newbie please help

stationairy

hi let me see if get this right

i have had a gambling problem which i am getting help with and have been really stupid and accrued some debt which i want to get to be more managable

now at the moment i have £1300 over draft, 3000 credit card 2200 on a loan
and 2923.20 for a car hpi

so what i want to do is get a loan for all of this so it is more managble i no when it will be finished and i can start moving forward

now the 2923.20 loan i have been offered a settlement figure of £2700 now the loan was over 4 years
car was £5400 and total loan incuding interest is 7005.68
i pay £146.16 a month and have made 28 payments
now the car is only worth about £2400 now i no i can hand car back and pay nothing else but need car for job
so was wondering if anyone could give me advise on if the hpi company would reduce this amount at all

or any other help any one can offer

skintchick

No idea, but it would help if you:

post APRs
post your incomings and outgoings
use punctuation and correct spellings so I can understand you more easily!

ms_london

stationairy wrote:

hi let me see if get this right

i have had a gambling problem which i am getting help with and have been really stupid and accrued some debt which i want to get to be more managable

now at the moment i have £1300 over draft, 3000 credit card 2200 on a loan
and 2923.20 for a car hpi

so what i want to do is get a loan for all of this so it is more managble i no when it will be finished and i can start moving forward

now the 2923.20 loan i have been offered a settlement figure of £2700 now the loan was over 4 years
car was £5400 and total loan incuding interest is 7005.68
i pay £146.16 a month and have made 28 payments
now the car is only worth about £2400 now i no i can hand car back and pay nothing else but need car for job
so was wondering if anyone could give me advise on if the hpi company would reduce this amount at all

or any other help any one can offer

Hello there, welcome to MSE.com.

First of all, cut up your credit cards, STOP using them. If your gambling is serious, perhaps you could check out gamblers anonymous. You are quite lucky that you have realised it now and not £50K down the line (a few people have run up debt through gambling, but a lot worse than you, so its not uncommon!!).

Could you post a Statement Of Affairs. This basically includes your incomings (wages) and ALL of your outgoings, basic items such as rent, gas, electric, food, transport and then your debts (as above) Although it would be helpful if you could post exactly who the debts are with, the APR, minimum repayment etc etc.

That way it might be possible to trim your outgoings without realising it.

Do you know what your credit rating is like? If good, then you may be able to get a consolidation loan, or perhaps apply for a 0% credit card - however, it is too tempting to get the new loan and then spend on your existing cards, so you have to be careful with this.

If you post again with the above information, we will see what we can do.

Ms_London xx

Avogirly

Consolidation is very tempting because it allows you to continue spending on those newly cleared cards, which is what happened to me. I agree with Ms_London and would suggest cutting up cards, tarting and snowballing the rest.

ms_london

Avogirly wrote:

Consolidation is very tempting because it allows you to continue spending on those newly cleared cards, which is what happened to me. I agree with Ms_London and would suggest cutting up cards, tarting and snowballing the rest.

I cleared all of my smaller debts, and then finally ended up with my hefty Lloyds Loan, so in the end all of my debts were in one place, but I think so long as you are making repayments that you can afford and are left with a decent budget to live off of, it doesnt matter that all of your debts are in different places - just having them under control will give you the piece of mind!!

xx

stationairy

thanks for replys
i have already started at gamblers anoyomous (sorry for spelling)

i think that is what i am looking at consolidation loan, credit rating is ok missed a couple of payments (for a phone bill) nothing mager

outgoings
£200 rent
146 car loan
116 normal loan
£90 credit card
£43 gym
£45 car insurance
£100 petrol
£50 food/ various outgoings


incoming
£900 after tax
and every three months an extra £200 bonus

loans apr not to sure on where would i find this
do you need anymore info

frugglewump

stationairy wrote:

outgoings
£200 rent
146 car loan
116 normal loan
£90 credit card
£43 gym
£45 car insurance
£100 petrol
£50 food/ various outgoings

incoming
£900 after tax
and every three months an extra £200 bonus

Is this really everything you spend? - I mean the outgoings add up to £790, leaving you another £110 per month. If you are struggling then I think a spending diary to assess where the money goes might be more helpful than consolidating and taking longer to pay it all off.

If you want to know when it will all be paid off without changing things around try the snowball calculator - you will need to know APR for the loans & card though.
http://www.whatsthecost.com/snowball.aspx

If you haven't missed any payments then a 0% card is also a possibility

AndrewSmith

Hi,

Firstly don't apologise for bad spelling. It is the content of the posting that is important, not how it is spelled. Some of the most successful people in the world cannot spell. (Richard Branson is dyslexic for example).

Secondly I admire you for having the guts to admit to having a gambling problem. That coupled with the fact that you have taken time to post on here indicates that you are serious about putting things right.

I Agree with MS_London, you should cut up the credit cards and take great pleasure in throwing them away. You will feel better I assure you. Also the Statement of Affairs is an excellent idea, and a good exercise for you.

Have you tried calling everyone to whom you owe money? I would ask them if they could freeze the interest and reschedule the debt to bring down your monthly payments. This may involve extending the time you have them over but will allow you a bit of time to take stock.

If you have been able to reduce the payments, any extra income you would then have left I would divert to repaying the most expensive ones more quickly ie: with the highest APR. This will mean that you are actually making headway.

I would advise initially against borrowing further to consolidate these debts. My reasoning is as follows:

Lets say you owe, for arguments sake, a total of £10,000. This figure will be made up of the amount you had plus the interest added at the start. If you borrow £10,000 to pay it off, you are likely to be repaying in the region of £13,000 overall.

What do you other guys think?

Andy

Robert_Sterling_3

I tihnk taht sepllnig is nto ipmoratnt in teh cnoxtet of sekenig hlep wiht dbet.
msot poelpe cna raed amlots aynthnig.

skintchick

I didn;t mean to be rude - I just found the first post hard to understand without a few commas, that's all. Many apologies if I upset anyone.

A spending diary seems to be the priority. I'd also look at reducing your car insurance, as it seems high - maybe a smaller car?

Also, the gym may have to go as that is also quite expensive.

If you could budget as though you don't get your bonuses, then when they come in you can throw them at your debt as extra, which would really help, or to pay unexpected costs.

AndrewSmith

pmsl @ Robert

Very good