Which choice

abby1234519

James_B. wrote: »

The question was what would I do, which is what I answered, so yes, it is exactly as simple as that.

Yes, it can be hard keeping up with your obligations, which is why some people (such as me) do whatever it takes not to take them on. As I said above, this has included going cold and hungry in the past.

To be honest, you are coming across as quite judgemental now. You seem unwilling to accept that it's my choice to live as I do, to have avoided debt like the plague, and seem to want to argue that I am wrong to have done so.

Please, don't do that. I live the way I choose, and make sure that this means that I can now never, ever, fail to pay back my obligations.

I would like to be in that position, where I have the self control to eat what is in the ruddy cupboard than go spend on a credit card to buy food I probably will stick in the freezer and never eat.

Serious, I'm not being sarcastic!

abby1234519

joedenise wrote: »

I think it would be worth you posting a full SOA - there may be other areas in your budget that could be reduced, eg amount spent on groceries; mobile phones etc.

Here is the link to the SOA: http://www.stoozing.com/calculator/soa.php - once completed format for MSE and then post back.

Others can then maybe suggest where you could save some money.

Denise

At the moment there is no movement in the budget unfortunately.

Water is low at £25
Energy is at £75, as we started the contract for Ovo in June we've got to build a little bit of excess to cover the winter months. Heating isn't on that often mind you and we don't have central heating upstairs, don't use the electric heaters. Just wrap up warm!

Already on £180 a month for all household/food/college expenses. This includes nighttime nappies etc etc

There is only one thing that I can potentially move on which is the mobile phones but I have to get the phone repaired and then sell it to pay off the contract.

Also.....when universal credit starts taking apps from families in my area (in a bout a week) I think we could end up £200 better off a month. If that actually happens then problem solved!

glentoran99

abby1234519 wrote: »

At the moment there is no movement in the budget unfortunately.

Water is low at £25
Energy is at £75, as we started the contract for Ovo in June we've got to build a little bit of excess to cover the winter months. Heating isn't on that often mind you and we don't have central heating upstairs, don't use the electric heaters. Just wrap up warm!

Already on £180 a month for all household/food/college expenses. This includes nighttime nappies etc etc

There is only one thing that I can potentially move on which is the mobile phones but I have to get the phone repaired and then sell it to pay off the contract.

Also.....when universal credit starts taking apps from families in my area (in a bout a week) I think we could end up £200 better off a month. If that actually happens then problem solved!

id be surprised if the good folks on here cant find something

abby1234519

Sorry putting the debts in again takes ages, already listed up in the thread.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1320
Partners monthly income after tax....... 650
Benefits................................ 470
Other income............................ 0
Total monthly income.................... 2440

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 75
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 15
Mobile phone............................ 110 Yup I know. Is being sorted once phone is sold. Then will be down to £70pcm. But no movement once we are at £70
TV Licence.............................. 13 pay quarterly however
Satellite/Cable TV...................... 35 contracted for another year.
Internet Services....................... 0
Groceries etc. ......................... 180
Clothing................................ 0
Petrol/diesel........................... 100 this covers the joint drive to work/college (same place) and surplus for visiting my mum occasionally
Road tax................................ 16 plan to start paying this monthly in jan, is covered till end of dec
Car Insurance........................... 80 won't go down till July
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 546 til june 2015
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......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1933


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
ALL DEBT!......................17000.....500.......30
Total unsecured debts..........17000.....500.......-


Monthly Budget Summary
Total monthly income.................... 2,440
Expenses (including HP & secured debts). 1,933
Available for debt repayments........... 507
Monthly UNsecured debt repayments....... 500
Amount left after debt repayments....... 7

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,000
Net Assets.............................. -14,000

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

abby1234519

I have defaults due to fall off my file in 2015. Then I’d have a clean credit file in terms of negative stuff.
At the current rate we could pay debt off in 4 years. Without any setbacks etc.
I’m quite lucky in that husbands mother whilst she is a pita and rather domineering, she does understand our situation and buys shoes for both of them. She buys them clothes as well so I do really appreciate her in many ways!

