Hello and new DFW, in a bad way.

franco26

Hi,

So after spending way too much on CC and then taking out a Secured loan to sort things out only for it to go wrong again, only myslef to blame.

The to top it of I was made redundant.

My Mortgage and Secured loan are being paid by payment protection just now and today I will not have made the full payment to both Mint CC and Mastercard CC.
I have already phoned them both last week to tell them and was told they couldn't help until I had actually missed the payment then they would pass me over to there claims department.
I have already made up a spreadsheet with all my debts and work out how much I can afford to pay each creditor on a pro rata basis with the available money I have left.
I have been in contact with National Debt Line and also my local approved Money Advisors who are situated where I live.
So right just now I have been cutting way back on everything and as I was made redundant I'm entitled to funding for re-training so will hopefully land a job soon.

My OH is a hairdresser so can make a little extra money every now and then I i'm also good with computers and can sometimes put a little extra money in my hip

Here is my SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 396
Benefits................................ 464.32
Other income............................ 0
Total monthly income.................... 860.32

Monthly Expense Details
Mortgage................................ 5.16
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 119
Electricity............................. 115
Gas..................................... 35
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25
Mobile phone............................ 57
TV Licence.............................. 11.29
Satellite/Cable TV...................... 21
Internet Services....................... 20
Groceries etc. ......................... 220
Clothing................................ 5
Petrol/diesel........................... 0
Road tax................................ 8.75
Car Insurance........................... 50.33
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 37.71
Contents insurance...................... 0
Life assurance ......................... 8.13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 753.37

Assets
Cash.................................... 0
House value (Gross)..................... 65000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 70000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63000....(5.16).....0
Secured Debt.................. 32000....(0)........0
Total secured debts........... 95000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Egg CC.........................340.56....10.22.....17.9
RBS CC.........................4438.3....99.86.....3.9
RBS CC.........................1322.7....29.76.....6.9
RBS Loan.......................1303.74...72.42.....0
Next...........................893.57....89.36.....26.49
M&S............................1225.85...30.65.....4.9
Clydesdale.....................4100......123.......11.34
Clydesdale.....................6000......180.......5.9
Clydesdale.....................1177.49...35.32.....20.9
Mint CC........................22.27.....0.5.......19.9
Mint CC........................5222......117.5.....7.8
RBS CC.........................164.79....3.71......20

Franco26,

I feel better getting this all out.

LilacPixie

few things jump out at me.

Do you not get C/Tax benefit??

£66 for phone/sky/net is alot. £220 on food for 2 is alot.

You have car insurance and road tax yet no petrol??

£57 for mobiles is huge too, most contracts will allow you to lower the line rental to the minimum and switch to PAYG

£150 for Gas & Electricity is also a huge amount, are you paying arrears?? its around 18% of your total income.

Is there any scope for your OH to work full time £400 a month is really quite a small amount especially for a hairdresser

GeorgeUK

Your mortgage is £5.16 per month? Do you know how long for?
If you are paying £115 pm for electricity it might be time to change provider
mobile - can you change to PAYG?
can you get a package for satellite and internet?
groceries - should be able to cut down with meal planning and cheaper brands. Have a look at the oldstyle board
council tax - can you ask to pay this over 12 monthis if you are paying over 10?

Not sure if there's part of this missin, but from what's there, you really need to get the interest down asap. As you seem to be at the stage of missing payments, the only 0% offers you may get are from existing cards if you have not had too many late payments on them. When you clear a card and ask for it to be closed, sometimes they offer you a 0% BT deal or low life of balance offer as an incentive to keep it open. You would need to look at the rate for monthly minimum payments to ensure that you were paying less out each month as well as reducing the amount on the higher interest rate cards.

Which are the cards that are not going to get full payment?

franco26

LilacPixie wrote: »

few things jump out at me.

Do you not get C/Tax benefit??

£66 for phone/sky/net is alot. £220 on food for 2 is alot.

You have car insurance and road tax yet no petrol??

£57 for mobiles is huge too, most contracts will allow you to lower the line rental to the minimum and switch to PAYG

£150 for Gas & Electricity is also a huge amount, are you paying arrears?? its around 18% of your total income.

Is there any scope for your OH to work full time £400 a month is really quite a small amount especially for a hairdresser

..

As far as I know we are no eligable for C/Tax benefit but will double check.

Going to look into the sky/phone linked together but as for the internet that is something I need for potential work reasons and the all in one packages don't work for my internet needs.

We are slowly cutting down on the food front and that will come down.

As for Gas & Elec I have been doing the whole energy saving thing and I'm on papaerless billing and submit my own reading so that shoudl be on the way down too.

My other half could get more hours but if I was to get job then our hours would conflict as her working schedule and about 2 months in advance due to bookings. £396 is here base rate and she does make more sometimes with homers, tips and sometimes commision. But this is not definite everyweek.

franco26

GeorgeUK wrote: »

Your mortgage is £5.16 per month? Do you know how long for?
If you are paying £115 pm for electricity it might be time to change provider
mobile - can you change to PAYG?
can you get a package for satellite and internet?
groceries - should be able to cut down with meal planning and cheaper brands. Have a look at the oldstyle board
council tax - can you ask to pay this over 12 monthis if you are paying over 10?

Not sure if there's part of this missin, but from what's there, you really need to get the interest down asap. As you seem to be at the stage of missing payments, the only 0% offers you may get are from existing cards if you have not had too many late payments on them. When you clear a card and ask for it to be closed, sometimes they offer you a 0% BT deal or low life of balance offer as an incentive to keep it open. You would need to look at the rate for monthly minimum payments to ensure that you were paying less out each month as well as reducing the amount on the higher interest rate cards.

Which are the cards that are not going to get full payment?

The mortage is that small due to Payment Protection, it doesn't cover the full amount as I forgot to up the PP when we remortgaged.

Will look into a different Elec supplier but I'm doing lots to get it down.

The mobile phone is 2 phones one is £15 p/m and the other is the rest but is tied in for an 18 month contract, with about 10 months left.

I'm not sure if I will be able to get another CC as I'm not working just now.

beer_tins

£150 on energy bills. Try to switch to a cheaper supplier and try to save energy at home.
You are paying £45 on landline and Internet. If you are not tied in to a contract, you can get a combined deal for much less (under £20) e.g. from TalkTalk or Tiscali.
You've explained about the mobiles, but still see if you can switch to cheaper call plans, they may allow it.
Satellite, can you get rid, or are you tied in?
Groceries, you can cut this a lot if you plan your meals well, check the oldstyle board.

I would personally also do all my spending (essential only) on the lowest APR credit cards.

Most importantly, get out there and apply for jobs!