We are about to pull the purse strings soooo tight!

Alice_in_Poorland · 6 November 2011 at 9:50PM

Hi All,

Like a lot of people on here I have been lurking on this site as a watcher for a number of years and during this time I have also watched our finances spiral out of control. Today I have had my LBM and oh boy could I cry.

I have just done our SOA (which I will post once I've got all the info present and correct). Without the morgage I think we owe approx 30K, we've run out of money this week and have still got to pay out £350 before Thursday (all direct debits), this shortfall has been caused by my OH changing to weekly pay and all the bills come out in the first week on the month (well partly, the other reason is just that we owe so much). Will ask the bank tomorrow for an extension to the overdraft.......I can hear the 'I don't think so' all ready.

Everthing is such a mess, our finances have spiralled out of control, I'm such a mess (could do with a complete makeover and dramatic weight loss), I can't keep up with the housework, the garden, the kids, Oh and I work full time too.

I am truly hoping that we can get back on the straight and narrow and sort out our money problems. Then I will hopefully feel that everything else that needs sorting easier to tackle.

Apologies for rambling on, I'm just feeling very alone and like a complete failure at the moment.

Buffythedebtslayer · 6 November 2011 at 10:26PM

Hello,

at some point or another pretty much all of us have been in your position.

How important are the dds you have to pay? Think positively re Bank you never know!

you could do a Statement of Affairs and work out exactly what you owe - utterly terrifiying I know but in the end it is better to know

How supportive is you OH? Does he know the full extent of the debts?

xx

DawnW · 6 November 2011 at 10:37PM

Hi Alice,
Just wanted to bump your post so it doesn't disappear. I had lots of debt too at one time, but it has gone now

Not saying that to gloat, you understand, just to let you know that there are lots of us who have been in your position, or are still. You aren't alone, and it can get fixed!

I did my debt on my own, as there was no choice (I don't think) back then. However, now there are great debt charities such as CCCS and Payplan who will advise and help you for free - much better than the fee paying companies who keep cold calling at the moment :mad: (or at least they keep calling me - 10 years too late pal :rotfl:)

Why not google them (sorry, I don't have the contact details

) and check out their websites, or give them a call?

It would also help if you completed a SOA (statement of affairs). There is a link on here somewhere, and I just know that some lovely person will come along and post it now I have bumped your message. If you do this, you will get lots of advice on here, on where you could cut down - and it will also be really useful in your discussions with one of the debt charities

And by the way, welcome to MSE

Alice_in_Poorland · 6 November 2011 at 11:03PM

Thank you Buffythedebtslayer, the dds are council tax, loan, gas/elect and mobile, fingers crossed the bank will be good to us. I will post a statement of affairs I just need to double check a couple of figures. My OH is aware of our financial situation but he's doing a pretty good impression of an ostrich at the moment!!!

Thank you also DawnW, it's such a horrible feeling isn't it, made worse by the fact that it's all self inflicted (in our case anyway). Funnily enough I have looked at CCCS tonight, it looks like a possible route. I will post SOA of affairs and see what feedback we get, I know that people have some really good advice to give.

Alice_in_Poorland · 7 November 2011 at 10:06PM

Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1208
Partners monthly income after tax....... 1088
Benefits................................ 164
Other income............................ 0
Total monthly income.................... 2460
Monthly Expense Details[/b]
Mortgage................................ 530
Secured/HP loan repayments.............. 213
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 26
Gas..................................... 66
Oil..................................... 0
Water rates............................. 42
Telephone (land line)................... 15
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 22
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 40
Petrol/diesel........................... 200
Road tax................................ 38
Car Insurance........................... 58
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 6
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 19.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 25
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2157.
Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 0
Car(s).................................. 6500
Other assets............................ 0
Total Assets............................ 206500

Secured & HP Debt
Description....................Debt......Monthly...APR
Mortgage...................... 85000....(530)......0
Hire Purchase (HP) debt ...... 3500.....(213)......4.5
Total secured & HP debts...... 88500.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................8300......154.......25.6
CC2............................1380......25........17.22
CC3............................9400......200.......9.9
CC6............................1654......53........23
CC5............................1837......50........20.04
CC4............................6356......198.......0
Total unsecured debts..........28927.....680.......-
Monthly Budget Summary
Total monthly income.................... 2,460
Expenses (including HP & secured debts). 2,157.5
Available for debt repayments........... 302.5
Monthly UNsecured debt repayments....... 680
Amount short for making debt repayments. -377.5
Personal Balance Sheet Summary
Total assets (things you own)........... 206,500
Total HP & Secured debt................. -88,500
Total Unsecured debt.................... -28,927
Net Assets.............................. 89,073

BEAT_THE_DEBT · 7 November 2011 at 10:07PM

Hi and welcome. Pay all essentials like gas / elec mortgage/rent ctax water then seek advice on the debt eg cccs. You will sort it i know it feels scary right now, just take one step at a time x

Alice_in_Poorland · 7 November 2011 at 10:10PM

Have posted our SOA, had words with the OH. I didn't call the bank today to see if we could extend the overdraft (which has just occured to me that I haven't included it in our SOA - doh!), I just feel like we are wading in quicksand. There will be bills not paid this week because there just isn't enough money in the pot.

I need my OH to come on board big time, I know we can do this but it isn't going to be easy.

Alice_in_Poorland · 7 November 2011 at 10:11PM

Thank you Beat the Dept, I think CCCS is the way forward for us.

BEAT_THE_DEBT · 7 November 2011 at 10:21PM

Hi whatever you decide is a better way forward than how you are now. You have to decide what is right for you but for me i resisted a dmp then when i did it life became easier its still hard watching everything but my debt is only going one way and thats down . Good luck you have done the hard part x

Alice_in_Poorland · 7 November 2011 at 10:34PM

mmm that's the thing deep down I know a dmp would be better/easier but I don't know it just seems so frustrating...aaaarrrggghhhhh.

We will investigate CCCCs further tomorrow.xx

BEAT_THE_DEBT · 7 November 2011 at 10:36PM

baby steps just take each day as it comes. It will get easier. x

We are about to pull the purse strings soooo tight!

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