4 CC's, childcare, mortgage, bills etc, need help.

Enigma80

Hi all, after a couple of days of looking through stuff I've completed the online Debt Remedy form and it's suggested a DMP.

As my (Barclays) personal overdraft is also included in this I've been advised to find a new bank account.

Are there any suggestions? My CC's are with Natwest, Nationwide, Tesco and Barclays.

I have a mortgage account with Barclays too (Woolwich) and a bank account that is linked to the mortgage (also in overdraft, but I didn't include it in any thing as it's part of the mortgage.

National_Debtline

Hi

Any bank or building society is fine as long as they aren’t part of the same company you have one of your debts with. You might need to open a basic bank account, which is one without an overdraft.

There is a list of fee free basic bank accounts here:
www.moneyadviceservice.org.uk/en/articles/basic-bank-accounts

This website will give you an idea of which creditors belong to which banking groups:
www.lendingstandardsboard.org.uk/registered-firms/

James
@natdebtline

Enigma80

Right, I must have changed some figures in the online form and have somehow managed to change my mortgage payment to an optimistic £1. So need to go back and changes.

It's figured I have around £100 left over after priority spending and will take about 27 or so years to pay off

I can guess that the creditors aren't going to hang about for that long are they? So what would be their likely response to StepChange's offer?

With regards to bank accounts, what is the best course of action? I can't switch accounts, so I need to simply open a new account and individually contact my DD's companies to inform them of new bank account, and work as well.

I have until Wednesday to inform work of my new Bank account details to ensure my pay goes in to that new account. Does it take long to open a new account if I'm not switching?

Enigma80

So I just went to open a First Direct account and got refused, the message said it was due to their eligibility criteria and not any adverse credit score.

I'm not really sure why. I called them up and they said they couldn't see why it got refused, but they have their own lending criteria aside from credit checks and maybe it was that.

They offered to try it again over the phone, but it would carry out another credit check and couldn't say whether it would make a difference anyway as I'd be providing same information anyway.

Where it asks about if I've got any other current accounts, do I say yes or no???

As I won't have when all this comes through and it'll be closed down, but I do at the moment.

nkkingston

Make sure what you're applying for is a basic bank account - there's no credit check on those because they don't have overdrafts etc. NDL have posted a link (because banks don't advertise them much, since they don't make money off them). It'll just make life easier for now because you can't be declined.

Enigma80

I just got approved for a Santander 123lite account with a £1 monthly fee, but I'd be getting back about £6 in cashback every month, £5 up just for paying bills by DD.

They've given me my account and sortcode details and I need to contact my HR team to update it.

Enigma80

I just did a quick SOA during my lunch break at work:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1828
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1828

Monthly Expense Details
Mortgage................................ 305
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 94
Gas..................................... 34
Oil..................................... 0
Water rates............................. 54.46
Telephone (land line)................... 18
Mobile phone............................ 37
TV Licence.............................. 12.54
Satellite/Cable TV...................... 25
Internet Services....................... 35
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 307
Road tax................................ 25
Car Insurance........................... 43.3
Car maintenance (including MOT)......... 16
Car parking............................. 17
Other travel............................ 0
Childcare/nursery....................... 400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 37.58
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 3
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 1760.88


Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 150700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(305)......3.89
Total secured & HP debts...... 96000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................9310......204.......0
CC2............................9500......190.......0
CC3............................4700......98........0
CC4............................4500......72........0
Total unsecured debts..........28010.....564.......-


Monthly Budget Summary
Total monthly income.................... 1,828
Expenses (including HP & secured debts). 1,760.88
Available for debt repayments........... 67.12
Monthly UNsecured debt repayments....... 564
Amount short for making debt repayments. -496.88

Personal Balance Sheet Summary
Total assets (things you own)........... 150,700
Total HP & Secured debt................. -96,000
Total Unsecured debt.................... -28,010
Net Assets.............................. 26,690

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

MrsSave

Looking at your soa I'm assuming that you and your wife split your finances and pay half of things? It is difficult to see where you can cut back due to this.

Have you been advised to keep your finances separate or is it a personal decision? I personally find it easier to throw all our money together, pay off all bills and our loan, work out money for groceries, petrol, etc and what ever is left we split between us.

If this makes no sense or I have missed something, then please ignore!

chelseablue

Your electric and gas costs seem high. Have you shopped around recently?


I live in a 3 bed semi and pay £65 a month for both (and I'm £120 credit at the mo)

MrsSave

Enigma80 wrote: »

I just did a quick SOA during my lunch break at work:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1828
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1828

Monthly Expense Details
Mortgage................................ 305
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 94 this is high
Gas..................................... 34
Oil..................................... 0
Water rates............................. 54.46 this seems high
Telephone (land line)................... 18
Mobile phone............................ 37 how long have you got left in your contract?
TV Licence.............................. 12.54
Satellite/Cable TV...................... 25either get rid or what I did was phone to leave and they offered it for half price for 12 months
Internet Services....................... 35
Groceries etc. ......................... 100 seems very good, but I'm assuming your wife pays for some?
Clothing................................ 0
Petrol/diesel........................... 307
Road tax................................ 25
Car Insurance........................... 43.3 is this for 1 car?
Car maintenance (including MOT)......... 16
Car parking............................. 17
Other travel............................ 0
Childcare/nursery....................... 400
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 37.58 this seems high
Contents insurance...................... 0
Life assurance ......................... 25 for 1 of you or both of you? We pay less than this for 2 of us
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 3
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 15
Total monthly expenses.................. 1760.88


Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 150700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(305)......3.89
Total secured & HP debts...... 96000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................9310......204.......0
CC2............................9500......190.......0
CC3............................4700......98........0
CC4............................4500......72........0
Total unsecured debts..........28010.....564.......-


Monthly Budget Summary
Total monthly income.................... 1,828
Expenses (including HP & secured debts). 1,760.88
Available for debt repayments........... 67.12
Monthly UNsecured debt repayments....... 564
Amount short for making debt repayments. -496.88 I can't see how you can find this by just making the cutbacks above. I see you are dealing with step change. They will be able to advise you of the correct route.

Personal Balance Sheet Summary
Total assets (things you own)........... 150,700
Total HP & Secured debt................. -96,000
Total Unsecured debt.................... -28,010
Net Assets.............................. 26,690

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

A few ideas noted above, though compared to many I'm very inexperienced at this. I'm sure others with more of an idea will be along shortly.