Debt advice

lowie

I'm currently struggling to pay debts, even on MP.

My current outgoings are with amount owing for credit cards:

Pay - 714.61

Rent - 208.33 (will be due twice on my next pay)

A&L loan - 105.03 (4 payments left)
Black Horse loan - 129.37 (3 payments left)

Virgin CC - 1700 - 30 p/m
RBS CC - 990 - 25 p/m
Leeds CC - 460 - 15 p/m (5.6% APR)
Capital One - 100 - 10 p/m

T-Mobile Broadband contract 34.26 (ends June/July)
Union 4.98
TV license 23.75
Electricity ~50 (metered)
Gas - 33
Council Tax - 193 (for next 2 months but this is being queried)
Food etc 80/90
Taxis 48 (I have a disability, not disabled enough to qualify for DLA though, and this is required to get me to work so can't be removed)

I had to cut my hours due to health problems as well as missing a lot of work due to this and my parents have been helping me out for a while but my debt is just growing. I also have no savings I can use to help pay my debts either. I've cancelled all DDs I don't need with exception of my union as I have had use of them in the past. Where possible I use DDs and/or paperless billing as this can often lower a bill slightly.

I contacted CCCS and they've quoted me £175 per month to rid my debts but I budgeted this and I'm still paying out more than I have. Which has made me think a DMP isn't in my best interest.

Does anyone have any other ideas or anyone else I can turn to? I rent my property and I'm awaiting on my electricity provider to change before I can get my meter changed.

Thanks in advance

davenkelly

hi,

can u not stick it out until your loan payments are done??? i know that might sound daft or silly, but when your black horse loan finishes, you wil have another £129.37 left to chuck at other debts, a month later and you will have an extra £243.40 left to what you do now.

could you post a full SOA so the more knowledgeable ones than me can cast their frugal eyes over it??

IMPO i dont think a DMP would suit you best, i just think a few more hard months or scrimping and scraping and it will all be worth while.
after all....when you have finished your loan payments, it will only take you 2/3months to pay off HALF of ALL your credit cards...just think how good that will feel!!!

sorry if any of this is not helping..or constructive in anyway, i just wanted to wish you well, and to encourage you not to give in for the sake of 3/4 moths hard struggling.


hope it all works out for you
:-)

fatbelly

Hi Lowie

Yes, it would be easier if you could do a SoA using this link:

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

We can then see more clearly what is going on.

It sounds like your Council Tax is in arrears and you are catching up. Can they not spread it until the end of March? Have you checked whether you are entitled to any Council Tax Benefit/ Housing Benefit?

https://www.entitledto.com

lowie

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 714
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 714

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 208.33
Management charge (leasehold property).. 0
Council tax............................. 196.2
Electricity............................. 50
Gas..................................... 33
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 34.26
TV Licence.............................. 28.75
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 35
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............ 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)...... 15
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 715.54


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
Leeds CC.......................459.......10........5.9
Virgin CC......................1701.8....30........15.5
RBS CC.........................987.33....20........0
Black Horse....................388.11....129.4.....0
A&L Loan.......................420.12....105.......0
Total unsecured debts..........3956.36...294.4.....-


Monthly Budget Summary
Total monthly income.................... 714
Expenses (including HP & secured debts). 715.54
Available for debt repayments........... -1.54
Monthly UNsecured debt repayments....... 294.4
Amount short for making debt repayments. -295.94

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,956.36
Net Assets.............................. -3,956.36

lowie

That is my council tax until March. I'll see if they can do anything. Failing that back to my parents I think.

katsu

you just need to make it through a few months until you start finishing your loans. So, can you make some cutbacks just for that long:

cancel TV license - turn off TV. Just stop using it for a few months. Saving nearly £30per month.

Stop buying clothes for a few months
Saving £35

Can you hold off on haircuts - you don't need one every month anyway, so could you poss go two months without one?
Saving £8 per month (roughly)

Make presents - tell people you have entered a no presents pact - give them vouchers for babysitting, bake a cake, anything
Saving £15 per month

Go on the old-style boards and find out how to drop your £100 grocery bill
Saving???

You might free up up to £100 this way, depending how you get on with the groceries.

Can you use less electricity, saving you some more money? Your £80 utilities seem very high for one person.

This will not close the gap - getting your council tax sorted might help - so you may need to see if your family can help you for 3-4 months until your loan payments finish. At least this way you need to borrow less money.

lowie

I've looked over my finances to cut out as much as I can.


I've just got my TV license, hence the cost, cuz I have no social life and there is only so long I can read a book for before I get bored.
Take out clothing, presents & hairdressers = £65
Groceries - There are certain thing I purchase which I need on a daily basis (not multi vits or activia type things) so this may not go down much no more than maybe £10-£15 if at all.
My electricity is a pre-payment and athough I was dumb enough to get myself into debt I'm sensible enough to turn things off I'm not using and my monthly gas bill is £33. I'd rather over estimate in case I use too much and get cut off. Once I get my electricity metered (hopefully early '10) it'll be easier to find a cheaper option for both elsewhere.

My parents have no idea how much debt I'm in, my mum has been helping me with some things but my dad has no idea. It's a problem I'd rather take the burden of myself since I got myself into the problem with no ones help far as I'm concerned I gotta get myself out of it without asking for help. My mum doesn't have much money and most she gets from my dad who is wondering where his money is going. He would then ask how I got in debt which is a long story.

I've had a benefit check and all I can get is single person CT which isn't a lot. I'm about 2.5hrs short for WTC and I can't get my hours increased. I earn about £5 too much for HB.

All I know is I pay out more than I earn which does do good for my health which is bad enough and my stress levels. Might not need a haircut I'll be pulling all my hair out instead.

bloojeans

My parents have no idea how much debt I'm in, my mum has been helping me with some things but my dad has no idea. It's a problem I'd rather take the burden of myself since I got myself into the problem with no ones help far as I'm concerned I gotta get myself out of it without asking for help. My mum doesn't have much money and most she gets from my dad who is wondering where his money is going. He would then ask how I got in debt which is a long story.

Hiya. you do not need to borrrow from your mam or mam and dad but just taking to someone about it will make you feel a lotbetter. I held off telling my DH until it was impossible to keep it a secret anymore. And yes I felt guilty, ashamed, useless, hopless and much more but the feeling of relielf was well worth it. He was a star. whats the worst that going to happen, your mam and dad might give you a dressing down, so what it cant be any worse that how you are feeling now. If you can just possible hang in there for 2 0r 3 month more and you are home and dry. Come on you can do this, we will be here for you.

Bloo x

Verbatim

As you earn too much by £5 for HB would it be helpful to reduce your hours, well I suppose it would be by one hour or less as you can't be earning less than the minimum wage, unless you're younger than the age limit.

lowie

I'm refusing point blank to reduce my hours until I get told to by a doctor, although my manager would prefer I did cut my hours. I had a health prob this year which caused me to miss almost 3 months of work. I'm 25, so would rather be able to get WTC, and I'm not sure how much I can benefit from HB if I did reduce my hours.

On a slightlty brighter note, spoke to CT peeps this morn, they are going to cut my payments to around £99 p/m over 3 months, so that's slightly easier.

katsu

Have you got any stuff you can ebay?

Have you thought of trying a credit union in your town, see if you can borrow some money to pay off some debt and repay it at a lower interest rate for a bit longer? I know increasing your debt isn't ideal but you are so close to being able to complete those loans in the next few months, it just might be another way of closing the gap.

Could you get a shop job for christmas? What about cards in local shops offering ironing. cleaning, babysitting etc?

I really hope you can manage to find a way through the next few months.