Help! £15000 credit card debt

debrag

guinness9 wrote: »

Not a pleasant experience.....!

Monthly Budget SummaryAmount(£)
Total monthly income 2,600
Monthly expenses (incl. HP & secured loans) 1,924
Available for debt repayments 676
UNsecured debt repayments 480
Amount left after debt repayments 196

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 128,000
Total Secured & HP Debt -129,000
Total Unsecured Debt -15,750
Net Assets -4,750

Household Information
Number of adults in household 1
Number of children in household 0
Number of cars owned 1Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 2100
Partners monthly income 0
Benefits 0
Other income 500
Total monthly income 2600

ExpensesAmount(£)
Mortgage 412
Secured loan payments 476
Hire Purchase (HP) payments 295
Rent 0
Management charge (leasehold property) 0
Council tax 61
Electricity 30
Gas 40
Oil 0
Water Rates 40
Telephone (land line) 0
Mobile phone 65 - cut down or go PAYG
TV Licence 20
Satellite/Cable TV 21
Internet services 0
Groceries etc. 80
Clothing 30 - cut down or out for a few months
Petrol/diesel 70
Road tax 20
Car Insurance 69 - high insurance
Car maintenance (including MOT) 20
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 20 - can these been together cheaper?
Contents Insurance 20 - can these been together cheaper?
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 20
Haircuts 0
Entertainment 100 - cut down
Holiday 0
Emergency Fund 0
Mobile internet 15 - go for a bundle deal with TV for cheaper
Total monthly expenses 1924

Secured & HP Debt Description
Mortgage 103000
Secured Debt 14000
Hire Purchase (HP) Debt 12000
Secured & HP Debt totals 129000

Unsecured Debt DescriptionDebt
Virgin Card 4250
First Direct Gold 5000
MBNA 2500
Flybe 4000
Unsecured Debt totals 1575

Asset DescriptionValue (£)
Cash 0
House Value (Gross) 115000
Shares and bonds 0
Car(s) 13000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 128000

see my comments in red, no APRs or min required payments on cards?

guinness9

Thanks for the response Debrag

I will need to call to find out the APRs - certainly the First Direct is 29.7%... a huge amount.

Minimum monthyl payments are:

Virgin Card 130
First Direct Gold 140
MBNA 90
Flybe 120

debrag

So

Virgin Card 130 = 32.69 months excluding interest
First Direct Gold 140 = 35.71 months excluding interest
MBNA 90 = 27.77 months excluding interest
Flybe 120 = 33.33 months excluding interest

Once you have the APRs there is a snowball calculator on here somewhere that will tell you your debt free date, over pay on your highest debt first

guinness9

Thanks for working that out, problem is I don't think I will physically have the money.

This may sound like a thick question. When the minimum payment is made am I purely paying interest or is an amount of the debt being cleared too?

debrag

well virgin if at 1.79% the interest is £76

Do you not have/look at statements? it states on them the payment received & the interest added.

if you don't have the money then contact Payplan or CCCS

RAS

Ok so a mortgage and a flash car is not a good idea. Can you check your HP agreement as at some stage you can return it at no penalty. Given what you are using in petrol and with £750 going out in insurance, it would be cheaper to hire on every so often and take taxis occasionally.

guinness9 wrote: »

Monthly Budget SummaryAmount(£)
Total monthly income 2,600
Monthly expenses (incl. HP & secured loans) 1,924
Available for debt repayments 676
UNsecured debt repayments 480
Amount left after debt repayments 196

Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own) 128,000
Total Secured & HP Debt -129,000
Total Unsecured Debt -15,750
Net Assets -4,750

Household Information
Number of adults in household 1
Number of children in household 0
Number of cars owned 1Income, Expense, Debt & Asset Details

IncomeAmount(£)
Monthly income after tax 2100
Partners monthly income 0
Benefits 0
Other income 500
Total monthly income 2600

ExpensesAmount(£)
Mortgage 412
Secured loan payments 476
Hire Purchase (HP) payments 295 p resume this is the car?
Rent 0
Management charge (leasehold property) 0
Council tax 61
Electricity 30
Gas 40
Oil 0
Water Rates 40
Telephone (land line) 0
Mobile phone 65 - this is huge. Downgrade and them go PAYG
TV Licence 20
Satellite/Cable TV 21 - go freeview for a year or so.
Internet services 0
Groceries etc. 80 - this is not enough - is it being subsided byt entertainment?
Clothing 30 - you simply do not need thois for a few months. wEAR WHAT YOU HAVE got
Petrol/diesel 70
Road tax 20
Car Insurance 69 - this is very high - is it age, the car or do you have points?
Car maintenance (including MOT) 20
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 20 - would expect to get both for this amount - check via the comparison sites and use https://www.quidco.com for cashback.
Contents Insurance 20
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 20
Haircuts 0
Entertainment 100 - cut this to about £25
Holiday 0
Emergency Fund 0
Mobile internet 15 - package?
Total monthly expenses 1924

Secured & HP Debt Description
Mortgage 103000
Secured Debt 14000
Hire Purchase (HP) Debt 12000
Secured & HP Debt totals 129000

Unsecured Debt DescriptionDebt
Virgin Card 4250
First Direct Gold 5000
MBNA 2500
Flybe 4000
Unsecured Debt totals 15750

Asset DescriptionValue (£)
Cash 0
House Value (Gross) 115000
Shares and bonds 0
Car(s) 13000
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 128000

Do you actually have £196 to put towards your debt at the end of the month?

Think lodger? car boot sale? E-bay, amazon etc.

Until you know the Aprs we cannot advise on repayment but you will find the snowball on https://www.whatsthecost.com useful when you have them.

debrag

£80 a month on food for one person is not too low

sarahs999

Have you tried applying for a 0% credit card to give you some breathing space? Of course you wno't be able to transfer the whole amount, but you could get as much off the FD card as possible.

What's the £500 other income?

Also, your mobile phone bill is ridiculously high. That has to stop right away - call from work or your home line. What kind of contract are you on and how soon can you get out of it?

RAS

guinness9 wrote: »

problem is I don't think I will physically have the money.

So where is it going?

You need to keep a spending diary - list every small purchase and look for those little ones that add up. Someone called it the latte habits - £2 is easy to spend but that is £10-14 per week and £520 - £728 per year.

That would clear 5% of your debt.

pebblespop

try the make £10 a day challenge on this forum. you could find loads of ideas to bring in £300 ish per month. sell everything you can on ebay and try to find extra money.

it is pretty easy to achieve once you get into it and you can use the money to pay towards the cards.