Debt question from newbie

UN17ED

I have a question regarding debts I have with HSBC.

it is made up from the following :

credit card : 1446-16 (sole)
loan : 10507.50 (sole)
overdraft : 2184.97 (joint)

My question is would I be able to take on sole responsibility for the overdraft limit and try to come to some sort of arrangement with them?
I want to do this because my wife cant handle the stress of the phone calls and letters and keeps having fits because of the stress caused.

Thankyou in advance for your answers.

milliemonster

Unfortunately, you won't be able to transfer the joint debt into your name only, why are you getting letters and calls about the overdraft? are you over the limit? are you not using the account anymore and not paying anything towards reducing it? can you give us a little more info about your situation?

UN17ED

milliemonster wrote: »

Unfortunately, you won't be able to transfer the joint debt into your name only, why are you getting letters and calls about the overdraft? are you over the limit? are you not using the account anymore and not paying anything towards reducing it? can you give us a little more info about your situation?

thanks for the reply. We have an overdraft limit of 1600 and havent paid anything for a couple of months now, as whatever income was coming was just swallowed up by the outstanding o/d limit so we were unable to buy food or anything.
the bank then started stopping direct debits/standing orders which included the payments for the personal loan and the minimum credit card payment.

GeorgeUK

I would definately suggest getting your income paid into an account with a bank you don't owe money to. That way you'll be in charge of your finances.

If your credit rating is ok, you may be able to get a 0% creditcard like virgin to do a super balance transfer to your current account. If not, then i would try to come to some arrangement with the bank to work out a repayment structure.

Edit: Why not post up a statement of affairs and we'll see if there are any areas of your expenditure where you can make savings so that you can possibly pay this off quicker.
https://www.makesenseofcards.com/soacalc.html

halight

Hi i would have thourt that you would be able to have your wifes name removed from the account as i had my wifes took off one of our accounts a few months ago. My wife had to go to the bank with me and sing some paper work.
Or you could try taking to the bank and asking them if you can frezze the overdraft and start to pay a set amount into the account each month to bring it down and pay it off.
If you are having trouble paying each of your debts then you can do the same with these to. Also have you considerd a debt managmnet plan? This might help to. Some nice person on here will be able to ppost you a link to a free one.
There are loads of folks on here who have been throuth this in the past and have come throuth it. remember you will too!!!!!
Some one who can offeryou better advice will be on later.
Good luck mate all the best

UN17ED

GeorgeUK wrote: »

I would definately suggest getting your income paid into an account with a bank you don't owe money to. That way you'll be in charge of your finances.

If your credit rating is ok, you may be able to get a 0% creditcard like virgin to do a super balance transfer to your current account. If not, then i would try to come to some arrangement with the bank to work out a repayment structure.

Edit: Why not post up a statement of affairs and we'll see if there are any areas of your expenditure where you can make savings so that you can possibly pay this off quicker.
www.makesenseofcards.com/soacalc.html

Unfortunately my credit rating is no good anymore due to me missing one month payment on the credit card.
I will do a soa and post it up .

milliemonster

Yes you can take a partners name off a bank account but I doubt this would be allowed if the account was overdrawn

Please fill in a full SOA, then we can look to see where we can help you cut costs to start chipping away at the debt

UN17ED

I will give my bank a call and see if i can have my wifes name removed off the account,
as she is not well enough to cope with the stress.

milliemonster

UN17ED wrote: »

Here is the soa.

Monthly Income Details
Monthly income after tax................ 235.03
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 1158.53
Total monthly income.................... 1393.56

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0 You have no mortgage or rent to pay???
Management charge (leasehold property).. 0
Council tax............................. 0 nothing for council tax??
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 66.5 this is a lot! are you on a meter?
Telephone (land line)................... 12.5
Mobile phone............................ 5
TV Licence.............................. 11.61
Satellite/Cable TV...................... 22
Internet Services....................... 9.99
Groceries etc. ......................... 750 OMG:eek: how many is this for a football team???
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 40
Other insurance......................... 0
Presents (birthday, christmas etc)...... 160 every month? this is a lot
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1297.6

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................2184.97...0.........0
hsbc...........................10507.5...0.........8.3
hsbc...........................1446.16...0.........15.9
Total unsecured debts..........14138.63..0.........-

Monthly Budget Summary
Total monthly income.................... 1,393.56
Expenses (including secured debts)....... 1,297.6
Available for debt repayments........... 95.96
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 95.96

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -14,138.63
Net Assets.............................. -14,138.63

I have added my comments above, I don't understand how you have no housing costs? can you clarify?

UN17ED

milliemonster wrote: »

I have added my comments above, I don't understand how you have no housing costs? can you clarify?

I didnt put in the rent or council tax as it is paid for by housing benefit and council tax rebate.
We are on a water meter and it is a pain,
The groceries is for 6 of us and it includes food, cleaning stuff, deodrants and we are looking into ways of cutting it down, I have been looking on the old style moneysaving board and started to implement some things from there.
I know the birthdays/christmas thing is way way too much and again we are very much hoping to cut this at least by half , if not even more.

milliemonster

ah, that makes sense then, what about CT is that paid for aswell?

How come your grocery bill is so high?, how many do you need to feed in your family? this could surely be drastically cut