Help!!!

narges23

Requesting help urgently!!!

I've always been able to manage my bills, but just recently things have been getting on top of me!! :mad: And now I have done a really stupid thing and used my Barclays Reserve!! So I need any help and advice that I can get!!!

My current debts & payments are as follows:

1. Halifax Current Account Overdraft - £370 - Nothing at the moment but get charged approximately £6 interest per month.

2. Barclays Reserve - £500 (a whopping £22 every 5 working days!!) - Nothing at the moment but get charged approximaetly £88 interest per month.

3. Halifax One Credit Card - £1500 - £50 per month including interest. - Managed to get my interest rate reduced by 4%!!

4. Sky Card - £500 - £25 per month including interest.

5. Barclaycard £260 - £10 per month including interest.

6. Capital 1 - £200 - £10 per month including interest.

7. Argos Card £400 - £10 per month including interest.

Total Debt £3730
Total repayments per month - £189

And this doesn't even include my outstanding rent arrears of £1400, which I have to pay £125 per month towards.

But lately, I have to admit its starting overwhelm me, and I'm getting confused because there are so many creditors!

Is there a way that I can make one payment per month to one creditor that covers all my debts, without taking out a loan. - I've already done some research into loans, and have been advised that the best APR I will be offered is 64%!!!

Any help and advice will be greatly appreciated!!

Thanks

bank_of_slate

Hi narges and welcome,
can you complete a full SOA so we can see the full picture?
https://www.makesenseofcards.com/soacalc.html
...Linda xx

Kandipandi

Hi and welcome to the board.

The first thing the folks are going to ask you to do is complete an SOA (statement of affairs) . So and sit down and work your way through this:

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

post it up here (make sure you format it to MSE.) and wait for the help to arrive.

Also ring one of the debt charities ASAP and talk through some options.

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

I have personally used CCCS and they were fantastic they can arrange one payment to them and they pay your creditors on your behalf (generally with interest frozen (sometimes) and much lower payments). This would be your first step, dont panic or worry just be glad you are dealing with it now! Well done.

narges23

I've done it!

Monthly Income Details
Monthly income after tax................ 1180
Partners monthly income after tax....... 0
Benefits................................ 1380
Other income............................ 0
Total monthly income.................... 2560

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 30
Management charge (leasehold property).. 0
Council tax............................. 20
Electricity............................. 50
Gas..................................... 20
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 10.5
Mobile phone............................ 30
TV Licence.............................. 13.95
Satellite/Cable TV...................... 45
Internet Services....................... 0
Groceries etc. ......................... 125
Clothing................................ 50
Petrol/diesel........................... 20
Road tax................................ 20
Car Insurance........................... 120
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 1500
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2193.45

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Current Acc............370.......0.........0
Halifax One Card...............1500......28........17.9
Barclaycard....................260.......5.........0
Rent Arrears...................1400......125.......0
Car Finance....................3500......99.62.....0
Barclays.......................500.......88........0
Argos Card.....................400.......5.........0
Sky Card.......................500.......10........0
Capital One....................200.......5.........0
Total unsecured debts..........8630......365.62....-

Monthly Budget Summary
Total monthly income.................... 2,560
Expenses (including secured debts)....... 2,193.45
Available for debt repayments........... 366.55
Monthly UNsecured debt repayments....... 365.62
Surplus(deficit if negative)............ 0.93

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -8,630
Net Assets.............................. -5,130

Thanks very much for the replies. ANy help would be greatly apprecited!!!:rotfl:

kazwookie

£30 a month rent is that right?

£1500 childcare! is that also right.?

Well done for posting up

~Beanie~

narges23 wrote: »

I've done it!

Monthly Income Details
Monthly income after tax................ 1180
Partners monthly income after tax....... 0
Benefits................................ 1380
Other income............................ 0
Total monthly income.................... 2560

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 30 - Is this right?
Management charge (leasehold property).. 0
Council tax............................. 20 - This is very cheap - how come?
Electricity............................. 50
Gas..................................... 20
Oil..................................... 0
Water rates............................. 19
Telephone (land line)................... 10.5
Mobile phone............................ 30
TV Licence.............................. 13.95
Satellite/Cable TV...................... 45 - Cancel it and get freeview
Internet Services....................... 0
Groceries etc. ......................... 125 - If this is just for you, it can definately be cut
Clothing................................ 50 - This is high
Petrol/diesel........................... 20
Road tax................................ 20
Car Insurance........................... 120 - Per Month? :eek:
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 60 - What is this?
Childcare/nursery....................... 1500 - I'm hoping this is a typo
Other child related expenses............ 50 - What is this?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 - Don't you have insurance?
Contents insurance...................... 0 - as above
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - Should be something in here
Haircuts................................ 0 - As above
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2193.45

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 3500

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Current Acc............370.......0.........0
Halifax One Card...............1500......28........17.9
Barclaycard....................260.......5.........0
Rent Arrears...................1400......125.......0
Car Finance....................3500......99.62.....0
Barclays.......................500.......88........0
Argos Card.....................400.......5.........0
Sky Card.......................500.......10........0
Capital One....................200.......5.........0
Total unsecured debts..........8630......365.62....-

Monthly Budget Summary
Total monthly income.................... 2,560
Expenses (including secured debts)....... 2,193.45
Available for debt repayments........... 366.55
Monthly UNsecured debt repayments....... 365.62
Surplus(deficit if negative)............ 0.93

Personal Balance Sheet Summary
Total assets (things you own)........... 3,500
Total Secured debt...................... -0
Total Unsecured debt.................... -8,630
Net Assets.............................. -5,130

Thanks very much for the replies. ANy help would be greatly apprecited!!!:rotfl:

I'm not sure whether you are single or have a partner so the food budget may be ok if it is feeding 2 of you.

The £1500 childcare is surely a typo?

If you are only spending £20 per month on petrol then it suggests that you hardly use the car. In that case is it worth keeping in view of the fact that it costs you £250 per month to pay for and run?

narges23

Because I'm in temporary accomodation my rent per week is set at £80 per wk, and I'm entitled to £50 housing benefit, so therefore have to pay £30 a week.

Both my children are under 3, so they're both in private nursery. I get help from Tax Credits, but I'm only entitled to up to 80% of the childcare costs per week.

Thanks for your reply.

narges23

In regards to the car I got it on hire purchase, and stupidly I picked out one with the biggest engine!! So that's why I have to pay a higher premium for insurance, also it include breakdown cover. I only use it to drop the kids to nursery and back. It would be too expensive to take to work, so have to pay additional costs for a travel card.

wheretheresawill

you need to change your rent to £120 a month

Kandipandi

Apart from the changes mentioned here, which can make a huge difference to your debt problem, have you given any thought to contacting the Debt Charities. They will be able to help you arrange your finances and get payments to these creditors more affordable. Before you do that you do need to look at what you can change first. For example the private nursery for the children - is this essential, can you not send them to state nursery, and if you can can you not afford to get shot of the car, is it possible to share lifts with someone or get the bus? Just suggestions, i know its hard having other people picking through your finances, but these are all suggestions to try to help you. GL with this.

bank_of_slate

narges23 wrote: »

stupidly I picked out one with the biggest engine!!

What, a plane?
...Linda xx