Crunch Time

1canshortofasixpack

Hi All

I've decided its time to seek help, so i am looking for some advice and support. My situation seems a little complicated but i am sure you will be able to help me clarify things and view things from a different angle. I am self employed and work is a little thin on the ground at the moment, but i am determined to change that. My other predicament is that i am retraining to become a denturist which will cost me in the region of 25-30k, i know this is expensive but earning potential should be pretty high when qualified. Ideally i need to get more work in and afford to live and pay for my training on a monthly basis. Meanwhile in the real world i have a huge amount of debt and not much money coming in. My total debt comes to £211,473. This is made up as follows

Mortgage 116,000 interest only 650 pm
Loan from Dad 50,000 interest only 275 p m
Father in law 1700 as an when
AA Loan 2000 For car 2yrs to go
Inland Rev 12500 awaiting reassesment should only be about 2k
Barclaycard 6890 dmp with cccs @ 218pm
Cahoot 14100 " "
Halifax 2710 " "
Lloydstsb 1145 " "
Hsbc 3272 " "
Mint 447 " "
Sofas 700 interest free 1 year left to go

Merlot

Hi welcome to the board, can you post a full SOA with incomings etc, and APR's on debts. Are all your debts with CCCS or just Barclaycard?

Merlot

1canshortofasixpack

Hi fellow dfw
Sorry its taken ages to find details but here goes.

Income
2400 this is subject to clients paying on time and sufficient work coming in.

Outgoings
Mort 640.25 interest only 6.65% - 2010
Council tax 136
Gas 66 includes 55 arrears
Elec 75
Water 40.42
building ins 15.28
contents ins 8.69
mortgage cover 22.87
car ins 25.10
burglar alarm maintenance 14.10
BT 11
tv licence 11.37
mobile 35
sky 27 this includes phone & broadband
daughters mobs 39
daughters bus pass 45 untill may
gym 110 3 of us use it a lot
household 300
dad loan 275
ccj 100 lloydstsb business loan and o/d
cccs 218 barclaycard, cahoot, halifax,lloyds,hsbc & mint on dmp
AA 152.87 only a year to run about 1500 owing
clydesdale fin 58.01 interest free 15 months to go

:confused:

Merlot

1canshortofasixpack wrote: »

Hi fellow dfw
Sorry its taken ages to find details but here goes.

Income
2400 this is subject to clients paying on time and sufficient work coming in.

Outgoings
Mort 640.25 interest only 6.65% - 2010
Council tax 136 - Is this spread out over 12 months, if not phone your council
Gas 66 includes 55 arrears
Elec 75 - does this include arrears - this is too high
Water 40.42 - this is very high, are you on a meter?
building ins 15.28
contents ins 8.69
mortgage cover 22.87 - Are you sure this cover you as you are self employed, check the small print, if not cancel it and re-take a new policy out.
car ins 25.10
burglar alarm maintenance 14.10 - Is this essential
BT 11
tv licence 11.37
mobile 35 - lower your tariff
sky 27 this includes phone & broadband
daughters mobs 39 - lower the tariff on this
daughters bus pass 45 untill may
gym 110 3 of us use it a lot - This is a luxury you cannot afford just now
household 300
dad loan 275
ccj 100 lloydstsb business loan and o/d
cccs 218 barclaycard, cahoot, halifax,lloyds,hsbc & mint on dmp
AA 152.87 only a year to run about 1500 owing
clydesdale fin 58.01 interest free 15 months to go

:confused:

I see their is a dmp in place, may i ask why there is other forms of credit AA,Clydesdale etc, and they are not included in the DMP.


Your income is £2400 and your outgoings at this moment are: £2425.96, and that doesn't include clothes, road tax, car servicing etc etc.

You need to keep a spending diary.

You will not probably like this: You cannot afford the gym, it is a luxury just now, the mobile phones tariffs are high, reduce them.

May I ask how many children? Are you in receipt of the right benefits. I'll get the link so you can check in a mo.http://www.entitledto.co.uk/

Merlot

1canshortofasixpack

The dmp is in my name, AA and clydsdale are in my wifes name.We have two girls 18 & 15 the elder one goes of to uni later this year. My wifes salary pays all the food, petrol and other odds & sodds. I have tried to keep my wifes credit ok so as not to drag her down the same path i have gone.

1canshortofasixpack

The dmp is in my name, AA and clydsdale are in my wifes name.We have two girls 18 & 15 the elder one goes of to uni later this year. My wifes salary pays all the food, petrol and other odds & sodds. I have tried to keep my wifes credit ok so as not to drag her down the same path i have gone down.

1canshortofasixpack

ooops i did it twice !!

mummytofour

Ok well things are not adding up before you start your uni course. I would suggest that you and your wife do a combined budget full income and full out going because just now the loans are in her name and you are paying them right? Now I am not say that's a bad thing what I am saying is YOUR current out goings are more than your incomings maybe a readjustment between who pays for what and also how much is spent on the OTHER STUFF clothes, cars and so on could be an option? Basically a total budget for the whole household and see where that leaves you.

1canshortofasixpack

Hi thanks for the reply we are going over joint budget tomo will let you know the result

thanks

DonnaDebtor

Did you see that thing about cheap gym membership on the MSE homepage? Sounded good, might be for you if you are spending £110 on Gym.