Newbie needing advice

snowball24

Thank you, after a day trying to decide we signed up last night with Payplan, currently still panicking and worrying but hope its right decision,??  Just hope the creditors understand....currently in the process of manually changing direct debits over to a seperate account, good chance to also check them all and review any.
I am ashamed but thank you for the honestly and support of this forum x

monetxchange

The creditors don't have much of an option when you're in a DMP. they kind of can like it or lump it for the foreseeable. Do not worry about them, they're not in dire straits. Just focus on you. It's always scary at the start but you'll get through. Have you had a hard look to see if you've anything to sell to get a head start on this?

ToeDipper

£825 per month on a mortgage secured against a house worth £285k and with an outstanding balance of £77k seems a huge amount. Could you switch to a better rate? 

snowball24

Hi there, thanks everyone, we did switch only a few months ago to the better rate ! The mortgage was £989 before, would be £760 but had to have 6 months payment holidays due to Covid income issues....

Anyway had a few panics over the Dmp, are we doing the right thing etc, I really hope so.

I want to change the mindset to stop over spending, can anyone here give some tips?  I find it hard with teenagers and at weekends not to spend,  will start looking in charity shops more for gifts and clothes as love doing that & can often get some good stuff , esp with Christmas close.

Now I have moved banks with no overdraft is amazing to see the money in there with no minus in front of it, when I work hard and get paid I can see my money increase, not just drop down the minus a bit, that feels great and I want to change!!

mothsinmywallet_2

Hello and welcome to the best place to get support and learn those new habits!
I am a similar age to you and my husband is also unable to work due to ill health. It's very tricky isn't it? The pressure is immense. 

A few comments on your SOA:
Gas and electric seem pretty high. Have you shopped around for those? 
Do you need a landline as well as mobiles? That is a huge amount. We haven't had one for years. The only person who was bothered was mother in law but we ring her straight back using our free minutes. Can also WhatsApp call for free. 
You have put in £20 a month for presents - is this realistic? Do you really spend £120 total over the year on presents? We're pretty frugal and we still spend £300 at Christmas plus kids' birthdays, plus the odd present for friends etc. I have been unrealistic about this in the past and it has made things very difficult. 
Food - you can definitely get this down especially with one away at uni. 

It seems like a few things on your SOA may be guesses/wishful thinking/not there at all. Have you thought about using something like YNAB? I am finding it hugely helpful. I now know exactly what every penny is doing instead of just guessing and hoping for the best. They often have free trials if you're interested. 

Good luck, keep posting and keep asking questions. The knowledge on this website is vast and the support is second to none. 

snowball24

Thanks, I already checked the gas and elec and thats the lowest i can go for now. The BT is calls and super fast internet but am calling today to get a better deal. Ds is not at Uni as on a year out so home.   The presents bit covers xmas in full and birthdays in the year, but already decided to cut back now and scour charity shops.  What is YNAB?

Thanks

joshiesaunt

@snowball24, at the weekends we take a nice packed lunch out - hot food in a food flask in colder weather.  We try to get out somewhere, come what may.  After a few outings, it becomes fun thinking how much we save by doing this.  We even bring a little flask of wine to replace the drinks we would have had in a riverside pub for example.  Today, we are just about to have a roast chicken Sunday lunch at home which will fill us up for the rest of the day (or you can make sandwiches from the extra) and we're driving to the countryside for some fresh air - £5 petrol spends only, coffee etc in flasks.  There are so many free things to do (obviously depending on the area you live in).  I have completely cut out visiting shopping centres altogether now at the weekends.

snowball24

Thanks, yesterday we visited my mum for coffee and cake then had a wander round a charity shop,  today just been getting on with Diy, cleaning at home and sorting out bits to sell.  I love walking so happy to do that,  husband cannot walk at present so cant but he is happy in the house for now.  I need to buy a flask !!