HERE IS MY SOA - I AM A BIT STUCK....... Can you please help me

mollygrub · 8 October 2008 at 10:25PM

Thanks I am just going to try Payplan - you are so kind for taking the trouble to reply - thanks so much

mollygrub · 8 October 2008 at 10:30PM

Well here goes....

Argos card owe 1200 and pay 29/month - quite high interest rates
Mastercard owe 900 and pay 30ish/month - again high interest rates
Halifax one card owe 2700 and pay 50/month - some interest free credit for some of this debt
Capital one - owe 190 and pay 10/month - aim to clear this soon as low amount owed comparitavely
Credit union - owe 680 and pay reduced 25/month but they are pushing for more!
Car loan - owe 5k+ and pay 120/month for 5 years
Overdraft - owe 3490 (up to limit) and pay approx 50/month but doesnt ever clear any as i am always straight back up to the limit again!

Think that is it from memory but it is enough!!!

--Gem--_3 · 8 October 2008 at 10:43PM

Ok mol, lets see what we can do.

I can see that you have already taken a repayment plan with some of you creditors, well done you!

Firstly, you car. Is it a hire purchase or a personal loan. The reason why i ask is becuase if its a personal loan then you can easily negotiate a payment plan until you are fully back on your feet & can afford to pay more. Where as if its a hire puchase then there is a slight possibility that they may ask for the car back.

Secondly, if you havent already cut the plastic up.

Finally, payplan. They will be able to help you take control.

Remember that your current deficit income is 250ish per month, that means that you can only afford £84ish per month to credit. That is if you cant reduce your other outgoings.

Is your car HP or loan? x

GeorgeUK · 8 October 2008 at 10:46PM

Is it possible to get an evening or weekend job?

Even shuffling the card balances isn't going to be enough as you can only afford £83 (£123) in repaying the debts. You jsut don't have enough income and there isn't £130 of savings to be made from your expenditure.

Is the mortgage interest only? I guess even that wouldn't make a large enough difference.
Can't think of anything else you can do i'm afraid.

mollygrub · 8 October 2008 at 10:47PM

Hi, I have already reduced the amount I pay on the car - it used to be 180/month and Toyota have been really helpful.

I am in a bit of a pickle to be sure....

mollygrub · 8 October 2008 at 10:49PM

Thanks George - pretty dire hey!
My mortgage is a mix between repayment and interest only - I really seem to have tried everything I can think of - it is a real mess!

petrafyde · 8 October 2008 at 10:51PM

Hi Molly.

Have you tried Quidco? I earnt some money on it today - it all contributes.

Also, if you have a good level of written English, perhaps you could get work from the article freelancing sites? I used to do a lot for them. Its hard grind and it isnt well paid, but its money.

Thinking about ya - keep your chin up xx

savingholmes · 8 October 2008 at 10:53PM

HI Mollygrub... hope you have better luck soon. Perhaps when things have stabilised for you a little you could look at the £10 a day challenge as to ways of creating additional income. If you pm eaglelearner - they will send you a list of areas where you can earn money just through clicking on your pc. Every little really does help.... I just wanted to wish you well on your journey... No specific advice to offer except the input you have already had from others...

millionaire_in_training · 8 October 2008 at 10:54PM

Mollygrub. I can't add much more than you already have other than that I had no way of reaching my minimim when I started this journey but I now can manage and more. I followed all the advice I was given. I shuffled everything I was paying and got cashback for everything I bought. I have sold loads of stuff. We have eaten some strange meals lol but we have never starved. Dont give up hope as although it is hard work it is all doable. Hypno was making up her deficit every month by money saving. Go have a read of her diary and see how she managed it. Good luck x