Accurate SOA - My first effort was weak!! Help Apprciated

wanna-be-mortgage-free_2

abc123 wrote:

Hello,

I posted this earlier today, a few people pointed out a few problem with my SOA - thanks for that.

I have had another effort and am confident that this is pretty accurate. Again help desperately needed - and appreciated:

I have had a look at the various options and really don’t want to face bankruptcy. As I understand it the other option is an IVA but that isn’t so appealing either. My main problem is I have tried to sort myself out countless times, it seems to work for a few weeks then I completely disregard the problem – my fault I know. This will not happen now I have realised just how bad it is – a big wake up call.

What are my options??

After looking over the past postings I’m hoping you guys can come up with some suggestions for me. Here is my situation:

Debts:

Egg Loan: £5962 remaining (paying £160.98 a month – ends 27 Jan 2010)
Egg Credit Card: £3572.30 (0% for 6 months then 15.9% APR variable))
Egg Money Account: £3519.90 (14.9% APR variable)
HSBC Gold Card: £3800 (15.9% APR variable
Morgan Stanley Credit Card £1400 (5.9%APR)
Bank Account Overdraft: £2000

Income:

Salary of £26,000 – this is paid on a 4 weekly basis. I take home 13 instalments of £1496.16 over the year.

Ebay buying/selling: Approx £100 (this is a very approximate figure and really unreliable though)

Note: The 13 weekly payments doesn’t help with budgeting in any way!! Hopefully Ill be moving to a new job in the next month or so which may rectify this. Maybe the salary will be slightly better but the difference will be small.

Monthly outgoings:

Rent: £535 – I realise this is expensive but I’m locked into a contract until April 2007
Council Tax: £55
Food: £70 (you can cut this have a look at the os board, some people spend £45 per month for an adult and two kids!)Elec/Gas Bills: £40 (Are you sure this share is what you use? You could cut down by turning off everything rather than leaving on standby)Mobile Phone: £30 (you are tied in but can you reduce to a lower package?)
Travel: £70 (I’m considering buying a bike and cycling everywhere which is realistically possible). (A good idea)
Socialising: £100 (I know that this can realistically be £0 and is the first thing that needs to disappear) (Cut this down)
Internet: £5
Television Licence:£5
Other costs: £70 (including general expenditure – haircuts, toiletries, one off travel etc) (Home haircuts, shop for toiletries only when BOGOF offers are on - what's the one off travel for?)

Outgoings on debts:

£160 on HSBC Loan
£70 on Egg CC 1
£70 on Egg CC 2
£70 on HSBC CC
£30 on Morgan Stanley CC

I know the obvious steps first point of call is lower APRs on credit cards but I typically get offered limits of £1000 or something. Then money ends up all over the place – loads of payment dates and it gets really messy. I don’t want to end up missing payments and feel its almost better to keep it in one place and prevent this?

ANY help would be massively appreciated – even if its bad news. I just want to get on the road to recovering this situation as best I can.

Thanks in advance!

May be the time to contact either CAB or CCCS or Payplan, they would be able to give you more advice and maybe get your creditors to reduce interest or freeze it - sorry can't be much more help but I'm sure others can advise you more on this front. Good luck.