my own if / when we eventually split so i can have time with my son in a home i can call my own instead of my mums .