Trying to close settlemy credit cards

debrag

weewizard69 wrote: »

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................ 1800
Partners monthly income after tax....... 1250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3050
Monthly Expense Details
Mortgage................................ 630
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 240
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150 - over how long 10 or 12 months?
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 17
Mobile phone............................ 55 - cut down
TV Licence.............................. 12
Satellite/Cable TV...................... 21 - get a bundle deal
Internet Services....................... 0
Groceries etc. ......................... 250 - cut down, meal plan etc
Clothing................................ 50
Petrol/diesel........................... 130
Road tax................................ 20
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
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..................... 28
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 23.02
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1856.02

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 19000
Other assets............................ 0
Total Assets............................ 179000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 115000...(630)......5.19
Hire Purchase (HP) debt ...... 9450.....(240)......5.4
Total secured & HP debts...... 124450....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Capital 1......................2000......65........0
Barclaycard Visa...............795.......35........0
Barclaycard Mastercar..........2251......35........0
RBS............................255.......45........0
YB / Cabot.....................355.......45........0
Halifax........................800.......21........19.9
Total unsecured debts..........6456......246.......-

Monthly Budget Summary
Total monthly income.................... 3,050
Expenses (including HP & secured debts). 1,856.02
Available for debt repayments........... 1,193.98
Monthly UNsecured debt repayments....... 246
Amount left after debt repayments....... 947.98 - if this is left over where does it go? pays of both defaults in 2 months or the Halifax!!!
Personal Balance Sheet Summary
Total assets (things you own)........... 179,000
Total HP & Secured debt................. -124,450
Total Unsecured debt.................... -6,456
Net Assets.............................. 57,544
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

see my comment in red

weewizard69

OKAY GUYS,

As it stands I have the following cards I wish to settle if possible:


Ionly pay interest on the Halifax Account 19.9 APR

The rest of tyhe cards are zero interest.

Capital One has given me until end of June to settle or they will issue a default on the account - Not Good!!!

RBS & YB/CABOT both have defaults which end 1st quarter 2011.


I can continue to pay these on a Snowball and get a new Default on Capital One

OR

I can obtain a Loan from Black Horse for £5,000 over 5 years for £160.

Of course duration is negotiable.


I was thinking of keeping the my outgoings the same @ £265 and lowering the duration to say30 months@ £250/month.


I know the interest is mega, but it will save me getting another default.


And in 30 months I will be debt free with no defaults to my name.



I accept the advice from the others members, I just want to clear up the best possible route for me.


Please Please advise


Regards
Richie

debrag

sorry but you don't seen to be ready what others are posting.

Where does this Amount left after debt repayments....... 947.98 go each month?
that can pay off your 2 defaults. Accounts can be defaulted if on a payment plan is that the case with Capital one? I have them on a DMP and have no problems

weewizard69 wrote: »

ah okay i see, well its only really my cards i have a problem with.
i pay 265 a month to them and based on my income and expenditure this is the max i can go to. :cool:

look again that is NOT the max you can go to or have I missing something?

weewizard69

debrag wrote: »

sorry but you don't seen to be ready what others are posting.

Where does this Amount left after debt repayments....... 947.98 go each month?
that can pay off your 2 defaults. Accounts can be defaulted if on a payment plan is that the case with Capital one? I have them on a DMP and have no problems



look again that is NOT the max you can go to or have I missing something?

Oh bummer,

I have not filled in the total expenditure correctly at the moment we are saving for holidays, and I havent inclded socialising, taking into account this is a joint financial statement.

I will re input and issue.

That is the case with Capital One I have until End of June to settle account or face default. The balance then will be £1870.

Council tax............................. 150 - over how long 10 or 12 months? - over 10 months

Mobile phone............................ 55 - cut down - tyhis is for both mine and my partners

Satellite/Cable TV...................... 21 - get a bundle deal - I pay 38 in total for SKY, Telephone, Internet

Groceries etc. ......................... 250 - cut down, meal plan etc - i eat alot and love my food, not a consideration !!

rich

debrag

weewizard69 wrote: »

Oh bummer,

I have not filled in the total expenditure correctly at the moment we are saving for holidays, and I havent inclded socialising, taking into account this is a joint financial statement.

how much do you spend?

if she's not helping towards the debts then do an SOA only on your income and 1/2 all the joint debts / include the ones only you pay etc

weewizard69

Socialising - £200 / Month
Holiday - £100 / Month
Miscellaneous (Bits & Bobs) - £100 / Month

Total £400

debrag

cut this back and you are sorted

where do you go on holiday that cost £1200 and I take it that is just your halve

weewizard69

What do you suggest on the potential Default in June for the Capital One Card?

:-)

debrag

what is your plan with them at the moment? why are you so against a default? yes I know they hurt your report but are you wanting more credit. At least with the default you aren't asked to pay the full amount back in one go.

Save save save as much as you can for a few months

debrag

oh what credit report do you view?