New Debt Diary.need a fresh jump start !!

dottyanne

Hey all - Updated SOA

Needed to start a new thread as the old ones pretty irrelevant and i need a fresh outlook/kickstart..

heres how things look now but i anticipate we may get a reduced income soon as earnings dropping due to lower commission caused by no spend with the credit crunch!!


Statement of Affairs

Monthly Income Details
Monthly income after tax...............1600.00 (estimated)
Partners monthly income after tax....... 1300.00 (estimated)
Benefits................................ 40.00
Child benefit............................175.20
Other income............................ 140.00 (child support)
Total monthly income.................... 3255.20

Monthly Expense Details
Mortgage................................ 830.03
Secured loan repayments................. 211.22
Ground rent...............................12.00
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 116.00 (owe one month in arrears)
Electricity............................. 70.00
Gas..................................... 100 (paying arrears = their cockup)
Oil..................................... 0
Water rates............................. 70.00
Telephone (land line)................... 30.00
Mobile phone............................ 70.00 (2 phones tied into contract
TV Licence.............................. 11.95
Satellite/Cable TV...................... 47.00
Internet Services....................... 0
Groceries etc. ......................... 400.00 (estimated) (2 adults, 3 kids a dog and parrot)
Clothing................................ 50.00
Petrol/diesel........................... 160.00 (2 cars needed for work)
Road tax................................ 25.00
Car Insurance........................... 118.00 (2 cars)
Car maintenance (including MOT)......... 50.00
Car parking............................. 15.00
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120.00 OH payment to Child Support
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 29.76 (inc building)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40.00
Haircuts................................ 40.00
Entertainment........................... 0
Holiday................................. 100.00
Emergency fund.......................... 0
Gym memership.............................40.84
car loan.........................................288.4 3
TV Loan.............................................. ..................68.25
Suite Repayment......................................... .........70.80
tax credit Overpayment....................................... ...53.85

3045.23

Debts

Capquest (egg Loan) approx bal 18000.00 ........150.00 per month
Dad........................approx owe 8000.00..........100.00 per month
Royal Bank Scotland....approx owe 5100.00.........75.00 per month
Capital One....................approx owe 600.00...........50.00 pr month
DLC (Egg Card).........................approx owe 960.00....25.00 pr month (not agreed yet)
Apex credit (Barclaycard).................approxnowe 850.00.....10.00 per month (not agreed)
Fredrickson International (great Universal) approx owe 525.00....offered 10.00 per month.
Capital One (OH) .....approx owe £700.00 ...£25 per month

*Also in arrears by one month only council tax and owe one years ground rent of 145.00



Need to juggle stuff better - currently bidgeting for things ie car tax etc that im just not managing to put away as i should due to trying to make debt repayments instead - vicious circle - always behind.

OliveOyl_2

Hi Dotty :wave:
I'm by no means an expert but just a couple of things.
1) Your petrol/diesel figure, how up to date is that? The prices round here seem to be going up every five minutes.
2) Water seems expensive, do you have a meter? MSE says if the number of bedrooms is greater than the number of occupants then a meter may save....
I pay £15 a month, but mostly it is just me, and I have a meter.

good luck anyway.

dottyanne

OliveOyl wrote: »

Hi Dotty :wave:
I'm by no means an expert but just a couple of things.
1) Your petrol/diesel figure, how up to date is that? The prices round here seem to be going up every five minutes.
2) Water seems expensive, do you have a meter? MSE says if the number of bedrooms is greater than the number of occupants then a meter may save....
I pay £15 a month, but mostly it is just me, and I have a meter.

good luck anyway.

Hey OliveOyl

Thanks for the reply!
Petrol figure is around that mark usually as a perk of my job is Vouchers somw if which can be paid towards my monthly petrol bill.

Watre is a rough guess based on my quartlery bills, we are on a meter, me, OH my Dad staying with us and 3 kids,,,,always on at them to conserve water/electric as you can imagine. We have a 3 bedroom detached house.

