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  • FIRST POST
    • catandy
    • By catandy 5th Feb 19, 7:17 PM
    • 833Posts
    • 1,673Thanks
    catandy
    Wading In Treacle
    • #1
    • 5th Feb 19, 7:17 PM
    Wading In Treacle 5th Feb 19 at 7:17 PM
    That's what my progress in my financial life ( or lack of one feels like). I've been on a DMP for 5 years and have paid off a massive 9K in that time but at that rate it will take me another 15 years to be clear - and the grand old age of 65) so I need to do something and get this sorted out once and for all.


    Situation is it's now just me and OH - he has had to leave work due to ill health and is due to make a claim for an injury at work - if he can be motivated enough to get round to it that is and is waiting on surgery on both arms so is unlikely to work again - he is a gardener and 61 so not in the best profession for his time of life. I'm coming up to 50 have worked out my SOA on the wage I am going to be picking up from my new job - if I pump every penny I have left over into my DMP I will be clear in 15 years from now . there's something to look forward to


    dont know what the point of this post is - to keep me accountable and sane and to put it in writing so its real. OH doesnt want to talk about money (he never has done).

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1640
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1640


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 500
    Management charge (leasehold property).. 0
    Council tax............................. 91
    Electricity............................. 100
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 45
    Telephone (land line)................... 0
    Mobile phone............................ 10
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 0
    Internet Services....................... 55
    Groceries etc. ......................... 320
    Clothing................................ 25
    Petrol/diesel........................... 160
    Road tax................................ 25
    Car Insurance........................... 49
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 11.4
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 75
    Haircuts................................ 0
    Entertainment........................... 6
    Holiday................................. 0
    Emergency fund.......................... 25
    Total monthly expenses.................. 1519.52



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 2000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    dmp ...........................27500.....12........0
    Total unsecured debts..........27500.....12........-



    Monthly Budget Summary

    Total monthly income.................... 1,640
    Expenses (including HP & secured debts). 1,519.52
    Available for debt repayments........... 120.48
    Monthly UNsecured debt repayments....... 12
    Amount left after debt repayments....... 108.48


    Personal Balance Sheet Summary
    Total assets (things you own)........... 2,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -27,500
    Net Assets.............................. -25,500


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
Page 8
    • Dorothy60
    • By Dorothy60 12th Apr 19, 9:28 AM
    • 45 Posts
    • 195 Thanks
    Dorothy60
    Sorry if someone has already suggested this, Catandy, but I don't understand why you don't go bankrupt. You don't own your own house, and while the car might need to be swapped for a cheaper one surely that's better than struggling on for years and years.


    I don't think that you work in the financial sector, and yes, you may well have an IPA for 3 years, but unless you can pay all the debt off in that time if I were in your position, I would certainly do it.


    I hope I haven't spoken out of turn, I have nothing but admiration for you and just wanted to bring it up


    You're doing amazingly, love reading your updates, so positive
    • catandy
    • By catandy 12th Apr 19, 7:06 PM
    • 833 Posts
    • 1,673 Thanks
    catandy
    I'm keeping the option of bankruptcy as an option - im giving myself the 3 months of my trial period to get an idea of what state I am in financially each month with all the changes that have taken place and then can work out if I can throw some serious at paying this down in a realistic timescale or if I need to bite the bullet and just write the whole lot off to start afresh. I'm 3 weeks into my trial period so 10 weeks left before I find out if I have passed it and have a permanent job (I'm hopeful as I hit my daily sales target for the first time today). and no you haven't spoken out of turn - im keeping an open mind with regards to what happens next.


    plans for the weekend for me - chillax and do very little
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
    • catandy
    • By catandy 15th Apr 19, 6:43 PM
    • 833 Posts
    • 1,673 Thanks
    catandy
    just 2 weeks to my first payday so I need to sit down over the next couple of days and work out what im paying off - ive got enough petrol in the car to last me till payday and doing ok with leccie and groceries so I should get thru to payday ok. I feel like I'm wishing my life away but im impatient to start seeing some balances drop
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
    • Chrystal
    • By Chrystal 15th Apr 19, 7:04 PM
    • 644 Posts
    • 4,646 Thanks
    Chrystal
    Just calling in to say I'm wishing you all the luck in the world. You've made a fantastic start and I hope your life improves by leaps and bounds, and I'll be following you and spurring you on. ((hugs))
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • catandy
    • By catandy 20th Apr 19, 10:17 AM
    • 833 Posts
    • 1,673 Thanks
    catandy
    I've sat and worked out the figures all ways and so far ive come to the following plan for pay day:-
    1. all monthly bills paid in full and on time
    2. clear rent arrears completely
    3. clear council tax arrears
    4. dmp payments back on plan - letters due to be sent out when i get paid and can afford the stamps
    5. car mot due - should sail thru (fingers crossed) but if needs any work use friendly mechanic/ neighbour to work his magic
    6. restock freezer and cupboards - I'm really living on the dregs now

