Not sure what to do anymore

Barneysmom

Added up your outgoings which comes to £952.
Income = 1078

1078 - 952 = £126 leftover, which I presume is your DMP money?

hmm, your car insurance, is that right it's £92 a month, it seems steep?

Your food is £138 so we need to lower that by finding some cheap nutritious meals - no point saving money on food if you're going to end up with anemia!
Have you got a freezer because it would be great if you have one so you can batch cook to save money?
There are tons of cheap meals on this site and some of the ideas people have come up with have saved us a lot of money

(Sorry, just realised you are £29 down on that due to your rent rise, see the CCCS about amending your repayments asap.)

So now we're down to £109, which we can cope with, with a good menu plan.
For that you need to look at some of the great recipes on the Moneysaving Old Style board which is full of lovely people!
I'm just going to find you some good threads to look at to save money on food xx

ETA these threads are great but there are loads more of them

https://forums.moneysavingexpert.com/discussion/4084527


https://forums.moneysavingexpert.com/discussion/2426287

This one makes me chuckle

https://forums.moneysavingexpert.com/discussion/57404

Bettingmad

Can I ask whether you have advise on other solutions to your debt such as bankruptsy or IVA? Your outgoings are already on the minmum scale, you don't own your own home and your debt free date is 17yrs away. Are there any particular reasons as to why you have gone for a DMP?

savingmummy

Hello and welcome!I hope you find lots of help and support here and also some tips on how to reduce outgoings to help you.


You really are not alone which is one good thing - made me feel much happier knowing i wasnt `alone` in my situation!


As for friends being like they are i find that just awful! Just because others chose to get into debt to go to the wedding certainly isnt ideal nor clever and dont mean others will follow suit! I would of said no too to that invite!
Keep those who support and understand and sod the rest

Rochdale_Guy

Thank you so much Barneysmom.

I feel bad now as I posted those screenshots to show Littlebear27 how CCCS process your SOA!

Still, I appreciate you doing all that for me :beer:

Yes, the £126 leftover is what CCCS take on the 1st of each month.

I shall look into those links you kindly gave me, I need to re-invent my eating habits and shake things up a little.

:T

Barneysmom wrote: »

Added up your outgoings which comes to £952.
Income = 1078

1078 - 952 = £126 leftover, which I presume is your DMP money?

hmm, your car insurance, is that right it's £92 a month, it seems steep?

Your food is £138 so we need to lower that by finding some cheap nutritious meals - no point saving money on food if you're going to end up with anemia!
Have you got a freezer because it would be great if you have one so you can batch cook to save money?
There are tons of cheap meals on this site and some of the ideas people have come up with have saved us a lot of money

(Sorry, just realised you are £29 down on that due to your rent rise, see the CCCS about amending your repayments asap.)

So now we're down to £109, which we can cope with, with a good menu plan.
For that you need to look at some of the great recipes on the Moneysaving Old Style board which is full of lovely people!
I'm just going to find you some good threads to look at to save money on food xx

ETA these threads are great but there are loads more of them

https://forums.moneysavingexpert.com/discussion/4084527


https://forums.moneysavingexpert.com/discussion/2426287

This one makes me chuckle

https://forums.moneysavingexpert.com/discussion/57404

Rochdale_Guy

Bettingmad wrote: »

Can I ask whether you have advise on other solutions to your debt such as bankruptsy or IVA? Your outgoings are already on the minmum scale, you don't own your own home and your debt free date is 17yrs away. Are there any particular reasons as to why you have gone for a DMP?

Sorry for stealing you thread Littlebear27, where have you got to by the way?

When I did the Debt Remedy online with CCCS, their first option suggested was bankruptcy, the second was a Debt Management Plan (DMP), which I went for thinking I could keep the payments up for a year then see how I was. Little did I know I would be being made redundant very soon. I also didn't want to go for bankruptcy as I and I alone got myself into this mess and feel obliged to pay back what I built up in debt, that's obviously not going to happen now, and I also (and still do) want to keep my car, which I wouldn't be able to if I went the bankruptcy route

Littlebear27

I go away for 5 minutes and you pinch my thread lol.



I have been working out my SOA...

