Debt relief order and garentor loan
Comments
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My figures
Rent £360 Rent:£17 agreed amount to arrears of £306
Water £39
Council tax £65
Gas/Electricity £103 £3 agreed amount to arrears of £1016
Telephone/mobile/internet £135 Suggested reduction.
TV licence £13
Repairs/maintenance £6
Childcare £543
Fines/CCJs/decrees £10
Life insurance/pensions £7
Hire purchase / logbook loan £117 £3 suggested amount to arrears of £93
Spares/servicing £29
Road tax £12
Insurance £119
Fuel/parking £174
Food/toiletries/cleaning £260 Reduced from £450
Medicine/prescriptions £9
Dentist/opticians £3 Reduced from £11.
Clothing/footwear £36
Newspaper/magazines
Sports/hobbies/entertainment £28 Reduced from £78.
Children's pocket money
Other (Overpayment) £30 ESA - £500 outstanding
No of adults 1
No of dependants 1
Your Income Amount
Take home pay £1,443
Child Benefit £87
Child Tax Credit £434
Total Income £1,964
Total Expenditure £2,098
Surplus (Deficit) (£-134)
Budget Comments
Please Note: Payments are not being
administered by StepChange Debt Charity.0 -
OK so you've got £1964 of income.
I don't think you've got £1914 of expenditure so I don't think this is a DRO. Potential problems in redMy figures
Rent £360 Rent:£17 agreed amount to arrears of £306
Water £39
Council tax £65
Gas/Electricity £103 £3 agreed amount to arrears of £1016
Telephone/mobile/internet £135 Suggested reduction. Needs to be cut by half
TV licence £13
Repairs/maintenance £6
Childcare £543
Fines/CCJs/decrees £10
Life insurance/pensions £7
Hire purchase / logbook loan £117 £3 suggested amount to arrears of £93
Spares/servicing £29
Road tax £12
Insurance £119
Fuel/parking £174
Food/toiletries/cleaning £260 Reduced from £450
Medicine/prescriptions £9
Dentist/opticians £3 Reduced from £11.
Clothing/footwear £36
Newspaper/magazines
Sports/hobbies/entertainment £28 Reduced from £78.
Children's pocket money
Other (Overpayment) £30 ESA - £500 outstanding
I make that 1832.50.
You've got more to pay to your debts if you can reduce your spending - fuel and childcare seem really high, with none of your childcare costs coming back through tax credits.
May be best posting a full soa on the dfw board. There's a calculator here
http://www.stoozing.com/calculator/soa.php0 -
Louisedebt wrote: »My father has lived in a council property for 30 years and has just got back on his feet after a bout of bad luck and has been able to borrow money for a car which is worth over £1000 He is thinking about applying for a mortgage to buy the house he resides in and i don't want to be the one to destroy that for him. I assured him that i would make the payments no matter what which is why i am looking for a way around it legally.
This is why the advice on here is never to be a guarantor. You have done what the lender knew you would do, and default, which is why they needed a guarantor to step in for you.
You did explain to him what it meant I hope?0 -
What immediately jumped out there for me was £135 for phone/mobile/internet! That is absurdly high: you should be able to get a basic line rental and broadband deal for £30, mobile SIM only deal for £5 to £10. Instant saving of nearly £1,200pa. If you have an expensive smartphone, sell it and get a basic one for about £60.
With that level of spend, I'm guessing you have a very large Sky or VM package? You just can't afford this: Freeview, Freesat or Freesat from Sky will cost you nothing.
This should enable you to rapidly clear your rent and utility arrears: these are priority debts. At £3 per month utilities arrears payback, it will take you 30 years to clear the debt.
Are you getting the CT single person discount?
Do you have a water meter?
Insurance seems high: is this house and car, or just car?
Are you on the cheapest gas and electricity tariffs offered by your current supplier? They will block a switch, given your level of debt.No free lunch, and no free laptop0 -
OK so you've got £1964 of income.
I don't think you've got £1914 of expenditure so I don't think this is a DRO. Potential problems in red
I make that 1832.50.
You've got more to pay to your debts if you can reduce your spending - fuel and childcare seem really high, with none of your childcare costs coming back through tax credits.
May be best posting a full soa on the dfw board. There's a calculator here
In regards to my fuel spend drive 200 miles a work so the spend cannot be reduced as there are no train stations near by to use public transport.
My childcare is the cheapest I can find as he attends 7.30am until 6pm so costs cannot be reduced here.
I do receive tax credits which my spend is accounted for. Total received per month is:
Child Tax Credit £434This is why the advice on here is never to be a guarantor. You have done what the lender knew you would do, and default, which is why they needed a guarantor to step in for you.
You did explain to him what it meant I hope?
Yes of course and he fully understands and can afford to pay for it but I had hoped there was a way around it.What immediately jumped out there for me was £135 for phone/mobile/internet! That is absurdly high: you should be able to get a basic line rental and broadband deal for £30, mobile SIM only deal for £5 to £10. Instant saving of nearly £1,200pa. If you have an expensive smartphone, sell it and get a basic one for about £60.
With that level of spend, I'm guessing you have a very large Sky or VM package? You just can't afford this: Freeview, Freesat or Freesat from Sky will cost you nothing.
This should enable you to rapidly clear your rent and utility arrears: these are priority debts. At £3 per month utilities arrears payback, it will take you 30 years to clear the debt.
Are you getting the CT single person discount?
Do you have a water meter?
Insurance seems high: is this house and car, or just car?
Are you on the cheapest gas and electricity tariffs offered by your current supplier? They will block a switch, given your level of debt.
My charges phone and internet and tv are £135. £100 for sky which I am contracted to and cannot change until the end of my 18 months. I have contacted them to try but they have said there is nothing they can do. My mobile phone is £35 per month and contracted until Dec 18 when I plan to move to sim only but until then I wont be able to.
I am not on a water meter as there are 2 of us in a 2 bed house so if I have understood the advice of MSE correctly its best for me not to have a water meter.
I am getting council tax discount. The actual cost should be £100 per month.
The insurance is just car insurance. I drive a 14 year old petrol Peugeot and this is the cheapest quote I could find without having to pay a large upfront cost to change.
In regards to utilities I was forced to go on to smart meters and the rate is what it is and the debt deducted is controlled by them.
I truly believe that I have reduced costs everywhere I can and have not inflated them. I am not living a life style where I have money left over. I have a CCJ, people knocking on my door from provident and brighthouse I need this to end and DRO seems the best option for me. I am on medication for anxiety and depression whilst being a single mother working full time and studying at college twice a week in the evenings.0
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