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  • FIRST POST
    • Dontpanic365
    • By Dontpanic365 11th Feb 18, 3:14 PM
    • 3Posts
    • 1Thanks
    Dontpanic365
    Time for action
    • #1
    • 11th Feb 18, 3:14 PM
    Time for action 11th Feb 18 at 3:14 PM
    Hello.

    So, my story is pretty similar to all the others. Lots of debt, not quite enough money to comfortable handle it all, drastic action needed. I've tried to sort this out without starting my very own debt diary, but I'm struggling to keep myself honest and not spend on stuff I shouldn't. This seems to be helping a lot of people, so lets hope it helps me!

    I actually had a lot of debt problems a couple of years back, and started a debt management plan with Step Change. Fast forward to now, and I'm starting to build up debts outside my dmp and it's become a major problem. I'll list my current debts:

    Loan: £4580.22 (part of dmp)
    Credit card: £1700.87 (part of dmp)
    Overdraft: £925.44 (closed account, part of dmp)
    Credit card 2: £640.97 (part of dmp)
    Credit card 3: £102 (part of dmp)
    Loan 2: £54.39 (part of dmp)

    Payday loan 1: £92.37
    Payday loan 2: £151.42
    Payday loan 3: £116.36
    Payday loan 4: £181.57
    Loan: £200
    Credit card: 145.27
    Owed to Mum: £800
    Owed to DWP for benefits advance: £150
    Owed to my previous workplace for purchase of laptop: £468

    So, the total amount is £9690.88. The debts that are part of the dmp have all, I think, had their interest frozen but the payday loans in particular are going to end up being more than listed here so the total I'll need to pay back will be more.

    The repayments are as follow:

    DMP: £141 a month
    Payday loan 1: £30.11 (5 payments left)
    Payday loan 2: £49.36 (5 payments left)
    Payday loan 3: £29.24 (5 payments left)
    Payday loan 4: £46.43 (5 payments left)
    Loan: £50 a month, but this won't start until April
    Credit card: Minimum payment tends to be around £8
    Mum: £50 a month, but she's happy to wait a few months before starting.
    DPW: £30 a month (5 payments left)
    Old workplace debt: £52 (9 payments left)

    So my total repayments a month are £416.15, but those will rise to £516.14 in a couple of months.

    My income is £16,000 a year, although I do the odd overtime shift which increases this. I would say that on average I take home £1200 a month after tax.

    My other outgoings:

    Rent: £550
    Council tax: £89
    Gas/electric: £65
    Water: £42
    Phone: £12

    So, my outgoings are £758 plus my debt repayments of £416.15 = £1174.15 against an average income of £1200.

    See the issue?

    So, what I've been doing to rectify this is to strip back all unnecessary outgoings. I've quit smoking, which was probably costing around £80 a month. I'm aware that quitting smoking might not succeed, but I don't really have any way for it to fail! I'm on my 19th day nicotine free at the moment though, so it's going pretty well.

    You'll notice there isn't any outgoing for the internet or TV. I've cancelled both of those things for the time being, I'll update this diary using my mobile.

    I am someone who needs a lot of no spend days to get out of this! If I can get through the next five months, I'll have much more money to go on but for the moment things are squeeky tight! I'm going to search for some additional part time work to supplement my income, take any overtime shifts going and log my spending on this diary to keep myself on the right path.

    I get paid again on the 28th, I currently have around £11 but I do have food in the fridge. I do however need to buy some kitty litter, and my two little darlings will just poop elsewhere if I give them the properly cheap stuff. Any advice on how to make them less fussy would go a long way!

    Wish me luck, I'm sure there are people who have been in worse situations than this that have used this site to help them get out!
Page 1
    • charlies tribe
    • By charlies tribe 11th Feb 18, 3:25 PM
    • 760 Posts
    • 5,574 Thanks
    charlies tribe
    • #2
    • 11th Feb 18, 3:25 PM
    • #2
    • 11th Feb 18, 3:25 PM
    Just a message to say good luck.
    No advice on the kitty's,mine are the same! We have however mover from bob martin crystals (5l for £5), to large bags of catsan (20l at £10.50), this month we have bought mr t at £4.10 for 10l. Haven't tried it yet so not sure how well it will go down with them. If he doesn't like it he will wee in any clothing/bedding he can find!
    LBM in April 17 - £6655/£33554 (19.8%) paid.
    2018 PAID OFF TARGET £1031/£5000 (20.6% paid)
    SPC #591
    • swimminginaseaofdebt
    • By swimminginaseaofdebt 11th Feb 18, 3:52 PM
    • 738 Posts
    • 4,242 Thanks
    swimminginaseaofdebt
    • #3
    • 11th Feb 18, 3:52 PM
    • #3
    • 11th Feb 18, 3:52 PM
    Just popping in to wish you lots of luck in achieving your goal
    Pay all debt off by Christmas 2018 #150 - £895.62/£2018
    SPC11 #564
    • beanielou
    • By beanielou 11th Feb 18, 5:25 PM
    • 54,024 Posts
    • 214,081 Thanks
    beanielou
    • #4
    • 11th Feb 18, 5:25 PM
    • #4
    • 11th Feb 18, 5:25 PM
    Hope all goes well for you.
    AS you say if you can get through the next 5 months things will be a lot easier for you.
    Break it into baby steps.
    You can do it
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • Cumbria lass
    • By Cumbria lass 11th Feb 18, 7:39 PM
    • 1,795 Posts
    • 10,811 Thanks
    Cumbria lass
    • #5
    • 11th Feb 18, 7:39 PM
    • #5
    • 11th Feb 18, 7:39 PM
    There is no amount for groceries , does someone else pay this ?

