I wanna be debt free (rough guide soa added)

happymummy

Hi all, I'm new to the dfw board and looking for some advice.
I sent off for my credit file from.experian and Equifax and both were prett much the same, I feel like there might be some things missing off them tho, is that even possible?
I had a loan in joint names with my ex and can't find anything about it on them, supposedly I was the principle name on it even tho I was a sahm so they did chase me for payments and I was paying £5 a week to it for a while but stopped as I didn't see why I should pay while he paid nothing, it was a £10k loan but it seems to have vanished.

I have a few debts that are with collection agencies but my main problem is doorstep loans to which I'm paying £67.40 a week and its crippling me, I'm behind with my gas and electric and really want to get back on track asap.
What would happen if I went through cab to do a dmp? I feel kinda bad because I know if I reduce my payments it reduces their wage as they earn by commission, there's no way I can sustain the payments tho.
I have no idea where my money goes every week I'm so skint! The bank are taking charges for missed direct debits, I've been on income support for the last year so I'm going to look into claiming them back on the.grounds of hardship.

It's the gas an electric that are really worrying me tho, they're an immediate need to fix as I have four children at home, I'm not sure where to start with those tho, I'm behind by 6 months, I did set up dd's but they keep being returned unpaid.

On a positive note I am starting work in the next week or two, only part time but enough to increase my income by over £100 a week

Is it worth going to cab or can I do this on my own?

happymummy

Ps, I will do a Sao but my laptop is broken so I'm posting from my phone which makes it a wee bit more difficult as I can't always see what I'm.typing

happymummy

Does nobody know what happens with Provident and shopacheck type loans when.you enter a dmp? Or have any ideas where I start with the gas ans electric?

mania112

Well you obviously are in a pickle. You're in debt and your income does not support your lifestyle.

Time to prioritise. Although you owe the debt and you should pay it back, but the priority is keeping the house warm and putting grub your childrens belly.

If something has to give, it has to be luxuries, if you don't have any luxuries (this include phone, car etc) then you'll have to stop paying the debt collectors.

That will cause issues, so yes, go and see the CAB

theoretica

happymummy wrote: »

I have no idea where my money goes every week I'm so skint!

I think you really need to change this - you will start off still skint, but know exactly why and be in a better place to change where your money goes. Knowledge = power and all that!

happymummy

Do dmp's only deal with debts? Are there any letter templates for reducing outgoings, like can I cancel sky when I've only had it 6 months? What about mobile contracts? I have one I can reduce next month and my daughter's one is only a few months old, is there anything I can do about those?

When I finally get started at work it'll be a big help (£150 a week!) But they've been waiting six weeks already on a reference from my previous employer.

I just wish it was January already, the thought of Christmas is painful!

happymummy

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2216.93
Other income............................ 0
Total monthly income.................... 2216.93

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 99.62
Rent.................................... 850
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 112
Gas..................................... 110
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45
Mobile phone............................ 90
TV Licence.............................. 12.54
Satellite/Cable TV...................... 23
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 72.76
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 8.59
Presents (birthday, christmas etc)...... 100
Haircuts................................ 50
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2078.51


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(99.62)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
greenwoods.....................0.........97.06.....0
shopacheck.....................0.........195.......0
old house G&E..................0.........43.33.....0
Total unsecured debts..........0.........335.39....-


Monthly Budget Summary
Total monthly income.................... 2,216.93
Expenses (including HP & secured debts). 2,078.51
Available for debt repayments........... 138.42
Monthly UNsecured debt repayments....... 335.39
Amount short for making debt repayments. -196.97

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

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

happymummy

I do have some other debts I need to track down to list, wonga, txtloan and t-mobile.
Also, could use some advice on expenses, whats accaptable for groceries, gifts, haircuts, clothes etc?

There's me, 2 teenagers, a tween and a toddler.

Betty_Crumble

happymummy wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2216.93
Other income............................ 0
Total monthly income.................... 2216.93

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 99.62
Rent.................................... 850 that's a heck of a lot of rent, have you thought about moving?
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 112 very high
Gas..................................... 110 ditto, are you all wrapping up instead of putting the heating on, turning lights off etc?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 45 too high, stop using it
Mobile phone............................ 90 £10 pm sims until you are sorted
TV Licence.............................. 12.54
Satellite/Cable TV...................... 23 ring and let them know your situation and get it cut down to the bare minimum if you can't cancel
Internet Services....................... 0
Groceries etc. ......................... 400 can shave an easy £100 off here if not more
Clothing................................ 0
Petrol/diesel........................... 50 this is low for a month is it worth paying £72.76 in insurance for something you dont seem to use much
Road tax................................ 15
Car Insurance........................... 72.76 add this to petrol and tax, can you use public transport for less?
Car maintenance (including MOT)......... 0 need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 will you need this when you start work?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 8.59
Presents (birthday, christmas etc)...... 100 gotta go, if you cant afford to pay your bills you shouldnt be buying gifts, soz if harsh but its true, even your kids should be made aware, a little sacrifice until mummys back on track
Haircuts................................ 50 can you cut this?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 cut any of the above and stick a bit of that in here.
Total monthly expenses.................. 2078.51


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(99.62)....0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
greenwoods.....................0.........97.06.....0
shopacheck.....................0.........195.......0
old house G&E..................0.........43.33.....0
Total unsecured debts..........0.........335.39....-


Monthly Budget Summary
Total monthly income.................... 2,216.93
Expenses (including HP & secured debts). 2,078.51
Available for debt repayments........... 138.42
Monthly UNsecured debt repayments....... 335.39
Amount short for making debt repayments. -196.97 you can so find this, you just have to be ruthless

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

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

Hello, just a few notes above, you can do it i'm sure.

pleasedelete

No child benefit or maintenance payments?

happymummy

Hiya, yeah I added all my benefits together to get the total monthly income, that includes child benefit but I dont get any maintenance.

I have the CSA on the case tho.