I do find the rigidity of a DMP scary, and yes I have also spoken to people who’ve said their lives weren’t any better really. Especially if it then drags out the repayment for 10 years!

Maybe a shortish blitz of pain is better than a long drawn out process?

getmore4less

Mobile phone............................ 110 Yup I know. Is being sorted once phone is sold. Then will be down to £70pcm. But no movement once we are at £70

A bit more info here might help see if there is anything that can be done.

operator, tarriff, tie in.

There may be options like suspend or drop to a different tarrif


Satellite/Cable TV...................... 35 contracted for another year.

same here suspending for a couple of months would make a difference.

If the council is 10m then the Feb/march will clear the Simply Be.

getmore4less

abby1234519 wrote: »

I think you could put some normal spends on the Tesco card(17.9%) to bring it back up to the max and use the money to tackle the Simply Be(39.99%)

I thought about this, putting the petrol money on the Lloyds Card and then the Food money on the Tesco Card. And then enough to cover the interest earned that month? It would then still free up £50+ (I have no idea by the way just making it up) to chow down Simply Be. The only issue I have is that I think we would be a lot happier if we could clear debts by order of balance not interest. I know that isn't conducive to snowballing etc however I think it would be a lot less stressful to deal with.
(

You will see munch better progress by clearing the 3 of these 4 first.

Simply Be 39.99% £15ish payment
£170.99

Capital One Liam 34.90% £10 until 0% over
£973.06 limit of £1000 currently is 0% till April I think, balance transfered from two other cards.

Cash Plus 30.00% £40ish
£500.00 just needs clearing

VERY 29.99% none at the moment
£621.61 0% till June


I suspect that removing cards from the file as settled will be a faster route to new credit on lower rates than dropping the ballances by a bit on all of them.

I think you can nail that £171 fairly quickly proably this month if you have enough room to pay for the fuel and the groceries on cards(just enough to clear the 171.)

abby1234519

getmore4less wrote: »

You will see munch better progress by clearing the 3 of these 4 first.

Simply Be 39.99% £15ish payment Yes totally agree this needs to be done first
£170.99

Capital One Liam 34.90% £10 until 0% over
£973.06 Should I not focus on a debt that isnt 0%?

Cash Plus 30.00% £40ish
£500.00 just needs clearing

VERY 29.99% none at the moment
£621.61 0% till June same, 0% at the moment, aren't I supposed to pay off a debt that is costing me interest?


I suspect that removing cards from the file as settled will be a faster route to new credit on lower rates than dropping the ballances by a bit on all of them. Sorry don't completely understand, do you mean try to clear one at a time?

I think you can nail that £171 fairly quickly proably this month if you have enough room to pay for the fuel and the groceries on cards(just enough to clear the 171.) By this, do you mean using credit to pay for fuel and groceries etc? then clearing the simply be with the "other" money

So much to get my head around!

abby1234519

Mobile phone............................ 110 Yup I know. Is being sorted once phone is sold. Then will be down to £70pcm. But no movement once we are at £70

A bit more info here might help see if there is anything that can be done. operator, tarriff, tie in. There may be options like suspend or drop to a different tarrif 2 x contracts at £35 each with 13 months left, 1 x contract that has 11 months left. Need to get the phone replaced by insurance as its broken and then sold hopefully for around £200 to clear as much of the contract.


Satellite/Cable TV...................... 35 contracted for another year.

same here suspending for a couple of months would make a difference. we don't have that option, we have a heavily discounted service and when I asked if we could suspend it they refused. in a years time I will consider getting rid of it and just using the youview box but to be honest we watch tv etc rather than go out and spend money drinking etc

If the council is 10m then the Feb/march will clear the Simply Be. 12 monthly. however, it is potentially going to go down by 25% soon as husband is classed as a student. waiting for them to process his council tax certificate from his course. its a foundation degree

abby1234519

So, I should be able to knock £80 off Simply Be this weekend as am selling some wedding stuff.

Worked out if I follow the idea of putting money on one of the cards for groceries which covers minimum payment, and some more to cover interest, then the same with another card for petrol...I will then have £60 free that I can use each month as a "snowball" to start to clear the other ones.

I think this is the path to go down rather than defaulting and going on a DMP?