Cheers
Dotty

dottyanne

bumpety bump - had replies to this one and ma old one - would prefer if you can all reply to this one as i need a new start - help?

xx

pavlovs_dog

dottyanne wrote: »

Monthly Expense Details
Electricity............................. 70.00
Gas..................................... 100 (paying arrears = their cockup)
Water rates............................. 70.00

have you checked uswitch lately to make sure you are on the best tariff etc?

Telephone (land line)................... 30.00
Mobile phone............................ 70.00 (2 phones tied into contract
Satellite/Cable TV...................... 47.00
Internet Services....................... 0

if money is tight the sky is a very easy and obvious luxury to either reduce or cut out completely. freeview is a very cheap alternative if you want more than the normal 5 channels

can you get rid of your landline phone? we did because we all have mobiles, and we received more cold calls than genuine calls! we kept just the line because of the internet, and have saved a fortune.

if that is not an option, look to see if you are on the best tariff. can you getting it cheaper by getting tv (if you wont give it up), net and phone from one company? whilst you are tied into a contract, use your mobiles to take advantage of the included minutes before turning to the landline.

Groceries etc. ......................... 400.00 (estimated) (2 adults, 3 kids a dog and parrot)

even for a family of your size im confident this can be reduced. i know you are already taking action on this. but that estimated figure needs to become a concrete figure. if you dont know how much you are spending, you cant actually know if you have cut back. get that spending diary going mrs!

once you have a set figure, challenge yourself to cut it back by £20. if you manage it, do it again the next time. if you can do it 2 trips on the trot, its achievable, so aim to cut back by another £10-15. repeat the pattern until you find out what your bare minimum spend is, and then try your best to stick as closely to it as possible.

Clothing................................ 50.00

avoid buying new stuff unless essential

Petrol/diesel........................... 160.00 (2 cars needed for work)
Road tax................................ 25.00
Car Insurance........................... 118.00 (2 cars)

i gather that money is too tight at the mo for you to be able to pay the premium in full each year. but are you getting the best deal? are both cars with the same company (many offer discounts for insuring a second car, your house, life, travel etc with them, so if this is the best deal take advantage).

Car maintenance (including MOT)......... 50.00
Car parking............................. 15.00

unless security is a major concern, could you park a little further out and walk the last part of the journey?

Gym memership.............................40.84

a luxury when money is tight. can this go? running is free


Debts

Capquest (egg Loan) approx bal 18000.00 ........150.00 per month
Dad........................approx owe 8000.00..........100.00 per month
Royal Bank Scotland....approx owe 5100.00.........75.00 per month
Capital One....................approx owe 600.00...........50.00 pr month
DLC (Egg Card).........................approx owe 960.00....25.00 pr month (not agreed yet)
Apex credit (Barclaycard).................approxnowe 850.00.....10.00 per month (not agreed)
Fredrickson International (great Universal) approx owe 525.00....offered 10.00 per month.
Capital One (OH) .....approx owe £700.00 ...£25 per month

*Also in arrears by one month only council tax and owe one years ground rent of 145.00

have you frozen interest where possible? tried low life of balance offers if your credit rating isnt too poor? tried to balance transfer etc?

whilst i understand you want to go it alone, if things are starting to get really tight then CCCS could save you an awful lot of stress. there's no brownie points for being a martyr in this game

comments on your SOA in red - hope they help

pavlovs_dog

finally, my last post on the issue for now. its time for some tough love!

ive been looking through your recent posts to get a feel for your financial situation, ands its clear you are beating yourself up. STOP - its not going to help in the slightest.

sit down and get your budget straight, then draw a line in the sand and move forward. ok, so booking that holiday probably wasnt the smartest stage of your DFW wannabe journey, but its done, so deal with it and move on.

for some people, the DFW journey takes more than one lightbulb moment. it sounds like your second bulb is getting ready to ping into place. you need to light up your hubbys one too - you are much stronger tackling this as a family. like i said, there's no rewards for being a martyr, so hiding those letters achieves nothing.

