on verge of a breakdown

tempus_fugit

Desperadoo wrote: »

Mobile phone: £45 per month over 2 years means a high end handset, iPhone or top range Android. Sell that for maybe £300-£400, buy a cheap Android handset for £60 and the proceeds should pay your current contract for at least 8 months. will check what its worth but can't see it being that much

For that price it must be a premium device, most likely an iPhone or a Samsung Galaxy, less than a year old. It would easily be worth what has been suggested if it has been looked after.

theoretica

If you are self employed, but need the car for work, are you accounting for as much as you are permitted to as business expenses and not paying income tax on them?

enthusiasticsaver

Normally I would say do not consolidate as it does not work in the majority of cases. Have you actually tried to move any of the above to 0% cards?

If you cannot take out any 0% cards and all debts are 20% or above then make sure you close all of the cards/loans so you are not tempted to start spending on them again.

macman

Thanks for your reply, I hadn't considered the possibility that you were in N. Ireland.
As above, the handset has to be worth maybe £400 up, since it's going to cost you £1,080 over the minimum term.. At the end of that, switch to a SIM only deal for as little as a £7.50pm.

gonebust

Hey desperado, good to see you back

Sorry to hear you are still in such a dark place

Don't take it to heart people's comments on here. They are hard to read when you feel so desperate, but most of the posters here have been there, got the t shirt and have come through the other side

Yes this being NI, we don't get the deals on energy as the mainland gets. We also don't have the luxury of public transport 24/7/365. So cars are a necessity

However

I do think seeing as it's a 3 adult household, your daughter needs to up the ante, esp as I think you said previously she also has a child that lives with you all???

The car and your phone, you really can't afford either. Is there no way of handing the car back and walking away? If you have it on a PCP, you are forever going to be in debt, forever having monthly payments, never owning a car. As for the phone, sorry but that's wayyyyyyy too much. I have an IPhone, all calls, texts data etc £12 a month. It's just mine is still a 4, not the latest, but it does all I need. Can you not sell yours, pay off the contract and buy a cheap 2nd hand one sim only?


Groceries are where you can make your biggest savings. You really can get them down to £250 a month easily. Come on over to oldstylers and stick with us to get those bills down. I think I mentioned before to you that I feed three adults for around £35 a week and we eat well, if perhaps a tad boring to some But hey, we are fit , healthy and debt free so it works for us

Whatever you do, don't fall apart. It's debt, not the end of the world. You need help and support, of which you will get in bucket loads here, but you also need the whole family on board, that includes letting your daughter know what's happening and what you need from her. Seriously I was paying £20 a week housekeep way back in 79/80 and my take home was £42.50 at the time.

elsien

I was paying my mother more than your daughter on a part time wage 20 odd years ago. What proportion of her earnings is she giving you?

I don't know if there's anything here that might help with your anxiety a little.
https://www.stepchange.org/partner-spotlight/debt-and-mental-health.aspx

And if everything is getting really overwhelming you can always ring the Samaritans. They're for anyone having a tough time, regardless of the issue if you just need a non-judgemental ear to let it all out once in a while.

Suseka97

Hello Desperadoo.

First and foremost I just want to say join others in support -you are not the first in this sort of situation and you won't be the last. There is always a solution out there and I really think you should talk to one of the debt charities or perhaps the citizens advice bureau. If you don't feel you want to talk to someone, having a look at the NEDCAB site might give you options.

I know you say that being in a DMP is not for you as it would affect your job - but it is an 'informal' not 'formal' arrangement -and so wouldn't register anywhere. Even if you spoke with StepChange or Payplan (the two free providers) and talked it through you are under no obligation to continue with a DMP and you'll know exactly where you stand.

DCFC79

Alexland wrote: »

Hi

I really sympathise and hope you find a positive way forward. I agree that if DD is in a position to pay a fair percentage of the utility bills it would be very helpful.

