Hiding your debts? Think you can cope on your own?

BevieB

rising_from_the_ashes wrote: »

Sorry to ask but have you def got the right account - it's a Cashminder and I don't think you can apply for it online .....

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts[/QUOTE
Why can't he have a current account. We did prior to our DMP. I think as long as you do not have an overdraught it should be ok??]

Rochdale_Guy

fredandwilma wrote: »

Bankruptcy is never the easier way out. Its the route i would imagine most people take, when there ARE , no other options.

I wish you well :A

Not a problem, I just meant with bankruptcy, apart from the Court fees (£700+) aren't most of your debts written off totally after 12 months, whereas with a DMP you pay back every single penny (if they stop adding interest charges), then they might offer you a final settlement - which surely no one
on a DMP could afford anyway!

:T
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cappo

Rochdale_Guy wrote: »

Not a problem, I just meant with bankruptcy, apart from the Court fees (£700+) aren't most of your debts written off totally after 12 months, whereas with a DMP you pay back every single penny (if they stop adding interest charges), then they might offer you a final settlement - which surely no one
on a DMP could afford anyway!

:T
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sometimes you can get a very good deal with the creditors anything up to 70% off, mine though was only 30% rebate and with tesco i ended paying back every penny, i suppose i was "lucky" having the stroke as 47k is quite a hideous place to be.

Rochdale_Guy

cappo wrote: »

sometimes you can get a very good deal with the creditors anything up to 70% off, mine though was only 30% rebate and with tesco i ended paying back every penny, i suppose i was "lucky" having the stroke as 47k is quite a hideous place to be.

But it's catch 22! They know you are in trouble and on a DMP, so offer you a big discount if you settle up in full, yippee! :j
But you can't settle as you have no money and hence are on a DMP or considering an IVA or bankruptcy! :mad:

Loubylou2

Jenjen wrote: »

I've just re read the leaflet about the switching and cashback including all the small print and there is no mention that you must have an overdraft at all so I don't see how they can get away with that. I will keep an eye out though beacuse we have definitely met all the criteria that are listed.

My own experience was that we requested no overdraft with Santander and received the switching fee quickly with no problems at all.:T

Rochdale_Guy

Here's my SOA with all the debts included, didn't know how to put the £200 bank overdraft down, but I'm always near the limit each month.
I am gutted that it's nothing like the one I did a while ago and this says I only have £57 available each month to offer CCCS to offer the creditors

It's gonna be more like 20 years now, I am sooooo upset and deflated as I was quite positive when I approached doing this SOA, and I still don't know what basic bank account to open. I don't understand as I don't drink, don't smoke, dont go clubbing, don't go out for meals, don't go to the cinema and don't even really rent DVD's.

Everyone is putting their bills up... BT, British Gas, EON electric, food is going up, petrol is going up, the minimum repayments on my debts are going up and the interest rates on the cards are going up.

The only thing going down is me

Read and weep....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1


Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 310
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 21
Gas..................................... 22
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 130
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 92
Car maintenance (including MOT)......... 42
Car parking............................. 40
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 977


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 2200

No Secured nor Hire Purchase Debts


Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Visa......................9088......296.......34
MINT Visa......................5940......133.......24
RBS M'Card.....................3526......81........18
Bank overdraft.................200.......0.........0
Citibank Visa..................1675......39........31
N/Rock car loan................2747......106.......7.1
Barclaycard....................3284......99.......34
Total unsecured debts..........26460.....754.......- !


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 977
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 754
Amount short for making debt repayments. -697

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,460
Net Assets.............................. -24,260


Created using the SOA calculator at https://www.makesenseofcards.com.!
Reproduced on Moneysavingexpert with permission, using other browser.


Anyone on here still confident for me? I don't think so now I've posted that.
I'm going for a lie down, this is too much for me to handle, sorry guys........

:shocked: :sad: :undecided :wall:
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Superbiatch

OK, its a starting point and there are definitely areas to make savings. Are you getting 25% single persons discount on your council tax for starters? Grocery bill can be reduced a bit too. You only put £50 a month fuel in your car - why not get rid? Its hardly getting used yet its costing you over £200 a month to maintain, park and insure.

How about increasing your income/increasing your social life and getting a bar job? Might not be much but it will get you out of the house and might give you a little spare cash.

Are all the debts in your name only?

MFWannabe

Hi
Looking at your soa i would say you definitely need to go down the cccs route. I have no experience of them myself, but really don't think you have many other options.

P.s Good on you for facing up to things and wanting to pay back what you've borrowed

SteffieLou

Rochdale_Guy wrote: »

Here's my SOA with all the debts included, didn't know how to put the £200 bank overdraft down, but I'm always near the limit each month.
I am gutted that it's nothing like the one I did a while ago and this says I only have £57 available each month to offer CCCS to offer the creditors

It's gonna be more like 20 years now, I am sooooo upset and deflated as I was quite positive when I approached doing this SOA, and I still don't know what basic bank account to open. I don't understand as I don't drink, don't smoke, dont go clubbing, don't go out for meals, don't go to the cinema and don't even really rent DVD's.

Everyone is putting bills up, BT, British Gas, EON electric, food is going up, petrol is going up, the minimum repayments on my debts are going up and the interest rates on the cards are going up.
The only thing going down is me

Read and weep....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 310
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 21
Gas..................................... 22
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24 Do you need a landline? Do you get enough free minutes with your mobile to use that instead?
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 130
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 92 Have you tried comparison sites to get this cheaper? I drive a 1.4 Fiesta, passed my test in 2008 and I pay £300 fully comp.
Car maintenance (including MOT)......... 42
Car parking............................. 40
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 977


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 2200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Visa.....................9088......296.......34
MINT Visa......................5940......133.......24
RBS M'Card....................3526.......81........18
Bank overdraft................200........0..........0
Citibank Visa..................1675.......39........31
N/Rock car loan...............2747......106......7.1
Barclaycard....................3284.......99.......34
Total unsecured debts......26460.....754......-


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 977
Available for debt repayments........... 57
Monthly UNsecured debt repayments....... 754
Amount short for making debt repayments. -697

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,460
Net Assets.............................. -24,260

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Anyone on here still confident for me? I don't think so now I've posted that.
I'm going for a lie down, this is too much for me to handle, sorry guys........

:shocked: :sad: :undecided :wall:
.
.
.
.
.

Hi RG

Have added a couple of suggestions but other than those I don't think I can be of any help apart from offering my support. I hope you get yourself straight soon. We're all here to help

Rochdale_Guy

Slightly redone, but nothing that affects your comments. Will reply to them in a minute, thanks.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 310
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 22
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 130
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 92
Car maintenance (including MOT)......... 42
Car parking............................. 40
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 5
Holiday................................. 50
Emergency fund.......................... 10
Total monthly expenses.................. 976


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2200
Other assets............................ 0
Total Assets............................ 2200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA Visa......................9088......296.......34
MINT Visa......................5940......133.......24
RBS M'Card.....................3526......81........18
Bank overdraft.................200.......0.........0
Citibank Visa..................1675......39........31
N/Rock car loan................2747......106.......7.1
Barclaycard....................3284......99........34
Total unsecured debts..........26460.....754.......-


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 976
Available for debt repayments........... 58
Monthly UNsecured debt repayments....... 754
Amount short for making debt repayments. -696

Personal Balance Sheet Summary
Total assets (things you own)........... 2,200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,460
Net Assets.............................. -24,260

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.