Debt Payment plans

newstart09_2

Hi, Im 23 and still live at home, it now time i took a look at my finances and started to do something about them..

I have £2317.01 on 3 Catalouges and Overdraft from old bank account :mad:

I bring home around £950 a month, my outgoings are:

Rent £160
Car Loan (From family member) £250
Car Insurance £45.00
Gym £26.50
Trainpass £73.00
Pbill £34.00
Diesel £25.00

So as you can see im not left with alot and the minium payments on my debts are :mad: so im thinking about getting a debt payment plan set up, so then i can pay one set amount each month... how much a month do you think i would have 2 pay on the above figures..
Also 1 of the catalouges i use is in my parents name but i used it (an run up a massive bill) an i pay if off each month, this is the largest bill of £1000, would i be able to add this into my payment plan even though its not in my name?

Thanks In advance

RAS

Hi

You need a proper SOA see here http://www.makesenseofcards.com/soacalc.html

that will encourage you to add stuff like the car tax and MOT as well.

Do not ring any of those companies that you see on TV or in the papers, as they charge fees. The debt charities and Payplan are free to you. See here http://www.moneysavingexpert.com/loans/debt-help-plan#help

earplugs

Hi Newstart,

As RAS said, you need to do a bit of a longer budget sheet than that above.

Does your rent include council tax, water, gas and electricity? You need to put something in for houskeeping - food, toileteries.

Also you need to put in something for meals at work, clothing and phone (landline and mobile).

If you put those amounts up on your post we'll do our damdest to help you!

Nice one for starting to sort out the finances!

newstart09_2

Hi, Thanks for your replies, When i finsish work i will go through that list from the link supplied, i still live at home so £160 includes all that, when it says about MOT etc how much do i put in for that? i mean everything i listed is what i have 2 pay out each month, it doesnt include, meals out, food for work, clothes etc so i will add that it to the calaculator.

Thanks Again

RAS

If you have costs that are annual, you divide them by 12 and make an allocation each month. That money needs to go into a separate account (worth using and ISA even now) so you have it when the big cost comes up later in the year. Instead of gettign hit with three expensive things in one month, for which you do not ahve the money.

Like Christmas comes round every year on the same date, so if you put away £20 each month, you have a stack on money to spend on pressies in December, instead of maxing the CC.

newstart09_2

Ok i now understand, once ive done that and contacted a pay plan company what happens then? do i have 2 see anyone face 2 face or is it all done over the phone?

RAS

You can do things via CCCS debt remedy on line if you want. They will then make a phone appointment with you. Most of the debt charities work on the phone but CAB you have to see in person, usually.

newstart09_2

So there are 2 companies mentioned alot on here, CCCS or cant remember the other 1 mind got blank! what is the best company?

RAS

See the link in post 2. Hit that.

newstart09_2

Thanks for all your replies, now only £900 of the debt is in my name the rest is in my parents but its my debt, can i include that in my own debt plan ?

VanillaDelia

You can only include your own personal debts and non of the ones in someone else's name. They are held liable for repayment of them if you can not pay. I'm guessing they were guarantors?