Just abit of assistance!

RAS

michael001 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 - I presume only one is yours?

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 113
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 15
Gas..................................... 10
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 50 - sorry but this is ludicrious, you need to reduce the package now and down grade more over time. Aim for £10 PAYG
TV Licence.............................. 10 - it is £12 divided by 2
Satellite/Cable TV...................... 0
Internet Services....................... 11.5
Groceries etc. ......................... 85 - good
Clothing................................ 10
Petrol/diesel........................... 200 - do you HAVE to drive this much?
Road tax................................ 15
Car Insurance........................... 97 - very expensive, are you young, got points? Try to get a better deal
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 983.7

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2400
Other assets............................ 0
Total Assets............................ 2400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4500.....(113)......50
Total secured & HP debts...... 4500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Quick Quid (PD Loan)...........137.5.....31.7......2000
Payday UK (PD Loan)............150.......25........2000
Capital One....................480.......21........39.6
One Capital (PD Loan)..........250.......85........2000
Wonga PD Loan..................193.84....45........2000
Speed-e-Loans PD Loan..........350.......90........2000
Halifax Personal Loan..........1700......97........21
Cash Genie (PD Loan)...........197.......45........0
Payday Express.................280.......85........2000
Vanquis Visa...................285.......15........45
Total unsecured debts..........4023.34...539.7.....-

Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 983.7
Available for debt repayments........... 16.3
Monthly UNsecured debt repayments....... 539.7
Amount short for making debt repayments. -523.4
Personal Balance Sheet Summary
Total assets (things you own)........... 2,400
Total HP & Secured debt................. -4,500
Total Unsecured debt.................... -4,023.34
Net Assets.............................. -6,123.34
Created using the SOA calculator at **********.
Reproduced on Moneysavingexpert with permission, using IE browser.

ok... heres my SOA.. On the Payday Loans, I really dont know the exact APR - all I know is that its over 2000%...

Also I have actually got 7 PD loans - I had a small one that I paid at the beginning of the month (they just took it from my debit card - I didnt even know untill I just looked at my statement online!)

My rent looks quite low I know - but I split it with my partner, same with the utilities. With the minimum payments to all of the PD loans that is just the monthly CHARGES - doesnt touch/cleear any of the actual balance.

So will the CAB just contact them all and deal with the offer of repayment?.. and what do I say in the letter to my creditors (I dont want to say anything incriminating!)

Do you HAVE to run a car. How much would public transport cost, on a monthly card?

What do you have that you can sell at a car boot, on e-bay or amazon?

Can you get any extra work?

pinksparkle_2

elfen wrote: »

Gettting the new account is the most important thing!
Then sending the letters offering an amount of payment per month and see if they accept; DO NOT PRIORITISE OTHER DEBT; all must be paid fairly i.e. if one is for 800 and one is for 300 then you offer the bigger debt more.

Can the payday loans take money from your a/c if you have cancelled your card and they do not have the new card details???...Pinksparkle

mum2one

michael001 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 113
Rent.................................... 240
Management charge (leasehold property).. 0
Council tax............................. 45 - not much help, but could you pay over 12 months, not 10
Electricity............................. 15
Gas..................................... 10
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 50 - this really needs to be reduced, noticed theres no charge for telephone line, - consider pay and go, or even sim only
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 11.5
Groceries etc. ......................... 85
Clothing................................ 10
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 97 -that needs reducing,are you driving a top of the range car, at renewal consider looking through cashback sites such as Quidco
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.2
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 983.7

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2400
Other assets............................ 0
Total Assets............................ 2400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4500.....(113)......50
Total secured & HP debts...... 4500......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Quick Quid (PD Loan)...........137.5.....31.7......2000
Payday UK (PD Loan)............150.......25........2000
Capital One....................480.......21........39.6
One Capital (PD Loan)..........250.......85........2000
Wonga PD Loan..................193.84....45........2000
Speed-e-Loans PD Loan..........350.......90........2000
Halifax Personal Loan..........1700......97........21
Cash Genie (PD Loan)...........197.......45........0
Payday Express.................280.......85........2000
Vanquis Visa...................285.......15........45
Total unsecured debts..........4023.34...539.7.....-

Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 983.7
Available for debt repayments........... 16.3
Monthly UNsecured debt repayments....... 539.7
Amount short for making debt repayments. -523.4
Personal Balance Sheet Summary
Total assets (things you own)........... 2,400
Total HP & Secured debt................. -4,500
Total Unsecured debt.................... -4,023.34
Net Assets.............................. -6,123.34
Created using the SOA calculator at **********.
Reproduced on Moneysavingexpert with permission, using IE browser.

ok... heres my SOA.. On the Payday Loans, I really dont know the exact APR - all I know is that its over 2000%...

Also I have actually got 7 PD loans - I had a small one that I paid at the beginning of the month (they just took it from my debit card - I didnt even know untill I just looked at my statement online!)

My rent looks quite low I know - but I split it with my partner, same with the utilities. With the minimum payments to all of the PD loans that is just the monthly CHARGES - doesnt touch/cleear any of the actual balance.

So will the CAB just contact them all and deal with the offer of repayment?.. and what do I say in the letter to my creditors (I dont want to say anything incriminating!)

