Feels like im going under!

kimwp

NiteEyez1980 said:

Hi guys 

I'm working it out to the letter. 

I wish I could do a screen grab of my spreadsheet as I've literally worked out every thing being spent.

Even things like putting extra covers on bed to avoid switching heating on, family friend donated their air fryer (they've upgraded to a Ninja) so less oven use etc.

As soon as I've retyped the soa I'll post it on here. If not I'll just retype it all.

With regards to car boot, trousered £120.

As it stands barring a last tweak I think there will be about £200 left for creditors a month.

Sounds really low doesn't it. 

Sounds like you are doing a good job.

Don't worry about the amount being low - only worry about making sure it's realistic and allows you room to cut back to save some money rather than is based on cutting back so much that there is no wriggle room.

NiteEyez1980

Thank you. 

I'm allowing for emergency fund, car mot/surface etc. Based off the previous dmp allowances.

Only thing I was going to ask is do I base my eventual dmp offering on % of minnimum statement or total debt?

E.g. 3% of total debt to that company p.a

E.g. 12k would be £30 pm or £360 pa. 

Only thing with that is that it would take snout 33 years to pay. Will a company accept that? 

I will reiterate this,  I never realised just how much we relies on credit to live, let alone fund a lifestyle. 

Having put it down in paper it's scary how much it costs to live. We never really considered the cost when we had kids, now doing the math and putting it on paper . The cost to just survive these days with a large family is scary. 

Little things like the 6 of us going for haircuts and coming away £100 lighter a month isn't something you think about.... But sees you using the cc to replace that £100 for shopping.  You don't notice it until the debt piles up and then suddenly the minnimum payments are higher and higher... So u borrow more. 

Ill put my hands up I am the poster Child for how to !!!!!! up on this! 

I feel utter !!!!!! for going this route but thank u for giving me the strength to do it! 

otb666

just wanted to add that this is so easy to do as you want to provide for your children and really all they want is happy parents all the rest is just keeping up with the jones I wish we had said no to our kids as ended up owing 50k as well but thankfully redundancies and severances paid for our mistakes in our 50s

enthusiasticsaver

Sounds like you are on the right track.   

Normally you offer in proportion to the total debt to each creditor.  

They have no choice but to accept it but most will sell the debt on and you may be in a position to offer full and finals at some point. 

Martico

elsien said:

I’m not qualified to comment on the DMP logistics, but I’ve followed your journey from the start so I’m just popping in in cheerleader mode to say you’ve got this far, onwards and upwards.  

Couldn't say it better than this - I'm the same. Good luck, I'm rooting for you

kimwp

NiteEyez1980 said:

Thank you. 

I'm allowing for emergency fund, car mot/surface etc. Based off the previous dmp allowances.

Only thing I was going to ask is do I base my eventual dmp offering on % of minnimum statement or total debt?

E.g. 3% of total debt to that company p.a

E.g. 12k would be £30 pm or £360 pa. 

Only thing with that is that it would take snout 33 years to pay. Will a company accept that? 

I will reiterate this,  I never realised just how much we relies on credit to live, let alone fund a lifestyle. 

Having put it down in paper it's scary how much it costs to live. We never really considered the cost when we had kids, now doing the math and putting it on paper . The cost to just survive these days with a large family is scary. 

Little things like the 6 of us going for haircuts and coming away £100 lighter a month isn't something you think about.... But sees you using the cc to replace that £100 for shopping.  You don't notice it until the debt piles up and then suddenly the minnimum payments are higher and higher... So u borrow more. 

Ill put my hands up I am the poster Child for how to !!!!!! up on this! 

I feel utter !!!!!! for going this route but thank u for giving me the strength to do it! 

Funnily enough, two managers yesterday separately mentioned that it currently costs £160,000 to raise a child to 18 years old, there must have been a news article about it. 

It's human to stumble, this is a no-judgment forum. I think I've said it before, you should consider a diary in the diary section, it's people encouraging each other through their debt free journeys and I think it might help.

SusieT

You are doing well, just try to relax if the letters are not the default ones you want, you will get there in the end. 
When you work out the amount to pay each creditor, you just take the payment (in your example £200) and divide by the the total debt. The answer will give you the amount to pay for each £1 of debt the creditor has, so if your debts added up to £10,000 you would pay £0.02p for each £1 the creditor has

Makingabobor2

As @enthusiasticsaver has said, they have no choice but to accept. If that's all you can afford, then that's it. Once the debts get sold on, its a lot easier to start getting full & final offers. 

flipflopflo

I can’t give you words of wisdom like some of our wonderful board members but I would like to say that you are doing a fabulous job in the time you’ve had. I know you’ve  a bit of a bumpy ride and I hate to say this but you will experience even more bumps along the way. One very wise board member likened it to being on a roller coaster. Some days you will have incredible highs, others you will have stupendous lows and on yet more  days you won’t know where you are on the loop de loops. So the only thing I can say is keep on keeping on and keep posting and the wonderful people on the board will help and support you all the way through your journey on the roller coaster. 

NiteEyez1980

Hi guys 

Alot of people have said about doing a diary on here.

How do I do that?

Luke