help ( out of ideas

nivek310884

In need of serious advice,
Im 25, and in alot of debt,
After tax i get approx £1140 per month, And my bills are
£80 a month barclay loan
£50 per month egg card repayment (masxed at 1380)
£15 per month Barclaycard (maxed at £600)
£25 per month capital one card (Maxed at £500) actually over its limit
£30 per month Vanquis £50 over its limit,
£500 Rent
£150 car finance
£50 car ins
£40 phone (12 months remaining,
plus various others
You get the idea, basically, i cant live anymore, i am continually over my overdraft and credit limits on cards every month, which means that everymonth all i am repaying is the default charges and slightly more, so i can never ever get under my credit limit meaning im never going to be able to reduce debts
I already never go out on a weekend, i buy food for the week and have cut down on everything for months but cannot get anyhelp to get anything under control, and i dont know what to do, or who i can turn too, i fully accept i got myself into the problem etc but i really needa hand getting out of it,
Is their anything my bank would do, baring in mind i already have a £1500 overdraft maxed with them (barclays) If i cant even clear down the default sums il never ever get beter, only worse, what can i actually do cause iv cut back past the bare bones and nowim starting to break completely


No one iv tried will accept me for credit, no one will accept me for a loan either

Tixy

Hi nivek

Don't try applying for anymore credit. If you can't afford the credit you already have getting more won't help you (I know it might not feel that way at the moment).

It would really help if you could post your budget /debt balances using this link http://www.makesenseofcards.com/soacalc.html so we can see the full picture (you might also want to include the limits as you are over them).

It sounds like you need a more planned solution and it may be that a debt management plan would be an option for you, but post up the figures first so we can have a proper look through.

savingmummy

Hi welcome to the board, well done for posting here.

As Tixy has said do a full accurate SOA. Include ALL monthly incomings and ALL outgoings. This will really help to see what is going out and how much you have left or how short you are each month.
People can have a look and see if you can reduce any outgoings to help you too.

You need to cut up the cards, using these will just up the debt and make your situation harder.

-You may be better off opening a bank account for your wages to go in so you can pay bills and then gradually pay off your overdraft in the other bank.
-Do you need your car?
-Have you tried shopping for lower car insurance? elec/gas?
-If you contact your mobile phone company and haggle they may beable to reduce the cost! £40 is a lot when your struggling.
-Could you move to cheaper housing?
-Do you have anything to sell?
-Could you get overtime at work?

I know it seems really hard and that thing won`t improve, but they will x

nivek310884

ok, il list everything here

Currently i am over my overdraft limit of £1500, currently at £1700

i get paid £1154 per month,

And my outgoings are as follows

BarclayLoan £80 p/m (2 yrs remaining)
Barclaycard £15 p/m (£498, limit £500) 14%
Egg Card £50 p/m (£1400 limit £1380) 26.9%
BOS Card £50 p/m (£1795 limit £1800) 21%
Cap one Card £25 p/m (£505 limit £500) 31%
Vanquis Card £30 p/m (£560 limit £500) 37-40%
Car Finance £154 p/m - i need a car as i travel 50 miles round trip to work per day
Car ins £50 - This is as low as i can afford to get it, as i can not afford the set up costs of 2 payments deposit to change providers
Phone Costs £34 per month, (reduced from £40, 1 year to go)
£380 for half the rent and bills i pay,
£200 petrol per month, this is used for travelling to work only
Leaving me with nothing to survive on as you can see


I have nothing left to sell, iv almost got rid of everything i own im currently trying to set up a small website to provide IT support to households in the local area as i do have some good IT qualifications behind me such as Computer Science Degree, CCNA Certs, Sage Accounts Technician (i work for Sage)

I hope this is as detailed as people need,

i have no one left to borrow from either, friendswise

Thanks in anticipation

GeorgeUK

From what you have put above, you should have more than £80 left over each month.

It would be worth completing the SOA for yourself to make sure you have everything listed and are not forgetting some bills.

If you don't have that left over each month, keep a spending diary so you can see exactly what you are paying out and what on.

