dont know where to start

heyboots

Domino9 wrote: »

There are other agencies that will help you do a DMP without charging:

A lot of people here use CCCS, but here's the link to the sticky with the list of them:

PLEASE DO NOT PAY A COMPANY TO DO THIS - THIS WILL ONLY INCREASE THE LENGTH OF TIME YOU ARE IN DEBT

Hi Domino i am in Scotland, if i do a debt arrangement scheme, they can force creditors to accept and freeze interest, Its a lot better for me I think than a DMP, CCCS etc dont manage DAS for you, i wish i could find someone to do it,

i was looking at begbies traynor, it wasnt quite 10% i think she said if we just took my debts (some of the above are my husbands , car loan etc) of £46000 i should offer to pay £400 per annum for just under 10 years, and they would charge £35 per month t manage it, and extra i could make annual extra payments to reduce life of the DAS

Also if you are made redundant etc you can freeze it

Free ones are the same but without the £35 management fee

For begbies traynor there is also an upfront £700 fee

heyboots

Betty_Crumble wrote: »

ah !!!!!!, too late lol

thanks so much for trying! have you got insomnia too?

HappyMJ

heyboots wrote: »

Hi Domino i am in Scotland, if i do a debt arrangement scheme, they can force creditors to accept and freeze interest, Its a lot better for me I think than a DMP, CCCS etc dont manage DAS for you, i wish i could find someone to do it, i was looking at begbies traynor, it wasnt quite 10% i think she said if we just took my debts (some of the above are my husbands , car loan etc) of £46000 i should offer to pay £400 per annum for just under 10 years, and they would charge £35 per month t manage it, and extra i could make annual extra payments to reduce life of the DAS

Free ones are the same but without the £35 management fee

For begbies traynor there is also an upfront £700 fee

The problem with them is if you miss a payment they take more fees rather than pay your creditors.

[Deleted User]

heyboots wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1850Any way to increase? Overtime?
Partners monthly income after tax....... 840As above?
Benefits................................ 135
Other income............................ 650What's this? Any way to increase?
Total monthly income.................... 3475

Monthly Expense Details
Mortgage................................ 581
Council tax............................. 195Is this over 10 or 12 months? If 10 ask your council if you can spread over 12
Electricity............................. 90both this and below seem high are you in arrears (if so how much and when will it be fully repaid?) and if not check that you are not in credit with the companyCheck with comparison sites to ensure that you are on the cheapest tariff - often online and duel fuel is cheapest, and if switching is cheaper then check cashback site for further incentives (eg Quidco, onepoll cashback)
Gas..................................... 104As above, also ensure things are off instead of on standby, use energy saving bulbs, switch the thermostat down on your boiler by a few degrees (you'll never notice), and when using heating turn the thermostat down a few degrees, and switch radiators down/off in rooms not being used.
Telephone (land line)................... 11
Mobile phone............................ 45How many phones - check SIM only and PAYG (giff gaff are really competative at the moment)
TV Licence.............................. 12
Satellite/Cable TV...................... 49Can you go freeview/freesat?
Internet Services....................... 24You should be able to get home phone and internet combined for this price - try talk talk
Groceries etc. ......................... 400I think this can be reduced - meal plan, batch cook, shop with a list, drop brands, try lidl/ald
Clothing................................ 150Every month? This is very high - stick with what you have for now and buy essentials only
Petrol/diesel........................... 160Are all journeys essential? Can you car share? |Walk more often?
Road tax................................ 3
Car Insurance........................... 25
Car maintenance (including MOT)......... 0probably need something here?
Car parking............................. 75
Other child related expenses............ 40What does this cover? Is it good value?
Medical (prescriptions, dentist etc).... 0never?
Pet insurance/vet bills................. 8
Buildings insurance..................... 30Use comparison site at renewal for hopefully a better deal
Contents insurance...................... 30as above
Life assurance ......................... 28
Other insurance......................... 21
Presents (birthday, christmas etc)...... 15
Haircuts................................ 15
Entertainment........................... 30what does this cover?
Holiday................................. 40Is a holiday essential?
Emergency fund.......................... 0
Total monthly expenses.................. 2181


Assets
Cash.................................... 1000Put this towards your highest paying debt? Or is this an emergency fund?
House value (Gross)..................... 210000
Shares and bonds........................ 1000Can these be cashed in to put towards debt repayment?
Car(s).................................. 5000
Total Assets............................ 217000[/b]


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(581)......6
Total secured & HP debts...... 115000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APRAre all the APR's right here? If so tackle one of the higher paying ones first with any overpayments/SOA surplus until gone then move on to the next one (always continue to pay the minimum towards all debts)
Mint cc........................5100......117.......29
mbna cc........................8300......242.......29
lloyds tsb cc..................9750......262.......29
Family loan....................14000.....0.........0
car loan.......................4000......140.......5
lloyds tsb loan................2200......170.......7.9
student loans..................4200......60........2
next...........................965.......104.......0
littlewoods....................675.......0.........0
overdraft......................850.......0.........0
Opus...........................2650......62........NaN
barclacard cc (wasegg..........1850......59........NaN
Barclaycard cc.................10866.....280.......29
Total unsecured debts..........65406.....1496......-


Monthly Budget Summary
Total monthly income.................... 3,475
Expenses (including HP & secured debts). 2,181
Available for debt repayments........... 1,294
Monthly UNsecured debt repayments....... 1,496
Amount short for making debt repayments. -202I think that you can make this up in your SOA mainly pay-for TV, grocery shop and holidays combined with making sure you are on the best deals for all of your utilities, but to make any significant headway you will need to make further cuts/adjustments or bring in extra income

Personal Balance Sheet Summary
Total assets (things you own)........... 217,000
Total HP & Secured debt................. -115,000
Total Unsecured debt.................... -65,406
Net Assets.............................. 36,594Overall things are not that bad - just need to get the cards and loans under control
[

If you haven't already, stop spending on the cards

Try and contact one of the other debt free charities on the list in the link I posted above for advice and assistance

Have a good clear out at home and see if there are things that you could e-bay/gumtree/amazon/car boot and put the proceeds towards one of the higher charging debts.

I have made some comments above, HTH

D9

Betty_Crumble

sky, clothing and entertainment have to go in order to break even.
sell everything you can, go through the whole house.
£3 car tax for 2 cars?
think of selling your shares?
if holiday means you will incrue more debt cancel it, even if you lose your deposit.

heyboots

HappyMJ wrote: »

The problem with them is if you miss a payment they take more fees rather than pay your creditors.

yes - im trying not to let my desperation make me jump into this! i just want to be dealing with it but i dont want to regret signing up to something

[Deleted User]

I'm sorry I don't know about Scotland, but I hope someone with more knowledge pops by (might need to wait for tomorrow, when there's more people around). But there must be another alternative other than a paid-for company! Surely?

Betty_Crumble

heyboots wrote: »

thanks so much for trying! have you got insomnia too?

nope its just you posted late ;):p

mum2one

does cccs not cover Scotland, maybe they wouls be able to put you in the right direction, really hope you get it sorted, youve made the hardest move and thats by having the lighbulb moment.
You take care xx

HappyMJ

heyboots wrote: »

yes - im trying not to let my desperation make me jump into this! i just want to be dealing with it but i dont want to regret signing up to something

Can you explain the family loan? Excluding that loan you are actually in manageable situation. You should not owe more than you earn. You earn £41,700 per year and excluding the £14,000 of debt which cannot be included in a DMP you owe £51,406 which isn't too bad considering your good equity in your property.