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Topic starter
19/01/2013 6:01 pm
I will be updating this thread as i progress with my situation. Feel free to follow or comment along the way. Thank you.
Below is a list of my current outgoings and situation.
4 Weekly Income : £1100 (might need to consider 2nd job)
Shopping : £ 170.00 Based on current asda prices. Essential monthly household items (£50) and £30 per week for everyday meals/ food.
Cigarettes : £ 106.00 Based on 10 gigs (avg £ 3.56 per pack)
Mortgage : £ 350.00 Based on £40 a month of wich is arrears)
Council Tax: £ 130.00 Based on 2011/2012
Gas : £ 80.00 Based on this time of year (winter)
Electricity: £ 60.00 Based on this time of year (winter)
Mobile : £ 12.50 Non Contract
Home Phone : £ 35.00 Including Internet
Tv Licsense: £ 12.50
Travel : £ 42.00 Based on current fares
Pc World : £ 7.99 pc insurance scheme
Total : £ 1005.99
I have cancelled all life insurance and house insurance products as couldnt afford. I may have other outgoings but im sure the list is complete. I own my property and have £2000 or less in equity.
Man i never knew i was so close to my salary figure per month.
I have cut down cigs and seriously consider stopping not just because of price but also because of.
These figures do no include loans to santander (£94) per month or lloyds tsb (£104) per month.
I also have monthly rolling Payday Loans (wonga £1300) (quickquid £980) (pduk £500) often deferred or reused from month to month 🙁
There maybe times when i can spend a little less on food or save on gas and electricity.
What to do? Looking at possible help from PTD or DAS ?
How does it look to you? Comments always appreciated.
Regards,
Mark
19/01/2013 6:42 pm
Clearly you dont bring in enough for what you have going out and that wont get better by doing nothing. It also wont get better by borrowing your way out of debt. I tried it twice and it doesn't work!!
What is the total amount of your debts (roughly)?
The fact that you are rolling your payday loans over is a rather tough circle of debt thats very hard to escape from without proper help.
Have you discussed options with anyone??
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
19/01/2013 8:22 pm
Thanks Paul and how true your words are. Currently speaking to KPMD about the possibilty of entering a secured trust deed. Am also looking for other options and have been looking at information on Debt Payment Programme but have nothing settled or signed.
Currently owe approx £8000 on unsecured loans and total payday amounts.
quote:
Originally posted by plasticdaft
Clearly you dont bring in enough for what you have going out and that wont get better by doing nothing. It also wont get better by borrowing your way out of debt. I tried it twice and it doesn't work!!What is the total amount of your debts (roughly)?
The fact that you are rolling your payday loans over is a rather tough circle of debt thats very hard to escape from without proper help.
Have you discussed options with anyone??
Paul
Topic starter
19/01/2013 8:24 pm
So far it appears on a PTDS i would pay about £180 a month for 3 years! I have no other equity (cars/ savings) to mess with.
19/01/2013 8:44 pm
But you dont have £180 a month spare??
Do you mean kpmg? I would talk to at least 2 more companies to get opinions on options before signing up to anything.
There is a solution out there for you, but lets make sure its definitely the right one to get you sorted.
Do you mean DAS (debt arrangement scheme) when you say debt payment program?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
19/01/2013 9:32 pm
Be careful about cancelling house insurance. It may be a condition of your mortgage that you have it. Your gas and electric seems very high. I have a 3 bed house and my gas is £35 p/m and electric is £60.
Looking at your groceries, there must be a way of cutting this down. Before I went into my trust deed, I'd pretty much live on soup and bread. My family thought this was strange but for about £5, I had enough to make enough to do lunches at some dinners. For family tea, it was pretty much pasta with homemade sauce - v.cheap. Sorry if that sounds a bit patronising but it can make a dent in things.
Like Paul says, you need to sit down with another couple of companies. Also, you say you want to give up smoking. Could you speak to your doctor about going to a cessation clinic and getting help with that? I think it's available on the NHS.
Good luck with whatever you decide to do. Get plenty of advice and always ask plenty of questions.
Nothing left to discharge - everything's done and dusted!
Topic starter
19/01/2013 10:43 pm
Good advice Paul and Gillian. Thankyou. Cost cutting going to have tp be part of my learning curve. £188 a month isnt quite reachable at the moment. Smoking definently in the frontline.
Yes Paul. Did mean KPMG. More consultations with others be my aim for during next week.
£30 a week was me making home made meals and eating costing less than £5 a day over 7. Ill double check the leccy and gas. Could benefit with new combi boiler but it managing to afford it now.
Thanks again for comments. Off to sleep to forget it for a while 😉
19/01/2013 10:47 pm
Getting a few opinions is always sound advice. Let us know how you get on.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
21/01/2013 8:52 pm
I have an appointment on Thursday to see the BOS and hopefully open an account. Just tried there online though with the co-op bank.
They replied quite quickly by email saying. -
Thank you for your recent application for a Privilege Account. Unfortunately, after careful consideration we are unable to open the account you requested.
Our decision is based on information provided by one or more credit reference agencies. This may include information relating to you, or one or more of your financial associates, such as someone you have an account with, or may have made an application for credit with.
Now im not so hope full about BOS allowing me to open an account. What to do?
21/01/2013 9:14 pm
Hi Mark
With the Coop you need to apply for a Cashminder account. I did this over the phone with no hassle.
Saabrina
Topic starter
21/01/2013 9:41 pm
Ill give it a try. Thanks Saabrina.
quote:
Originally posted by saabrina
Hi Mark
With the Coop you need to apply for a Cashminder account. I did this over the phone with no hassle.
21/01/2013 10:09 pm
Yeh you have to make sure its the most basic of account with no overdraft etc.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
21/01/2013 10:28 pm
I was able to open a Halifax basic account online so hopefully BOS should be okay with you opening one. It'll be an electron card wich is a pain when it comes to shopping online or buying fuel at unmanned pumps. Other that that, have had no issues with it.
Nothing left to discharge - everything's done and dusted!
21/01/2013 10:58 pm
I opened a BOS basic account online with no hassle so should be fine.
L Campbell
21/01/2013 11:44 pm
Hi Mark
I opened a basic account with co-operative without any problems at all. Did you choose a basic account or better one? You can only open basic acoounts with bad credit history.
Regarding gas bills - paying £35 a month can only mean that somebody like cold temperature. To be honest in UK you have to heat homes from September to May and soemtimes during the summer too. I do not feel that entering Trust Deed should mean that I will be freezing at home. Electricity £50 - £60 is common now. I pay £60 for gas and it is just right to keep may home warm for 12 months. I know that is easier to have warmer home if it is not on grand floor. Unfortunately main is on ground the floor with old windows...
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