is my debt plan any good

earwig

after reading so many of your debt files i am wondering if my debt plan is any good. i owe 6 thousand pound and will be debt free in 2025 which seems along way off .the time we pay all our bills see earer thread there was 19 pounds left a week to pay toward my debt .my husdand is bankrupt so money has been tight. my debt manager has told me that i will have to pay it all back inculeding interessed and charges. i dont mind paying back what i owe but 19 years seem a long time to pay back 6 thousand pounds .do you think that this right or should i speak to some one else .i cant get any more credit like a loan as my credit rating is 0 since hubby went bankrupt any ideas thanks

Broken_hearted

I'm aiming to clear £18,000 over 3 years, since jan I have cleared £1,030, hopefully £700 will go this month (if Wescot get there fingers out).
So to me that seem a hell of a long time.

moozie_2

I think it would be easier for everyone to offer advice if you posted your SOA - statement of affairs. Include all income, outgoings and debts with APRs.

Old_iron_balls

£6k in 19 years. defo post your SOA earwig we will do our best to help

earwig

natwest 1660 10 over agreed limit . capital one 510 pounds 10 over limit. marbles 4053 53 over limit . natwest overdraft 200 but giong up to 315 because of charges on account for going over limet. i am over limit as token payment are not covering min payments and intresest is adding all the time which debt manger says there is nothing i can do to stop this

bosslady_2

you should be able to stop the interest, even if your repayments are low as there is no point in making any payments otherwise. have you contacted cccs or citizen's advice?

i know even if you make a token payment of £1 you can get the interest frozen as my OH managed to do this when he was ill and not earning.

I'm sorting out a debt repayment plan for a relative using the template letters at national debtline and she's offering tiny repayments but we've managed to get interest frozen on most of them.

Lucifer

Who is your debt Manager? If I were you I would speak to CAB, Payplan or CCS. Whilst interest is accruing - you are never going to get out of debt. Hopefully one of the above will be able to freeze interest for you. If you post your full soa, then you will be offered lots of advice from fellow dfw's. This should include income, and all outgoings and their totals, and then in a separate section - your debts. If you can include APR, credit limit, current balance, loan term and apr etc.

Don't worry I am sure we can help you in some way. Hugs

earwig

debt
natwest credit card £1660 19.9% 10 pound over limit
natwest over draft £200 but will go up to £315 before charges will stop
capital one £510 29.9% 10 pound over limit
marbles £4053 14.9% 53 pounds over limit

income 400 per week inc benfits
outgiongs
rent £150
coucill tax £28
water £ 9
petroll£30
car tax insurance repairs£25
food £100
tv inculding sky £9 under contract
gas £8
electric £10
school dinners £7
phone £5

total
£381
spare £19 to clear my debts
i know that alot of money gose on the car but my husdand needs it to work as he works on building sites and has to travell 45 miles each way to work which his company pays for and is inculed in his wages

moozie_2

Is the food £100 per week? How many in your family?

You could make a saving on school dinners by making lunches

You have a tight budget there. Who are you working with to manage your debt?

Alleycat

My first thoughts are that your petrol costs are very high. Thats £120 per month. You could try and cut this down, make more journeys by foot, bus, bike. Also try and make sure you do more than one job everytime you need to use the car.

Secondly, even with children (I guess it depends on how many, lol!) your groceries budget could be cut down quite well. The MSE Old style board has loads of helpful threads on reducing these spends. Also make good use of bogofs etc (have a look at https://www.fixtureferrets.co.uk for lists of what is currently on offer at all the supermarkets), cook in bulk and freeze, give the children packed lunches instead of school dinners.

Also, Sky. I don't have it, so don't know quite how it works, but could you try and negotiate a lower package or cancel completely? Freeview is pretty good with a lot of channels (new CITV one just started and I think Film 4).

Also, is there any way you could increase your income. I don't know how old your children are and if you work at all, but maybe a part-time job? Also, look and see if you have anything to sell on Ebay. Childrens clothes go well. Also Amazon for CDs, books etc.

earwig

there is 4 of us two adults two children one is a baby yes the food bill is £100 per week but that includes cleaning stuff and husbands work lunches and baccy i have cut down my smoking our biggest problem is our rent we have tried to get local affordable housing but just get told we are adequately housed any help how to get cheeper housing would be good i will star making my daughter pack lunches (she wont be pleased)but needs must