Struggled with debt for 12 years and now at the end of my rope.

harrys_dad

As previously mentioned you need to renegotiate your DMP immediately, with a free company, and include the PayDay loans in that too. It will make all the difference. Please do it right away on Monday morning.

eyeopener2

£25k on a £32k should be sortable, all though the maintenance payments seem to be killing you.

stupid question number 1. Can this maintenance be renegotiated?

Who is your DMP with?

If you could do a statement of affairs, even just typing out a rough idea will give us a picture of where your at.

The payday loans need to go into your DMP, and you need to set up a new plan. If your not with stepchange(CCCS) or payplan make sure you are by the end of the week.

We can help you, you can get out of this. Hey! I was in the same boat 3 years ago.

ellesbellesxxx

You need to be careful as often DMPs have conditions about taking out more credit... so potentially taking out payday loans is breaking T and Cs.
You need to work out what is going out each month as DMPs are supposed to be affordable and not have you struggling and reaching out to payday sharks! Work out realistically what you can afford and go from there... this can be sorted! Maybe it will look like you will be paying your debts off for longer but if you are planning to go back to work when children at school then this time can be brought down again!
Good luck!

ValHaller

Malcnascar wrote: »

.... Be wary of advice based on assumption. Guessing solutions can be worse than you doing nothing and struggling just as you have done.

Please find the will and time to post the SOA, dont say you will do it shortly do it now.

A very wise post. Cupcake, you ask whether you should go bankrupt. No one can offer a meaningful opinion without your statement of affairs. With the information you have given us, I can see it is possible that you need to do it, but I would not suggest that you do it without seeing theSoA.

Bankruptcy is such a big step. The consequences will be with you for life. You need to do the SoA for your own sake to make the decision

samtoby

I can not offer much advice but post a SOA and let people see what valuable advice they can offer. x

PurpleJay

Just wanted to send you a virtual hug. It must all be very draining. Do post your SOA as you will get lots of help.

Is there anything you could do to earn a bit of extra cash? Someone has mentioned surveys already. I do Avon and I wondered if this might be something you could do at evenings and weekends while hubby is around to look after the other kids (how old are they btw). Congratulation on your pregnancy. When is baby due? If you did start Avon, you could let any customers know that you are taking a few weeks off when baby is due and keep orders to a minimum. Having said that, if you have friends and family who would buy, or hubby could get orders at work, there isn't a lot of legwork needed.

Have a read of the up your income thread, there might be something for you.

Oh and have a look at some of the challenges too, the grocery challenge is a good one. Look at the old style board for recipies or come and have a read of the Ultimate February Challenge. It can help to know you are not alone and keep you motivated.

Good luck x

exarmydreamer

It maybe worth asking for a re-assessment of child maintenance, is husband on old rules or new. You can ask for an assessment at anytime but with a new baby due, it maybe worth it. I know this sounds bad and taking money away from his other kids but your household income and your own children can be taken into account under the new rules and it maybe the difference between meeting your bills or not.

Try asking the question over on the child maintenance board.

cupcake32

Right, I'm going to do the statement of affairs now. Just to clear up some of your questions:
Unfortunately we can't renegotiate our maintenance payments. The £300 is by mutual agreement with my husbands ex and one month recently we were late paying. We had the CSA on our backs really quickly and they wanted to up our payments based on our household income. Thankfully we managed to smooth things over with his ex wife and the CSA withdrew.
We are definitely in breech of T & C's regarding our DMP (which is with the CCCS) as we took the payday loans out long after starting our DMP with them. Stupid I know, but we were desperate.
I'm certainly going back to work full time once the children are all at school (can't wait) so I suppose we can fling more money at the debt then but in the meantime I need to find something I can do at home in the evenings when everyone has gone to bed. Will check out the thread on this, thank you. x

cupcake32

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1900
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2035

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 86
Gas..................................... 60
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 40
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 56
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................. 17
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Electical insurance (white goods)....... 15
Maintenance............................. 300
Total monthly expenses.................. 1764


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1600
Other assets............................ 0
Total Assets............................ 1600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CCCS DMP ......................25000.....120.......0
Payday loan....................825.......175.......0
Payday loan....................200.......260.......0
Total unsecured debts..........26025.....555.......


Monthly Budget Summary
Total monthly income.................... 2,035
Expenses (including HP & secured debts). 1,764
Available for debt repayments........... 271
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -284

Personal Balance Sheet Summary
Total assets (things you own)........... 1,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,025
Net Assets.............................. -24,425

ValHaller

cupcake32 wrote: »

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1900
Benefits................................ 135
Other income............................ 0
Total monthly income.................... 2035

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 86
Gas..................................... 60
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 40
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 16
Car Insurance........................... 56
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................. 17
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Electical insurance (white goods)....... 15
Maintenance............................. 300
Total monthly expenses.................. 1764


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1600
Other assets............................ 0
Total Assets............................ 1600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CCCS DMP ......................25000.....120.......0
Payday loan....................825.......175.......0
Payday loan....................200.......260.......0
Total unsecured debts..........26025.....555.......


Monthly Budget Summary
Total monthly income.................... 2,035
Expenses (including HP & secured debts). 1,764
Available for debt repayments........... 271
Monthly UNsecured debt repayments....... 555
Amount short for making debt repayments. -284

Personal Balance Sheet Summary
Total assets (things you own)........... 1,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,025
Net Assets.............................. -24,425

Reformatted for ease of reading