    I plan to do a car boot in 2 weeks when it opens again for the summer and any money made from that will act as float for as long as it lasts for top ups for milk/ bread and so on. when that runs out I'm going to take out the money I need in cash so I think twice about spending it - I always find that real cash makes me think do I really need this before I break into a tenner/ twenty pound note

    The only other thing I have planned to spend money on is a long over due haircut and getting my eyebrows threaded so I feel and look human again. I will do a home dye job to cover the grey and I've got various shades I can choose from so no extra money needed there
    Last edited by catandy; 20-04-2019 at 10:20 AM.
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
    • Kitten868
    • By Kitten868 20th Apr 19, 8:05 PM
    • 1,186 Posts
    • 2,985 Thanks
    Kitten868
    I'm so pleased you've got the haircut and eyebrows on the agenda. You definitely deserve it. You'll be a new woman. You should book it so you definitely go through with it.

    Still doing fantastic by the sounds of it. I'm in awe of your strength. I'm glad you're appreciating you're independence. Keep going. You're doing great xxx
    Loan 1 4900/8000
    Loan 2 2900/5800
    Total 7800/13800 43% PAID

    And CC 1250/1900
    • catandy
    • By catandy 24th Apr 19, 9:02 PM
    • 833 Posts
    • 1,673 Thanks
    catandy
    all booked in at the local salon for Saturday lunch time so I will feel (and look) like a human again - cant wait

    I've had my son who lives in Portugal contact me and ask for a short term loan - his mobile has died on him and he's incommunicado without one. He's doing a cheap Huwaei handset and then a PAYG contract from a local provider in Portugal and the handset is going to set him back just over 100 (or the equivalent in Euro's). He has asked if I can lend him 50 till he gets paid on 10th when he will pay me back in full - I actually trust him enough to do it (and yes I'm probably a soft touch but I think that's being a parent).


    Job is going well - its busy and a lot of new information to take in but I'm starting to sell on a regular basis so I stand a chance of being taken on permanently it's nice to get home at the end of the day and be able to switch off from it - big change from the sort of roles I have done in the past and incredibly different from working for myself/ freelancing when work was all I thought about.


    I've worked out that I'm happy, and I cant remember the last time I could say that. I think I spent the majority of the last however many years sort of half-alive and given up that anything was ever going to change - well it has and it is. Once I've made the payments to catch up the arrears I owe (Fri evening) then I put a plan in place to start smashing down these balances. I'm a woman on a mission
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
    • GlendaSugarbean
    • By GlendaSugarbean 25th Apr 19, 5:41 AM
    • 526 Posts
    • 3,994 Thanks
    GlendaSugarbean
    You've got this!
    • CCW007
    • By CCW007 25th Apr 19, 5:45 AM
    • 60 Posts
    • 222 Thanks
    CCW007
    Amazing news, so good to hear.
    • in need of direction
    • By in need of direction 25th Apr 19, 7:02 AM
    • 5,699 Posts
    • 34,874 Thanks
    in need of direction
    You can’t put a price on happiness. Plus when you’re happier, it’s so much easier to cope with everything including debt.
    Mortgage at 01.01.14 119,481.83 today 69,283.91 target 65,000 by 05/04/19 Offset fund today 566.16 target 5,500 by 05/04/19
    Emergency fund 5,500/5.5k & 200/200 cash.
    Weight 24/02/19 14st 7lb now 13st 1lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • catandy
    • By catandy 26th Apr 19, 5:52 AM
    • 833 Posts
    • 1,673 Thanks
    catandy
    got up earlier than usual just so I could log into the bank account and check I had been paid and then pay some bills - maybe able to pay more as the month goes on and the bills are paid but thats it for now. The remainder of the rent is cleared when all the DD clear on 1st - from there I sit down and plan what I hit in what order and at what rate. At last I can see some progress !!
    rent arrears - 140/ 250 : council tax arrears - 273 : Vodaf - 350 : PPC - 150 : mechanic - 140 : CC - 453/1453 : DMP - 30.52/27500 EF 3/1000 : OD - 250 :

    total debt 29609 / 31319 -
    • in need of direction
    • By in need of direction 26th Apr 19, 7:16 AM
    • 5,699 Posts
    • 34,874 Thanks
    in need of direction
    Don’t forget to feed the emergency fund even if it’s just pennies.
    Mortgage at 01.01.14 119,481.83 today 69,283.91 target 65,000 by 05/04/19 Offset fund today 566.16 target 5,500 by 05/04/19
    Emergency fund 5,500/5.5k & 200/200 cash.
    Weight 24/02/19 14st 7lb now 13st 1lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
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