In the negative (to the not so nice) tune of £19771.50 ...

Want-To-Fit-In

Writing that total has made a light bulb moment hit more than ever. I knew it was bad but didn't think it was that bad.

My partner doesn't know the true extent I don't think he isn't really interested to be honest. I will get there with him in the end I hope. Although this is good he isn't angry we have both done this along the way he isn't great for support either and isn't in a rush to clear them :cool:

We have cancelled mobiles/sky/insurances and anything else not needed and from January our expenses will be a lot less than they have been in years.

I want to get the debt cleared before the children are old enough to understand and to hopefully add another to our family eventually

Debt details are
Loan £10000
Loan £2400
Loan £1835
Provident £540
Fredrickson £1950
Reliable Collections £650
JD Williams £400
Next £100

Moneybox 247 £260.50
Txt Loan £351
Mini Credit £145

Also have

Rent arrears £900
Counil tax £240

Making an awful amount of £19771.50 :eek::eek:

Want-To-Fit-In

A bit more about us, partner works full-time and I am a SAHM. It would cost more in full time childcare than what I'd earn so until one of them starts to get funded places/starts school it isn't an option for me to get a "proper" job. Although I am going to focus on making some extra money from home, Ebay, surveys etc.

We can comfortably pay £300 a month but this takes out DFD to 66 months :eek: So some major cutbacks/overtime/extra income is needed to bring it forward. As well as meal plans and cutting back on take out and kids treats.

*Robin*

Hello Want-To-Fit-In, :hello:

Welcome to MSE Diary-land! Hope you find some good tips for reducing your borrowing asap; and cyber-mates to share your journey on the way to that wonderful DF day!

The figures that really stood out for me in your list of debts to be repaid are:

Want-To-Fit-In wrote: »

Rent arrears £900
Council tax £240

..How far have you got with tackling these two? Are you HA/council tenants? Have you checked to see whether you're getting all the benefits your family is entitled to?

Preserving the roof over your children's heads must be your top priority - am sure you don't really need to be told that! - so it's the best place to start..

LunaLady

Welcome to the DFW board. You have made the most important step coming here

Try posting your Statement of Affairs on the main board. People will be able to help by suggesting cutbacks. See http://www.stoozing.com/msoc/soacalc.php

There are loads of challenges which can help keep you motivated - have a look around and get stuck into some of them. Keeping a diary can help too.

Want-To-Fit-In

*Robin* wrote: »

Hello Want-To-Fit-In, :hello:

Welcome to MSE Diary-land! Hope you find some good tips for reducing your borrowing asap; and cyber-mates to share your journey on the way to that wonderful DF day!

The figures that really stood out for me in your list of debts to be repaid are:



..How far have you got with tackling these two? Are you HA/council tenants? Have you checked to see whether you're getting all the benefits your family is entitled to?

Preserving the roof over your children's heads must be your top priority - am sure you don't really need to be told that! - so it's the best place to start..

Hello first off thank you for taking the time to reply

The council tax should be paid in full on the 14th and the rent arrears we are in an arrangement with the HA so its coming down slowly.

Want-To-Fit-In

LunaLady wrote: »

Welcome to the DFW board. You have made the most important step coming here

Try posting your Statement of Affairs on the main board. People will be able to help by suggesting cutbacks. See

There are loads of challenges which can help keep you motivated - have a look around and get stuck into some of them. Keeping a diary can help too.

Thank you for posting

I will have a look and do a SOA too

rising_from_the_ashes

Hi Want To ... well done for posting and having your LBM ..... keep up with the diary as you'll get great support on here :T

I'd send the SOA - it really does help for a fresh set of eyes to have a look - and often we think we're paying "the norm" and it's only when someone else goes ...... ":eek: how much?" that we realise we're not!:D

A good thing to try is a Spending Diary - write down everything for a couple of months (even 30p on a paper) and it's a real eye-opener!

Best of luck

Want-To-Fit-In

rising_from_the_ashes wrote: »

Hi Want To ... well done for posting and having your LBM ..... keep up with the diary as you'll get great support on here :T

I'd send the SOA - it really does help for a fresh set of eyes to have a look - and often we think we're paying "the norm" and it's only when someone else goes ...... ":eek: how much?" that we realise we're not!:D

A good thing to try is a Spending Diary - write down everything for a couple of months (even 30p on a paper) and it's a real eye-opener!

Best of luck

Thank you

SOA to follow

Want-To-Fit-In

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1125.96
Benefits................................ 452.6
Other income............................ 0
Total monthly income.................... 1578.56

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 480 (This includes £40 a month of the arrears)
Management charge (leasehold property).. 0
Council tax............................. 100 This is over 10 months but hoping once the arrears are clear we can change to 12)
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 12.5
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 20 (We dont spend this every month)
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 9
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 20 (We put this away for Xmas and birthdays because all 3 kids birthdays and Xmas falls within 6 weeks of each other)
Haircuts................................ 5 Just one child's all others done by a friend for free
Entertainment........................... 20 This is to pay for the kids toddler groups etc
Holiday................................. 0
Emergency fund.......................... 20 This was put away into a savings account but just been used to buy a new fridge/freezer and carpets for the kids rooms
Total monthly expenses.................. 1192.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1 ........................10000.....100.......0
Loan 2.........................2400......50........0
Loan 3.........................1835......50........0
Next...........................100.......10........0
JD Williams....................400.......14........0
Relaible Collections...........650.......10........0
Fredrikson.....................1950......30........0
Provident .....................540.......100.......0
Total unsecured debts..........17875.....364.......-


Monthly Budget Summary
Total monthly income.................... 1,578.56
Expenses (including HP & secured debts). 1,192.5
Available for debt repayments........... 386.06
Monthly UNsecured debt repayments....... 364
Amount left after debt repayments....... 22.06

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,875
Net Assets.............................. -15,375

[/i]

This is the "new" SOA from January when everything is cancelled stops coming from the account. All the debt are in plans with no interest or charges going on. Other than the 2 payday loans which we have been rolling over for months.

*Robin*

Want-To-Fit-In wrote: »

The council tax should be paid in full on the 14th and the rent arrears we are in an arrangement with the HA so its coming down slowly.

Phew, thank goodness - well done for having that under control, WantToFitIn!

Want-To-Fit-In wrote: »

This is the "new" SOA from January when everything is cancelled stops coming from the account. All the debt are in plans with no interest or charges going on. Other than the 2 payday loans which we have been rolling over for months.

Good news that most of your cards / catalogues are on 0% - makes it easy to see what to concentrate on getting rid of first!

Am no expert on SOAs but it looks like you're already doing pretty well given that you've got three children to look after. Am sure you'll soon get a few tips from MSEers who are better practised than I, though.

Want-To-Fit-In

*Robin* wrote: »

Phew, thank goodness - well done for having that under control, WantToFitIn!



Good news that most of your cards / catalogues are on 0% - makes it easy to see what to concentrate on getting rid of first!

Am no expert on SOAs but it looks like you're already doing pretty well given that you've got three children to look after. Am sure you'll soon get a few tips from MSEers who are better practised than I, though.

Thank you, it only looks under control now because I have been reading on here for months and months and doing nothing about it

The payday loans need paying off but its having it in full to clear. I think we will clear and take out less each month until its gone rather than trying to take that big of a hit on the income in one month.