OK My SOA

safeashouses

lynzpower wrote:

A basic bank account is the way to go if you have poor credit histories. the natwest step account is one often recommended. the co-op cashminder isa also used a lot too.

Maybe it will all be in the pack, but I considered a DMP for a while when I went onto nil pay, but decided against it, and the CCCS advisor told me to open a new bank account and withdraw all money from all current bacnk accounts and use the new one instead, leaving the others to default.

I dont think you are anywhere near selling up sugar. unless you WANT to that is, which is sounds like you dont.

I dont really have a lot of time right now to look over things again , but nothings in stone yet, you dont have to go into the DMP if you decide against it. Personally it looks like you dont have to do so and with some strict budgeting and extra money making ( be it mystery shopping, a part time job etc) you could snowball your debts as i said earlier.

OK thanks. I want to go into the DMP but I'm confused as people are advising me against it? I just want to give my kids a decent life really.

Oh I don't know, I'm really confused now :rotfl:

black-saturn

Here's my four penneth for what it's worth:

Mortgage : £625
CT : £91
Water : £18 Quite high. Could going on a meter save you money?
TSB arrears : £45
Car Insurance : £55 (2 cars) Do you really need 2 cars?
Buildings Insurance : £14
Car loan : £170 (5m left) Could you sell one of the cars and use the money to pay this off. £170 every month seems like a lot of money
TV license and sky : £30 Freeview or Freesat
Broadband :£17 (needed as husband still does some PC repair work)
life insurance :£25
Contents insurance :£14
DMP (In process of being sorted) : £90
Overdraft £80

Total : £1280

Leaves £595 living:

Food: £250 You can cut this down. I spend £45 per month for 3 people
gas and elec :£40
car expenses (tax, petrol etc) £90 Could you cut these down?
kids activities £50 Free walks in the park, free swimming
pets £10
phone £20
clothes £40 Make what you already have do for 6 months and then buy clothes from 2nd hand shops, ebay or car boot sales. Go through your wardrobe and sell anything you havn't worn for a while.
mobile £10 (although hubby often gets his paid by work)

lynzpower

safeashouses wrote:

OK thanks. I want to go into the DMP but I'm confused as people are advising me against it? I just want to give my kids a decent life really.

Oh I don't know, I'm really confused now :rotfl:

When I get back Ill have another look over what youve got going on.

Balck saturn has made some good points too.

I suggest doing an SOA without the DMP factored in and lets see how that looks

safeashouses

black-saturn wrote:

Here's my four penneth for what it's worth:

Mortgage : £625
CT : £91
Water : £18 Quite high. Could going on a meter save you money? - Hmm not sure - we had one at our last house and it worked out more than that!
TSB arrears : £45
Car Insurance : £55 (2 cars) Do you really need 2 cars?... well one was a gift from my parents to enable me to return to work ( looking for work right now) - so it isn;t really mine to sell?
Buildings Insurance : £14
Car loan : £170 (5m left) Could you sell one of the cars and use the money to pay this off. £170 every month seems like a lot of money
TV license and sky : £30 Freeview or Freesat- yep, will look into this...
Broadband :£17 (needed as husband still does some PC repair work)
life insurance :£25
Contents insurance :£14
DMP (In process of being sorted) : £90
Overdraft £80

Total : £1280

Leaves £595 living:

Food: £250 You can cut this down. I spend £45 per month for 3 people Yes I know I can - will aim on that
gas and elec :£40
car expenses (tax, petrol etc) £90 Could you cut these down? - not really - my husband travels a lot with work and we live in a village - already walk every journey I can....
kids activities £50 Free walks in the park, free swimming
pets £10
phone £20
clothes £40 Make what you already have do for 6 months and then buy clothes from 2nd hand shops, ebay or car boot sales. Go through your wardrobe and sell anything you havn't worn for a while.
mobile £10 (although hubby often gets his paid by work)

I already do that. I haven't had new clothes or shoes in 3 years - or had my hair cut

lynzpower

Another thing, what have you got to sell?

I would think that you would have *something* be it books, clothes, dvds, cds anything the kids have grown out of?

safeashouses

OK OUR BUDGET:

HUSBAND EARNS BASIC £1250 MONTH (But always has overtime - not including this as not guarenteed so basing budget on base rate, any extra being a bonus)
£625 MONTH from CB and WFTC.

Total: £1875

Mortgage : £625
CT : £91
Water : £18
TSB arrears : £45
Car Insurance : £55 (2 cars)
Buildings Insurance : £14
Car loan : £170 (5m left)
TV license and sky : £30
Broadband :£17 (needed as husband still does some PC repair work)
life insurance :£25
Contents insurance :£14
Overdraft £80

Total : £1190

Leaves £685 living:

Food: £250 (will prob be less though, I am good at food management!)
gas and elec :£40
car expenses (tax, petrol etc) £90 (although hubby can get some back through work and my parents pay my car tax as car was a gift from them)
kids activities £50
pets £10
phone £20
clothes £40
mobile £10 (although hubby often gets his paid by work)

Total: £510

Leaves £175 for debts:

Minimum payments are:

TSB TRUSTCARD £90
VERTBAUDET £11
IKEA £15
HSBC CC £35
NEXT £80
MOTHERCARE £11
KAYS £160 (in arrears so have to pay high amount)
HALIFAX CC £70
ACE £25
TESCO CC £5
MBNA £50
FASHION WORLD £10

approx £560 - £385 over what we have....and that is just minimum payments...

Thats why I think the DMP is best?

safeashouses

lynzpower wrote:

Another thing, what have you got to sell?

I would think that you would have *something* be it books, clothes, dvds, cds anything the kids have grown out of?

No I haven't - I have literally sold everything that I can over the last few months :rotfl: My husband says if he sat still I would sell him :T

lynzpower

my feling is that could you not use the 80 for closing the OD down with to Kays, as you are in an agreed overdraft?

this should keep that wolf from the door for a few weeks.

Am I right in thinking that your last payment of 170 is in April, or may?

lynzpower

If hubby "always has overtime" how much is it, usually. I know its a good idea not to include it into a SOA as its not guranteeed, but just for our benefit. As surely this money could be shuffled to debt- as its currently completely unaccounted for ?

safeashouses

lynzpower wrote:

my feling is that could you not use the 80 for closing the OD down with to Kays, as you are in an agreed overdraft?

this should keep that wolf from the door for a few weeks.

Am I right in thinking that your last payment of 170 is in April, or may?

No - cos it is an agreed "decreasing" overdraft - ie it decreases by £80 a month... unfortunately...