In July I set up a DMP with CCCS and unfortunately there is still a lender(a credit union) taking £206 direct from my salary each month and they are really delaying stopping the payment because they want to investigate why I took the loan out and why my circumstances have changed. I called them this month to tell them they were making my debt situation worse and they were really unhelpful CCCS have tried to help me with this lender but they can't stop them taking the payment.

The debts at the bottom in dispute, I haven't paid them for almost 6 years. I sent them letters asking them to provide me with a credit agreement and none of them have been able to produce one.

The bankruptcy option came up for me first on the cccs website but it looks like that could potentially ruin things? I may be rid of my debt but I wouldn't be able to have a home, bank account, phone, car? Also there is a fee to go bankrupt and I can't imagine having that money any time soon? I thought if I could get on a DMP then when my money situation improved I would be in a better position to clear the debt quicker. Also I am not quite sure what happens with the debts that I haven't been paying. It is looming in the back of my mind about the total debt I have now inc the disputes.



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................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 66
Gas..................................... 0
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 75
TV Licence.............................. 25
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 300
Road tax................................ 25
Car Insurance........................... 94.11
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1481.11

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan from salary...............4800......206.......19
Overdraft......................300.......300.......0
CCS............................0.........60........0
old employer...................150.......0.........0
Loan in dispute................8000......0.........0
C/C in dispute.................7095......0.........0
Loan in dispute................13133.....0.........0
Barclays Insurance.............60........0.........0
South east water...............125.......0.........0
Southern Electric..............255.......0.........0
Overdraft......................3183......0.........0
Total unsecured debts..........37101.....566.......-

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 1,481.11
Available for debt repayments........... -181.11
Monthly UNsecured debt repayments....... 566
Amount short for making debt repayments. -747.11
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,101
Net Assets.............................. -35,101


I haven't budgeted for food/clothes on here because I sometimes have to cancel direct debits so that I can buy some food.
My phone and TVsubscription I am stuck with for another year.

My car insurance is high because I lost my no claims bonus this year

Overall, things are not looking too good. I am constantly paying bills late so my bank account ends up overdrawn several times a month where they try to take the direct debit.

Any advice is much appreciated.

Thank you all for your nice posts today. x

Rochdale_Guy

Hey, glad to have you back!

Well done on posting the SAO. I'm afraid I'm no good at analysing them and would you honestly take advice from someone £26k in debt themselves? :rotfl:

As before, someone more knowledgeable will be along shortly

Well done again, now try and stay relaxed until then!

Chrisblue1962

Issuma wrote: »

See you're feeling better about things already !!!

It's about changing the way you think about things, your friends have to accept you for who you are and whatever your circumstances are at this time, we were honest with our friends and told them that we were changing the way we dealt with our financial situation and would not be able to go out as much.............then surprisingly one by one they all started declining invitations because we were all actually in very similar situations it's just not the sort of thing we talk about...........that's why I like it here we all have something in common and we DO talk about things, not having any money is no a taboo subject.........onwards and upwards

I've been on a DMP since July 2009 and there are ups and downs. However, with the help of CCCS and wonderful responses like the one above, you will through.

Thank you Issuma for your motivational words.

Rochdale_Guy

And just for a moment in time, I thought you were saying my post was a wonderful response, oh well!

You can come through this Littlebear27

*zippy*

Hi Littlebear, well done for posting

Forgetting the debt for a moment and concentrating on getting your SOA to balance, your rent alone is nearly half your pay, do you have a spare room for a lodger, could you find somewhere cheaper to rent or do you have friends or family you can move in with until you get on your feet?

Your car adds up to £450 a month, a large chunk of your pay, could you still do your job and get rid of it? Can you claim any travelling expenses from work?

Are you on a water meter? Are you claiming your single person council tax discount?

Drop sky and contract phone when you can, could you also get rid of your landline?

Hair is the another possible saving, maybe try your local college that offers cheap cuts so students can practice.

I don't know much about bankruptcy, but you will be able to have a basic bank account and PAYG phone, there is a bankruptcy board on mse so do check it out for info on car and renting.

There has also been a couple of threads today about statute barred debts worth a read, maybe start a seperate thread on them if you need individual advice

https://forums.moneysavingexpert.com/discussion/4131959

https://forums.moneysavingexpert.com/discussion/4123755

Good luck x