Drowning in debt

eyeopener2

Hiya

Put your SOA in this format, it works everything out for you.

http://www.makesenseofcards.com/soacalc.html

It makes it easier to understand.

E2

ikkle87

Sorry I put the before post up on my phone and there was a slight typo.

Here's what I got, I've taken your OH's mobile phone out though as if he hasn't got active line rental it is just a debt hun. Once you've paid your £15 arrears you can get him a sim from here http://giffgaff.com/index/offer £10 a month will get him 250 minutes, unlimited texts, unlimited internet etc and it's PAYG so he can't run a bill up!!

I've based it all on you being paid 4 weekly, obviously if it's per calendar month it's different, and also worked it out as of when bubs is here in a few weeks time.

I've put the Housing benefit as one of your essential outgoings.

! Income
Wage 500 Partner's Wage 500 Child Benefit 132 Tax Credits 600 DLA 80


1812

Outgoings
Rent 300 Council Tax 153 Tv License 12 Water 40.38 Sewage 39 Electric 60 Gas 50 Childcare 370 Sky/Broadband/Phone 52 Mobile 60 Clothing 20 Emergencies 20 Groceries 280 Housing Ben arrears 42.6


1498.98
After your 1 month of Council Tax Arrears your outgoing go down to 1444.98.

Personally I would go on the CCCS website and fill out their Debt Remedy. There is no obligation and they don't charge. It looks like you have already tried to organise a repayment plan with your creditors and they haven't been very willing to negotiate and so have set quite high repayments. If you go via CCCS in my experience they tend to be a little bit more understanding as they know that your budget isn't extravagant it's just the basics.

You would need to set up a new bank account though for your money to go in as you need to be count your overdraft as a debt.

eyeopener2

Do as Ikkle87 and contact CCCS. This is sortable, I know it probably doesn't feel like it at the moment but it is.

I understand the situation with your partner but if you can get him onboard and find out where that £200 goes that would help.

One thing though, please don't negotiate with individual lenders (especially the Payday loan idiots) they will get you to promise all sorts.

So contact CCCS/Payplan, set up a new bank account, close your old one and you will start seeing light at the end of the tunnel.

You will be ok, it just takes a little bit of organising.

E2

poppasmurf_bewdley

My first thoughts on reading your original post was £7.5k is not really too bad so long as you get it under control now.

And scanning your expenditure, several things jump out. You both have very high mobile phone expenditure. Default on them both, buy two cheap phones for the 02 network and get Giffgaff sims for both of them for either £5 or £10 per month, which will give you free calls between each phone.

Get rid of your Sky subscription.

£370 Childcare when you are on maternity leave? Is this necessary?

Contact CCCS to sort out a reasonable repayment with all your debts.

princess18

Thank you everyone am feeling a little more positive today.
Just wondering, am I able to close my bank account if it's got an overdraft? Am I able to get a new bank account? Which would you recommend?

I'm going to contact CCCS and see what they can do. I intend to pay off the last of my council tax arrears today so that will be one less thing to worry about
I considered dropping the childcare but as it was pointed out to me, my daughter would lose the placement and it's really hard to get into nursery round here, there aren't many. I intend to go back to work in January so I would need to guarantee her a place somewhere by then

ikkle87

princess18 wrote: »

Thank you everyone am feeling a little more positive today.
Just wondering, am I able to close my bank account if it's got an overdraft? Am I able to get a new bank account? Which would you recommend?

I'm going to contact CCCS and see what they can do. I intend to pay off the last of my council tax arrears today so that will be one less thing to worry about
I considered dropping the childcare but as it was pointed out to me, my daughter would lose the placement and it's really hard to get into nursery round here, there aren't many. I intend to go back to work in January so I would need to guarantee her a place somewhere by then

You would need to keep your account open as it has the overdraft on there that you need to pay off. You then need to go to a different bank that you don't owe money to and set up a new account - just a basic one, no overdraft facility - and get all your incoming payments paid into the new account.

orcocan

don't despair, you're repaying arrears so you're coming out of it

Lots of savings to be had in your mobile bills (£10 / month each max with giffgaff), cancel your sky sub, and see if you can save a bit on our weekly shopping. Also electricity could be cheaper perhaps if not metered.

Please please please please get rid of the payday loans! Asap! Then your dodgy credit cards. I guess you've already talked to your bank? You should try to consolidate your loans, would your bank support you?

Good luck