put up a debt board like IA did. if you dont want to broadcast your debts to all your visitors then you dont have to pin it to the kitchen wall or hang it above the loo. but make sure its somewhere you will see it regularly. make sure you keep it updated so that you can see you ARE making progress. why not carry a copy of your budget in your purse too, that way when temptation strikes you have something to make you really consider whether you need it and can afford it.

about capquest from your other thread. be honest and tell them that you do not have an extra £30 a month. tell them that your offer of £x stands. if they are !!!!!y, tell them that you are handing your debts over to CCCS and that they can expect a lesser payment still each month! do not be bullied.

in short, you know what needs to be done. the debt free wagon is calling and you have to dust yourself off and climb back on board. only you can do that, and you ultimately have to take action. we can give advice until the cows come home but it isnt going to help unless you do something with it.

good luck and remember new diary = new start.

Merlot

pavlovs_dog wrote: »

finally, my last post on the issue for now. its time for some tough love!

ive been looking through your recent posts to get a feel for your financial situation, ands its clear you are beating yourself up. STOP - its not going to help in the slightest.

sit down and get your budget straight, then draw a line in the sand and move forward. ok, so booking that holiday probably wasnt the smartest stage of your DFW wannabe journey, but its done, so deal with it and move on.

for some people, the DFW journey takes more than one lightbulb moment. it sounds like your second bulb is getting ready to ping into place. you need to light up your hubbys one too - you are much stronger tackling this as a family. like i said, there's no rewards for being a martyr, so hiding those letters achieves nothing.

put up a debt board like IA did. if you dont want to broadcast your debts to all your visitors then you dont have to pin it to the kitchen wall or hang it above the loo. but make sure its somewhere you will see it regularly. make sure you keep it updated so that you can see you ARE making progress. why not carry a copy of your budget in your purse too, that way when temptation strikes you have something to make you really consider whether you need it and can afford it.

about capquest from your other thread. be honest and tell them that you do not have an extra £30 a month. tell them that your offer of £x stands. if they are !!!!!y, tell them that you are handing your debts over to CCCS and that they can expect a lesser payment still each month! do not be bullied.

in short, you know what needs to be done. the debt free wagon is calling and you have to dust yourself off and climb back on board. only you can do that, and you ultimately have to take action. we can give advice until the cows come home but it isnt going to help unless you do something with it.

good luck and remember new diary = new start.

:T :T :T Well said.

Dottyanne, you can do this with the help of CCCS/Payplan.

Merlot.x.

pavlovs_dog

me again. forgot about the situation with your dad. you cannot afford to keep him. you either need to get him to move out, get him to pay proper 'keep' or swallow your pride, tell him about your debt and that whilst he is living (very cheaply with you) you just cannot afford to pay back your debt to him at the mo. another option, once the six month deadline you gave him to move out is up, stop paying him without any negotions until has moved out. threaten that every week/month he overstays this date will write £x off your debt to him. no, its not going to be pleasant but you need to grow some balls and do *something* (or get hubby to do it ) you're not paying back the money you owe to your mum at the moment either, so use that in your negotiating if necessary. the whole situation has gone on far too long. for the sake of your sanity woman, DO SOMETHING ABOUT IT!!!!!!

the £100 payment you would make to your dad will clear your 'overdraft' with capital one, or get rid of your tax credits repayment if you could scrape together the extra £10. you see what a difference it would make?

as well as cutting your expenditure, what can you do to bring in extra money? look for extra courier contracts, sell what you can, get a few night shifts in a bar etc. whatever it takes.

how much equity do you have in the house? is it an option to remortgage (going onto interest only if needs be) and using that money to clear as many debts as possible? (only consider this option if you 100% trust yourself to be disciplined and sort out your debts, not book further holidays etc).

having seen another post and realising now that your debt totals more than £60k, i agree with merlot. i dont think you have time to 'think' about going back to CCCS. if you dont want to go bankrupt or loose your home i think it has to be done. sorry if thats not what you want to hear, but tough love is supposed to be tough.