Keep a little back to save for emergencies and throw anything else you have at the debt with the highest APR.

You can have about 3 credit checks in a 6 month period before your credit score is affected. I would not make any more credit applications until August.

If you have Payment Protection Insurance (PPI), see if this was missold and if you can reclaim.
Also look to see if you can reclaim any credit card charges.
http://www.moneysavingexpert.com/reclaim/

MyLastFiver

What George said. "Snowball" method. Take your most expensive debt and chuck everything at it.

Also, is it possible for you to bike it to work at least one or two days a week to save on petrol? The savings do add up. I save a tank of petrol a month doing this.

Tixy

nivek310884 wrote: »

ok, il list everything here

Currently i am over my overdraft limit of £1500, currently at £1700

i get paid £1154 per month,

And my outgoings are as follows

BarclayLoan £80 p/m (2 yrs remaining)
Barclaycard £15 p/m (£498, limit £500) 14%
Egg Card £50 p/m (£1400 limit £1380) 26.9%
BOS Card £50 p/m (£1795 limit £1800) 21%
Cap one Card £25 p/m (£505 limit £500) 31%
Vanquis Card £30 p/m (£560 limit £500) 37-40%
Car Finance £154 p/m - i need a car as i travel 50 miles round trip to work per day
Car ins £50 - This is as low as i can afford to get it, as i can not afford the set up costs of 2 payments deposit to change providers
Phone Costs £34 per month, (reduced from £40, 1 year to go)
£380 for half the rent and bills i pay,
£200 petrol per month, this is used for travelling to work only
Leaving me with nothing to survive on as you can see

Hi again

The reason I suggested the SoA format is it looks at things the opposite way round. First you need to look at what you have to pay out for basic living expenses and then see how much is left for debt repayments, these are lower priority than food, rent & council tax for example.

Income 1154

Rent & Bills.....380 (if you can break this down we may be able to suggest ways to cut costs - as well as rent & utilities does this include phone, internet, tv licence, contents insurance, council tax etc?)
Groceries............? (is this included in the rent & bills figure?)
Petrol............. 200
Car Insurance... 50
Car Road Tax ....?
Car maintenance, MOT, servicing ?
Phone ............. 34
Presents.............?
Haircuts..............?
Medical/dentist.....?
Entertainment......?
Clothes..............?
Total Expenses.... 664 + ??

Left for debt repayments 490

Car finance.....154

Left for unsecured debt repayments 336

Debts
BarclayLoan £80 p/m
Barclaycard £15 p/m
Egg Card £50 p/m
BOS Card £50 p/m
Cap one Card £25 p/m
Vanquis Card £30 p/m
Overdraft ?

Total minimum payments 250

Left after debt repayments 86

From the info you have given at the moment you seem to have £86 spare per month to spend on the items I have shown as "?". You need to work out a monthly cost for these items (if you don't spend on them every month then work out an annual figure & include 1/12 in the monthly budget).
Until you have added this information in it looks as though you can afford your current debts.

Are you entitled to any working tax credits based on your salary?
Could you move closer to work? Can you reduce your rent/find somewhere cheaper to rent etc? Have you shopped around for all your 'bills' items to check you are on the cheapest deal.

With regards to petrol- is your car fuel efficent and do you drive it efficently? - this article shows how you can save up to 30% if you fuel cost by changing the way you drive - http://www.moneysavingexpert.com/travel/cheaper-fuel

Is there any chance of overtime at work? Any chance of a promotion or a better paid job elsewhere?

If the items missing from your budget come to more than £86 -which I think is likely then you need to contact one of the free debt organistions shown here - http://forums.moneysavingexpert.com/showthread.html?t=2077631 for advice. I imagine they would probably suggest a DMP is a good option for you.

savingmummy

you need to do the SOA in full.
We can then advise accordingly x

stella63

Hi Nivek!!
Have you tried doing the online debt remedy at the cccs website?? You don't have to commit to anything or give any details if you decide its not for you but its a great tool for working out what you can afford and will give reccomendations as to which is the best way forward for you.
Good Luck xx