help with debt

ceri32s

please can anyone give me some help
i'm in a large amount of debt which i'm paying off as best i can. in the last 6 months i missed no payments or been late on payments but before that i had be late of few payments. i have got til oct to decide what to do about my car which is on one of these passport schemes either pay off remaining debt or have new car.
i was refused credit for new car back in oct last year and i thinkking what best to do now
a) try again and see if i can get credit for new car
b) try and get credit for the remaing debt which is £4000
c) sell car pay off debt and buy a cheap car
i know c sounds like good option but with 2 tiny children i think need a reliable car with them and getting back and fore to work.:mad:
one credit report says credit score good another says poor really worried and unsure what to do help!!!!

pennypusher

Hi Ceri, post your Statement of Affairs and people will be able to advise you better.

3Dogs

An SOA (statement of Affairs) can be completed using www.makesensofcards.com/soacalc.html and there is a facility to 'post in forums'

BLT_2

ceri32s wrote: »

please can anyone give me some help
i'm in a large amount of debt which i'm paying off as best i can. in the last 6 months i missed no payments or been late on payments but before that i had be late of few payments. i have got til oct to decide what to do about my car which is on one of these passport schemes either pay off remaining debt or have new car.
i was refused credit for new car back in oct last year and i thinkking what best to do now
a) try again and see if i can get credit for new car
b) try and get credit for the remaing debt which is £4000
c) sell car pay off debt and buy a cheap car
i know c sounds like good option but with 2 tiny children i think need a reliable car with them and getting back and fore to work.:mad:
one credit report says credit score good another says poor really worried and unsure what to do help!!!!

If you have credit ratings of poor and good then your chances of borrowing 4,000 are slim as is getting additional credit. Furthermore every application you submit which is refused will result in a lowering of our credit score, its a vicious circle.

Will you get enough from selling the car to pay off the debt, are you even allowed to sell off the car before the final payment has been made? If it is on the passport scheme I believe it remains a company asset until the final payment has been made.

Cheap does not necessarily mean unreliable. There are millions of cars out there which are 'cheap' but run reliably every day

ceri32s

yes can sell car i have asked. car will bring in more than what i owe. i know there reliable older cars out there
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 700
Benefits................................ 170
Other income............................ 0
Total monthly income.................... 3170
Monthly Expense Details
Mortgage................................ 400
Secured/HP loan repayments.............. 222
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 71
Electricity............................. 30
Gas..................................... 82
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 40
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 42
Internet Services....................... 12.99
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 33.24
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..................... 19.5
Contents insurance...................... 0
Life assurance ......................... 15.24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 73
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1990.97

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(400)......0
Hire Purchase (HP) debt ...... 0........(222)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
hsbc...........................2000......49........0
barclaycard....................4500......52........0
monument.......................2450......42........0
virgin.........................5500......110.......0
hsbc loan......................0.........250.......0
hsbc loan......................0.........281.......0
loan blaqck horse..............0.........413.......0
Total unsecured debts..........14450.....1197......-

Monthly Budget Summary
Total monthly income.................... 3,170
Expenses (including HP & secured debts). 1,990.97
Available for debt repayments........... 1,179.03
Monthly UNsecured debt repayments....... 1,197
Amount short for making debt repayments. -17.97
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,450
Net Assets.............................. -14,450

BLT_2

You are paying Mortgage and rent? and also appear to be making payments on 3 loans which have no debit against them?

ceri32s

:mad:yes paying £400 morg and not sure what the amount is left on outstanding loans 1 is mine 1 my oh and 1 joint.
new to this sorry so unsure what i'm doin

BLT_2

More to the point I am afraid that with 7 outstanding loans/CC, nearly all of which you appear to be making the minimum payment on, your chances of getting further loans are slim at best, despite what appears to be a very healthy income.

BLT_2

ceri32s wrote: »

:mad:yes paying £400 morg and not sure what the amount is left on outstanding loans 1 is mine 1 my oh and 1 joint.
new to this sorry so unsure what i'm doin

OK so you are paying a 400 pound mortgage, but have no rental income, but you have also listed 400 pounds in rent, pretty confusing. If you have a mortage then the rent payment must be incorrect, in which case you have 400 pounds more available cash than you think?

ceri32s

yes good income just got ourselves in debt and r makin min payments. not sure what to do. what u saying is what i know already just thought ask on here if anyone can give me some advice thanks for ur help:)

BLT_2

Unfortunately Ceri you will get a lot of advice on your SOA such as cancelling your Sky etc etc, but nothing that is going to make an enormous difference given your outgoings. I'm afraid it is just a case of living frugally and biting the bullet until some of the loans drop off of the radar