A terrified newbie, can I ask for some help please

kymbogs

Hi there Tink

Welcome to the boards and as you have already seen it's a very friendly and helpful place!

Have you applied for just a current account or moving all your accounts (credit cards etc) to RBOS? Really you should just open a current account with them and not have any sort of debt with them, otherwise there's nothing to stop them from taking arrears etc from your current account.

I've only ever had a loan 'agreed in principle' and that was because it had to be looked at by the underwriters. I don't see why a current account would need to be underwritten...but there may be something else to do with current accounts that I don't know about. I hope they get back to you soon and if they do decline you, just try another bank

Best of luck

Kimberley x

strumpet

Hi Tink,

Well done for posting and finding the courage to deal with your debts. It's a one way ticket up from now on chuck! Keep posting and keep smiling - you're in the right place. Good luck!

Strumpet
xxx

tinkerbelltoo_2

Hi Kymbogs....I applied for a current account and believe it or not a savings account too...supposing its £5 a month I'll at least still feel I'm doing something right.
I am currently trying to decide whether or not to go with Payplan on a DMP which will take just over 7 years:eek: . the thought frightens the life out of me to be honest....but if I think back I've been paying a personnal loan for the past 4 years and CC cards that have not had a zero balance since the day I took them out so dont think there is much difference....I just think this seems more real now.
So as I said before wandering OT Payplan advised me that no matter what I decide about them that I should move banks as my current bank have claim to my money re personal loan and CC's. So with this in mind I contacted rbos to open new account, which OH wages can go into and DD's for mortgage etc can come out of....but it really never dawned on me that they could deny me an account because of my credit ratings...which must be a total disaster.
But like all things I guess I'll have to cross the bridge when I come to it....boy have I had a rude awakening this past week....I've been thrust into the real world with a huge bang thats for sure.
So you've no idea how helpful I have found this site so far. Thank you all again.

tinksx

tealady

Don't worry re the bank till you have their decision. There are banks out there that will give you a basic account (ie no overdraft).
When you have your details of your income and outgoings together (your SOA) pop it on here and we will see if we can help you trim your costs.
The usual suspects to look at are :-
gas and electricity - check tarifs and if you are not on the cheapest switch via a cashback website.
food - menu plan, batch cook, and check out the Old style forum for fab cheap meal ideas.
phones and TV - again check to see if you are getting the best deals.
There are LOADS of ideas for cutting back (and upping your income) on this site, just pick what suits your lifestyle best and remember - they can't have what you ain't got!!

tinkerbelltoo_2

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2231.67
Benefits................................ 563.33...made up od DLA and severe disablement allowance
Other income............................ 83.33son pays £20 per week
Total monthly income.................... 2878.33

Monthly Expense Details
Mortgage................................ 787 currently paying £260 per week to clear arrears, should be payed by end sept
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 200 including arrears, should be £181 pm
Electricity............................. 153 incl gas
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0 included in C. Tax
Telephone (land line)................... 20 virgin media incl tv and internet
Mobile phone............................ 20 2 mobiles, neccessasry due to my illnes (1 each OH and I)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 40
Petrol/diesel........................... 346 (2 cars. 1 Oh for work 90 mile round trip per day) mines is mobility car
Road tax................................ 40
Car Insurance........................... 26
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 25
Contents insurance...................... 0
Life assurance ......................... 75
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 16
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2165

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 1500
Total Assets............................ 165500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(787)......0
Total secured debts........... 80000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bos loan.......................5000......432.......0currently paying £150 pm whilst paying mortgae arrears so now in arrears by 1600
bos cc.........................3500......0.........0 sorry cant find details of min payments for all CC's just now
bos cc.........................900.......0.........0
jd williams....................700.......0.........0
ge capital store card..........1060......0.........0 default notice issued
egg............................6400......0.........0 220 in arrears
Total unsecured debts..........17560.....432.......-

