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

Hopeful1

Puggy - did you see this post re charges?

I would agree with 10 past 6 too about an IVA not being the best way forward.

10past6

I had another look through your thread, and maybe BR is the only option for you, what's your occupation, as some are excluded from BR.

lifesuckssometimes

puggy wrote: »

SOA as follows

Rent 620.00
Council Tax 122.00 a month or does this include arrears
Water 25.00 quite high compare water meter if you have a SMALL family you will have to use less water
Electricity 35.00 again very high i presume this amount is weekly
Gas 35.00 as above
Contents INS 15.00
Telephone 60.00 try sky £16 for calls broadband and channels
TV licence 11.00
Internet 20.00 as above
Childcare 450.00 is there anyone you trust to look after your child for less
CCJ 11.00
Hire Purchase Car 1 180.00 go voluntary termination if half way though contract get second hand car first
Hire Purchase Car 2 220.00 as above
Maintenance Car 30
Road Tax 25.00
Motor Ins for both cars 60.00
Fuel for both cars 220.00 min Get smaller engine car cheaper tax and insurance and petrol
Food nappies etc 340.00 A month about right if you have 1 child
Activities 5.00
Hire Purchase Tools 89.00 For work if not get rid
Clothing and Footwear 43.00
2X Contract Phones 80.00 Get pay and go if not for work look close at if you do need them
include hair/makeup and other expensives
Income around 2500.00
Benefits 100.00
Total 2600.00
Expenditure 2696.00
-96.00

look close at what you spend and what you really need it will be hard at first but you will get there

Browntoa

please edit the email address out of your quote 10past

penguin83

Hi puggy - welcome to DFW - have you checked your tax credit entitlement as it seems low for your income and childcare costs?

Have a look at www.entitledto.com to give you a rough idea x x x

poppyg_2

Unless you can into a positive surplus it does look like bankruptcy could be the way forward for you especially as you don't own a house or car. Does depend what occupation both you and OH have of course as some do not allow you to be made bankrupt

Looking at your SOA:

Any chance of cancelling the HPs and getting 2 second hand cheap cars instead?

I agree about phone/internet seeming expensive, are you tied into a contract?

Anything you can flog on ebay to make some cash to at least get some of the debts down?

Clothes/shoes - can you get them second hand or via freecycle maybe even for the time being?

Try checking out the old style money saving threads for advice on cheap meals etc, you might be able to cut down the grocery bill

10past6

Browntoa wrote: »

please edit the email address out of your quote 10past

Sorted Brown, gone

mummytofour

Get rid of the cars!!! That is such a huge amount of money to spend out each money something you can not afford. You can get a lot of fab cars for less than 1k, please look at this as your first optin it will give you £400 extra per month.

puggy

How do I reclaim charges I do not have bank statements etc any more??

Can I still do this?

puggy

lifesuckssometimes wrote: »

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

I am a Fraud Investigator for a Local Authority and my husband an MOT tester