HELP SORT MY DEBTS dont know wot to do

flissy25

hi all i have lots of debts that i really need to sort out as i just cant enjoy life with them hanging over my head i cant afford much but really wanna get them settled 1 at a time they are

£550- littlewoods
£200- Ebay
£456- npower
£4500- provident

please could someone give me some advice on how to go about repaying them and any info about full n final settlements also any template letters i could write would really help me out

i just wanna be able to treat the kids n have family fun without these money worrys i am only on benifits

thanks in advance for your help

ps lovin this site

OliveOyl_2

Hi & Welcome.

To work out what debts to pay first, we would need to know the interest rate on them - if you pay the highest interest rate FIRST you'll clear them faster.

If you're struggling to pay them, then pop up your SOA* and the good peeps here will point you in the direction of any savings you can make to your budget.

There are plenty of hints for living economically if you have a read of this site.


*see sticky at the top of this board.

Good luck, sorry I can't post at length because I'm at work and shouldn't be here

RAS

Welcome

The SOA calculator, lists all your income and outgoings, debts
http://www.makesenseofcards.com/soacalc.html

We need to know which of these debts attracts interest and what the APR is - provident will be huge.

Will post a link for the credit union later, unless you are already in one?

minimee_2

Your SOA needs posting, then we can work out which route you would be better going down regarding F&F settlements.
Do you have some lump sums to offer them as a F&F?

flissy25

will have to hunt out all the paper work yes provident interest is huge n i am meant to be paying 45 a week but i cant do it and feed myself as well

i know this sounds stupid but i really wanna do this on my own without going to a credit union or citerzens advice or anything been down that route in past n did not like it at all as i ended up going bankrupt oh life hey

misspoppy

Hi

Realistically the only way to tackle debts is to increase your income or reduce your spending. The debt charities can help you reduce your payments but they only recommend bankruptsy if there is no other option. Without being rude it sounds like you didn't learn the lesson from when you had to go BR in the past.

The first one you need to deal with is the Npower one as you don't want to get your electric cut up. How are you paying this?
Is there no way you could work and increase your income to get these paid off?

flissy25

i think i have done it right



font=courier new]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 880
Other income............................ 0
Total monthly income.................... 880

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55
Gas..................................... 60
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 70
Mobile phone............................ 20
TV Licence.............................. 15
Satellite/Cable TV...................... 45
Internet Services....................... 30
Groceries etc. ......................... 50
Clothing................................ 50
Petrol/diesel........................... 25
Road tax................................ 0
Car Insurance........................... 20
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 12
Haircuts................................ 0
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 507

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
provident......................564.......7.........149.6
nco............................239.49....0.........0
littlewoods....................475.64....0.........0
loan ..........................800.......140.......0
npower.........................356.......0.........0
provident .....................2047......20........124
Total unsecured debts..........4482.13...167.......-

Monthly Budget Summary
Total monthly income.................... 880
Expenses (including secured debts)....... 507
Available for debt repayments........... 373
Monthly UNsecured debt repayments....... 167
Surplus(deficit if negative)............ 206

Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total Secured debt...................... -0
Total Unsecured debt.................... -4,482.13
Net Assets.............................. -4,382.13

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

flissy25

misspoppy wrote: »

Hi

Realistically the only way to tackle debts is to increase your income or reduce your spending. The debt charities can help you reduce your payments but they only recommend bankruptsy if there is no other option. Without being rude it sounds like you didn't learn the lesson from when you had to go BR in the past.

The first one you need to deal with is the Npower one as you don't want to get your electric cut up. How are you paying this?
Is there no way you could work and increase your income to get these paid off?

hi there my problems in the past were years ago and some debts are my partners as well now i am married with 3 step children as for the npower debt i used to be with them but am now with british gas

i didnt want to ever be in this situation again but due to money problems with regard to benifits being paid they were stopped for a while when i got married while they sorted out the joint claim on top of that i have 3 step children all with behavioural problems sevre atthat and so on top of paying bills n surviving i have to deal with replacing items and reguarly coz of there behavioural ie at the moment i have no microwave i have a fridge that wont shut i have plain floorboards through the house as cant afford carpets and because my partner owes a social loan we are now receiveing 25p a week income support absolutly ridicolus

i would dearly love to go out to work but havent had a job in 5yrs now coz of illness and i live in the back of beyond with no way of getting anyway


absolutly love this site
well thats my rant for today lol ta for all the advice

misspoppy

Hi

Couple of things, do you realy spend £70 a month on the phone? You ought to get rid of sky but it sounds like you should speak to them about a combined phone/sky/broadband deal because at the moment you are spending £145 on this.

Have you made a mistake on the food £50 a month? Other than that your clothing budget is a bit high, if its you and your kids you could cut that right down. try freecycle for bundles of kids clothes which are fine for playing in and sell any of their clothes that they have grown out of.

What is the loan that you are paying for £140?

it looks like you have money left over each month which i'm sure you don't but I suspect you've made a mistake on your food and you probably spend more on day to day stuff so try keeping a spending diary by jotting down evey penny you spend to see where you can cut back.

misspoppy

HI

if you are off work due to illness are you claiming DLA? Is there a reason your husband isn't working?

sounds like you need to get onto www.freecycle.org you find your local group where they offer items they no longer need and you collect them for free. You can get anything you can imagine I'm sure you will be able to get a fridge and microwave and anything else the kids have damaged.

Are you getting support with the kids there must be some online support groups with loads of advice.

Good luck

RAS

flissy25 wrote: »

I have 3 step children all with behavioural problems severe at that and so on

So have you recieved a proper assessment of their needs and can you get any benefits or a carer's allowance?

flissy25 wrote: »

i have to deal with replacing items and reguarly coz of there behavioural

ie at the moment i have no microwave i have a fridge that wont shut

i have plain floorboards through the house as cant afford carpets

Please sign up for your local group of www.freecycle.org - like e-bay but the goods are free. great for clothers, kitchenware, white gooda dn pre-used furniture and fittings.

flissy25 wrote: »

and because my partner owes a social loan we are now receiveing 25p a week income support absolutly ridicolus

There must be a benefit's office in your nearest town, can you make an appointment with them?

flissy25 wrote: »

i would dearly love to go out to work but havent had a job in 5yrs now coz of illness and i live in the back of beyond with no way of getting anyway

As a starter, read the boost your income thread above. You may only get £20 per month in vouchers and some freebies but it would be worth it.