Starting to worry...

lostonej

Upto a point I thought I was coping OK with my debts and paying back what I could. But after today I'm getting worried.

Had an appointment at Bank as they wanted to review my account, they tried to sell allsorts but I just opted to switch it to a graduate account rather than take any loans or anything out. Then rang up to try and increase 0% OD to clear 2 CC's but they won't up the OD to pay off credit cards, but will if I wanted to buy a new car.....guess they just looking for profit.

I don't have a student loan but do have some CC's and a personal loan which I used while trying to keep out of debt at uni which I'm starting to worry about.

Very basic (monthly) SOA:

Income: 1022

Rent and Bills: 370 (split 50/50 with GF - she pays for food.
Parents:100 - Repaying small loan for dentist, uni etc
Cahoot: 175.16
CC's circa £200 depending on min payments.
Car Ins: £60.
Mobile £25.
Petrol/car £80.

I've got a few bits to stick on ebay but really don't know what to do.

Anyone got any advice?

josephine82

Hi!

Don't worry! You are in the right place!

First thing I would say would be to complete the SOA on the website and post it here again in the MSE format. This will show us what your debts total, the APR's and whether we can advise you what to do.

http://www.makesenseofcards.com/soacalc.html

Only thing I can advise is can you ask your parents for a break on repoaying the loan to them, while you sort out the more pressing debts?

Your car insurance seems high, have you used any of the comparison sites to see if you can get it for cheaper?

Someone will be along i'm sure with some more helpful advice!

Pee

You are dealing with your debts, and that is really good. It just sounds like it will be slower than you hoped.

LeeSouthEast

Everyone else beat me to it.

lostonej

I will do my SOA when I get home tonight.

I usually pay all my minimum payments when I get paid but this seems to put me in a muddle. Any one got any suggestions/tips on how to resolve this?

It's looking like I'm not going to be able consolidate or anything....or be getting a pay rise anytime soon :S

misspoppy

You could try shopping around to get a balance transfer card, your bank probably only turned you down because they won't make any money out of you.

RAS

Hi

When you list the cards etc please can you list the amount owed, the minimum payment, the APR and the maximum limit. It may be that shuffling will give you some scope for manouvre or that targetting the e-bay money will make a difference.

Do you have any late payment fees or PPI that you can reclaim?

lostonej

Here is my SOA:

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1022
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1022
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 47.5
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 12.5
Telephone (land line)................... 7.5
Mobile phone............................ 25
TV Licence.............................. 10
Satellite/Cable TV...................... 10
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 70
Road tax................................ 10
Car Insurance........................... 60
Car maintenance (including MOT)......... 0
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..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 3
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 565.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Cahoot loan....................2175......175.1.....9.7
tesco cc.......................2411......74........7.5
capital one cc.................1050......45........22.9
parents........................2000......100.......0
virgin.........................706.......30........29.9
barclaycard cc.................1287......30........14.9
halifax cc.....................1060......12........18.9
Total unsecured debts..........10689.....466.1.....-

Monthly Budget Summary
Total monthly income.................... 1,022
Expenses (including HP & secured debts). 565.5
Available for debt repayments........... 456.5
Monthly UNsecured debt repayments....... 466.1
Amount short for making debt repayments. -9.6
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,689
Net Assets.............................. -10,189
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

lostonej

HI,

I've tried shopping around for a balence transfer card but had no luck.

I think there maybe some PPI from when I started my loan - before I cancelled PPI I could look into reclaiming and maybe a few late payment charges on CC's.
I already claimed bank charges in 2007.

I don't think I have much room to shuffle with my cards:

Tesco limit: 2700 - Balence 2411
Capital one limit: 1100 - balence 1050
Virgin limit: 1000- balence 706
Barclaycard: 1600 balence 1287
Halifax: 1300 balence 1060

My brother does owe me 300 and i reckon I will make 2-300 on ebay (fingers crossed)

tealady

Hi I'm assuming you are no longer a student so do you have any old text books you can sell@
Could you did out the APR's on your cards so you could possible consider the credit card shuffle.
Any chance you could up your hours/2nd job?

lostonej

Hi, Thanks for the reply.

Yes I've graduated. I will try and sell some textbooks as well as other stuff.

The APR's for my cards are in my SOA above.

I doubt I'll be able to shuffle them tbh.

I am unable to up my hours but have thought about getting a 2nd job maybe one evening a week in the local B&Q or somewhere will give places in walking distance a try first. I've also applied to join the TA so that would be abit of extra income.

Really need to start organising something