i'm scared!!!!!

Frags

I got a second hand washing machine out of my local paper for £50, its indesit and it had hardly been used. Bet £50 i have ever spent!!

rhubarb57

I'M TAKING NOTE OF ALL THE GREAT ADVICE I'VE HAD. DOES IT MAKE SENSE TO START OFF MY DMP ON THE 147 SAY FOR 6 MONTHS, SEE WHAT I CAN CUT DOWN ON IN THAT TIME THEN WHEN MY REVIEW COMES AROUND INCREASE BY THE AMOUNT I'VE MANAGED TO CUT DOWN BY!


ALSO IS IT A REALLY BAD IDEA IF I BUY A WASHING MACHINE ON MY CREDIT CARD BEFORE I START THE DMP??????????????

angelavdavis

rayday2 wrote: »

I wouldnt worry about aprs seeing as you are going on a DMP hopefully all interest will be stopped.

That is IF it is accepted by creditors. I think it is worth finding out anyway as a worst case scenario personally.

angelavdavis

rhubarb57 wrote: »

ALSO IS IT A REALLY BAD IDEA IF I BUY A WASHING MACHINE ON MY CREDIT CARD BEFORE I START THE DMP??????????????

Personally, I wouldn't do it. Not when you can pick one up second hand for a lot less or free from freecycle.

rhubarb57

I'M TAKING NOTE OF ALL THE GREAT ADVICE I'VE HAD. DOES IT MAKE SENSE TO START OFF MY DMP ON THE 147 SAY FOR 6 MONTHS, SEE WHAT I CAN CUT DOWN ON IN THAT TIME THEN WHEN MY REVIEW COMES AROUND INCREASE BY THE AMOUNT I'VE MANAGED TO CUT DOWN BY!


ALSO IS IT A REALLY BAD IDEA IF I BUY A WASHING MACHINE ON MY CREDIT CARD BEFORE I START THE DMP??????????????

Karmacat

Hi rhubarb

Can I ask you to do something? You've got a thing for capital letters, either for the first one of each word, or for the whole message. I have to tell you, to be honest, it makes things really difficult to read - and the one where you put capitals at the beginning of each word must take ages to type too!!! Can I ask you to just type as you did on post 5 on this thread? The same way that I'm typing right now, with caps just at the beginning of each sentence. I'm only saying it so that people can read what you're trying to get through to us more easily, without eye strain! Its not telling off, honest!

As far as the washing machine goes, I agree with angeladavis - second hand or freecycle is the way to go, you don't need to spend megabucks.

Keep posting!

rhubarb57

Hi, sorry! I've been typing with caps lock on and when i submit it it comes out as you see it!

Jacks_xxx

:wave: Hello sweetie!

Your SOA looks quite a lot like mine used to - except we only have two kids and a grumpy old cat.

This is my somewhat controversial advice on how to handle a DMP.

My first piece of advice to make being on a DMP more doable is to put a value into every box when you fill out the budget thingie - even if you don't buy a newspaper every day for example, work out how much it would cost and stick it in there!

Next, be realistic about what you DO spend: ie if you try to keep your fags down to £70 a month, but actually most months it's nearer to £90 if you added it up then put £95 just to be on the safe side! (fags only go up!)

You're going to be managing on this budget for quite some time so it's best to build yourself in some flexibility at the start.

I would also increase the amounts you have in your budget for hair cuts, Christmas and Birthdays and kids pocket money.

Your kids are going to get older, and want more money and more expensive stuff as kids inevitably do...and I think a reasonable amount to put down for haircuts is a what a cut costs round your way x 5 x 6 so that's a haircut every two months each.

On the subject of a washer I'd be tempted to get a new one to last you, and then replace it in the future via freecycle when you need to. Definitely stop renting one! :eek:

I've been really lucky. I had my last washing machine for about 9 years, and when it packed up a couple of months ago my Mum got me a display model one in the John Lewis sale for about £180 I think. (Mums are fab! :j )

Chuffed! :dance:

THEN,

Once you're actually on the DMP you can follow all the fabulous advice you've had on here and get plenty of support on the DMP Support thread and the Long Haulers thread.

Definitely spend some time on the Money Saving Old Style Board and join in the Grocery Challenge. I've got my monthly food shopping bill down from £650 a month to under £300 since August just by thinking about things more, and planning better.

And cut back all your expenses as much as you can to save up for final settlement offers to your creditors. They will often accept much less than you owe just to be rid of you! :eek:

Love Jacks xxx

Jacks_xxx

Hey again lovely!

I just thought I'd run through your SOA and see if I could come up with anything

rhubarb57 wrote: »

Hi, I'm New To Posting I Had My Lightbulb Moment A Couple Of Weeks Ago When I Had To Use My Credit Card 2 Weeks In A Row To Do Our Food Shopping. Our Household Consists Of Myself, My Husband And 3 Girls Aged 14, 12 And 4! Here's My Monthly Soa

income Simple to say and maybe not that easy to do but it would really help if you could increase your income. Get a second job, a saturday job, mystery shop, eBay outgrown clothes and toys, do surveys and "clicks".

