How to consolidate

Numpty_Monkey

richard83 wrote: »

Hi Tixy, This is fromt he link you left me before.. Probably not entirely accurate because for example my workk CC and Overdraft are not minimum payment but pay off immediately.. If you can give me advice i'd appreciate it.. In my view a consolidation loan would solve all my issues. I would commit to it and I am that desperate to get these issues sorted.

[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1890
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1890

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 433
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 0 is this in with rent ?
Electricity............................. 0 is this in with rent ?
Gas..................................... 0 is this in with rent ?
Oil..................................... 0
Water rates............................. 0 is this in with rent ?
Telephone (land line)................... 0 ???
Mobile phone............................ 0 ???
TV Licence.............................. 0 Should be £12 a month
Satellite/Cable TV...................... 0 ???
Internet Services....................... 0???
Groceries etc. ......................... 150
Clothing................................ 0 need to budget something in here
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 99.1 is this a guestamite?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0need to budget something in here
Haircuts................................ 0need to budget something in here
Entertainment........................... 0need to budget something in here
Holiday................................. 0need to budget something in here
Emergency fund.......................... 0need to budget something in here
Total monthly expenses.................. 1282.1


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 6329.....(433)......0
Total secured & HP debts...... 6329......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Credit Card............530.......14........0 APR would help
Work Credit Card...............1000......1000......0APR would help
lloyds Overdraft...............2000......2000......0APR would help

Total unsecured debts..........3530......3014......-


Monthly Budget Summary
Total monthly income.................... 1,890
Expenses (including HP & secured debts). 1,282.1
Available for debt repayments........... 607.9
Monthly UNsecured debt repayments....... 3,014
Amount short for making debt repayments. -2,406.1

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -6,329
Total Unsecured debt.................... -3,530
Net Assets.............................. -9,859

[/tt]

There are a few problems with your SOA, don't worry it's not an exam
I've left a few comment
:A

Fortheloveofmoney

Ok so I guess the priority is the work credit card. If it's like the ones I've had in the past, then the full amount has to be repaid in full when the bill is due. Is that the case here?

Is there anything you can sell to help you pay that off immediately?

richard83_2

Council tax............................. 0 is this in with rent ? - yep
Electricity............................. 0 is this in with rent ? - yep
Gas..................................... 0 is this in with rent ? - yep
Oil..................................... 0
Water rates............................. 0 is this in with rent ? - yep
Telephone (land line)................... 0 ??? - none
Mobile phone............................ 0 ??? - 52 (i did put this but didnt come out)
TV Licence.............................. 0 Should be £12 a month - with rent
Satellite/Cable TV...................... 0 ??? - none
Internet Services....................... 0??? - none
Groceries etc. ......................... 150
Clothing................................ 0 need to budget something in here - none I dont replace my clothes cant afford it.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 99.1 is this a guestamite? - no thats the travel card every month..
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0need to budget something in here - none
Haircuts................................ 0need to budget something in here - 10 a month max
Entertainment........................... 0need to budget something in here - about 100 max per month (can't be a couch surfer all the time)
Holiday................................. 0need to budget something in here - 0
Emergency fund.......................... 0need to budget something in here - 0

richard83_2

Fortheloveofmoney wrote: »

Ok so I guess the priority is the work credit card. If it's like the ones I've had in the past, then the full amount has to be repaid in full when the bill is due. Is that the case here?

Is there anything you can sell to help you pay that off immediately?

- nothing I can sell yet.. I am checking out from stuff I have in storage at my parents place.

Tixy

Okay so I'm going to guess at a new SOA for your

Income £1890
Expenses
Rent 600
Mobile 52
Groceries 150
Other travel 99.10
Haircuts 10
Entertainment 100
Presents 20
Other 50
Total 1081.1

Unsecured Debts
Loans 433
Halifax CC 14
Overdraft 25 (to cover interest charges)
Work card 333
Total 805

Total monthly income.................... 1,890
Expenses (including HP & secured debts). 1,081.1
Available for debt repayments........... 808.90
Monthly UNsecured debt repayments....... 805
Amount surplus after making debt repayments. 3.90

If you can stick to the entertainment etc I have estimated you could clear the work card in 3months, then you could start repaying the next most expensive debt with the extra £300 or so you will have.

