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My S.O.A. - inc Payday Loans Nightmare
BigTone
Posts: 153 Forumite
Hi all, I am new to this forum but if you could offer any advice it would be greatly recieved.
My SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 705
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Abbey...................5000......212.......10
Loan - Family..................5500......0.........0
AbbeyCC1.......................900.......25........10.9
Vanquis........................500.......25........35
HSBC...........................1250......50........20
Barclaycard....................4100......90........30
MBNA...........................2200......50........25
AbbeyCC2.......................1300......35........10.9
Total unsecured debts..........20750.....487.......-
Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 705
Available for debt repayments........... 995
Monthly UNsecured debt repayments....... 487
Amount left after debt repayments....... 508
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -16,250
What is killing me is that I have 4 Payday loans, (used to be 6, paying off 1 per month with surplus) which amount to nearly 2000, these will be gone in 3 months.
I CANNOT STRESS HOW AWFUL THESE LOANS ARE - STAY AWAY!!!!
I have been in this situation for almost 12 months, paying minimum payments and interest to payday loan companies, meaning I have paid very little, but some, off the total debt. All the money on cards is at cash advance rate!!!!!!!! Stupid I know, but at the time I don't think I really thought about it, I am 23 years old, last year took a 10k pay drop, hence the no movement on the debt situation.
What is the quickest/most appropriate way of clearing this debt? I cut my cards up in Dec 2008 and have not spent on them since.
Bank will not let me loan because I have over half my salary already as credit, and even after explaining that I wanted a loan just to consolidate (reduce the interest I'm paying) they still refused and were not helpful whatsoever.
Feel as though I'm just getting nowhere.
I am due to start a new job next month which has a substantial salary increase and plenty of overtime and I need to make the most of the "extra" money to get me out of this hole.
Many thanks in advance.
My SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
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)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 705
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Abbey...................5000......212.......10
Loan - Family..................5500......0.........0
AbbeyCC1.......................900.......25........10.9
Vanquis........................500.......25........35
HSBC...........................1250......50........20
Barclaycard....................4100......90........30
MBNA...........................2200......50........25
AbbeyCC2.......................1300......35........10.9
Total unsecured debts..........20750.....487.......-
Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 705
Available for debt repayments........... 995
Monthly UNsecured debt repayments....... 487
Amount left after debt repayments....... 508
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -16,250
What is killing me is that I have 4 Payday loans, (used to be 6, paying off 1 per month with surplus) which amount to nearly 2000, these will be gone in 3 months.
I CANNOT STRESS HOW AWFUL THESE LOANS ARE - STAY AWAY!!!!
I have been in this situation for almost 12 months, paying minimum payments and interest to payday loan companies, meaning I have paid very little, but some, off the total debt. All the money on cards is at cash advance rate!!!!!!!! Stupid I know, but at the time I don't think I really thought about it, I am 23 years old, last year took a 10k pay drop, hence the no movement on the debt situation.
What is the quickest/most appropriate way of clearing this debt? I cut my cards up in Dec 2008 and have not spent on them since.
Bank will not let me loan because I have over half my salary already as credit, and even after explaining that I wanted a loan just to consolidate (reduce the interest I'm paying) they still refused and were not helpful whatsoever.
Feel as though I'm just getting nowhere.
I am due to start a new job next month which has a substantial salary increase and plenty of overtime and I need to make the most of the "extra" money to get me out of this hole.
Many thanks in advance.
Debt 2007 = £30,000
Debt Aug 2012 = £600
Debt Jan 2014 = £15,000
Debt Aug 2012 = £600
Debt Jan 2014 = £15,000
0
Comments
-
Hi all, I am new to this forum but if you could offer any advice it would be greatly recieved.
My SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2 Can you sell a car? Why do you need 2 if only 1 of you works?
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0 Why can't/don't they work?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0 Why no council tax?
Electricity............................. 0 Why not?
Gas..................................... 0 Why not?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 Lower this. You can't afford it.
TV Licence.............................. 0 Why not?
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 250 Why is this so high?
Road tax................................ 20 For 2 cars?
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
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 You need this!
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 705
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan - Abbey...................5000......212.......10
Loan - Family..................5500......0.........0
AbbeyCC1.......................900.......25........10.9
Vanquis........................500.......25........35
HSBC...........................1250......50........20
Barclaycard....................4100......90........30
MBNA...........................2200......50........25
AbbeyCC2.......................1300......35........10.9
Total unsecured debts..........20750.....487.......-
Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 705
Available for debt repayments........... 995
Monthly UNsecured debt repayments....... 487
Amount left after debt repayments....... 508
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -16,250
What is killing me is that I have 4 Payday loans, (used to be 6, paying off 1 per month with surplus) which amount to nearly 2000, these will be gone in 3 months.
I CANNOT STRESS HOW AWFUL THESE LOANS ARE - STAY AWAY!!!!
