50,000 in Debt!!! Where to start!!!

10past6

puggy wrote: »

No Secured Debts all unsecured Credit cards catalouges and or loans!!

OK, Have you considered doing a DMP through one of the debt charities.

*One very important issue for you, never, ever use a fee paying debt management company, you have no reason to, they CANNOT offer you anymore advice / support than what the debt charities offer*

cashprincezac

Puggy-There are lots of people who will help you (who have more experience than myself) but one area I saved on was moving my phone and broadband to talktalk, my bill is always under £20 per month and includes all local and national rate calls, regardless of the time of day. From the calculations you have put, this would save you £60 per month...it all helps

Hopeful1

Hi Puggy.

Are their any charges you could reclaim on any of the accounts? If there are you could reclaim them and use them to reduce your balances.

I've reduced a fair amount of my debt doing this. This site and the consumer action group forum have been absolute godsends. It's amazing how quickly charges amount up, especially when you've added interest to them

puggy

I did contact Payplan but they did not feel they could help me due to the negative surplus!

I have applied for another job to try and make that a posistive surplus. Also I have a further problem I start a degree in September which is all part of my job and don't feel I can do the job (if I get it after that)!!

I want to be debt free so an IVA feels like the only way but I need to know how much they would expect each month so I can try and free it up or earn the extra

Any adice on IVA??

10past6

puggy wrote: »

SOA as follows

Rent 620.00
Council Tax 122.00
Water 25.00
Electricity 35.00
Gas 35.00
Contents INS 15.00
Telephone 60.00 = Can you not combine this with your internet some good deals about.
TV licence 11.00
Internet 20.00 = See Above
Childcare 450.00
CCJ 11.00
Hire Purchase Car 1 180.00
Hire Purchase Car 2 220.00
Maintenance Car 30
Road Tax 25.00
Motor Ins for both cars 60.00
Fuel for both cars 220.00 min
Food nappies etc 340.00
Activities 5.00
Hire Purchase Tools 89.00
Clothing and Footwear 43.00
2X Contract Phones 80.00

Income around 2500.00
Benefits 100.00
Total 2600.00
Expenditure 2696.00
-96.00

I notice you have nothing listed for haircuts / presents/ birthdays.

puggy

It is combined but I have seperated it, the high value is due to debt with the telephone company

lifesuckssometimes

puggy wrote: »

I am renting @ 620.00 per month!!!

hi what is your income per week and job title only certain jobs are affected


Don't miss any payments IT will only get worse miss payment charge late payment fee. Declare all debts to get an accurate amount you owe and can pay on a dmp but if both cccs and payplan are saying go BR then I WOULD POST A SOA so the more knowledgeable on there can advice on cutting back

http://www.makesenseofcards.com/soacalc.html

puggy

Myself monthly is 1300.00
My husband is 1100.00 monthly

10past6

puggy wrote: »

I want to be debt free so an IVA feels like the only way

AN IVA IS NOT FOR YOU!!!!!!

IVA's are only applicable to a very small % of people, one reason for someone entering into an IVA is wanting to protect property / assets.

I'm on a DMP, although I have an IVA application being processed, that's because I wish to protect my home.

Many, many people are mis sold IVA's due to the amount of money the company can make from it, don't be one of those statistics.

Kez100

when will the cars be repaid?
if you need phones for work - do they not pay for them for you?