Prehaps its too late!

billking789

Hello,
Over the past few months i have realised i need to do something and found this site. so far ive applied and been accepted for a Barcleycard 0% with a £1100 limit which ive transfered £990 from Natwest one of my highest interest cc as well as paying off debenhams card.

Natwest £4400 down from £6000
Smile £9100
Cap 1 £3800
Cahoot Flex Loan £5000
Barcleycard £990
Debenham - Zero - just paid off!
Style £590
Tesco Loan £25000

Ive got exactly £100 to live on for the rest of the month. Ive tried getting other 0% cards but have been turned down. Dont want anyother loans prob wouldnt get any anyhow! Ive managed to pay off a total of £700 with my bonus from works. Very worried about the future. Written to give my car back last week but ive not heard anything from them, on hp paid half.

With 3 kids and a house to look after, i dunno what to do next...

savingholmes

Firstly don't apply for any more cards - as if you do you are likely to be turned down again and that will start a negative spiral.

Could you post an SOA - see makesenseofcards - you list all your income, outgoings, liabilities and assets then we can comment on where you can perhaps reallocate your money.

Also use the snowball calculator... there is a link somewhere showing which loans to pay off first.

It may also be worth contacting a debt charity like CCCS for some professional advice on where to start...

Good luck

Numpty_Monkey

:hello: hi billking

Well done on finding the site :A

A thing that the great and good on here will ask for is an SOA , a list of all your incomings and out goings if you use this link

http://www.makesenseofcards.com/soacalc.html

and post the results people will be able to help you to see where you can make savings,

Looking at what you have put , have you looked at the snowball calculator

http://www.whatsthecost.com/snowball.aspx?country=uk

others will be along to sugguest the ways to up your income, cashback sites, surveys.
allsorts of help

don't be affraid to ask and keep posting:A

hypno06

Hi there - I would def pop onto the CCCS website and put your details in there, or give them a call tomorrow and talk through your options. They could put you on a debt management plan whereby they work with you to work out your affordable surplus after ordinary bills have been paid, and then negotiate with your creditors to pay a reduced amount of interest until you have paid them off.

It is not ideal, because it trashes your credit rating for 6 years, so if you want to get a mortgage it makes it harder, for example, but for many people on this site it has been a godsend and makes day to day living much easier.

But it is not the only option, and CCCS will talk through the alternatives with you. They are a charity so you don't pay them a fee, meaning that everything is done in your best interests not in the interests of someone trying to make a profit.

They have a web version on their site called "debt remedy" if you don't want to do it on the phone.

Of course, it may be possible for you to "balance your budgets" and free up enough money to pay your debts, I would therefore strongly suggest doing the SOA on makesenseofcards as a starting point to see whether you have the chance of doing this without going down the DMP route.

Good luck!

billking789

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1440

Monthly Expense Details
Mortgage................................ 452
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 8
Council tax............................. 101
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 10
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 31
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1303

Assets
Cash.................................... 1
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2001

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(452)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest........................4400......100.......23.1
Smile CC.......................9100......184.......16.9
Bar Card.......................990.......10........0
Style..........................595.......23........29
Tesco Loan.....................24000.....284.......6.6
Cap 1..........................3800......77........21
Total unsecured debts..........42885.....678.......-

Monthly Budget Summary
Total monthly income.................... 1,440
Expenses (including secured debts)....... 1,303
Available for debt repayments........... 137
Monthly UNsecured debt repayments....... 678
Surplus(deficit if negative)............ -541

Personal Balance Sheet Summary
Total assets (things you own)........... 2,001
Total Secured debt...................... -0
Total Unsecured debt.................... -42,885
Net Assets.............................. -40,884

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.My girlfriend earns about 800 a month which keeps us just afloat!

billking789

For job reasons i cant really be bankrupt.

GeorgeUK

Well done on making a start.

If you post up your SOA we'll try to see if there are any areas you can make savings on. Also are you paying payment protection insurance on the loan?

Can you also tell us the limits on the cards - sometimes when you have a card without a balance you can get an incentive to keep the card open. Once you get a nil balance statement, contact them to check the interest rate and if they have any balance transfer offers available. It may be that you can get a low interest life of balance transfer that you can transfer from say barclaycard and repeat the process. As you are an existing customer these do not usually involve a credit check.

Gemmzie

Would you be allowed onto a DMP?

billking789

Natwest is the only one it has a limit of £6000 all the others are maxed out.
I dont know about a DMP.

Gemmzie

It might be worth asking CCCS, they might well know as it looks like that's your best option at the moment

stebiz

Welcome aboard. How old are these debts. Just years will do.

Stebiz