Help Me....

dal2008

Morning all

I have way too much debt and because i now have a poor credit history I can not get a credit card or loan to consolidate.

Any ideas?

My outgoings are more than my incomings so I can't over pay the debts.

I was very silly when i was younger and spent what i didn't have.

I do pay 130 a month into a work share save scheme but believe I am saving money because this comes out before tax.

I have wrote a letter to FCSC because Picture added 5K ppp to the loan amount which i wasn't aware of. I have wrote a letter to my bank because I have been charged so many bank charges its too much to add up.

Your time, advice and help is appreciated.

Kind Regards

Dal

I have:
30K Picture
13K Black Horse
210K Mortgage
3.5k Barclays OD
1.5K Halifax OD
1.5K Company Loan
10K Dad Loan
200P Provident
500P Friend
375P Pay Day Loan
1.5K Littlewoods Catalogue
500P Next Store Card
500P Capital One Credit Card

General utility bills: 438.82

MessyMum

Hi there

I'm pretty new to all this too, best advice I can give is to call on of the FREE debt charitys. National Debt Line, PayPlan or CCCS (i think the numbers are at the top of the page).
Also if you do a SOA and post it here lots of very helpful people will give you tips on how to cut back

Merry Christmas
MessyMum

Tinka21

I would just like to agree with doing a SOA as there are loads of people on here who will be able to guide you in the right direction.

Good luck and merry christmas

dal2008

thanks for the advice so far friends.

what is a SOA.

One more question sorry, if I do a payment plan I am aware it will affect my credit history so am I better off trying to get a mortgage deal first (it expires in June 2009) and am worried they may tell me I can't have a new mortgage with them.

As it stands my current rate which was fixed for 2 years (repayment) is 6.2 and Halifax variable rate is 4.75 so in June I should be a little better off.

Tinka21

A SOA is a Statement of Affairs where you list what is coming in and out.

There is a sticky called Help for First Time Posters & SOA Calculator which should help you.

angelflower_2

the likelyhood is that you will have a poor credit history anyway when it comes to remortgaging with that level of debt. The market is crap at the moment and if your house has lost any value you may struggle to remortgage.

and SOA is your statement of affairs. There is a sticky link at the top of this board if you can use that format for us and enter al the details as fully as possible we will be able to review and help you pay things of quicker and advise which to pay off first etc.

One thing would be that saving whilst you have that amount of debt is not the best idea as it will cost you more money in the long run in terms of interest payments etc. Do you have a lump sum you can withdraw to put at your debts?

10past6

Hi Dal :hello:

Welcome to the forum, first and foremost, take it step by step it's easier to remain in control.

First, post here it's the mortgage board the members on there will answer your question re remortgaging.

Next, use the link within my signature and contact one of the agencies to try and sort out a payment plan.

Once that is up and running, then focus on any excessive bank charges you may have been hit by.

Due to the holiday period you may not be able to make much progress, but if you have a plan of action set up and running once the holiday period is over, you'll be half way there.

dal2008

Hi all, sorry it took a while to work out the figures. Any help/advice is well appreciated.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500
Monthly Expense Details
Mortgage................................ 1195.8
Secured loan repayments................. 276.35
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 65
Gas..................................... 88
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 17.49
Satellite/Cable TV...................... 80
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 250
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 ......................... 30.27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2618.91

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 1500
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 201800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 210000...(1195.8)...6.2
Secured Debt.................. 30000....(276.35)...9.678
Total secured debts........... 240000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Blackhorse.....................8000......227.2.....25.9
Capital One....................500.......25........22.47
Next...........................700.......60........26.49
Barclays Over Draft............3500......50........17.9
Halifax Over Draft.............1550......100.......29.8
Provident......................200.......24........189.2
Littlewoods....................1264.38...144.......29.9
Total unsecured debts..........15714.38..630.2.....-

Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including secured debts)...... 2,618.91
Available for debt repayments........... -118.91
Monthly UNsecured debt repayments....... 630.2
Amount short for making debt repayments. -749.11
Personal Balance Sheet Summary
Total assets (things you own)........... 201,800
Total Secured debt...................... -240,000
Total Unsecured debt.................... -15,714.38
Net Assets.............................. -53,914.38
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

mbs1

Double post

mbs1

dal2008 wrote: »

Hi all, sorry it took a while to work out the figures. Any help/advice is well appreciated.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500
Monthly Expense Details
Mortgage................................ 1195.8 - Yikes how bigs your house, just for 1 person?
Secured loan repayments................. 276.35
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 102 - can you not get single person discount?
Electricity............................. 65 - Tried switching seems high for 1
Gas..................................... 88 - see above - Use Quidco for cashback
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 0
TV Licence.............................. 17.49 - Spread this over 12 months
Satellite/Cable TV...................... 80 - Afraid this has to be cut
Internet Services....................... 0
Groceries etc. ......................... 400 - Ouch - This should be £100-£150 for 1 person tops
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 Nothing here
Car Insurance........................... 0 Or here?
Car maintenance (including MOT)......... 0 or here?
Car parking............................. 0
Other travel............................ 250 - Whats this for?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 No isnurance?
Contents insurance...................... 0
Life assurance ......................... 30.27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - Something here?
Haircuts................................ 20
Entertainment........................... 0 - You dont go out at all?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2618.91

Assets
Cash.................................... 0
House value (Gross)..................... 200000
Shares and bonds........................ 1500
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 201800

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 210000...(1195.8)...6.2
Secured Debt.................. 30000....(276.35)...9.678
Total secured debts........... 240000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Blackhorse.....................8000......227.2.....25.9
Capital One....................500.......25........22.47
Next...........................700.......60........26.49
Barclays Over Draft............3500......50........17.9
Halifax Over Draft.............1550......100.......29.8
Provident......................200.......24........189.2 - Is this right?
Littlewoods....................1264.38...144.......29.9
Total unsecured debts..........15714.38..630.2.....-

Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including secured debts)...... 2,618.91
Available for debt repayments........... -118.91
Monthly UNsecured debt repayments....... 630.2
Amount short for making debt repayments. -749.11
Personal Balance Sheet Summary
Total assets (things you own)........... 201,800
Total Secured debt...................... -240,000
Total Unsecured debt.................... -15,714.38
Net Assets.............................. -53,914.38
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Just a few things, Hope it helps, your in the right place

milliemonster

agree with above your grocery bill is huge for one, also the other travel expenses?, is there any chance of making your mortgage interest only for a while?