BIG Debt - Enough disposable Income - No help!!

johnnybb2000

Hi,

No... not Dr or Psych!! LOL... No, I meant a debt manager... Although, I do ask myself sometimes!!

Ok, seriously, I have 6 different cred cards all with varying degree of outstanding balances and a medium sized loan (£2600 remaining). All told, it ends up a bit of a challenge to manage the expiring 0%, the debt I cannot shift from a 25% to a better interest rate due to 4 cards being with the same provider.

So, what I have done is apply for a loan actually... and I actually have got one! It is an unsecured, individual loan at 12% APR. works out £628.95pm - 42mths.

What's your feelings.... Please?

Thank you very much for all your time replying.

J

TMoose

Suggest posting your full SOA up here, and the good folks of DFW will point out where savings can be made, and how to tackle the debts...

ILW

It will not work unless you pay off and cut up all the cards.

Have you the will power to do that?

johnnybb2000

Yes, indeed I have... I can post my SOA in Excel on a Share site... Anyone interested?

Thanks again.

J

johnnybb2000

Ah, can't post a link. How can I get it to anyone who might be kind enough to help?

J

Tixy

You could post the link address in with a space in the middle maybe so that we can read it but the computer doesn't recognise the link (or change the @ to a different sign)

Or could your cut and paste from excel straight into here, but you would need to manually enter 'return' at the end of each line for it to be readable.

tyllwyd

johnnybb2000 wrote: »

So, what I have done is apply for a loan actually... and I actually have got one! It is an unsecured, individual loan at 12% APR. works out £628.95pm - 42mths.

What's your feelings.... Please?

Thank you very much for all your time replying.

J

You haven't given enough of the picture for anyone to give you sensible advice - how much is the loan for, and how much debt will remain on your credit cards? Do you have enough disposable income to pay the loan plus the cards?

12% is a high rate, so it isn't necessarily the cheapest option compared to paying off cards if you can snowball your debts.

johnnybb2000

Hi, thanks again... Astonished and extremely appreciative for the concern and assistance offered. Ok, if anyone would like to email me at johnnyuk3 - at - hotmail - dot - com I would be glad to email the Excel. If not, I have copied and paste:
Company name: BARCLAYS BANK



Account type: Bank Account





-GBP 1,000.00 O/D

Overdraft Limit: £2,700









Company name: CITIFINANCIAL EUROPE PLC



Account type: Credit card / Store card





-GBP 2,591.71 CC

Credit Limit: £5,720









Company name: SANTANDER CARDS UK (DEBENHAMS)



Account type: Credit card / Store card





-GBP 320.94 CC

Credit Limit: £3,000









Company name: MBNA EUROPE BANK LIMITED (BMI)



Account type: Credit card / Store card





-GBP 5,981.82 CC

Credit Limit: £6,000









Company name: MBNA EUROPE BANK LIMITED



Account type: Credit card / Store card





-GBP 1,869.14 CC













Company name: MBNA EUROPE BANK LIMITED (Alliance & L)



Account type: Credit card / Store card





-GBP 3,801.61 CC

Credit Limit: £5,000









Company name: Aliance and Leicester



Account type: Personal Loan (Car)





-GBP 2,600.00 Personal Loan

Credit Limit: £3000









TOTAL DEBT
-GBP 17,844.28














MORTGAGE




Company name: MORTGAGE



Account type: Mortgage



Current Balance:
GBP 196,000.00


Repayment Period: Monthly Payment: £888.90 over 290 months



House Value Based on Independant Valuation June 09 GBP 316,000.00


Equity Jun-09 GBP 120,000.00














INCOME




Salary - Net (3% Rise pa) GBP 3,300.00 GBP 3,399.00 GBP 3,500.97 GBP 3,606.00 Pension - Net Royal Navy (Index Linked) GBP 461.22 GBP 475.06 GBP 489.31 GBP 503.99 Pension - Net War Pension (Index Linked) GBP 240.92 GBP 248.15 GBP 255.59 GBP 263.26 TOTAL INCOME
GBP 4,002.14 GBP 4,122.20 GBP 4,245.87 GBP 4,373.25





OUTGOINGS




Housekeeping All household bills -GBP 2,400.00 -GBP 2,400.00 -GBP 2,400.00 -GBP 2,400.00 Mobile Phone Carphonewarehouse -GBP 70.00 -GBP 70.00 -GBP 70.00 -GBP 70.00 Mum's help
-GBP 150.00 -GBP 150.00 -GBP 150.00 -GBP 150.00 Car Insurance Direct Line -GBP 40.00 -GBP 40.00 -GBP 40.00 -GBP 40.00 TOTAL OUTGOING
-GBP 2,660.00 -GBP 2,660.00 -GBP 2,660.00 -GBP 2,660.00





Diposable Income
GBP 1,342.14 GBP 1,462.20 GBP 1,585.87 GBP 1,713.25





Debt Recovery GBP 20,000.00 GBP 20,000.00 GBP 20,000.00 GBP 20,000.00 GBP 20,000.00 Monthly Payment GBP 623.95 GBP 624.95 GBP 625.95 GBP 626.95 GBP 627.95 Term (Months) 42 42 30 18 6 Payable with interest £24,958 £24,958 £18,779 £11,285 £3,768





TOTAL DISPOSABLE
GBP 718.19 GBP 837.25 GBP 959.92 GBP 1,086.30





Less Detail




Car Ins
GBP 30.00 GBP 30.00 GBP 30.00 GBP 30.00 Petrol
GBP 150.00 GBP 150.00 GBP 150.00 GBP 150.00 Mobile Phone 1
GBP 40.00 GBP 40.00 GBP 40.00 GBP 40.00 Mobile Phone 2
GBP 30.00 GBP 30.00 GBP 30.00 GBP 30.00 Car Tax
GBP 12.00 GBP 12.00 GBP 12.00 GBP 12.00 Clothes
GBP 50.00 GBP 50.00 GBP 50.00 GBP 50.00 Misc
GBP 50.00 GBP 50.00 GBP 50.00 GBP 50.00 Total Detail
GBP 362.00 GBP 362.00 GBP 362.00 GBP 362.00 SPARE!!!
GBP 356.19 GBP 475.25 GBP 597.92 GBP 724.30

johnnybb2000

That don't look good... I have quite a extensive spreadsheet unfortunately...

J

johnnybb2000

Hi,

Thanks for your reply, I thought I had explained as best I could, if I take the loan for £20k (£25k payable), it would leave me without debt apart from loan.

I have already disposed of my CCards (just in case) and only run my bank account debit card for petrol etc. Having said that, I do intend disposal of the Debit card and leaving that bank account to pay the loan only with my pension income and open a new account to run my day to day...

J