Advice Needed Please
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diggingmywayout
Posts: 30 Forumite
Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 1950
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 1950[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 480
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 250
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 12
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 45
Groceries etc. ......................... 300
Clothing................................ 100
Petrol/diesel........................... 80
Road tax................................ 27
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 35
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1557[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0[b]
Total Assets............................ 750[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
lowell ........................4219......20........0
cabot..........................4707......20........0
link financial ................3005......20........0
dwp ...........................8000......25........0
intrum justicia ...............1600......20........0[b]
Total unsecured debts..........21531.....105.......- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 1,950
Expenses (including HP & secured debts). 1,557
Available for debt repayments........... 393
Monthly UNsecured debt repayments....... 105[b]
Amount left after debt repayments....... 288[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,531[b]
Net Assets.............................. -20,781[/b]
.......................................................................................................................................................................................
Figures above are about right - ive been on a self managed dmp for nigh on 8 years bringing balances down from 38k at its highest (that didnt include the dwp repayment which raised its head in recent years). im now settled in an employed position working in financial services (yes irony not lost on me) and it's time to get myself sorted once and for all. ive been making nominal payments over the years as have been made redundant twice in 5 years and job hopped a lot prior to this year - think 4 jobs in a year for 3 years running so had no sort of security and was loathe to put the payments up.
debts caused as i kept all of us - my household was 3 of us me, partner and my son who is now grown up and living independently. i also bankrolled my step kids (grown up with families of their own) when they got in financial trouble. I got in this mess when mine and partners business failed and I carried on paying for everything as though the flow of money hadnt changed, money mostly on credit cards plus a bank loan and an overdraft. have one debt that has been discounted as unenforceable - i do the prove it letter every time the debt is sold on - which has happened multiple times over the years. partner has clean credit as everything went in my name, he doesnt work but is looking (apparently) is aged 63 so im not holding out much hope that he will get anything. the spending on kids/ grandkids has stopped completely - my son lives abroad and partners kids dropped us as soon as i stopped being an extension of their bank account. stuff like petrol and food are put on credit cards which are in partners name and are cleared in full the following month before any interest becomes due.
current debts stand that only lowell appears on my credit file - the others have dropped off due to how long this has been ongoing. I get 80% partial settlement offers every few months from Intrum Justicia and plan to take them up on the offer when it comes thru next. The debt with the dwp has been put onto a payment plan that is reviewed in 12 months time when i want to be in a position to make inroads into it but i need to clear some of the other stuff first
Advise needed as to best plan of action. - big expenses that i can see coming up. car is very unlikely to get thru the MOT or may do with a sizeable spend on it - lots of advisory notes last year and that comes due May (so comes out of next months pay packet) or if too much will go onto Credit Card and then ill clear it over the following month.
Havent cleared these to date - partner wanted me to pay minimum amounts for the rest of my life on them so we have some disposable income/ life and up to now ive allowed that to happen. My job is secure and im starting to make some commission every month (an extra couple of 100£ pm take home pay.
My thinking is do the 80% partial settlement when it comes in - should be this month or next
then pick off the others with debt agencies one at a time and try and do partial settlements to get them cleared
anything else that anyone can suggest - yes i know im going to get the OH should be paying / contributing and thats not helpful. hasnt really happened in the 20+ years ive been with him so not likely to change now and i dont have the effort/ inclination or motivation to try and make him now...
any suggestions with the exception of point above and telling me ive been an idiot gratefully received
Figures above are about right - ive been on a self managed dmp for nigh on 8 years bringing balances down from 38k at its highest (that didnt include the dwp repayment which raised its head in recent years). im now settled in an employed position working in financial services (yes irony not lost on me) and it's time to get myself sorted once and for all. ive been making nominal payments over the years as have been made redundant twice in 5 years and job hopped a lot prior to this year - think 4 jobs in a year for 3 years running so had no sort of security and was loathe to put the payments up.
debts caused as i kept all of us - my household was 3 of us me, partner and my son who is now grown up and living independently. i also bankrolled my step kids (grown up with families of their own) when they got in financial trouble. I got in this mess when mine and partners business failed and I carried on paying for everything as though the flow of money hadnt changed, money mostly on credit cards plus a bank loan and an overdraft. have one debt that has been discounted as unenforceable - i do the prove it letter every time the debt is sold on - which has happened multiple times over the years. partner has clean credit as everything went in my name, he doesnt work but is looking (apparently) is aged 63 so im not holding out much hope that he will get anything. the spending on kids/ grandkids has stopped completely - my son lives abroad and partners kids dropped us as soon as i stopped being an extension of their bank account. stuff like petrol and food are put on credit cards which are in partners name and are cleared in full the following month before any interest becomes due.
current debts stand that only lowell appears on my credit file - the others have dropped off due to how long this has been ongoing. I get 80% partial settlement offers every few months from Intrum Justicia and plan to take them up on the offer when it comes thru next. The debt with the dwp has been put onto a payment plan that is reviewed in 12 months time when i want to be in a position to make inroads into it but i need to clear some of the other stuff first
Advise needed as to best plan of action. - big expenses that i can see coming up. car is very unlikely to get thru the MOT or may do with a sizeable spend on it - lots of advisory notes last year and that comes due May (so comes out of next months pay packet) or if too much will go onto Credit Card and then ill clear it over the following month.
Havent cleared these to date - partner wanted me to pay minimum amounts for the rest of my life on them so we have some disposable income/ life and up to now ive allowed that to happen. My job is secure and im starting to make some commission every month (an extra couple of 100£ pm take home pay.
My thinking is do the 80% partial settlement when it comes in - should be this month or next
then pick off the others with debt agencies one at a time and try and do partial settlements to get them cleared
anything else that anyone can suggest - yes i know im going to get the OH should be paying / contributing and thats not helpful. hasnt really happened in the 20+ years ive been with him so not likely to change now and i dont have the effort/ inclination or motivation to try and make him now...
any suggestions with the exception of point above and telling me ive been an idiot gratefully received
0
Comments
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Next time they offer you 80%, offer them 30%, and then hopefully you’ll be able to meet at 50%
or you can just write to your creditors at any time and do low as you like offers, they can only say no. Good luck! Debt was £15,903 😬 Now £2718.14 £0 😲🥳1
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