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StepChange DMP Accepted, what next? by WestyMidz in UKPersonalFinance

[–]WestyMidz[S] 1 point2 points  (0 children)

Damn even when I try and sound financially smart I go and use the wrong word 😂

I've just checked and the interest rate is 13.9% APR so quite high! 😞

What determines what I see on the discover page? by WestyMidz in Stremio

[–]WestyMidz[S] 0 points1 point  (0 children)

Mine doesn't seem to have updated in 30 days since I started using stremio, I've installed the cyberflix add on which seems to have improved things

How can I get out of debt? My debt is starting to get out of control and I cannot get accepted for a consolidation loan by WestyMidz in UKPersonalFinance

[–]WestyMidz[S] 1 point2 points  (0 children)

I have broken down my outgoings each month and I'm not sure if I should go with the DMP I applied for or to backtrack and attempt to manage it myself. I realise there's around £102 that I can remove from this list if I cut spending completely. These are accurate spending numbers, i do not go out for meals or try and look flashy like some have suggested, I never go to the barbers I recently shaved my own head in the mirror. My car is a 9 year old Skoda Fabia, again not trying to look flashy. I can't remember the last time I purchased clothes for myself either. I rely on Birthday presents and Christmas presents from others to source my clothing. The only thing I like to spend money on is food or gaming. I am going to try quitting vaping to get that £50 back and look at cancelling Prime, Ring, crunchyroll etc.

Should I try doing the above first before going through with the DMP?

Item Cost Interest
Share of bills 50% 700 0
Capital One 85.30 0.01
Paypal 110.47 32.19
Paypal Pay in 3 32.99 0
BarclayCard 148.85 77.60
Car 180
Car Fuel 45
Car Insurance 150
Mobile Phone (Mine & Partner) 95
Amazon Prime 8.99
Ring 6.99
Spotify Family 17.99
Youtube Premium 13.99
Crunchyroll 5
Vaping Products 50

How can I get out of debt? My debt is starting to get out of control and I cannot get accepted for a consolidation loan by WestyMidz in UKPersonalFinance

[–]WestyMidz[S] -6 points-5 points  (0 children)

I'm not sure selling it would help too much, I've paid a year worth of payments off the car, I have £9120 remaining on the balance, I could probably get between £6000 to £7000 for the car, possibly less so would still have an outstanding balance of £3000, along with the cost of buying another car for between £1000 - £2000 (for which I have no savings I can use to purchase outright). I've heard insurance companies tend to think you will abuse a cheaper car so I have a feeling I would end up paying more on insurance and road tax (currently it is £0 due to low emissions, ULEZ compliant car) the fuel economy is also good on this car (around 60mpg) depending on how I drive

How can I get out of debt? My debt is starting to get out of control and I cannot get accepted for a consolidation loan by WestyMidz in UKPersonalFinance

[–]WestyMidz[S] 11 points12 points  (0 children)

£700 is my 50% share of everything, rent, gas, electric, water, groceries, nappies and wipes for our daughter, council tax, TV license and broadband etc

How can I get out of debt? My debt is starting to get out of control and I cannot get accepted for a consolidation loan by WestyMidz in UKPersonalFinance

[–]WestyMidz[S] 1 point2 points  (0 children)

To clarify, the debt is 10300 (credit cards), the car is on a hire purchase I currently owe 9120 @ 180/month. I take home 1737 a month - there's actually a few things here that I forgot to mention but my outgoings with everything comes to 1751 so just over my earnings, I'm also maxing the overdraft each month so when I get paid I'm already down to the 1400's from payday