Help!!!

shooter4459

I thought i would start a new thread as i really need some help.

I am currently in the british army and struggling with debts of £40,000. With my job i am not alllowed to be declared bankrupt, i do not own my own home, we rent from the army, i have 2 kids with another one on the way and i can't stop spending money.

I am currently with the CCCS who have been a great help but even with there help i still keep messing up. I have asked about an IVA but CCCS are saying i may not qualify for one and i can't risk missing a payment because if i do i will be made bankrupt and i will lose my job.

I know i do not help myself by spending more than i have but i am rectifying this. CCCS say it will take me another 11 years to clear my debt. But i want to be debt free within 5. Is this possible??? I know if i am accepted for an IVA then it is, but again it is a big risk.

Is there any help or advice that people out there can give me?

Aplogies if i sound as though i am whingeing, i know this is my own fault and that i should help myself, but i really am struggling. Thanks for any help received

hippychick1

Welcome to MSE!!
I am fairly new myself, but using this forum I have managed to sort out our debts through a DMP with Payplan. For people to really help, you need to do a SOA so we can see all income and expenditure. I won't be much help on that front, but everyone else here seem to be experts!!

shooter4459

Sorry but without sounding thick what does SOA mean??

hippychick1

Sorry. Its a statement of affairs. If you look at the top of this board there are a few threads marked 'sticky'. One is by Southernsouser (I think called first time posters). It shows how what a SOA should look like. Basically all income and every expenditure. People are fantastic on here at pointing out any over expenditure and ways of cutting back.

themaccas

Hi Shooter, there are several of us on here with Forces connections (My OH is in) and you will get loads of support. Do as hippychick has said and we'll all try and see where we can help you to get your expenditure down. We had nearly £40k debt last year and we have been paying it off but I work as well. However you can do it it just takes commitment and that means being on here a lot too!!!:rotfl:

hippychick1

I should warn you though, doing a SOA can be a shock! When I sat down and sorted everything out, I was in more debt than I had thought! My OH is also in the army and we are about £29000 in debt.

shooter4459

just doing my soa now, but need to access my account tomorrow to get some final details and will post my complete soa when i have finished work, not looking nice though

shooter4459

Well here goes an honest account of my stupidness (if that is a word) every month:

deliciosa

wlecome to MSE shooter! I am confident all these smart people will help you here with lots of good advice! I am not an expert but if you write your soa maybe I can say one or two things too!

and watch out for lynz, lookingahead and other very nice & very knowledgeable people!!!

Hello

shooter4459 wrote:

Well here goes an honest account of my stupidness (if that is a word) every month:

Ummm, think you forgot something Shooter!! Come on, don't be shy!! :rotfl:

shooter4459

did not mean to press enter then!!!

Salary - £1660 inc of rent and council tax taken out of wages,
Child Benefit - £116

Total - £1776

OUTGOINGS PER MONTH

Credit Expert - £5.99
Halifax credit card - £100 ( £3284 owed @ 16.9% )
Gas/Electric/Water - £56
CCCS - £250
Sky - £21
Car loan from parents - £200 ( £5000 interest free )
German Landline Phone - £25
Pc World - £1.99
Mobile o2 UK - £120 ( when contract runs out next month i will be on german pay as yopu go which will save me about £80 a month )
Wifes Mobile German pay as you go - £25
Army troop function - £30
Kickboxing - £25
Internet - £25
Specsavers - £10
Food - £400
AON Insurance - £37.15
Car Ins - £60
Me Socialising - £150:(
Days Out with kids - £60
Me Gambling - £70:(
Army mess Bill - £25 ( can't change it has to be paid)
Butty Breaks - £30

Total - £1707.13

Well there we have it, as honest as i can be. I can already see where things can change, ie my socialising but i find it very hard to say no especially when the lads say "go on Kev, just come for the one"!

Again any help would be greatful.