What do I do

churchy80

Hi I'm not sure if I am in the right area of the forum but need help!

I have approx £40000 of dept in my sole name. I took a loan out to consolidate mine and my partners debt, £2800 on a Credit Card owing £160 and £12000 for and IT course I'm taking as well as my £1500 overdraft.

Due to circumstances changing I am £200+ in the red every month. My parnter and I contacted the CAB who advise to contact Payplan - who weren't very help and advise all dept would be paid in four year, but still left us in the red.

Shelter (through the CAB) have advise that they are going to contact the creditors with a debt management plan. 3 months later I am still awaiting a response, I've chased them yesterday and no owing £160 on the Credit Card and £526 on the IT Course.

This stituation looks as though it is going to get worse before it get better?

Please help?

HHH_2

I think you should contact CCCS they are a charity who deal soley with debt. they are very helpful and undersatnding. It seems as if cab and shelter might have other people with differing problems to deal with but CCCS do nothing eles but debt. you will find a link to them somewhere in fact the sticky at the top of this site might have the address. good luck

bargainbetty

Hello and welcome.

Could you post a statement of affairs, which would let people know where your debts and outgoings lay, and lots of smart folks will then be able to advise.

You may be able to contact the lenders and explain the situation to them in the hope that they would freeze interest for a while....

If it's £200 per month, you maybe able to save money here and there.... it's a considerable amount, but it might be do-able with help.

Good luck

**Amy**

Hi

Welcome to MSE.

I would also suggests contacting CCCS (www.cccs.co.uk) or National Debtline (www.nationaldebtline.co.uk). They are both debt charities.

It might also be a good idea to fill out an soa (statement of affairs) using this link:

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

You will be able to fill out a similar one on the cccs website as well.

I hope this helps.

x

churchy80

Please find state of affairs as follows : -

Mortgage - £487.00
British Gas - 17.29 - care plan (Boiler and pipes)
Home and building insurance - 31.35
Loan - £485.87
Life insurance - 6.50
sentanta - £12.99
TV Liscense - £11.61
Bank account Charge - 25.00
IT course - £234 (paying £15 token payments)
Travel £98 bus and petrol
Food £100

Total =1510.61

My partner pays the bill and donates £250 towards the debts

milliemonster

Churchy, you need to do a full SOA which details all your combined income and outgoings, you haven't put down any utility bills/council tax, telephones, as well as a full list of your debts (total amounts plus min payments), I think there is a link somewhere, I will try and find it for you

milliemonster

here you go http://www.makesenseofcards.com/, fill this is and post up and we'll see where we can help

churchy80

Thanks milliemonster I should have this all up by tonight

isgman

I asked CCCS for Advice, they were Great, (As is everyone here)...Good Luck

churchy80

Hi everyone,

Thank you for all your advise this morning, My parnter and I have gone through state of affairs.
Please bear in mind that we don't have enought for hair cuts and entertainment and for our sons christmas and birthday we use the littlewoods catalogue.


Monthly income after tax................ 1039
Partners monthly income after tax....... 1039
Benefits................................ 375
Other income............................ 72
Total monthly income.................... 2525

Monthly Expense Details
Mortgage................................ 486.53
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 90
Gas..................................... 65
Oil..................................... 0
Water rates............................. 41.55
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 11.61
Satellite/Cable TV...................... 19
Internet Services....................... 45
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 90
Road tax................................ 0
Car Insurance........................... 35.32
Car maintenance (including MOT)......... 0
Car parking............................. 60
Other travel............................ 60
Childcare/nursery....................... 385
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.53
Contents insurance...................... 0
Life assurance ......................... 6.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Bank Charge ............................ 25
Total monthly expenses.................. 1891.04

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 98000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 84000....(486.53)...0
Total secured debts........... 84000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mastercard.....................2899......64........0
Bankloan.......................21357.....486.......0
Barclays.......................12816.....212.......0
Littlewoods....................230.......50........0
Total unsecured debts..........37302.....812.......-

Monthly Budget Summary
Total monthly income.................... 2,525
Expenses (including secured debts)....... 1,891.04
Available for debt repayments........... 633.96
Monthly UNsecured debt repayments....... 812
Surplus(deficit if negative)............ -178.04

Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total Secured debt...................... -84,000
Total Unsecured debt.................... -37,302
Net Assets.............................. -23,302

Ames

churchy80 wrote: »

Hi everyone,

Thank you for all your advise this morning, My parnter and I have gone through state of affairs.
Please bear in mind that we don't have enought for hair cuts and entertainment and for our sons christmas and birthday we use the littlewoods catalogue.


Monthly income after tax................ 1039
Partners monthly income after tax....... 1039
Benefits................................ 375
Other income............................ 72
Total monthly income.................... 2525

Monthly Expense Details
Mortgage................................ 486.53
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 69
Electricity............................. 90
Gas..................................... 65 These two seem high to me, but I'm no expert. Have you checked you're getting the best deal?
Oil..................................... 0
Water rates............................. 41.55
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 11.61
Satellite/Cable TV...................... 19 Does this include the setanta that you mentioned above?
Internet Services....................... 45:eek: This is astronomical!
Groceries etc. ......................... 350 Do you meal plan and cook from scratch? You should be able to get this down a bit.
Clothing................................ 0 Probably should be something here, even if it's just your son's school uniform.
Petrol/diesel........................... 90
Road tax................................ 0 Surely there should be something here?
Car Insurance........................... 35.32
Car maintenance (including MOT)......... 0 Surely there should be something here?
Car parking............................. 60
Other travel............................ 60
Childcare/nursery....................... 385
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 31.53
Contents insurance...................... 0 You really should have this
Life assurance ......................... 6.5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 With a child there should be something here. You can't just keep racking up debt using catalogues, you should put aside something each month.
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Bank Charge ............................ 25
Total monthly expenses.................. 1891.04

Assets
Cash.................................... 0
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 98000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 84000....(486.53)...0
Total secured debts........... 84000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Mastercard.....................2899......64........0
Bankloan.......................21357.....486.......0
Barclays.......................12816.....212.......0
Littlewoods....................230.......50........0
Total unsecured debts..........37302.....812.......-

Monthly Budget Summary
Total monthly income.................... 2,525
Expenses (including secured debts)....... 1,891.04
Available for debt repayments........... 633.96
Monthly UNsecured debt repayments....... 812
Surplus(deficit if negative)............ -178.04

Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total Secured debt...................... -84,000
Total Unsecured debt.................... -37,302
Net Assets.............................. -23,302

I've put a few comments in red above, but I'm not very good at this and the real experts will be along soon to comment.