£30k in debt where do I start

maxmycardagain

Remember your tax code will go to NIL till next april, you wont pay tax to the taxman but that will go to the OR in addition to the £685 per month

maxmycardagain

Other child related expenses............ 200

explain please?

youve not claimed for allowable items, haircuts/holidays, etc. £10 each per month

you have a partner. do they work/contribute?

confused76

simonlightbulb wrote: »

Here is my statement - i think

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1869
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1869
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 15
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0 no phone at all?
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 10
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 0put something here
Petrol/diesel........................... 0no car?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0if no car do u use bus/train?
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0nothing here? dentist?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0put something here?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 830

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................27000.....700.......15
credit card....................2700......120.......40
Total unsecured debts..........29700.....820.......-

Monthly Budget Summary
Total monthly income.................... 1,869
Expenses (including HP & secured debts). 830
Available for debt repayments........... 1,039
Monthly UNsecured debt repayments....... 820
Amount left after debt repayments....... 219
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -29,700
Net Assets.............................. -29,700
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

i'm no expert but this currently shows you would have cash left over at the end of the month, in reality would you? have a look at my comments above, hope this helps

MarsdenCuckoo

Don't know anything about declaring yourself bankrupt but deffo wouldn't recommend it as a solution.

Are your loans (all with Barclays you say) long or short term? If some are short term then you might be able to consolidate them (and your credit card debt, which is your most expensive debt to service) into one loan over a longer term. You will pay more interest overall but it will give you some breathing space to allow you to work through your debt.

As already suggested above, can't your GF contribute? If she can't work - for whatever reason - then presumably she could claim some benefits and maybe even contribute to your household expenses that way i.e. reduced council tax, etc.

Only other thing I can think of is whether you could apply for one of the 0% balance transfer deals on HalifaxOne, MBNA or Capital One. You'll be charged a 3-4% balance transfer fee but overall should cut down your monthly payments.

Suggest you ask to meet with someone at Barclays and see how/if they can help cut down your monthly outgoings. If they can't help, then go to CAB and see what they come up with.

Good luck.

fiveyearplan

If you are still solvent then you would not be able to go BR. Your best place to post would be on the DFW board to get ideas of getting your expenditure down. Good luck!

Kikimay

Make an appointment with a debt advisor at your local CAB. They will tell you your options and help you whatever you decide to do.

maxmycardagain

you have got something wrong somewhere

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 15 (cheap?)
Gas..................................... 15(cheap?)
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 10
Satellite/Cable TV...................... 10 (not allowed)
Internet Services....................... 0
Groceries etc. ......................... 50 (really?)
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200 (whats this?)
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

simonlightbulb

Looks like there's been a few questions during the day, so hopefully these answers help.

Girlfriend doesn't know what situation I'm in so won't look to ask her to contribute

£200 a month is for daughter via my ex

I have company car and phone so don't have an amount to put in, travel is pretty much free

If I can sort out the credit card I have approx £200 a month free so not sure which way to go? Is bankrupcy for me or as someone has suggested am I just best speaking to barclays and trying to consolidate?

Thanks everyone for their help so far

property.advert

You don't want to go BR as you'll be bringing on at least 6 years of crap and bang goes any chance of a mortgage or loan for years and years.

I don't see how you think you'll be clear in 3 years at all.

I can't tell from the £27,000 loan where you are in the repayment schedule. At £700 a month and 15% it is about 4 1/2 years to repay £27000 plus 10k interest. Are you saying you have only 2 years left or what ?

Are you sure the APR on your CC is 40% ? Doesn't seem right somehow if you are paid up to date with no defaults and they have advanced you 27k on a loan !

I say increase borrowing by 3k, add to loan, pay CC off and resign yourself to paying about £767 if 4.5 years or an extra £77 for £3000 over 3 years. Then chuck the CC.

If you go anywhere near a repayment plan, you are screwing up your credit record for 6 years or longer (from now).

For extra pennies, you can always cut something out and try the surveys. I've got about $75 and £35 and a few other sub £20 amounts here and there which probably add up to about £500-£1000 a year.

nutsohazelnuts

My advice would be to post this on the Debt Free Wannabees board. Many remarkable people on there have paid off enormous debts and they have all the know-how you need to get to grips with your situation if you have the grit and determination to haul yourself up by your bootstraps and follow their advice.

They will ask you to redo your Statement of Affairs to give a realistic reflection of where your money goes now and then work with you from there.

Consolidation is certainly not the way forward.