In trouble with debts, Help please

LambertB

Good Morning,
I apologise if this is the wrong place to post, i thought it was the most appropriate place to put my thread and please excuse the length of the post.

I have a number of loans that i pay each month as follows:

Black horse: £147 (car finance)
Direct line car insurance: £140
Welcolme finance: £136 (personal loan)
Barkleys partner finance: £60 (home course payment)

This month i simply couldnt pay these due to a very large bill coming out my account for car repairs that came out before my bills.

So i am in a very sticky situation. I cannot afford to make double payments on the account this month coming up (through no fault of my own i am now having to move out of home during January).

Welcolme finance have been nothing but stars helping me out, they have agreed to increase my payments to 150 a month till the 136 is payed off, its just the rest of them that dont seem to want to know.

Is there legislation or any law that can help me out with this? I have every intention of paying these but i simply cannot afford to pay them off as one lump sum.

Any help or advice would be appreciated,

Lambert B (not my real name btw, they come in 10's and 20's )

halight

Hi
Welcome to the forum.
m not sure about loans but with credit cards there is the lender has to hlep you out if you are having trouble paying. thay set up some sort of repayment plan withh you.
But for loans i have to say iv never heard of anything that might be of any help. I dont see why thay can not do the same as welcome have done for you. As at the end of the day thay will make extra intrest on this money.
Maybe some one will come on here later today who maybe able to offer you some help.
Can you let us all knw how you get on? it would be good to know if there is somthing that can be done
good luck and all the best

LambertB

Thank you halight. thankyou for your welcolme.

TBH this was keeping me up last night (as you can probibly tell by the time it was posted),
Of course i will keep this thread up to date, i intend using this forum quite a lot more. As i am now about to move out into the big bad world paying for everything, rather my mum paying for it, i hope to become a good money saver.

Thanks,

Lambert B

piglet39

Hiya and welcome:hello:

I am sorry you had a sleepless night - you have most definitely come to the right place so stick around.

Everyone's going to suggest posting your SOA up - the link to it is on the sticky at the top of this forum page. Please post this up with as much info as possible - I know moving will probably change things but try and give us as much info as possible so that all the lovely peeps on here can give you advice.

Piglet

LambertB

Piglet, this is as close as i could work out, but could not add my partners amounts,

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.................................... 100
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....................... 15
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 145
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......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 365


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Course Loan (barcleys..........2000......60........0
Car (lloyds TSB)...............9000......140.......0
Personal loan..................2500......136.......69
Total unsecured debts..........13500.....336.......-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)...... 365
Available for debt repayments........... 735
Monthly UNsecured debt repayments....... 336
Surplus(deficit if negative)............ 399

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total Secured debt...................... -0
Total Unsecured debt.................... -13,500
Net Assets.............................. -12,700

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

Jacks_xxx

Hiya LambertB, :hello:

Have you told your other creditors what Welcome Finance have arranged and asked them if they could work out something similar for you?

I should think it's pretty difficult to work out where you're going to be with money if your bills are going to change when you change residence.

You could always give CCCS a call to see if they could negotiate on your behalf?

http://www.cccs.co.uk/

That's all I can think of for now honeybun,

Love Jacks xxx

bank_of_slate

Hi Lambert and welcome!

Unsecured Debts
Description....................Debt......Monthly.. .APR
Course Loan (barcleys..........2000......60........0
Car (lloyds TSB)...............9000......140.......0
Personal loan..................2500......136.......69
Total unsecured debts..........13500.....336.......-

What are all the APRs on these? Is the personal loan 6.9% or 69%? -:eek:

Also, what are you spending monthly on the old Lambert & Bs?
...Linda xx

Numpty_Monkey

LambertB wrote: »

Piglet, this is as close as i could work out, but could not add my partners amounts,

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.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0 budget for this
Electricity............................. 0 budget for this
Gas..................................... 0 budget for this
Oil..................................... 0
Water rates............................. 0 budget for this
Telephone (land line)................... 0
Mobile phone............................ 35 Is this the best tarrif for you?
TV Licence.............................. 0 budget for this
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 0 Nothing at work?
Clothing................................ 0 budget for this
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 145 :eek: is this the cheapest, use Martins thing about insurance, and go through a cashback site
Car maintenance (including MOT)......... 0 need to budget for this
Car parking............................. 0 ?
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 budget for this
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 budget for this
Haircuts................................ 0 budget for this
Entertainment........................... 0 budget for this
Holiday................................. 0
Emergency fund.......................... 0 budget for this
Total monthly expenses.................. 365


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Course Loan (barcleys..........2000......60........0
Car (lloyds TSB)...............9000......140.......0 ???
Personal loan..................2500......136.......69 :eek: typo must be, please be a typo
Total unsecured debts..........13500.....336.......-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)...... 365
Available for debt repayments........... 735
Monthly UNsecured debt repayments....... 336
Surplus(deficit if negative)............ 399 bet that ain't there every month

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total Secured debt...................... -0
Total Unsecured debt.................... -13,500
Net Assets.............................. -12,700

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

I've left a few comments on your SOA
If you and your partner are moving in together you need to learn to budget, it is the things you don't think about that eat away at your money,

My sugestion is to keep a spending diary, write down everything you buy or spend money on,
The odd parking fee, magazine, take away, a few pints with mates, a snack, it really is the things you don't think about that add up


Your original post the best thing you can do is to phone your creditors and let them know you are struggling this month, its better to be proactive and honest with them
But don't let them talk you into payments you can't make, pay what you can afford

HTH:A

LambertB

no its not a typo its 69.9% from welcolme finance, and i know what most people will say but out of all my creditors they have been the best people i have ever dealt with.

The mobile deal is a great deal, i get a load of bundled minuites and texts and free internet, and with the charity work i do out of hours the minuites come in really handy its a good deal. Shame quite a few of there staff are arrogant.

I cannot budget for: Council Tax, Electricity, water, tv licence, groceries, as i live at home till january but as for the rest:

Clothing: i havent bought any clothes in at least 8 months, other than a pair of £8 jeans. my girlfriend on the other hand, well we wont go into that

I do all my car maintinance myself, and save a fortune, the mot is a negligable amount over the year. i would probibly factor about £20 a month max for car repairs

Medical, i am still working out if it is cheaper to go for a prescription pre pay thing rather than just pay, i have a month left before i decide but its a negligable 7 a month.

Presents: i still havent bought any for christmas, im spending a max of £60 for christmas on everyone.

Haircuts: i have a pair of hair clippers that have paid for themselves many times over.

Entertainment: Well i dont go out very regular at all, i dont really think it costs more than 10 a month (im easily entertained )

The insurance i would not rather go into, until my no claims come through from my old insurer i cannot add them to my new insurance policy (and get a very large rebate i might add) and bring it down from 140+ to around 57 pounds a month if not less.

Hope everyone didnt die reading through this epic post, might help you all out to understand my situation a bit better.

bank_of_slate

Hi lambert.. of course they are being helpful, they are making a fortune out of you!
:eek: :eek: :eek: 69%:eek: :eek: :eek: is unbelievable.
...Linda xx

LambertB

Bank_of_slate: in reply to your question i spend far to much money on L&B's and the exact amount isnt to far off 150 a month, trust me i want to go back to the time when i started and slap myself silly.

And on your further post:
They were at the time the only people who would help me, i want to try and stop the 69% apr by going with someone else. but i feel im a little stuck with them now.