Monthly Budget Summary
Total monthly income.................... 2,878.33
Expenses (including secured debts)....... 2,165
Available for debt repayments........... 713.33
Monthly UNsecured debt repayments....... 432
Surplus(deficit if negative)............ 281.33

Personal Balance Sheet Summary
Total assets (things you own)........... 165,500
Total Secured debt...................... -80,000
Total Unsecured debt.................... -17,560
Net Assets.............................. 67,940

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful. Oh my lord it is so scary seeing this in black and white. these are the figures that I am working with payplan with. They reckon I have £200 per month after mortgage etc to pay off my debts.HELP pleaseTinks

RAS

Hi

Well done.

What sort of car does OH drive? Ids there any way of doing part of the journey on public transport?

How many in the household?

tinkerbelltoo_2

Sorry forgot to mention 3 adults at home. OH, me and our 25 year old son...who as sods law would determine has newly been made redundant from his job as a bricklayer....due to downturn in trade just now !
OH car is a 12 year old diesel jeep....bought when we were NOT stuggling with debts ,but due to high fuel costs just now we would get buttons for it if we tried to sell it:( . OH already leaves home at 5.30 am to travel to work. he starts at 7am and works till 6pm so travelling by car is only way (plus he has to carry tools for job.

I just wish there was a way of doing this on my own..without involving payplan...in an ideal world I'd pay off loan first it was due to be paid by may 2009 and if I could do that I feel i could plod my way through the rest through time. But it was the bank who we have personal loan through that suggested we contact payplan as they are obviously not too happy with the current arrangement that I have been making by paying £150 per month, and they will only agree to this for 2 months at a time.

Any suggestions on how to resolve any of this will be more than welcome.
Oh forgot to mention, that thanks to this site again, that I have requested a list of charges from my current bank to enable me to apply to them for refund. Which I would use also to pay off some of our debts.
Thanks again for listening.

Tinks

kymbogs

You can do it on your own, you can call the CCCS (consumer credit counselling service) for advice. They can advise on budgeting, dealing with arrears, making offers to creditors, all sorts. I dealt with them last year and they helped me make token payment offers to all my creditors. Often just telling people who ring you up chasing money that you are dealing with the CCCS will put them off a bit cos they know you are trying to sort things out.

Oh I noticed you have a GE Capita storecard, I had 2 with those that defaulted, my accounts were passed on to a company called CL Finance who have been very helpful and understanding so I hope yours is passed on to them too.

Kimberley x

pepe2008

hi tinkerbell.
Main thing is DO get a non-fee Debt Management plan ( CCCS etc ) in place. having it takes a HUGE amount of pressure off....particularly when things get a bit 'emotional'. Also THEY send the cash to creditors, meaning you dont have to and also there is a proveable ( is that a word?) record of payment.
I hit the wall in December with 60K unsecureds ( mostly CCrd ), 60K mortgage with 180K house....all debt being kept secret from OH....pillock, me not her!
CCCs have been fantastic even with my debt free date being about 2020!!!
Take a look at the OFT Debt Collection Guidelines ( search 'oft' ) to know what you can expect from creditors.
Chin up, Pepe

scooby2do

tinkerbelltoo wrote: »

Statement of Affairs and Personal Balance Sheet

Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 1500
Total Assets............................ 165500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 80000....(787)......0
Total secured debts........... 80000.....-.........-

_____________________________________________________________

Apologies if I've not read all of the facts correctly but I see no reason for you to go through the CCCS etc., you have an 80k Mortgage on a property worth 160k and your joint income is good, so why not consolidate all your debts into your mortgage (speak to a mortgage advisor or your existing lender), if you are paying 787 on 80000 then this would increase to about 985 pcm (assuming rate is as per your existing mortgage), job done! Then put away extra in a high interest account to pay more off of your Mortgage as and when.

IMPORTANT: Just ensure you don't forget how you are feeling right now - so DON'T get back into the same situation, you still owe that money so continue to push hard to clear that Mortgage - or am I missing something here !?