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kdog2010

What are the chances of me getting an unsecured personal loan based on me having a very good credit score and the below SOA?

Any comments are welcomed


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income2,170Monthly expenses (incl. HP & secured loans)930Available for debt repayments1,240UNsecured debt repayments400Amount left after debt repayments840

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)84,995Total Secured & HP Debt-79,350Total Unsecured Debt-15,400Net Assets-9,755
Household Information

Number of adults in household1Number of children in household0Number of cars owned0
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1800Partners monthly income0Benefits0Other income370Total monthly income2170

ExpensesAmount(£)Mortgage360Secured/HP loan payments0Rent0Management charge (leasehold property)0Council tax150Electricity50Gas0Oil0Water Rates30Telephone (land line)40Mobile phone60TV Licence15Satellite/Cable TV70Internet services0Groceries etc.80Clothing20Petrol/diesel0Road tax0Car Insurance0Car maintenance (including MOT)0Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance15Contents Insurance0Life Assurance20Other Insurance0Presents (birthday, christmas etc.)20Haircuts0Entertainment0Holiday0Emergency Fund0Total monthly expenses930

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage79350(360) 4Secured & HP Debt totals79350- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Bank of Scotland550012022.95Ulster Bank30009015.75Bank of Ireland30008015.75Capitalone8004030.34Egg11002516.9Barclaycard20004519.9Unsecured Debt totals15400400-

CCCS_Sue

DefinitelyMaybe wrote: »

Hi,

I have no one else to blame for my debt other than myself but i realise that it needs to be addressed but i just don't know how! I've looked online but feel slightly nervous about some of the Debt Free companies.

Basically i owe around £7750.00 on a Personal Loan and £9000.00 on Credit Cards. I can afford the monthly repayments (just) but i see no end to the debt - it will take me years to repay the credit cards!

I know my situation is nothing compared to some that i have read but it is affecting me and i just need to see some light at the end of the tunnell.....any help would be GREATLY appreciated.

DM

Hi DM and thank you for your message

You could call us for an appointment to speak to one of our debt counsellors who will explore all the options available to deal with your debt situation.

CCCS is a registered charity, and there is no charge whatsoever for the services we provide to our clients.

To book an appointment with one of our trained counsellors you would need to contact our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards
Sue

CCCS_Sue

lyndareid wrote: »

Please help me. My daughter has got herself into a huge financial mess. I need to give her the best advice as to who to contact to help her. This has gone beyond court etc. She has now contacted a company called KMG (?) who are apparently 'dealing with her case' and talking about sequestration. I cant find any info on this company or what they may charge for this service We live in the Falkirk area of Scotland. Please help me to advise her. Thanks

Hi lindareid and thank you for your message

I am not able to comment on any particular company, but if they are charging fees, she would be better contacting a non fee charging charity.
There is an application fee for sequestration which is £100. She should not have to pay anything else.
I have attached a link to our website which gives further information on sequestration.
http://www.cccs.co.uk/InfoCentre/Scotland/Debtsolutions/SequestrationandLILA.aspx

If she would like to speak to one of our counsellors about her situation, she can call our free helpline number on 0800 138 1111.

Lines are open Monday to Friday 08:00-20:00

Alternatively she can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist her in completing a financial statement and she would be provided with tailored advice on the best way to deal with her situation. This link will take her directly to Debt Remedy www.cccs.co.uk/ref/drcu

Hope this helps

Regards
Sue

CCCS_Sue

kdog2010 wrote: »

What are the chances of me getting an unsecured personal loan based on me having a very good credit score and the below SOA?

Any comments are welcomed


Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget SummaryAmount(£)Total monthly income2,170Monthly expenses (incl. HP & secured loans)930Available for debt repayments1,240UNsecured debt repayments400Amount left after debt repayments840

Personal Balance Sheet SummaryAmount(£)Total Assets (things you own)84,995Total Secured & HP Debt-79,350Total Unsecured Debt-15,400Net Assets-9,755
Household Information

Number of adults in household1Number of children in household0Number of cars owned0
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax1800Partners monthly income0Benefits0Other income370Total monthly income2170

ExpensesAmount(£)Mortgage360Secured/HP loan payments0Rent0Management charge (leasehold property)0Council tax150Electricity50Gas0Oil0Water Rates30Telephone (land line)40Mobile phone60TV Licence15Satellite/Cable TV70Internet services0Groceries etc.80Clothing20Petrol/diesel0Road tax0Car Insurance0Car maintenance (including MOT)0Car Parking0Other travel0Childcare/nursery0Other child related expenses0Medical (prescriptions, dentists, opticians etc.)0Pet Insurance/Vet bills0Buildings Insurance15Contents Insurance0Life Assurance20Other Insurance0Presents (birthday, christmas etc.)20Haircuts0Entertainment0Holiday0Emergency Fund0Total monthly expenses930

Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)Mortgage79350(360) 4Secured & HP Debt totals79350- -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)Bank of Scotland550012022.95Ulster Bank30009015.75Bank of Ireland30008015.75Capitalone8004030.34Egg11002516.9Barclaycard20004519.9Unsecured Debt totals15400400-

Hi kdog2010 and thank you for your message.

