Admitting to the debt problems

Debtfreemooo

Hello Everyone,




Looking for some debt advice please. I have buried my head in the sand for far too long !!
Currently on Maternity Leave so my situation has got even worse.

I will be back at work soon on a full salary but half of that will get eaten up with childcare (cheapest option of a childminder).



Do i carry on making my payments as I am or look into DMP, IVA etc ? Once im back in work and after my wedding in January 2019 I will be able to put more money towards my debts.


Thanks for reading and please be kind, i know how much of an idiot I've been.







Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 675
Partners monthly income after tax....... 1800
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 2609

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 187.5
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 60
Gas..................................... 40
Oil..................................... 0
Water rates............................. 42
Telephone (land line)...................
Mobile phone............................ 77 (x 2 signed in for another year)
TV Licence.............................. 12
Satellite/Cable TV...................... 40 (in contract for a year)
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 16
Car Insurance........................... 86
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150 (Child Maintenance)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 4
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 21 (Football Season Pass
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1965.5


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........(0)........0
Hire Purchase (HP) debt ...... 4000.....(187.5)....0
Total secured & HP debts...... 4000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
JD Williams....................202.94....4.........0
EE.............................215.3.....4.........0
Vanquis .......................275.5.....4.........0
Satsuma 2......................500.......0.........0
Satsuma1.......................1500......0.........0
Family Loan 2..................100.......50........0
Family Loan....................450.......100.......0
Credit Card 2..................900.......75........0
Credit Card 1..................900.......75........0
Elect Debt.....................614.......0.........0
Gas Debt.......................496.88....0.........0
Yorkshire Water................660.......50........0
MMF............................775.......0.........0
Capital One....................326.08....4.........0
Lloyds Banking CCJ.............1185.33...50........0
BGL............................6.67......4.........0
Orange.........................595.88....4.........0
Cap Quest......................669.7.....0.........0
SSL Capital....................359.5.....0.........0
543 Den........................98.13.....0.........0
Halifax........................1329.62...0.........0
Natwest........................320.8.....0.........0
Instant Cash Loans.............25.8......0.........0
Lantern........................505.......0.........0
Wageday........................326.2.....4.........0
Mr Lender......................403.5.....4.........0
Lloyds.........................447.6.....4.........0
Three Mobile...................98.22.....4.........0
Total unsecured debts..........14287.65..440.......-


Monthly Budget Summary
Total monthly income.................... 2,609
Expenses (including HP & secured debts). 1,965.5
Available for debt repayments........... 643.5
Monthly UNsecured debt repayments....... 440
Amount left after debt repayments....... 203.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -4,000
Total Unsecured debt.................... -14,287.65
Net Assets.............................. -18,287.65

Willing2Learn

Hi,

Well done on reaching your Light Bulb Moment (LBM)!! It can creep up on you...

What is happening to the spare £203.50? Where is that money going? I suggest keeping a 'spending diary' and recording your daily spend for a month. Then you will find out where your money is going.

You need to correct the APRs on those unsecured loans. At the moment you have them down as 0%. Satsuma can be up to 1575% APR. WageDay is 1281% APR. MrLender is 1256% APR. What about all the other debts? What are their respective APRs?

Edit: Also you have BGL down as being £6.67 debt and Instant Cash Loans (whoever they are) down as being £25.80 debt. Are those the correct amounts?

National_Debtline

Hi Debtfreemooo


Did you mean to state all the debts are 0% interest? That suggests you have already negotiated a freeze on interest and reduced payments with all your creditors.


Could you also let us know when you will return to work, and what that will mean in terms of the increase in your wage and the amount you will spend on childcare costs.


Best wishes


Susie
@natdebtline

Rebeccagarde

Hello...

Know this was over half a year ago but I wondered if your situation had improved???

A fellow debter

sourcrates

Rebeccagarde wrote: »

Hello...

Know this was over half a year ago but I wondered if your situation had improved???

A fellow debter

The OP was logged into the site this morning, but has never come back to update or progress the thread, unfortunatly.