How do i pay for all my debts in one single payment?

Kimberley

I have 6 debts altogether and keep getting letters and phone calls from debt collection agencies. I can only afford about £40 per month between them all. Is there a way i can pay the £40 in one single payment I can't ask the courts for an admin order as i don't have a CCJ yet, so really what i'm doing is not paying any money to my creditors to force one to take me to court to get a CCJ.

I know this is not a good idea, but i can't afford what they are asking. I've written them letters sent by the CCCJ but they refused my payments

These companies that offer to give you one single payment to pay them after they pay off your debts say you need to have debts of £15,000 or more so i can't ask them.

N9eav

Depends how easy it is for you to get credit? A credit card with super balance transfer, should allow you to have a cash sum paid in to the bank, pay the debts and then pay one payment to the card company. What have you tried already?

Kimberley

I havn't tried any as i'm not working and most credit cards don't give credit to those who are not in employment.

N9eav

How much would you need to cover the debts? This may help anyone search for the solution???

Kimberley

My total debts add up to £3100. What i want mainly is for a company or credit card company to pay the £3100 for me and them allow me to pay them £40 each month. I'd like to do it this way instead of a tenner here and a tenner there..

rprinter

OK so you're not earning and you've done the right thing in sending the CCCS letters and asking for reduced payments, which they haven't accepted.

You've stopped paying them. I should think sooner or later they'll county court it; then you can arrange token payments with the court like £1 a month per debt or something.

These creditors are harrassing you on the phone to try and get you to pay more than you can afford, or borrow yet more from somewhere else, which you also can't afford. They'll make more money out of you if you give in to their unrealistic demands.

You can have BT bar all 'anonymous' calls to your phone which would help.


I can't see any other option other than some kindly family member lending you the money to preserve what's left of your credit rating.

skintchick

Hi - I know you say you can only afford £40, but can you post your incomings and outgoings? WE might be able to find you some savings.Also, what are the APRs on your debts?

rprinter

OP says the debts are with DCAs so interest should be frozen.

Kimberley

skintchick wrote:

Hi - I know you say you can only afford £40, but can you post your incomings and outgoings? WE might be able to find you some savings.Also, what are the APRs on your debts?

Here goes, as you see i have about £7 a month left for creditors, but have stretched to £40 a month if i buy kids clothes from ebay or charity shops

Oh and i fogot i have a £700 overdraft with Abbey. I was told by the CCCJ to open a basic account with a different bank with no overdraft facility and then add the Abbey overdraft as a debt.

Overdraft with Abbey £700
Next catalogue (now with debt collection agency) £465.48
Littlewoods catalogue £718.00 (havn't heard from them since i asked for my signed credit agreement)
Argos £627.54 (they have accepted my £1 per month payment)
River island £841.00 (now with Debt collection agency)
Capital One £987.00 (i pay £48 per month which stretches my financies, but i have kept up with payments)

Income is:
Income support at £185.12 a month
Child tax credits at £434.48 a month
Child Benefit at £161.40 a month

Outgoings a month are:

Water = 13.60
Gas/Electric = 40.00 (key meters)
Telephone/Mobile/internet = 57.50
TV Licence = 10.00
Food Shopping for me and 3 kids = 240.00
Pet food/insurance = 42.40
Clothing me and kids = 180.00
school/scout trips including residential trips and scouts yearly fees for 2 boys = 90.00
Hobbies = 11.75
Kids pocket money = £15 a month for 3 kids
Charity = 3.00
Xmas club = 25.00
Vets Dog flea treatment = 3.00
Supermarket xmas stamp club = 8.00

If you can help to cut down i'd appreciate it, hope i've done my sums right, these figures are near to what i pay..

Kimberley

OK so you're not earning and you've done the right thing in sending the CCCS letters and asking for reduced payments, which they haven't accepted

Except for Argos who accepted my offer of a £1 per month until i find work.

You've stopped paying them. I should think sooner or later they'll county court it; then you can arrange token payments with the court like £1 a month per debt or something.

Thats what i'm hoping for, as i just want to pay one single payment.

These creditors are harrassing you on the phone to try and get you to pay more than you can afford, or borrow yet more from somewhere else, which you also can't afford. They'll make more money out of you if you give in to their unrealistic demands.

They phone almost everyday telling me what they can accept me to pay, but now i just say i'm saying nothing unless it's in writing.

You can have BT bar all 'anonymous' calls to your phone which would help.

Just done it.

I can't see any other option other than some kindly family member lending you the money to preserve what's left of your credit rating.

skintchick

OK, here are a few thoughts, but please remember that we all have different priorities so what I think should go might be of vital importance to you!!

The ones I think you need to look at are:

Telephone/Mobile/internet = 57.50
This seems very high for a month. Do you really NEED the internet? Could you ust it for free at the library? Could you get a cheaper deal?
Cut down on phone calls and texts - I keep a diary of my mobile useage so I really question if I need to send a text, or if it can wait till I see the person.
Phone - don;t know who you're with but look at the telephones board for ideas about cheaper suppliers.
I don;t have internet, and spend around a tenner a month on Onetel landline, and a fiver on my mobi.

Pet food/insurance = 42.40
Not sure of the breakdown on this, but do you really need the insurance? Or could you put the same amount into a savings account and use it if/when you need to? Can you cut back on their food? I don;t mean put them on a diet, but buy cheaper brand?

Clothing me and kids = 180.00
Every month?!?!? Come on, you cannot afford to spend this much, and Ebay is a great source of clothing. Also, you can sell their old stuff there to make some money. This really is way too high for your current financial situation.

school/scout trips including residential trips and scouts yearly fees for 2 boys = 90.00
Again this is high. The whole family needs to economise while you get these debts paid off. IT's hard, I know, but could they just do a bit less? This is £1080 a year!

Hobbies = 11.75
??? I gave up my salsa classes because I couldn;t afford it. I know it's depressing but you need all your cash for your debts.

Charity = 3.00
Can this go on hold for a while until you are sorted?

Xmas club = 25.00
Supermarket xmas stamp club = 8.00
I know these can be a great idea, but I wondered if you would get a better return by putting them in a high-interest instant access account like ING, and then you'll get interest too. But well done for planning ahead.

I haven't said anything about your food bill cos I don;t have kids and don;t know how much it should cost, but check out the old style boards for help in eating well on the cheap. I live alone and spend £60 a month on food.

Even on your figures, I make it £41.75 spare a month, or is the £15 pocket money each not a total?

I think you shoudl be able to find a good few extra quid by making a few changes.

Hope that helps x