Absolutely terrified and in a jam

[Deleted User]

itchyextremist wrote: »

Not just in Scotland. OP needs to be more aware of what creditors can and can't do

Actually, I was referring to the comment about the debt being written off.

amorge

All my eBay items sold. I've just paid £170 into my Very account and an extra £50 into Barclaycard

in_need_of_direction

Whoop whoop. By clearing two debts, how much have you reduced monthly outgoings?

amorge

Sadly not a huge amount. The next account was only £5-10 a month but the very account is 0%. £800 becomes 34.9% in November so I need to sort that before then. Will calculate overall debt tomorrow - am hoping it's just under £20k or very close to it

amorge

OK - so I've redone my SOA with the updated Debts. I have also reduced my food spending, this may be able to go lower but I'll try for a month and see how we get on.
Council Tax is now over the 12 month period which has reduced from £112 to £84

Realised I was £3 out on my tax credits so increased those (every £ helps!)
Have out the updated Barclaycard balances on as a payment was made at the end of the month.

Am still out by £140 for debts but I am waiting for a phone call back about host families, I have placed an free ad for the drive in the local newspaper and will put on Gumtree today.



Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1363
Partners monthly income after tax....... 0
Benefits................................ 283
Other income............................ 0
Total monthly income.................... 1646

Monthly Expense Details
Mortgage................................ 245
Secured/HP loan repayments.............. 316
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 84
Electricity............................. 107
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 10
Mobile phone............................ 25.98
TV Licence.............................. 12.12
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 70
Road tax................................ 1.75
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1321.85


Assets
Cash.................................... 0
House value (Gross)..................... 320000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 30000
Total Assets............................ 350000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 29640....(245)......1.5
Secured Debt.................. 29672....(181)......3.5
Hire Purchase (HP) debt ...... 7682.....(135)......0
Total secured & HP debts...... 66994.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................9903.71...231.......0
Barclaycard (2)................4700......112.......0
Shop Direct....................1886.31...20........0
Santander......................2487......30........0
Barclays Finance...............920.......71.5......14.9
Total unsecured debts..........19897.02..464.5.....-


Monthly Budget Summary
Total monthly income.................... 1,646
Expenses (including HP & secured debts). 1,321.85
Available for debt repayments........... 324.15
Monthly UNsecured debt repayments....... 464.5
Amount short for making debt repayments. -140.35

Personal Balance Sheet Summary
Total assets (things you own)........... 350,000
Total HP & Secured debt................. -66,994
Total Unsecured debt.................... -19,897.02
Net Assets.............................. 263,108.98

[Deleted User]

Electricity seems high @ £1,284 pa.

Can you reduce?

Also, can you dump Pay TV, and go PAYG/sim only on the mobile(s)?

VanyaHargreeves

OP, I've not got any debt advice for you but I'd just like to say how truly impressed I am by your attitude and outlook on life. You seem to have raised two amazing daughters who are responsible and know the value of money, and you yourself have such a determination that's really admirable!

Debt happens, it's dreadful but the important thing is that you're taking responsibility for it and are willing to tackle it head on!

Kudos to you!

Coffeekup

I wish you the all best (with a little bit of luck in there) in getting rid of the debt's, or at least making them more manageable over the next few years.
Seen some good points on here to help make it more affordable, i.e. renting garage/rooms and drives get on that band wagon a.s.a.p.

Something that may help you over the next few years is. I personally find it easier to manage cash than debit/card payments, as with £XXX in my wallet i know i have to make that last XXX amount of time. Where as paying for goods with a debit or credit card, feels to me like you hand over no cash and you have some goods at the end of it.

Anyhow back to what i was originally going to say is.... I'm going to try and throw you a little luck. As i haven't seen it mentioned here yet, have you paid insurance on loans/cards over the last 18 years? If so you could be in line for some PPI payout/s if you haven't checked that route out yet, if you think you are in line for some use the help from this website and it's forums. Don't use a 3rd party to get the payout for you, as after there take and tax your 50% down on your pay out.
I wish you all the best, and have been in a very similar situation to you 11 years ago, it was a long 8 year haul to get out of the mess i got into, but proud to have paid back what i owed which has taught me a valuable lesson where i look at money in a totally different way.

in_need_of_direction

Glad to see the gap reducing. Keep up the good work.

amorge

Bedsit_Bob wrote: »

Electricity seems high @ £1,284 pa.

Can you reduce?

Also, can you dump Pay TV, and go PAYG/sim only on the mobile(s)?

The electricity/gas is on the lowest tariff possible. I am trying to reduce the bills and when I have some spare money I am going to buy new light bulbs for the house that are energy efficient

Sky is in a contract until Feb so will dump then. The x2 phones contracts are £12.99 per month SIM only ones