Considering DMP - SOA advice please

AliceBanned

rockm87 wrote: »

that's great!

If possible can you get rid of your overdraft?

If you have an overdrawn balance, I would get another basic bank account for your wages to be paid into and treat your overdraft like another debt, making a small contribution monthly.

This was the only way I got ahead when I first started, and it really helped!

Thanks rockm87. I do need to deal with the overdrafts - I have two, each £500 which I max out every month but the fees are very low - under £5 between them each month. So whilst I have the more expensive debts I haven't made them a priority yet. I would like to stop using them though. Hopefully I can start to reduce them slowly whilst still using the rest. This is the first time I've gone over - for a couple of years. Both times the banks concerned made a big fuss and claimed to be 'concerned'. I find this really upsetting and offputting. What do they want me to do?! I'm trying to manage heavy debts as well as I can. Anyway on this occasion I sorted it and hopefully will stay a bit further from the limits in future. It does mean having some of those 29p dinners but I don't mind, my cooking is usually quite ok.

Verbatim

Well done. I'm glad you're feeling calmer now. At least you're "reading " much calmer iykwIm!
As the other kind people said make a meal plan and stay strong.
V

anna_1977

Hi,
just reading through the thread and sorry if I missed someone else asking this :
You have a car with the below costs and travel of £170 per month.
Petrol/diesel........................... 30
Road tax................................ 20
Car Insurance........................... 19
Car maintenance (including MOT)......... 30

Why not sell the car, free up the £99 per month and you listed as £1200 asset? Seems a lot to be spending on travel as well as a car

AliceBanned

Verbatim wrote: »

Well done. I'm glad you're feeling calmer now. At least you're "reading " much calmer iykwIm!
As the other kind people said make a meal plan and stay strong.
V

Thank you. Yes it is that calm that comes with the rollercoaster of debts - just received money so feeling calmer but need to now prevent it happening again!

AliceBanned

anna_m wrote: »

Hi,
just reading through the thread and sorry if I missed someone else asking this :
You have a car with the below costs and travel of £170 per month.
Petrol/diesel........................... 30
Road tax................................ 20
Car Insurance........................... 19
Car maintenance (including MOT)......... 30

Why not sell the car, free up the £99 per month and you listed as £1200 asset? Seems a lot to be spending on travel as well as a car

Thanks Anna, have considered this. The problem is the car probably saves me money as I have a half hour drive to the nearest tube station, or alternativley use the overground and pay £260pm but no car costs (and much quicker journey). I spent quite a lot on the car last year with various things going wrong, as it is old, so still pondering what to do. A lump sum of maybe £1200 if I could get it for the car might help in the short term but longer term I need a car where I live, just not all the time. If I could do one of those occasional lease car options I would, but I am too far outside London and there aren't any.

I could definitely manage without a car for maybe 6 months and get a season ticket loan..but all my socialising would have to be in London (what bit there is of it, nothing really at the mo).

crazy_cat_lady

Pleased that refund arrived for you just at the right time.

AliceBanned

Thanks crazy cat lady. I don't usually have much good luck but maybe things will change!

asparagus1968

So lovely to hear you are finishing today in a better place than when it started!
Good luck, stay strong

AliceBanned

Thanks asparagus. It really is difficult! But as long as I am working hard on my budget that's all I can do for now!


Thanks for your kind words.

catriona79

Hey Alice,

Have only just caught up on your recent developments.

Just wanted to ask you if you have ever considered moving somewhere cheaper that doesn't cripple you financially and emotionally? I wondered if you have considered this, given that it is clear that, at present, you can't afford to live there?

If you take away everything else, and only look at your Wellbeing and quality of life, would there be any chance at all that you could do something else, or work from home and live somewhere else? Do you need to be in London?
I know you have said before that your flat is in a good location, but it seems that having it is a never ending source of worry and anxiety to you. Have you tried to park your emotions on one side and consider your options? How comfortable with change are you?
And what is the mid term plan, I.e. What do you need to do to dig yourself out if things stayed the same? Could you increase your earning potential? I know you can't take in a lodger, as we have talked about that.
Do excuse me poking my nose in, but I wonder whether you are not wasting your youthful years on the idea of living in one of the world's most expensive cities, and as a result not having a life at all...?

I've been in debt for 4 years, also after buying somewhere to live, and have not been able to make progress until I recently decided to cut my losses and get two lodgers, who bring in an amount that will hopefully enable me to pay off my debts in 12 months, while still having a life. I am 36 and have realised that life has been passing me by and I've been spending way too long thinking about money and having my life limited by being in debt. My route was through having a crowded house - but I wonder what yours is?

Sending hugs