I cannot say whether you would be able to get a loan based on the above.
It would depend on the lenders criteria.
If you are struggling with debts, it is not always a good idea to take out further loans to clear existing debts, as you could end up in a worse position.
There could be other options you could look at.
If you would like to discuss this further with one of our debt counsellors, you can call us free for an appointment on 0800 138 1111.
Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards
Sue

bhoy1976

CCCS_Sue wrote: »

Hi bhoy1976,

They are right in saying that you should continue to make the payments even if they don’t think it is sufficient.

If you are already offering them as much as you can, along with a copy of your income and expenditure as proof, then you have done the right thing.

A default notice is normally issued when you have not been making minimum payments on a debt. It is a legal requirement on their behalf, which states that you have not maintained the terms and conditions of the original agreement.

If you are unable to make the minimum payments, it is quite likely that they will issue a default notice against you, and the creditors don’t always give you a prior warning.

A default will stay on your credit reference file for 6 years but it is unlikely to affect your employment. I have attached a link to a booklet which explains a bit more about how credit reference files work: http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

I hope this helps.

Regards,
Sue

Thanks Sue,

I have now discovered a second Default on my credit file from way back in January 2009 when my DMP began.

I am expecting more and with things sliding in the way they are, I it is beginning to look more and more like Bankruptcy.

I'm struggling both mentally and financially. I can't move forward with my life becasue there is no room to adjust.

Tis is going to hang over my head for a very long time. My career with the police will not get me out of this situation because the public sector does not pay well.

I'm caving in and looking more and more to Bankruptcy, no that my credit file is riddled with defaults, I won't be able to get jack from anyone.

I really can't handle this anymore.

h3ndr1x

Hi CCCS

Im new to this forum and very nieve when it comes to solving my financial situation. I've just got off the phone to a company called Churchwood who have offered me a consolidation program. I very stupidly gave them bank details so they could begin the process of contacting my lenders, now after reading some bad reviews and discovering that people like yourselves offer the same service for free and getting a little worried. They seemed nice enough and easy to get back in touch with regarding a follow up question, however i was wondering if you guys have heard much about them and how they work? I am waiting to for them to call me back (the advisor was out to lunch) as so i can cancel my account with them.

I have around 20k debts that Im trying to pay of including 2 credit cards a personal loan and a student loan. is this something CCCS can help me with?

Kind regards

Will.

BrianTheSnail_2

Hi.
I spoke with a counsellor this morning who proposed a DMP.
As I have 2 months of a £220 Council Tax payments remaining with a collection agency we had to seriously trim the budget to get a £25 surplus showing. With £25 she can get the dmp up and running. She said not to worry and after the 2 months we could look again at the budget. In reality 170-180 surplus is realistic., 245 is just not sustainable and I cant agree to it being correct .. but.... I dont think I am in a position to argue if the figures need to be massaged the problem is I dont want to put myself into a position where I am backtracking on the initial figures I agreed on

My question is this... do the creditors actually see the budget details and breakdown or are they just for CCCS and myself? .

Will the creditors be told that payments will be increasing in a short time? If not they are unlikely to agree I would think.

Thank you for all the time you give on here.

winner12

Hi there
Im on my own DMP but struggling with Monument credit card im paying pro rata offers but they wont agree to the amount offered , weird thing is they are not charging interest or fees on my statements so have they accepted unofficially

StepChange_Pavan

bhoy1976 wrote: »

Thanks Sue,

I have now discovered a second Default on my credit file from way back in January 2009 when my DMP began.

I am expecting more and with things sliding in the way they are, I it is beginning to look more and more like Bankruptcy.

I'm struggling both mentally and financially. I can't move forward with my life becasue there is no room to adjust.

Tis is going to hang over my head for a very long time. My career with the police will not get me out of this situation because the public sector does not pay well.

I'm caving in and looking more and more to Bankruptcy, no that my credit file is riddled with defaults, I won't be able to get jack from anyone.

I really can't handle this anymore.

Hi Bhoy1976,

You should continue making the payments that you can afford as you can’t offer them money you do not have.

With regards to bankruptcy, this will always be your last resort. Have you considered other career paths if bankruptcy does become your best option?

With regards to your credit rating, it is unlikely that you will want to borrow more money until your debts are cleared.

If you do want to discuss other options such as bankruptcy, call our Client Support team and they will be happy to talk this through with you.

Kind regards,
Pavan

StepChange_Pavan

BrianTheSnail wrote: »

Hi.
I spoke with a counsellor this morning who proposed a DMP.
As I have 2 months of a £220 Council Tax payments remaining with a collection agency we had to seriously trim the budget to get a £25 surplus showing. With £25 she can get the dmp up and running. She said not to worry and after the 2 months we could look again at the budget. In reality 170-180 surplus is realistic., 245 is just not sustainable and I cant agree to it being correct .. but.... I dont think I am in a position to argue if the figures need to be massaged the problem is I dont want to put myself into a position where I am backtracking on the initial figures I agreed on

My question is this... do the creditors actually see the budget details and breakdown or are they just for CCCS and myself? .

Will the creditors be told that payments will be increasing in a short time? If not they are unlikely to agree I would think.

Thank you for all the time you give on here.

Hi BrianTheSnail, and thank you for your message.

The creditors will be sent a copy of your budget and from this they will be able to see that your council tax arrears will be cleared in 2 months time.

I would recommend that you call us when your council tax arrears are cleared. The counsellor will look at your situation and update your budget.

I hope this helps to put your mind at ease

Kind regards,
Pavan