Aged 50, in debt and unsure

baileysonice72

Manyways: yes this was cleared by those expensive APR loans 

RAS

@baileysonice72

In the far lower left hand corner of my post, you can see Quote in grey? Click on that and the message appears in the new message box?

If it's a large quote, then click on the top right corner of the message box to expand.

NeverendingDMP

I think sourcrates is meaning get in touch with stepchange to tell them you have more debts as you didn't realize they could look after the other ones ( Lowell)  for you as well.  Then ask them to adjust your dmp to include them. (It is a good idea to let them all default first but for now I'll explain the general gist.) 
Tell stepchange about all the debts. Tell them what your income and outgoings are. Do this to ensure it suits you.  Don't overstretch yourself. If for example you can comfortably afford 100 a month they will then contact all the people you owe old and new and say you can have this much percent out of the 100 pounds that our client can afford to pay. Then you only pay that amount eg 100 once a month to stepchange and they send everyone there little bit - the people you owe money to have to like it or lump it!
It's possible to do this yourself and there's more things you can do down the line but for now it may be easier for you to have them set it up to get you going. Also if you do manage to do a summary of affairs and just a list of debts stepchange or people here can advise if a dmp is even the best way to deal with it. 

NeverendingDMP

I'm also a fan of Bailey's on ice btw. Occasionally have Bailey's and milk but I can only manage the odd one of those !

sourcrates

Yes, if you`re going to go down the route of debt management, do it with all of your unsecured, non essential debt.
 
Best to have an overall strategy instead of a mixture of things going on.

ManyWays

Stepchange will often let you add more debts into the DMP, but only once, so you cant keep doing this (whcih is fair enough!).  I suggest you phone them up and get all the debts added in. 

When did you clear the debt to your mum?

baileysonice72

ManyWays said:

Stepchange will often let you add more debts into the DMP, but only once, so you cant keep doing this (whcih is fair enough!).  I suggest you phone them up and get all the debts added in. 

When did you clear the debt to your mum?

Yes I understand that. November last year she was paid off.

baileysonice72

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

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................ 1040

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 1040[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 0

Electricity............................. 0

Gas..................................... 0

Oil..................................... 0

Water rates............................. 0

Telephone (land line)................... 0

Mobile phone............................ 50

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 0

Groceries etc. ......................... 300

Clothing................................ 35

Petrol/diesel........................... 100

Road tax................................ 20

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).... 20

Pet insurance/vet bills................. 40

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 20

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 625[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 3500

Other assets............................ 0[b]

Total Assets............................ 3500[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Oakbrook Loan..................4000......118.1.....28.9

Lendable Loan..................4000......160.2.....28.7

Fluid CC.......................700.......25........29.6

Lowell -Creation loan..........4790......20........0

Lowell -Creation loan..........6431......20........0

DMP ...........................1200......35........0

Capital One CC.................332.......20........30.3[b]

baileysonice72

I have done my best to try and get this done, hope it makes sense. As stated my partner and I have separate financial commitments. I am not on the mortgage and do not pay any of the essential bills.

RAS

Is the food your half of the family costs, or do you pay for whole household?

Also think you need to tot up the cost of an MOT, change of oil, tyres and windscreen wipers and budget for that each year, plus another £100 for repairs, then divide by £12?