That sinking feeling

Little_Miss_Broke

So here it goes... big deep breaths

I realized today I have enough money to get me to my job until Tuesday and then I have three days until pay day.. I haven't paid my car insurance, my council tax or loan.

I'm gutted.. no devastated I found myself in this position 7 years ago after loosing my job and after 3 years of hard work I was even -my defaults came off my credit file and then...I lost my job... again

I got a new job fairly quickly however for less money, I've stupidly been trying to balance my out goings using loans but after some trouble with my car and an unexpected roofing bill I've lost control (well the control I kidded myself I had).

I found this site using google and I've seen Martin on tv and some of the stories are inspirational i'm frightened I wont have the stomach.

But i can't ignore this anymore my bank balance and the phone calls wont allow it

Little_Miss_Broke

So here is my mess in all its glory

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

Monthly Income Details
Monthly income after tax................ 2091

Monthly Expense Details
Mortgage................................ 363
Secured/HP loan repayments.............. 298.79999999999995
Rent.................................... 5
Management charge (leasehold property).. 120 includes water & building ins
Council tax............................. 86
Electricity............................. 56
Telephone (land line)................... 7.5
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 29.99 til May 15
Internet Services....................... 7
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 28.26
Car maintenance (including MOT)......... 20
Other travel............................ 299.7
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 25
Buildings insurance..................... 30
Contents insurance...................... 7.86
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 30
Emergency fund.......................... 50
Medical Insurance.......................... 69
Total monthly expenses.................. 1812.23

Assets
House value (Gross)..................... 125000
Car(s).................................. 3000
Total Assets............................ 128000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72150....(363)......4.97
Secured Debt.................. 10085....(298.8)....9.7
Total secured & HP debts...... 82235.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................200.......15........0
Vanquish.......................250.......15........0
Aqua...........................930.......34........0
Mr Lender......................100.......58........0
Pixie..........................180.......180.......0
Sunny..........................2000......129.8.....0
Genie..........................390.......390.......0
P2P............................1200......204.4.....0
Total unsecured debts..........5250......1026.2....-


Monthly Budget Summary
Total monthly income.................... 2,091
Expenses (including HP & secured debts). 1,812.23
Available for debt repayments........... 278.77
Monthly UNsecured debt repayments....... 1,026.2
Amount short for making debt repayments. -747.43

Personal Balance Sheet Summary
Total assets (things you own)........... 128,000
Total HP & Secured debt................. -82,235
Total Unsecured debt.................... -5,250
Net Assets.............................. 40,515

Little_Miss_Broke

I've spoken to step change this evening and they have suggested a DMP for 6 years I can't believe I have had my head in the sand so badly.

jobs for tomorrow:

1) send out my DMP letters and arrange payments for my arrears on the council tax and car insurance

2) have a look at all the different challenges and read money old style for some ideas

3) start a spend tracker i'm sure i'm wasting money

chevalier

Welcome to the boards my comments are in blue.

Little_Miss_Broke wrote: »

So here is my mess in all its glory

Household Information
Number of adults in household........... 1
Number of cars owned.................... 1 If the car is the source of the secured loan below, can you sell the car and get a cheaper one and pay off the remaining money?

Monthly Income Details
Monthly income after tax................ 2091 Any way you can increase your income? Sell broken gold, old mobiles, clothes that don't fit etc?

Monthly Expense Details
Mortgage................................ 363 Any chance that you can take a payment holiday in order to pay off the pay day lenders?
Secured/HP loan repayments.............. 298.79999999999995
Rent.................................... 5 Is this right?
Management charge (leasehold property).. 120 includes water & building ins
Council tax............................. 86 I take it you earn to much to get council tax benefit. You mention arrears. IT IS VERY IMPORTANT that you deal with these to avoid it going to bailiffs.
Electricity............................. 56
Telephone (land line)................... 7.5
Mobile phone............................ 35 can you drop a tariff, or go PAYG?
TV Licence.............................. 12.12
Satellite/Cable TV...................... 29.99 til May 15 call them and tell them you can't afford it, they may drop you down a tariff to keep your business.
Internet Services....................... 7
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 50 If you are only using this much diesal a month, then do you REALLY need a car? Or could you dispense with it.
Road tax................................ 20
Car Insurance........................... 28.26
Car maintenance (including MOT)......... 20
Other travel............................ 299.7
Medical (prescriptions, dentist etc).... 22 Is this covered by a pre paid subscription certificate, could be cheaper than this.
Pet insurance/vet bills................. 25
Buildings insurance..................... 30 thought this was included in your building charge.
Contents insurance...................... 7.86
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 30
Emergency fund.......................... 50 how much is in your emergency fund. This is an emergency. Use it to pay off the council tax arrears.
Medical Insurance.......................... 69 Ouch. Do you get 800 ish pounds of benefit out of this? Ie claim back stuff to at least this amount. If not then either look for a cheaper option or ditch.
Total monthly expenses.................. 1812.23

Assets
House value (Gross)..................... 125000
Car(s).................................. 3000
Total Assets............................ 128000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 72150....(363)......4.97
Secured Debt.................. 10085....(298.8)....9.7
Total secured & HP debts...... 82235.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One....................200.......15........0
Vanquish.......................250.......15........0
Aqua...........................930.......34........0
Mr Lender......................100.......58........0
Pixie..........................180.......180.......0
Sunny..........................2000......129.8.....0
Genie..........................390.......390.......0
P2P............................1200......204.4.....0
Total unsecured debts..........5250......1026.2....-
What are the APR's for these debts? Is there anyone that you could borrow money from to clear these? Ie family not another lender?