You should be able to reduce your groceries costs down a bit, if you are buying lunches at work or takeaways start packed lunches and cooking from scratch. You only need to learn a few simple meals to eat cheaply and healthily.
Of course you could also spend less than I have estimated on entertainment but I wanted to put in something as you are clearly not going to be able to spend nothing in this area. The other £50 is in case you or I have forgotten anything else!

How does this sound? Would 3months be an okay timescale with work to pay off that card?

richard83_2

Hi Tixy,

Work CC needs to be cleared this month as I had a warning this month and i dont want to lose my job....

any advice?

Rich

Tixy wrote: »

Okay so I'm going to guess at a new SOA for your

Income £1890
Expenses
Rent 600
Mobile 52
Groceries 150
Other travel 99.10
Haircuts 10
Entertainment 100
Presents 20
Other 50
Total 1081.1

Unsecured Debts
Loans 433
Halifax CC 14
Overdraft 25 (to cover interest charges)
Work card 333
Total 805

Total monthly income.................... 1,890
Expenses (including HP & secured debts). 1,081.1
Available for debt repayments........... 808.90
Monthly UNsecured debt repayments....... 805
Amount surplus after making debt repayments. 3.90

If you can stick to the entertainment etc I have estimated you could clear the work card in 3months, then you could start repaying the next most expensive debt with the extra £300 or so you will have.

You should be able to reduce your groceries costs down a bit, if you are buying lunches at work or takeaways start packed lunches and cooking from scratch. You only need to learn a few simple meals to eat cheaply and healthily.
Of course you could also spend less than I have estimated on entertainment but I wanted to put in something as you are clearly not going to be able to spend nothing in this area. The other £50 is in case you or I have forgotten anything else!

How does this sound? Would 3months be an okay timescale with work to pay off that card?

Fortheloveofmoney

Well ignoring the OD for a minute as you're not really paying this off every month, you have options and the situation is not that bad.

You need to concentrate on getting rid of the work cc. Accordingly to your SOA you have £607 per month for debt repayment. I suspect it is less than this as you have missed quite a few things off your SOA, however it is still going to be a healthy amount.

You need to use this surplus to pay the work cc and sell stuff (xbox, Playstation or whatever) to pay the rest off. If this isn't an option, is there any way your parents could lend you the difference?

Once this is paid off, do not use this again for personal use. Companies do not usually allow this so it could get you into trouble.

Once this has gone concentrate on paying the debt with the highest APR and just pay the minimum on the others. Once the 1st debt has gone then throw your money at the next highest and so on until you've paid it all back.

I truly don't think you need a consolidation loan. Your debt is manageable once the work cc has gone.

Fortheloveofmoney

Tixy wrote: »

How does this sound? Would 3months be an okay timescale with work to pay off that card?

I doubt it as you're not usually allowed to use work cc for personal use. Also the type of cards used for business are different to ordinary cards and they don't have a credit facility as such hence the bill has to be paid in full once received.

Tixy

Thats going to be more difficult Rich. No chance of asking them for 2months to pay?
Not something I'd usually advise but you could ask Lloyds loan/and or HFC loan for a payment holiday (some will do this, others won't, I think the minimum is sometimes a 3month holiday but as things are desperate). What is the limit on your Halifax CC?
Again another not usual advice but could/would your parents loan you £500 to help if you could pay them back within the next 2months?

Fortheloveofmoney

Before asking work if you can pay the cc over a period of months please check your usage policy. If you used the work cc for personal use in my previous company it was considered a disciplinary offence. You really don't want to highlight this to them.