Starting a new road to debt freedom

rdchick

Hi everyone

I have been on and off this forum for a few years now and now my debt has become unmanagable.

I will post an SOA in a min but just wanted to ask a few questions.

I need to go on a DMP - which I can deal with - it won't be pretty but it will be for 7 years (as in on my file for) which I can deal with. I'm only 23 so I have time on my hands - plus for my 30th birthday maybe I can get a mortgage...

Anyways I have been fighting fires with taking more credit - stupid I know and this has as ever resulted in PDL - yep call me what you like - I wanted to be good and pay my bills...

It's all become too much and things this month will bounce sky high - the vitals have all been paid for so I have moved my money into a seperate account and that will be for fuel and food etc. I have now got my wage to be paid into this account as it's seperate from everything and doesn't have an overdraft.

So how long do I have to wait to apply for a DMP?

Thanks in advance!
xxx

sistafromanothermista

:wave: Hi, i don't know the answer to your question about DMP but didn't want to read and ignore!

rdchick

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1046
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1046
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 5
Mobile phone............................ 20
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 70
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 36
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 792

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................3500......60........29.9
credit card....................450.......25........19.7
loan...........................3200......96.04.....29.9
loan...........................1200......50........0
catalogue......................200.......20........30
credit card....................250.......10........40
credit card....................450.......15........40
credit card....................200.......5.........40
Total unsecured debts..........9450......281.04....-

Monthly Budget Summary
Total monthly income.................... 1,046
Expenses (including HP & secured debts). 792
Available for debt repayments........... 254
Monthly UNsecured debt repayments....... 281.04
Amount short for making debt repayments. -27.04
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,450
Net Assets.............................. -8,950
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

bargainbetty

Do it straight away - no time like the present.

If everything is going to bounce anyway, why not cancel all your direct debits now, send off the letters with the £1 token payment, and save yourself all the rejected debit charges that you might incur on top of the missed payment charges they will try to apply!

Start with small steps, and I wish you all the best in the world.

Edit: Allow yourself more for food - look at the CCCS debt remedy thingies to get an idea of what you are 'allowed'.

rdchick

Thanks Sista! xxx

rdchick

bargainbetty wrote: »

Do it straight away - no time like the present.

If everything is going to bounce anyway, why not cancel all your direct debits now, send off the letters with the £1 token payment, and save yourself all the rejected debit charges that you might incur on top of the missed payment charges they will try to apply!

Start with small steps, and I wish you all the best in the world.

Thanks Betty! I will do that I think at least then I might be able to get with CCCS by August maybe pushing it!

What do people do about phone calls to the house phone?! This is my biggest worry as my BF will go mental at them if they call like they do - a million times a day! xxx

bargainbetty

When you do the letters, include a formal request that all further communication be in writing. State that you will not accept telephone calls, and demand that they remove your number from the records.

If they call, remind them politely that you will not discuss it by phone, and hang up. Once the DMP is properly established, they will leave off.

Or get their numbers and call your service provider to get them blocked?

rdchick

bargainbetty wrote: »

When you do the letters, include a formal request that all further communication be in writing. State that you will not accept telephone calls, and demand that they remove your number from the records.

If they call, remind them politely that you will not discuss it by phone, and hang up. Once the DMP is properly established, they will leave off.

Good plan Betty - right I know what I will be doing tonight then - writing letters to snotty nosed bankers

I'm not worried by the DMP at all - I know it's just money and this happens a lot and thankfully with the help of this forum I know what to expect and I know it's just protocol.

Going to get through this one day at a time!

Thanks for your help my lovely xxx

bargainbetty

You've got the right attitude, rdchick! Just take it all one day at a time and remember it's not personal if they do get stroppy - it is their job, and when they realise you ain't got it, they'll realise they can't have it!

Best of luck x

lizzy23

rdchick wrote: »

Thanks Betty! I will do that I think at least then I might be able to get with CCCS by August maybe pushing it!

What do people do about phone calls to the house phone?! This is my biggest worry as my BF will go mental at them if they call like they do - a million times a day! xxx

CCCS told me this morning if i got everything together it would be ok for an august start, although i will be going for September, as i have a shed load of Direct debits to sort

rdchick

lizzy23 wrote: »

CCCS told me this morning if i got everything together it would be ok for an august start, although i will be going for September, as i have a shed load of Direct debits to sort

ooh that's good. I will try and give CCCS a call today thanks hun! xxx