My Take Home Pay(after Expenses)-£449
Husbands Take Home Pay(after Exp And Tax)-£953
Child Benefit-£183
Tax Credits-£564

outgoings

Rent-£286
Water-£30
Council Tax -£99 Check that you're paying this over 12 months and not ten OR the two months that you're not paying add this to your savings fund.
Gas-£25 These seem pretty low, but it's always worth checking if you could get a better deal if you switch (and the keep checking every few months to see if things have changed. (If you make the switch through the Quidco site you may be able to get a cashback payment as well.)
Elec-£25 Ditto
Family Loan(to My Mum)-£263
House Ins-£11
Mobile And House Phone-£52 Switch to a lower mobile tariff and make sure that it suits your useage so that you won't go over the "Free" calls / texts. Or go PAYG or get rid of it altogether.
Tv Licence-£12
Satellite, Internet And Calls-£36 Cut back hon. 3 mixes, broadband and phone start from £18.
Washing Machine Rental-£17 Bubbyeeeee!
Trust Fund Payment-£10 Hmmm.. I'm all in favour for saving for your childs future, but perhaps if you added this to your debt free savings that would be good for her future as well?
Accidental Death Policy-£4 I probably wouldn't advocate you getting rid of this, but check it does what you think it does.
Food And Toiletries-£520 I reckon you could knock £220 off this with the help of MS:OS. It took me a while to get into it but the trick is to adapt it to suit you. and take from it what works.
School Meals(once A Week For 2 Eldest)-£26 Packed lunches would probably cost a bit less? (Depending on what you give them)
Pet Food And Ins-£33
Tobacco-£70 First Rollies and the it's time to time to give up!
School Trips-£30 :eek: Blimey! What's that all about then?
Hairderessing-£40 Encourage the girls to "Grow their hair" into long styles without fringes that can get away without being cut for six months at a time and maybe hubby could have clippers? Does anybody you know use a good cheap mobile hairdresser?
Clubs And Entertainment-£50 Pick your priorities honey. If this is one of them then cut back hard everywhere else.
Pocket Money-£40 This is fine but make them earn it!
Xmas And Birthday Fund-£50 With three kids I think this is a perfectly reasonable amount. Maybe a bit low taking gifts for other family members and birthday parties into account?
Repay Of Overpayment To Tax Credits-£21 Bleedin' Tax Credits! They give it with one hand and take it back with the other!
Car Ins-£35
Road Tax And Petrol-£41
Money Put Aside For Sevicing And Repairs-£25 It seems like you don't use your car massively - do you need to keep it...? Just something to think about...

debts
3 Overdrafts With Lloyds Tsb-£3500
Lloyds Tsb Loan-£6949
Ge Money Loan-£15132
Dfs Finance-£669
Mint Card-£3583
Halifax Card-£1636
Capital One Card-£2800

I Think Thats Everything!! We Are Not Behind On Any Payments But I Have Been Robbing Peter To Pay Paul! Now We Have Contacted The Cccs Who Are Going To Arrange A Dmp. I Have Changed Bank Accounts And Cancelled All Payments To Creditiors As Advised Now What Scares Me Is The Fact They Will All Shortly Start Contacting Me With Nasty Letters And Phonecalls! And Also As You Can See We Have £150 Left Over For Creditors So It Will Take Us About 20 Years To Pay Everything Off!!
Sorry This Is Really Long Just Want Make Sure I've Explained Everything So I Can Get The Best Advice Off You Lot!!

Write to all your creditors asking them to only contact you by post then they have to abide by that. Not everyone gets any nastiness, just tell CCCS about it all and follow their advice.

Definitely keep track of your spending. Get everybody to kep receipts and write it down daily to keep on top of it. You need to know where that missing money is going.

As for APRs if you're going into a DMP athey aren't all that relevant but like most of us it wouldn't hurt to learn about them for the future and so that you can educate your kids about them - for their futures. Your eldest will be being offered an overdraft and bombarded with credit card offers in only a few short years from now.

Ok that's all I've got!

Love Jacks xxx

rayday2

I second what Jaks says both of us have been there with DMPs so have first hand experience. First few months really do make sure you use all your budget it goes against the general vibe of this board but its ok for people not on a DMP they still have cards overdrafts etc if they need it, we don't!

I put down school dinners, lunches at work the works and my first 6 months when everyone is accepting went a lot easier than some peoples. But in these early days when you feel you have more cash please do save money. I even have ISAs up and running. I will never get credit again if I could and now is the time for you to establish good money routines.

I also back Jaks on the get a washer now rental is throwing money into a pit, I would rather buy new on a card if you have the room for it. Most my appliances are fairly new and now I am paying for three years repair insurance which a lot of people frown on but I know if one of mine goes I cannot find the £250.