I Need Help!!

Mease89

1. I'm pretty much ignoring £15,000 worth of debt
2. I have HP on a car in which I am not ignoring
3. I don't want to ignore it anymore
4. HELP!

I need to know what is best for me! Im now in a position I can repay most of my debt in the original agreement (no credit cards.. just P.loans and other bits)

What should I do? I'm scared to ring the bank.... Natwest... £10,000 loan.... £1,200... OD (but obviously charges on there now) I've not paid it since about March 2008.....

I'm going to be looking at getting a mortgage but know one is going to touch me while I'm in this mess.....

What are my best options? I need a nag coz I keep thinking I'm going to do it but I don't! I want to make a little extra cash Mystry shopping and short n sweet stuff like that but I just don't know how to get going! I need to be commited!

MyLastFiver

Firstly, work out a SOA (your income and expenditure) to find out exactly what you can afford to repay.

Then ring National Debtline who will advise you on the best course of action. It may be that a Debt Management Plan, in which you pay what you can afford each month, is the way ahead.

Well done for acknowledging your problem by posting on here.

Mease89

Whats a SOA? Do you have any advise on the whole mystery shopping things?

MyLastFiver

Statement of Affairs - basically your income and outgoings. SOmeone will be along in a minute with a link to a form to fill in which will help you work it all out.

Sorry - dunno about mystery shopping

Mease89

Ok thank you

annamc75

You are waaaaayyyyyy ahead of yourself if you are looking at mystery shopping.

We need to go right to the start with an SOA - http://www.makesenseofcards.co.uk/soacalc.html

Then we can see just how much of a mess you are in and the best way of getting you out of it.

Ax

Mease89

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 1000
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2000

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 240
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 60
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 109
Car maintenance (including MOT)......... 30
Car parking............................. 40
Other travel............................ 0
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)...... 40
Haircuts................................ 0
Entertainment........................... 400
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1694

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 7000.....(240)......0
Total secured debts........... 7000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PL Natwest.....................10000.....194.......0
OD Natwest.....................1500......40........0
Other..........................400.......20........0
Other..........................160.......20........0
Other..........................500.......20........0
Total unsecured debts..........12560.....294.......-

Monthly Budget Summary
Total monthly income.................... 2,000
Expenses (including secured debts)....... 1,694
Available for debt repayments........... 306
Monthly UNsecured debt repayments....... 294
Surplus(deficit if negative)............ 12

Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total Secured debt...................... -7,000
Total Unsecured debt.................... -12,560
Net Assets.............................. -12,560

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

annamc75

Well first glances says that it isnt all bad. Your SOA needs some work though

£400 on entertainment? What does this cover?
£0 on insurance other than car - this isnt right is it?
£0 on council tax - do you owe money on this.

Yours and your partners salary seem very rounded - are these actual figures or estimates - the soa only works if you put exactly what you are spending.

Mease89

£400 includes mine and my partners lunches.... also includes fags for him..... I have no other insurance other than my car and I earn £250 a week and my partner is self emp and earn £50.00 a day after tax labouring

Lucie_2

£250 a week income doesn't equate to £1000 per month. You need to x by 52 & then / by 12, so it's £1083.33 per month.
Your car insurance is very high, have you searched around for anything cheaper?
I assume the £400 rent includes gas, electric, water, council tax & TV licence as you have not included any of these. You don't have any contents insurance either?
What is the secured loan secured against if you don't own your home?
Is the £35 mobile cost for both of you or just you?

Sorry for all the questions
Good on you for wanted to get it sorted

Mease89

Thats ok! I need someone to sort me out! I'm 19 so yeah car insurance is the very best! yeah £400 includes everything! Secured loan is for my car...
£35 is for my phone my bfd is on paygo so really that £400 covers that for him too.
No I have no insurance on contents ins.

I'm terrible!!