    Good luck .
    CC1 £3475 May 2018
    • SnowBallBunny
    • By SnowBallBunny 11th Feb 18, 7:43 PM
    • 138 Posts
    • 281 Thanks
    SnowBallBunny
    • #6
    • 11th Feb 18, 7:43 PM
    • #6
    • 11th Feb 18, 7:43 PM
    Wishing you well with your DFW journey and with quitting smoking. There are so many lovely people on this forum ready to encourage you.
    Credit Card 1 £6,000/£5,462.76 Debit Card £5,000/£4,038.61 (Debit Card includes Emergency Fund £1000) Credit Card 2 £1200/£822.91 Tax Bill £750/£0 Library Fine £90/£0 Accountancy Bill £720/£0 Cancelled Art Project Donation £15/£0
    Total £13,199/£10,324

    A SnowballBunny, hopping my way to Financial Freedom.
    • WannabeFree
    • By WannabeFree 11th Feb 18, 7:49 PM
    • 1,534 Posts
    • 13,246 Thanks
    WannabeFree
    • #7
    • 11th Feb 18, 7:49 PM
    • #7
    • 11th Feb 18, 7:49 PM
    Have you considered adding the newer debt into the DMP?

    What are the reasons for building the debt after already being in a DMP? Have you reviewed your budget with your DMP provider? Maybe the budget you made with them originally was too tight hence building new debt?
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Dontpanic365
    • By Dontpanic365 11th Feb 18, 7:59 PM
    • 3 Posts
    • 1 Thanks
    Dontpanic365
    • #8
    • 11th Feb 18, 7:59 PM
    • #8
    • 11th Feb 18, 7:59 PM
    Hi, thanks for all the responses and wishes of good luck!

    Groceries need to come out of whatever is left over sadly, which is currently leaving me around £25 a month. Which is a problem...

    I built up a lot of the debt after entering my dmp because I lost my job. I've now got a new job, but I was unemployed for a few months and scrabbling around for money. I don't know if I can put those debts into my current dmp, I'd be concerned that I'd get in trouble for breaking the terms of the dmp and taking on new credit? The budget was fine, when I had a regular wage coming in, and it would be fine now if it wasn't for the other debt that I never should have taken out! If anything, once I've gotten the next few months out of the way I'd like to increase my payments.
    • ploppy57
    • By ploppy57 11th Feb 18, 8:14 PM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    • #9
    • 11th Feb 18, 8:14 PM
    • #9
    • 11th Feb 18, 8:14 PM
    Popping by to wish you luck. When we started our DMP with SC we tried to pay as much as we could, but sometimes you don't realise how much you actually need to live on and we didn't have an emergency fund set up. Have you thought about reviewing your budget and adding the other debts to the DMP? Add everything you can think of to an I& E form. At the end of the day, creditors can only have what you can afford.
    DMP March '15 £57,549. Now £44,430. almost 23% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... Building up slowly.
    Christmas '18 challenge... £22 /£300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • Dontpanic365
    • By Dontpanic365 11th Feb 18, 8:19 PM
    • 3 Posts
    • 1 Thanks
    Dontpanic365
    Hi Ploppy, I don't know what an I & E form is.... plus, would I been in danger of dropping out of the dmp for taking on new credit?
    • ploppy57
    • By ploppy57 11th Feb 18, 8:39 PM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    Hi Ploppy, I don't know what an I & E form is.... plus, would I been in danger of dropping out of the dmp for taking on new credit?
    Originally posted by Dontpanic365
    Sorry I&E is Income & Expenditure. You need to not just think of things like rent, gas & electric, water etc but also account for food, toiletries, bus fares/car expenses prescriptions, dentists, clothes pets, etc. You need to be able to live

    Can't answer about the new credit, but maybe worth telling Step Change your situation and see what they say.
    DMP March '15 £57,549. Now £44,430. almost 23% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... Building up slowly.
    Christmas '18 challenge... £22 /£300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • ploppy57
    • By ploppy57 17th Feb 18, 7:41 AM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    How are things going?
    DMP March '15 £57,549. Now £44,430. almost 23% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... Building up slowly.
    Christmas '18 challenge... £22 /£300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
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