Monthly Budget Summary
Total monthly income.................... 2,091
Expenses (including HP & secured debts). 1,812.23
Available for debt repayments........... 278.77
Monthly UNsecured debt repayments....... 1,026.2
Amount short for making debt repayments. -747.43

Personal Balance Sheet Summary
Total assets (things you own)........... 128,000
Total HP & Secured debt................. -82,235
Total Unsecured debt.................... -5,250
Net Assets.............................. 40,515

Good luck with getting yourself straight
chev

maggiecon

you have mentioned your house value is £125k and your mortgage is £72150 is this correct? Could you realise some equity from your house say £5k to pay off all your debts? it will probably up your mortgage by no more than £40 a month.

d70cw6

some thoughts:

other travel £300?
medical insurance £69?
building and contents insurance way too high
mobile phone way too high

the fact that you appear to have a net £280 surplus of funds a month according to your SOA and yet in dire straits indicates that you're missing some expenses from it.

Little_Miss_Broke

I lost the will to live over the weekend, I wrote a postover and over and every time I submitted it the site would time out!



So here it goes: (again)



I have been little miss busy since my first post, Thank youto all that commented on my SOA, I did put the buildings insurance twice! I can’t do anything about the train fare ormy medical costs at the moment, but I will I’m sure explain that all to youlater. I did take a few bits on board and..



· I called my mortgage company, they said theycouldn’t provide a further loan to consolidate my debts but…(and I’m not surehow it worked but I think they have remortgaged me (?)) they have reduced mypayments by £30, not a great deal but I guess it helps, that’s can go straight onthe council tax arrears this month and reduce it by 50% . It then stays my payments for the remainderof my mortgage.. and my mortgage stays repayment.. they are sending the paperwork tonight, I hope I understand it better from that as I thought they said Icouldn’t remortgage when I spoke to them last week *Sigh*

· I then looked at other options, I called stepchange who have offered me a DMP of £77 a month, which is great but I getdefaults, thing is I’ve been confirmed abonus in april at year end that will clear everything so I’m not sure I want toscupper myself for 6 years for the sake of 8 months soo… I was alsoprovisionally approved for a consolidation loan. I need to have a serious think, 6 years of notbeing able to get credit could really screw things up if I want to buy a housewith my BF in the next couple of years but then the loan would be a debt Ihaving hanging over me and cost more..but I can over pay both..

· I called the electricity company and confirmed that my payments have reduced by £10

· I have cancelled all non-essential direct debits

· I paid token payments to the over-due loan andcredit card

· I have emailed the council to see if I canspread the missed payments over the remainder

· I have taken a stock take of my kitchen and havea two week meal plan in place (I need to stop buying unnecessary food)

· I wrote to my old bank to see if I can get somecharges back (about £100)

· Downloaded the free trial on YNAB see how I geton with spreadsheets!

· I printed off all my tesco clubcard vouchers andfound I have one for a free pint of milk! Jlove a freebie!

· I got an updated credit report one miss payment mark

· Cancelled all social events I haven’t alreadypaid for August



Still to do:

· Build up the courage to ring sky and haggle

· Make a decision DMP or consolidation?

· Cancel all the CPA’s on my bank card

· Count down to D-Day when I start getting thephone calls from my creditors… 3 days and counting..





I feel a bit better now I’ve started doing something lastweek I couldn’t sleep and just felt sick all week I couldn’t eat, but today Ifeel better realizing there are things I can do to get me out of this mess

maggiecon

Little_Miss_Broke wrote: »

· I called my mortgage company, they said theycouldn’t provide a further loan to consolidate my debts but…(and I’m not surehow it worked but I think they have remortgaged me (?)) they have reduced mypayments by £30, not a great deal but I guess it helps, that’s can go straight onthe council tax arrears this month and reduce it by 50% . It then stays my payments for the remainderof my mortgage.. and my mortgage stays repayment.. they are sending the paperwork tonight, I hope I understand it better from that as I thought they said Icouldn’t remortgage when I spoke to them last week *Sigh*

I would call and see an independent mortgage broker before agreeing to anything. with nearly 60% LTV you should be able to get a good deal and it would solve all your problems for the eight month period to you receive your bonus, and then you could pay it off your mortgage. The only reason they might be refusing is you might be tied in to a fixed deal. but if they are dropping your payments then it sounds to me they are trying to put you on a new deal which indicates you are not in a tied into a fixed deal.

Little_Miss_Broke

thanks Maggie Con my Mortgage is fixed until April at the moment, I'll see what all the paperwork says when it comes through, he didn't say i'd have to sign anything..

very confusing

Little_Miss_Broke

So tomorrow is the first day of the rest of my MSE life!


So update:

• 2 defaults have rolled off my account from when I lost my job...fingers crossed I can keep them off
• the Council have agreed to spread the cost of my miss payment across the remaining ones
• I've played with YNAB and I have two budgets ready, I've sent off the paperwork for the consolidation loan (I will have a decision by Tuesday if its no then I have to accept the defaults again and go into a DMP :-( )

I'm excited about tomorrow in a funny way I feel like its a new start, I'm setting up a pot for change and I've sorted all my bank accounts and my spend tracker is ready to go!

[Deleted User]

You list £50pm in the Emergency Fund, but nothing for cash in Assets :huh: