I'm back again - this time I'm terrified

Gemmzie

Hmm didn't work, is that all the debts listed? If so, we can add it up manually

iwanttobreakfree

Technology!!! Lord knows why it won't work.

PinkTwirl

iwanttobreakfree wrote: »

Thanks its really nice to know that some people will sit and listen (or rather read!). I'm not quite sure where to start but if I was organised once then why can't I do it again?

No problem People on here are genuinely interested in your situation and to help to advise you on how to be the evil debt! (as we are all trying to).

You will do it again. We all will. This is the second time in my life I've had £20K of debt. If you can do it once you can do it again.

The first thing is that you do need to eat (I know that you know that, but it worried me that that is the last thing on your list). To be fair, I missed it out of mine and someone mentioned it to me! I know even suggesting cheaper shops, foods, will be something you will already be aware of, but everyone reading on here(me included) will help you best we can

Don't worry. I'm the world worst worrier so I know how rubbish that statement is, but the things I've worried about most in life have never come to fruition, and those that have have never killed me (and don't let them).

iwanttobreakfree

I'm thinking that because of the level of repayments and the fact that I can't budget for food - should I try to negotiate payment plans with my cards and catalogues? I know its going to be financial suicide for my credit rating but its pretty much destroyed anyway.

What do you guys reckon?

Gemmzie

I think from what we've got then your the perfect candidate for a DMP. This is where you pay what you can afford, often the interest is frozen and a charity can negotiate on your behalf.

tartanterra

iwanttobreakfree wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 212.5
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 10.5
Telephone (land line)................... 10
Mobile phone............................ 45
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 3.5
Car Insurance........................... 56.26
Car maintenance (including MOT)......... 0
Car parking............................. 0
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......................... 9.99
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 18
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 459.75

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
Car Loan.......................6349.16...193.7.....5.9
Personal Loan..................7388.64...153.9.....5.9
Halifax Visa...................1316.74...32........25.97
Money lent from mum............359.63....50........0
Money lent from G..............400.......10........0
Orange mobile debt.............98.45.....20........0
O2 Mobile debt.................359.71....59.95.....0
Choice.........................132.......20........0
Littlewoods Catalogue..........333.77....60........0
Argos Card.....................578.95....17.36.....27.9
Barclaycard Visa...............740.11....22.2......19.9
Capital One Visa...............471.09....14.31.....30.3
HSBC Visa......................498.88....12.47.....16.9

Summary of Monthly Income, expense and surplus
Total monthly income: £ 1,100
Expenses (incl. secured debts): £ 459.75
Available for debt repayments: £ 640.25
Unsecured debt repayments: £ 665.89 Surplus £ -25.64

Personal Balance Sheet SummaryAssets: £ 6,000

It jumps out at me straight away when I look at this, that the cost of owning a car is crippling you.......

Car Loan repayment £193.70
Insurance £56.26
Road tax £3.50
Petrol £60.00

£313.46 - Thats over a quarter of your income!
If I was in your situation, I would get shot of the car and use public transport for a couple of years.
If you sold the car for what you still owe on it, then you could also clear over £6K of debt.
I know that it's hard to get rid of a car once you are used to the convenience of it, but drastic times call for drastic measures.
Hope you find this of some help, and good luck clearing your debt.

MrsTinks

I'd second the getting shot of the car to be honest... if you now work 5 minutes away get a bike - you're obviously someone who keeps fit anyway so shouldn't be TOO bad
If you don't get rid of the car then you need to seriously look at a DMP - and the best path for that is through one of the non-profit organisations in my signature.

And not being funny... but managerial position? Earning £1000 a month (well less as you say you do a second job and I guess that pays more than £100 a month?)... where in the country are you? Because that sounds VERY low to me!

iwanttobreakfree

Couple of problems - I can't get a DMP as my loans are in my mums name so technically I dont have enough debt in my own name to get one (or at least I believe not).

I did think about selling my car but due to my job I have to have a vehicle. I have a PA system that I need to transport about and my classes are at different gyms in the area and the bus would make it extremely difficult for the gym based classes and impossible for the community classes where I need my PA - also my OH put his car up 4 months ago to sell and he has had no interest whatsoever and his car is older than mine so therefore cheaper.

I think I'm pretty much stuck on the car front sadly.

iwanttobreakfree

MrsTine wrote: »

I'd second the getting shot of the car to be honest... if you now work 5 minutes away get a bike - you're obviously someone who keeps fit anyway so shouldn't be TOO bad
If you don't get rid of the car then you need to seriously look at a DMP - and the best path for that is through one of the non-profit organisations in my signature.

And not being funny... but managerial position? Earning £1000 a month (well less as you say you do a second job and I guess that pays more than £100 a month?)... where in the country are you? Because that sounds VERY low to me!

I work for the local PCT - its not a major managerial role but I do have staff to manage and its these staff that are causing the problems!

bandraoi

If your OHs car is older than yours, why don't you take his car and sell yours?