I have been in this situation for almost 12 months, paying minimum payments and interest to payday loan companies, meaning I have paid very little, but some, off the total debt. All the money on cards is at cash advance rate!!!!!!!! Stupid I know, but at the time I don't think I really thought about it, I am 23 years old, last year took a 10k pay drop, hence the no movement on the debt situation.
What is the quickest/most appropriate way of clearing this debt? I cut my cards up in Dec 2008 and have not spent on them since.
Bank will not let me loan because I have over half my salary already as credit, and even after explaining that I wanted a loan just to consolidate (reduce the interest I'm paying) they still refused and were not helpful whatsoever.
Feel as though I'm just getting nowhere.
I am due to start a new job next month which has a substantial salary increase and plenty of overtime and I need to make the most of the "extra" money to get me out of this hole.
Many thanks in advance.
Comments aboveI was born too late, into a world that doesn't care
Oh I wish I was a punk rocker with flowers in my hair0 -
When you get your pay increase use the snowball calculator
http://www.whatsthecost.com/snowball.aspx DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
iamana1ias wrote: »Comments above
Pretty willing to bet they live at home with a parent
That's certainly what all the numbers suggest... DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
-
My SOA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2 Can you sell a car? Why do you need 2 if only 1 of you works? - Live with parent, not partner
Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 0 Why can't/don't they work? - Single
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1700
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0 Why no council tax?- Live with parent, pay rent
Electricity............................. 0 Why not? Same again
Gas..................................... 0 Why not? - Same again
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 Lower this. You can't afford it. - In the process, can only lower by 5 per month - Contract
TV Licence.............................. 0 Why not? - Live with parent pay rent
Satellite/Cable TV...................... 0
Internet Services....................... 5
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 250 Why is this so high? - Need car to work
Road tax................................ 20 For 2 cars? - For 1
Car Insurance........................... 50
Car maintenance (including MOT)......... 25
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 You need this! - No house to insure contents for, parent rents
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 705
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 4500
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Loan - Abbey...................5000......212.......10
Loan - Family..................5500......0.........0
AbbeyCC1.......................900.......25....... .10.9
Vanquis........................500.......25....... .35
HSBC...........................1250......50....... .20
Barclaycard....................4100......90....... .30
MBNA...........................2200......50....... .25
AbbeyCC2.......................1300......35....... .10.9
Total unsecured debts..........20750.....487.......-
Monthly Budget Summary
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 705
Available for debt repayments........... 995
Monthly UNsecured debt repayments....... 487
Amount left after debt repayments....... 508
Personal Balance Sheet Summary
Total assets (things you own)........... 4,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,750
Net Assets.............................. -16,250
Replies in green above, ThankyouDebt 2007 = £30,000
Debt Aug 2012 = £600
Debt Jan 2014 = £15,0000 -
I am no expert but i think a good idea would be to contact CCCS and ask for an appiontment go through it all with them and then maybe they might suggest a debt repayment plan which can be changed when your income increases, or they might suggest otherwise, they are currently helping me with a dro an di got an appointment really quickly. Just look on website send them an email or ring them there is help out there.
Good luck0 -
Your payday loans need to be the first priority by far. Then, as Mrs Tine has suggested, use the snowball calculator to see which debt to pay off first. Vanquis looks like a good first one after your payday loans though.
Do you have the APRs for the payday loans so you can work out which one to pay off first? I know their APRs are horrendous (I saw one the other day for 254%) when the amounts are that high then even a tiny amount extra paid in will reduce the amount of interest you pay.
Your petrol costs are pretty high, I know you need the car for work but would public transport work out any cheaper for you in the short term whilst you nail these payday loans?Bank loan £7,753 3% APR Exp 11/2013
Mortgage £58,637945 18 years left0 -
Hi, Thankyou for your advice, Public transport is not possible, as I need to be multiple places throughout the week.
So, my plan in steps is;- Clear Payday Loans
- Clear Credit cards, using snowball calculator
- Clear family debts
I would even like to get into a situation where say, I manage to pay off 50% of my total debt and then move the other 50% to an interest free/low interest option and kick off some savings.
I need to get myself a place of my own to live, this is why I am weary about a DMP from CCCS, I do not want to have anything to my detriment when it comes to getting a mortgage in later life, I do not miss payments as it is and so, think that when I have cleared most of my debt, my credit score should be good again because I have loads of good history.
What do you think? am I doing the right thing?/moving in the right direction?
Many thanksDebt 2007 = £30,000
Debt Aug 2012 = £600
Debt Jan 2014 = £15,0000 -
No advice really, just want to wish you luck and say well done for facing up to it.
Every single penny that you pay off, is a penny nearer to the end. Seriously, every penny counts Thankful For My LBM
Proud To Be Dealing With Our Debts.
:A
0 -
Sounds like you are getting things sorted. A couple of suggestions - have you got a credit union near you? they may be able to give you a loan at a much lower rate than thoes payday loan people - allowing you to get rid of them a lot quicker? worth asking about anyway.
Also have you got anything to sell? car boot? ebay?
Apart from that or getting a second job in the evening if you wanted it all looks pretty good.
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0
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