Help !!

wally38

Can anyone help Please !!! I have got tangled in a web of payday loans that total £2500 altogether, At the minute, I'm robbing peter to pay paul, and am in ove rmy head, can anyone advise how to start to get out of this situation.

BonandDom

Sorry I can't offer any advice but I'm sure someone will be along shortly who can.

WASHER

Welcome to MSE, it would help us if you posted an SOA (incomings and outgoings) and we will see if we can reduce your outgoings in order to repay these debts.

I'll get the SOA link and post it back in a mo.

WASHER.x.

RAS

wally

You need to start by getting a new basic bank account (there is no credit check) with a bank that has no association with the banks where you are currently, preferably one that has no relationship with any of your creditors.

gonzo127

first place to start is doing a detailed SOA (Statement Of Affairs) this will allow us and you to see your full financial situation which hopefully will allow us to spot any potential savings you could make which will allow you to pay off your debt quickly

i will post the link in a few mins

WASHER

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

the link to the SOA. Take RAS advice and open a new bank account today, the coop has a basic bank account if you have a weak/poor credit rating.

gonzo127

hehe beat me to it WASHER

wally38

Thanks for your help so far, I'm done the SOA, I've put in all the info I can, apart from getting 6 numbers on the lottery, is there any advise.


Statement of Affairs and Person


al Balance Sheet[/b]
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1350
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............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
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............ 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.................. 350

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
Citi Financial.................6000......279.......0
Everyday Loans.................1500......140.......0
Vanquis Card...................1000......45........0
Next Directory.................900.......90........0
HSBC...........................479.......30........0
Halifax........................400.......15........0
Northern Rock..................1200......25........0
Total unsecured debts..........11479.....624.......-

Monthly Budget Summary
Total monthly income.................... 1,350
Expenses (including HP & secured debts). 350
Available for debt repayments........... 1,000
Monthly UNsecured debt repayments....... 624
Amount left after debt repayments....... 376
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,479
Net Assets.............................. -11,479

alenax

You don't pay any electricity or gas bills?

WASHER

Do you live at home with parents?

saxysarah

Theres 2 of u in the house - you dont pay any council tax/electric or gas/internet connection you dont have a tv u never get ur haircut or spend any money on anything??? are you sure u've put everything in? if its the case for instance that you are living with a parent/relative and ur £50 rent goes towards your share of the bills and all that is covered then you a)need to keep a spending diary to work out where the excess money goes each month as this is quite a chunk to pay of the bills and b) use the snowball calculator to prioritise your debts - you'd be surprised how much difference this will make! best of luck