The CAB will send you in the right direction, and will assist, again as the other poster has suggested get a basic bank account, and stop them getting assess to them.

I know its hard but you've taken the 1st step and thats asking for help.

Sorry couldn't be much more help. but good luck with everything. xx

pinksparkle_2

mum2one wrote: »

The CAB will send you in the right direction, and will assist, again as the other poster has suggested get a basic bank account, and stop them getting assess to them.

I know its hard but you've taken the 1st step and thats asking for help.

Sorry couldn't be much more help. but good luck with everything. xx

Can you tell me if you have cancelled your card and they do not have your new card details, can they still take money out of your account?

Pinksparkle

Green_Tea_2

Hi Pinksparkle, no they cannot take money out of the new account if you haven't given them the new card details.
I know how you feel, I had payday loans and despite me telling the cheque centre I was being made insolvent and someone would be in touch with them, they took over £500 out of my account! I am still chasing them to give me that money back. They are awful companies as you have found out, dont get bullied into paying more than you can afford
X

PaulJM

michael001 wrote: »

Looking at the T&C's of the contracts (especially the Payday loans) they are really strict about missing payments and charge all sorts of fees and say my account 'may be passed to a Debt Collection Agency' etc etc.

Im not fusssed about my credit rating, as that is way out of the window anyway... but just dont want to end up with anything really scary like baliffs or a CCJ

I won't judge on any of this, and will just simply answer the above question.
A CCJ or a bailiff have to come from the court. A debt collection agency doesn't have any legal powers. So they'd have to take you to court, you'd have to lose, and then NOT pay the court.

Hope it works out, good on you for not letting it go on and on and on! That way lies madness.

michael001

HELLO!

Sorry for the lack of posting updates in the last few weeks!

Ok... Ive got my basic bank account set up, Ive taken SOOO many tips from this website and managed to drop down a tarrif on my mobile so thats much less now than it was, Ive quit smoking (saving me a fortune) and driving alot more efficeintly now so saving about £50 a month in fuel.

I did a spending diary too for a week and Its amazing how so many little things can add up e.g. I used to buy at least one bottle of diet coke a day at work £1.10 a time, thats £30 a month!! Completely cut all of that out -its just amazing though how much you can actually cut back on! Like insted of buying lunch every day, bringing a packed lunch to work.

I guess im quite lucky aswell as I have come to an arrangement with my partner in terms of the household bills, he's agreed that I can make lesser contributions to the bills so im saving around £100/£120 a month. its just amazing though how much you can actually cut back on!

With my car - unfortunately my insurance is sky high. Im with Swinton (GRRR) and I cant cancel it otherwise get loads of fees. Im 22 and got 3 points on my licence... So I guess thats why its really expensive :mad:. I drive a vauxhall corsa 02 plate, nothing glam!

Ive contacted the CCCS and have been accepted for a DMP at £160 a month - They reckon it will be just two years untill I am debt free.

Most of my creditors have been ok, but Wonga - a nightmare!! They cant post me a statement, never seem to recieve emails from me, havent received the authority form to let CCCS discuss my account, Havent received a SIGNED FOR RECORDED postal order from me, claim they dont accept postal oirders... and FINALLY claim I havent contacted them (pretty much just being as obstructive as possible) so the £150.00 is now close to £300.00! Just thismorning I called the callcentre and was advised they will arrange an 'enfocement officer' to come and list my goods and look at removing property (Didnt think that they could do this???) and this enforcement officer may come to my workplace blah blah...

Im not too fussed, as EVEN if they took me to court at least the charges would be stopped and hopefully the court will see that I am doing everything possible to get out of this situation.

Now im waiting for the last few statements to arrive, then sending it all off to the CCCS so hopefully have the repayments in place as of the 1st July. Ive sent everyone a £2 postal order just to tide it over untill the repayment plan starts.

I alsso wanted to say THANYOU guys sooo much for your help - this website is brilliant :j

Mike xxxxxxx

never-in-doubt

michael001 wrote: »

HELLO!

Just thismorning I called the callcentre and was advised they will arrange an 'enfocement officer' to come and list my goods and look at removing property (Didnt think that they could do this???) and this enforcement officer may come to my workplace blah blah...

Sorry, but just let me stop laughing a moment - they said WHAT? :rotfl:

What a load of bollox, they can do no such thing - well not without going through court and you'd know about that! So take a read of this: Dealing with Bailiffs Harassment , to learn exactly what rights they do and do not have (actually they have no rights, lol) - you'll be fine and you've done the right thing so far. Well done :T

Numpty_Monkey

I agree with niddy, read the link they have link to

and a big blooomin well done :T:T:T:T

michael001

Thankyou.

Im so pleased that I can see everything falling into place now.

I guess the next couple of months will be tricky - fending off the zillions of text messages and phone calls but Im hoping after ive made my first 2/3 DMP payments to the CCCS my creditors will see that I am commited to clearing the balance and hopefully it should get easier.

The only thing im a teeny bit worried about is my creditors deciding to take me to court - a CCJ doesnt bother me as my credit rating is totally shot anyway - but it just all sounds abit scary!

Do you reckon that if they can see me sticking to my DMP they will not take any futher action. I know this is an impossible question, but just wondering if any of you guys have any past experience of this...