Advice needed please!!

MadMel_3

Hi, just joined today, have had a debt management company round but husband didn't like the man that came round and sent him packing, after reading advice on here I'm glad he did. Must of the debts are due to the failure of our restaurant, we had to walk away last July. We are just about managing to meet all payments but it always seem worse school holiday times when you can't take the kids anywhere (13 year old not interested in going to the park!). I am looking for a job at the moment but 4 interviews and about 20 applications later, still no luck. At the ripe old age of 43 and a toddler at home, I don't suppose I'm considered very employable!! SOA as follows, any advice greatly received:

Monthly Incomings:

Partners salary - £2,340 (self employed CIS comes out with £540 each wk but might get a tax bill at end of year - last year it was £76)
Child Benefit - £120
Maintenance - £80

Total - £2,540.00

Monthly Outgoings:

Rent - £575
Council Tax - £119
Gas - £37
Electric - £27
Water - £25
Life Insurance - £17.65
Sun Life plan - £20.00
Home Insurance - £10.41
TV Licence - £11.37
Sky - £26
Accountant - £50 (owe about £3,500)
Car Insurance - £23.24
Phone - £11
Mobile Phone - £30
Food - £325
Petrol - £130

Creditors:

HSBC Loan £288.42 - owing £21,912.34 11.9%
CSA Arrears - £30 - owing £5,672.28 (contesting this at the moment charges have been put on as the Bailiffs arrived two weeks ago, but that's another story!!)
Tesco Credit Card - £80 - owing £2,872.52
Cahoot Car Loan- £94.62 - owing £1,990.42 8.9%
Clydesdale Finance - £72.99 - last payment 1 August 2007 - yippee!!
Powergen arrears - £150 - owing £1048.51 - 4 payments to go
Barclaycard - £50 - owing £1,879.74 - 24.9%
Blackhorse Finance - £66.52 - owing £350 - last payment December 2007
Next Directory - £20 - owing £124.96

Overdrafts:

HSBC £500 - up to limit
Nationwide - £1900 - up to limit
Nationwide - £500 - up to limit


Total: £2,275.54 leaving £264.46 (why don't we ever see this?)

OliveOyl_2

Hi, Welcome :hello: I think you've made a wise decision to be here. People are very friendly and someone will be along shortly and offer you kind words of wisdom re your SOA.

But keeping a spending diary will help you find where your missing money went.

rayday2

If after making cutbacks in your SOA you still can't maintain payments and are still interested in debt management there are charities that will do it for you without the charges so every penny goes into your debt.

In case you don't know they are the CCCS and Payplan.

In fact recently the CCCS have started posting on this board so they could advise you further. Also the national debthelpline have payment calculators, telephone support and template letters so you can control it yourself. I do this and have found it relatively straightforward and being the control freak I am I don't have to trust anyone!

CCCS_Emily

Hello MadMel,

Welcome, there are plenty of people here to help you out!

If you want to you could give us a call on 0800 138 1111, please don't let your previous experience put you off!

Putting together a budget is key to finding a solution. There are a few extra things you would need to include ie: clothing and footwear, car tax, spares and servicing, birthdays and Christmas. Putting a little bit aside each month to save up for any annual expenditure. Your budget needs to be realistic so you can live and manage your debts.