Help Please!!

Hi , I have 80K unsecured debts, was earning enough to cover everything but have had wages cut due to current economic problems. SOA as follows:
Mortgage 1350
CT 120
Insurance 50
Motor Cost 90
Petrol 200
Utilities 200
BT 50
Food for 2 280
emergency 60
Bithdays etc 70
Pets 30
Total 2500
Income 3190

£690 for debts. I currently setting up DMP with CCCS nad have found this site invaluable. I have not heard from any of my creditors yet....but just had statement from MBNA, have just come off 0% blalnce transfer £14,000 andhave been charged this month £386.00 INTEREST!!!! nad next months interest will be higher, I have asked them to freeze interst but if they don't I will owe them and extra 5K by the end of this year!! will the CCCS be able to help do you think?
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Comments

  • sophiak
    sophiak Posts: 46 Forumite
    Do you have any credit card debt?
  • RAS
    RAS Posts: 32,539
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    Hi

    Just abiout everythng on that list looks high.

    Can you detail it here http://www.makesenseofcards.com/soacalc.html

    And add information about your debts as well.
    The person who has not made a mistake, has made nothing
  • 50broke
    50broke Posts: 106 Forumite
    The 80K is all credit card debt... as I said I was earning enough .. until recently
  • bubbles0169
    bubbles0169 Posts: 6,230
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    hi welcome aboard!
    usually on a DMP all interest will be stopped
    your food bill is very high for 2 try the downshift challenge(drop to the lower cost branding in the supermarket)
    try to plan meals so you only ever buy what you need
    look at the OS(old style board-type it into search box) they do alot on grocery shopping on a budget
    have you compared your utility suppliers to make sure your on the cheapest tarrif, that incude BT as that seems high too
    Hope That Helps x
    I am not bossy I just have better ideas:p
  • RAS
    RAS Posts: 32,539
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    Hi

    Read here http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card

    And please do put up a proper full Soa so we can help you.

    Like exactly what utilities, as £200 is massive, what insurance, what is included in motor costs, BT is high etc.
    The person who has not made a mistake, has made nothing
  • 50broke
    50broke Posts: 106 Forumite
    Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 0
    Number of cars owned.................... 2
    Monthly Income Details

    Monthly income after tax................ 3190
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3190

    Monthly Expense Details

    Mortgage................................ 1350
    Secured loan repayments................. 0
    Hire Purchase (HP) repayments........... 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 120
    Electricity............................. 70
    Gas..................................... 0
    Oil..................................... 100
    Water rates............................. 30
    Telephone (land line)................... 50
    Mobile phone............................ 0
    TV Licence.............................. 11
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 280
    Clothing................................ 20
    Petrol/diesel........................... 200
    Road tax................................ 30
    Car Insurance........................... 42
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 30
    Buildings insurance..................... 20
    Contents insurance...................... 0
    Life assurance ......................... 50
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 10
    Entertainment........................... 10
    Holiday................................. 0
    Emergency fund.......................... 50
    Total monthly expenses.................. 2513


    Assets

    Cash.................................... 0
    House value (Gross)..................... 285000
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 150000
    Total Assets............................ 436500


    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 210000...(1350).....0
    Total secured & HP debts...... 210000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly...APR
    credit cards...................80000.....1800......0
    Total unsecured debts..........80000.....1800......-


    Monthly Budget Summary

    Total monthly income.................... 3,190
    Expenses (including HP & secured debts). 2,513
    Available for debt repayments........... 677
    Monthly UNsecured debt repayments....... 1,800
    Amount short for making debt repayments. -1,123

    Personal Balance Sheet Summary
    Total assets (things you own)........... 436,500
    Total HP & Secured debt................. -210,000
    Total Unsecured debt.................... -80,000
    Net Assets.............................. 146,500

    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.
  • 50broke
    50broke Posts: 106 Forumite
    Hope this helps.... many thanks
  • sophiak
    sophiak Posts: 46 Forumite
    This is an old one but I think it is still valid:

    Dear Sir or Madam

    Request for true copy of Credit Agreement under Sections 77/78 of the Consumer Credit Act 1974

    I wrote to you recently requesting a true, signed copy of any credit agreement that exists in relation to the above account. This is my right under Sections 77 and 78 of the Consumer Credit Act 1974 on payment of the statutory fee of £1.00. This payment was included with my original request.

    Under the terms of the above Act, a creditor has 12 working days to provide the requested document. Should they fail to do this, they have a further calendar month to rectify this default. Failure to comply within these timescales is a criminal offence.

    Both of these deadlines have now passed and I have received nothing in relation to my request. This can lead me to only one conclusion, that being that no signed credit agreement exists in relation to this account.

    As I am sure you are aware, an agreement that does not contain all of the prescribed terms, and/or is not signed by the debtor, is completely unenforceable, even in a court of law. This will be a complete defence to any court action that you may consider taking.

    On the advice of the Financial Ombudsman, I am now requesting a final decision in this matter from you. Should this decision not meet with my satisfaction, then I will pursue the matter through the Ombudsman. The maximum timescale for you to give a final response to any complaint is 8 weeks. This time runs from the date of my original complaint, in this case that is the request for a true copy of the credit agreement. Therefore, you must provide me with a final response in this matter, including your proposed actions for this account, by [insert date].

    Please note, you may also consider this letter a statutory notice under Section 10 of the Data Protection Act to cease processing any data in relation to this account with immediate effect. This means you must remove all information regarding this account from your own internal records and from my records with the credit reference agencies. Should you refuse to comply, you must within 21 days provide me with a detailed breakdown of your reasoning behind continuing to process my data. It is not sufficient to simply state that you have a ‘legal right’, you must outline your reasoning in this matter and state upon which legislation this reasoning depends.

    There has never been any regulated agreement in relation to this account, and therefore you have never had my consent to process my data. I also do not see how you can state that you have a legitimate interest in processing my data as we have never had any contract that would enable you to do this.

    Should you fail to respond within 21 days, I will expect that this means you agree to remove all such data.

    Furthermore, you should remember that a creditor is not permitted to take any action against an account whilst it remains in dispute. The lack of a credit agreement is a very clear dispute and therefore the following applies:

    * You may not demand any payment on this account, nor am I obliged to offer any payment to you.
    * You may not add any further interest or charges to this account.
    * You may not pass this account to any third party.
    * You may not register any information in respect of this account with any of the credit reference agencies.
    * You may not issue a default notice related to this account.

    Be warned, the CCA 1974 is clear that a default can only be issued for breach of a valid, regulated agreement. If there is no agreement, as in this case, then you cannot issue a default as I have not breached any valid, regulated agreement.

    I look forward to your final decision on this complaint within 21 days. This should include your proposed actions in relation to the lack of a credit agreement.

    Yours faithfully
    Send all your credit card companies a CCA request, see if any of these credit cards are enforceable
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  • RAS
    RAS Posts: 32,539
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    How much of the 1800 credit card payment is interest and how much is principle?

    Are you paying anything off it?

    If you have 150K other assets, can you no pay off your credit card debt with some of that?
    The person who has not made a mistake, has made nothing
  • RAS
    RAS Posts: 32,539
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    Sophia

    That letter is not appropriate here. It is for when a CCa has been requested and not provided.

    If 50broke has been playing the 0% card game with major card providers, his CCAs will be valid and that letter is inaccurate.

    if the MBNA account is really old, maybe worth doing a CCA request, but if he has an 0% deal, it will probably be less than 18 months old.
    The person who has not made a mistake, has made nothing
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