Some much Needed Advice Please !!!!

Mr_Crow

Hi All
Great forum , i Am new here so please bare with me .

This is my basic situation

Debt.
Amazon Card £7029
Amex £10600
Barclaycard £6549
Egg £16000
Halifax Card £4282
HSBC Card £9219
HSBC overdraft £3041
Marbles Card £6700

Total Debt = £63420 (jesus , looks even worse when i write it down)

Income around £4200 per month
Outgoing around £4100

House worth around £550,000
Mortgage of £472,000
Approx £78000 equity

After sever long long chats with the very helpfull people at the nation debt line i have written to all creditors asking them to hold action , several replies ,quite positive .
I have worked out a personal budget sheet using the iMoneymanager software (great) and i have made a Pro rata offer to all creditors which i sent out by recorded delivery yesterday (Fri 7th Nov )
My mane questions would be

What can i expect to happen next ?
Have i gone about things in the right way ?

The Pro Rata offers seem to be ridiculously Low compared to even the minimum payments i have been making up till now , for example ,Egg - i owe £16000 and the offer was £10.06 per month , i cant believe for a moment they are going to except such a low offer after i have been paying them nearly £400 per month up till now ?

Any advice from anyone who may have been down a similar path already would be great , Although the advice i have been getting for the National Debt line has been great i am completely out of my depth with where to turn next !

Thanks in advance to any of you who might find the time to fling some advice in my direction.

Mr Crow

halight

Hi

If thay dont accept your first offer then you will need to up it a bit.
Also have you asked them to freeze the intrest on the cards? If thay can do this then you will really see your balance come down.

All the companys should come to anarangment with you. But from time to time thay will write to you or phone you to try and get you to up your payments to them. If you can not aford to do this then stick to your guns. And tell them that you can not aford to up the payment at this time.

Good luck mate

milliemonster

Hi Mr Crow and welcome to the forum, I know you say your outgoings are £4100 a month but is there any chance you could fill in a full SOA? you will find it here www.makesenseofcards.com it may help for fresh eyes to look at it to see if there is anything we can do to free up some more cash for you

Miss_Piggy_2

Hi there

As Milliemonster says, fill in the full SOA calculator and we can all take a look. The payment offered to Egg does seem very low and, to be honest, I would imagine they are unlikely to accept it. If its pro-rata does this mean the offers to your other creditors are even lower?
Your income is very good so we need to have a look at your outgoings to establish if its possible to make higher payments to your creditors.

Miss P
xx

WorkingHardDFW

:T Hi and welcome Mr Crow

The hardest part is facing up to your debts and you've started doing that so well done.

Post up your SOA so the friendly experts on here can help ID what can be saved, reduced, elinimated etc etc

Good luck :cool:

Mr_Crow

hi all
sorry for the long delay in reply but i will post my full soa in the next couple of days.
thanks