Lots of debt helo needed please

Grumpelstiltskin

OP If you don't want to go into a DMP just what do you intend to do?


I am afraid if you don't you are on a slippery slope to even more debt.


You must be prepared to take the bull by the horns and stop spending on everything except essentials now if you want to try and sort this out yourself, and I mean stop spending.


Check the cost of everything you are spending, all insurances etc and cut right back. I am afraid it's the only way if you want to dig yourself out of this debt.

sourcrates

fatbelly wrote: »

Guys, the OP has produced a SOA showing £1,145 available income per month. The limit is £50. I'm good at squeezing people into a DRO but I think this would be a non-starter. I don't see insolvency options as major options here.

Thankfully one of us was awake this morning then !!!:wall:

poppasmurf_bewdley

fatbelly wrote: »

Guys, the OP has produced a SOA showing £1,145 available income per month. The limit is £50. I'm good at squeezing people into a DRO but I think this would be a non-starter. I don't see insolvency options as major options here.

So how does a DRO operate?

I made it that the OP has an income of £3082.80pm, outgoings of £1937.80, plus debt repayments of £1205.67, leaving an excess of expenditure over income of £60.67.

Are loan repayments not taken into account?

sourcrates

poppasmurf_bewdley wrote: »

So how does a DRO operate?

I made it that the OP has an income of £3082.80pm, outgoings of £1937.80, plus debt repayments of £1205.67, leaving an excess of expenditure over income of £60.67.

Are loan repayments not taken into account?

No they arnt, it's your expenditure left after all household bills are paid.

This figure does not include credit repayments.

poppasmurf_bewdley

Well, you learn something new every day.

hollip0p

I'm no good at helping with this kind of thing, but this thread may be of interest to you, if you've not already looked at it:

https://forums.moneysavingexpert.com/discussion/5289150

Kitten868

Hello lovely, I wouldn't be too cross with hubby he was trying to magic money out of thin air and payday loans seem like a solution. He has come to you now and that's all youve got.
If you go for a dmp the way it will affect your credit rating is that you will default on your payments. I think this is going to happen anyway. Another idea is can your husband go on a dmp and you continue paying yours as normal? I say this assuming the pay day loans are all in his name and as you say his credit rating is already in the toilet.
You just need to work out your plan then you'll get all this sorted. X

Money_saving_maniac

You pay £800 a month in rent and owe nearly 30k.
If you moved back with your parents you would have at least 9600 saving from rent each year, and that's before any bills reduction. If you could do it for 2.5 or 3 years, your debts would be cleared.
If you don't want to do that, you do need to look at a DMP.

Wanting to hold onto a credit rating in your situation is pointless. The last thing you need is for anyone to lend you more money, nobody is going to lend to you except payday loans anway.

Don't underestimate how much 30k is in reality. It's an enormous amount of money to pay back or to save, and you're not going to get there in any realistic timeframe by cutting back a bit here and there in your budget.

I'm just saying this so you really look at the problem. I think when the numbers get quite big, in one's mind they stop being 'real money' almost..

kindofagilr

When are the payday loans due to end? cos once they are gone then your money will look so much better?

eg this one Wage Day Advance...............156.......56.17.....29 how long is left on that one? as once that is gone then that nearly covers the shortfall you have?

I know what you mean about not wanting to go on a debt plan, we didn't want to either as we didn't want to ruin our credit history as we have a mortgage and didn't want to lose out on the good deal.

I think once you can get the payday loans gone/going then you will be great

We were in the same position as you a couple of years ago, barely managing to make payments each month, and it took a lot of budgetting and we've managed to pull through it (and by some miracle have all our debt on 0% now) and your income is higher than ours, so I definitely think you can do it

We changed our council tax to 12 months as well, which reduced the payment by £20 a month, I just called the council and asked them to do it xx

dancingfairy

Can you spread the arrears on the electricity past December
You could look on the oldstyle board for meal plans/ help on living off next to nothing. Perhaps you have lots in your freezer, cupboards you could use up? O.k this is probably a one-off strategy for say 1 month but might help a bit?
Df