It's worth checking you are on a competitive mortgage deal. Is there any possibility your credit rating would let you shift the debt onto a zero interest credit card or maybe extend the mortgage value or term?

On the supermarket could you shift down to own brand, buy wonky veg, avoid ready meals & snacks or give up alcohol etc? How much of this spend is really yours?

Are you entitled to any tax breaks or have you previously overpaid? Do you have family, friends or a local credit union that might lend at a lower rate?

Is there anything you can do to boost you family's monthly income? Do you have any assets to sell on eBay? Could you do online surveys, switch banks, etc to earn a bit more? Even low value stuff adds up.

Hope at least one of those ideas works for you.

Alex

Credit rating doesnt let you shift the debt onto a 0% card.

sourcrates

Hi,

Debt solutions in NI are similar to the rest of the UK.

Have a look at your options on the NI page of stepchange debt charity :

https://www.stepchange.org/DebtadviceinNorthernIreland.aspx

Former_StepChange_Linsi

Hi Desperadoo

I hope you don’t mind me replying to your post.

You mentioned that a debt solution such as a DMP could affect your job, can I check whether you’ve had advice to say this would definitely be the case? If you haven’t, it’s worth looking into as not every debt solution will impact a self-employed business.

You can contact Business Debtline for specialist advice on the impact of debt solutions on your business or you can use our Debt Remedy tool to create a budget and get advice online.

Our Debt Remedy tool is anonymous, so using it won’t have any impact on your job or credit file. You’ll be able to get a better idea of the solutions available to you as well as more general advice about dealing with debts and budgeting.

Being in debt can be really stressful even at the best of times, have you thought about speaking to your GP or a mental health organisation such as Mind?

I hope this helps,

Linsi

Desperadoo wrote: »

Bit of background....my partner and myself owe a lot of money. We are dealing with them separate.as any sort of DMP formal or informal would effect my job . He is going to approach a Debt Charity about his so only my details below.

Household expenses are my half, car expenses are mine....we have two cars as need them for work, cannot use public transport due to nature of work and distance

I owe almost £20k and just cannot make payments any more. I have not missed any payments YET but robbing Peter to pay Paul every week. I have applied for a loan of £20k which has been approved " in principle " and paperwork should be with me tomworrow , my monthly payments for it will be £384...apr is i think 15.7% ( high I know ) and term is 7 years

I just dont know what to do, this is making em so ill. Can anyone see anything I have missed ?

I know no APR for Cards, dont have info to hand but all are over 20%, no 0% available to move debt around . not sure of details of mortgage either, sorry only half filled in


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 2 only my car expenses below

Monthly Income Details
Monthly income after tax................ 1300 my average as self employed , some months may be slightly more
Partners monthly income after tax....... 0 see above only mine on this SOA
Benefits................................ 0
Other income............................ 150 DD housekeeping money
Total monthly income.................... 1450

Monthly Expense Details
Mortgage................................ 282.3 half of mortgage
Secured/HP loan repayments.............. 192 Car on PCP
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 35.1
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 0 hubby pays
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 120 ( 520 total for household )
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 29.87
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 16
Other insurance......................... 13.66
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday.................................0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
hair.................................... 20
Total monthly expenses.................. 1008.93


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(282.3)....0
Hire Purchase (HP) debt ...... 0........(192)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
creation.......................3467.7....105.......0
creation.......................6440.65...165.......0
halifax........................585.......20........0
bank cc .......................500.......20........0
santander......................1829.36...50........0
mbna...........................1679.7....55........0
mbna...........................1081.96...35........0
mbna...........................1171.93...30........0
mbna...........................2539.11...80........0
Total unsecured debts..........19295.41..560.......-


Monthly Budget Summary
Total monthly income.................... 1,450
Expenses (including HP & secured debts). 1,008.93
Available for debt repayments........... 441.07
Monthly UNsecured debt repayments....... 560
Amount short for making debt repayments. -168.93

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,295.41
Net Assets.............................. -19,295.41

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