Have I gone down the correct route?

Mr_Bojangles_3

Last year when I finally realised that I couldn't cope anymore, I contacted all of my creditors (apart from my bank) and made the offers as detailed below. Whilst they have all now served defaults on me they did all accept my proposals (which meant no interest charges and reduced payments). The only people I haven't approached are my current Bank Lloyds, as I'm not sure of the repercussions.

However, being a taxi driver I have found it getting more and more difficult to make ends meet as people have taken to staying in more.

Where do I stand with regards re-negotiating with my creditors?

Should I seek professional help?

The majority of debt is credit card debt (pre 2007), should I try one of these companies that claim to clear your credit card debt legally?

Anyhow my income/outgoing details are below,

£
Net Monthly Income : 2000



Expenditure Detail £

• Telephone (Mobile) : 25

• Court/Maintenance Payments : 300

• Travel/Work Costs : 660
  • Car Insurance 76
  • Fuel/Oil 500
  • MOT/Maintenance 74
  • Road Tax 10

• TV Licence : 12

• Life Assurance : 25

• Housekeeping (Food etc.) : 264

Total Non Debt Expenditure 1286

Surplus Towards Debt : 714

Pro Rata Payment Details

Creditor Balance(£) Payment(£) Negotiated(£)

Egg Card 9,950 199 106.23
Egg Loan 12,763 378 136.26
American Express Card 10,423 260 111.28
Lloyds Card 14,400 300 300

Mint Card 6,518 150 75
Overdraft 4,600 55 55

Sky Card 4,400 130 46.98
Total 1472 830.75



My partners finances are completely seperate, the house is mortgaged and is in her name, there is no equity in it and she has no credit facilities either.


Any advice is appreciated.

10past6

Hi Mr Bojangles

Welcome to the forum, take a look at my signature and use the link in red for further advice.

poorandindenial

£500 per month on fuel/oil :eek:

You may have missed out a few things, try using the statement of affairs calculator at www.makesenseofcards.com

PLEASE don't go down the company that promises to write off your debt route, most of them charge a fortune for something you can do yourself - and there are no guarantees either way

Do get professional advice from PayPlan or CCCS (consumer credit counselling sercice) or Citizens Advice or nationaldebtline

VanillaDelia

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