No way out....

Jimby509

If you are looking for advice on how to save cash you have to put in info on how much your spending on

food, magazines, clothes, birthday presents, holidays and car stuff

so people can advise you.

Also, think about reposting in the 'Debt free Wanna-be' forum.

Rochdale_Guy

Jimby509 wrote: »

If you are looking for advice on how to save cash you have to put in info on how much your spending on so people can advise you.

Also, think about reposting in the 'Debt free Wanna-be' forum.

Okay, I will think hard and try and divide the car stuff into 12 months...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1034
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1034

Monthly Expense Details
Secured/HP loan repayments.............. 106
Rent (includes water rates) ............ 288
Council tax............................. 75
Electricity............................. 21
Gas..................................... 22

Telephone (land line)................... 17
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV = FREEVIEW........... 0
Internet = don't have it, good job...... 0
Groceries etc. ......................... 40
Clothing................................ 10
Petrol/diesel........................... 36
Road tax................................ 12
Car Insurance........................... 120
Car maintenance (including MOT)......... 20
Car parking............................. 28
Medical (prescriptions, dentist etc).... 2
Contents insurance...................... 9
Presents (birthday, christmas etc)...... 10
Haircuts (I'm bold!) ................... 0
Entertainment........................... 5
Holiday................................. 42
Emergency fund.......................... 0
Total monthly expenses.................. 885


Assets
Cash.................................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3700.....(106)......0
Total secured & HP debts...... 3700......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Citibank VISA..................1070......27........0
RBS Mastercard.................2927......0.........0
MINT Visa......................6225......0.........0
MBNA...........................4347......0.........0
Total unsecured debts..........14569.....27........-


Monthly Budget Summary
Total monthly income.................... 1,034
Expenses (including HP & secured debts). 885
Available for debt repayments........... 149
Monthly UNsecured debt repayments....... 27
Amount left after debt repayments....... 122

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -3,700
Total Unsecured debt.................... -14,569
Net Assets.............................. -14,269

Don't forget that the car insurance, service & MOT and breakdown cover that all get bung onto plastic never get paid off

Please help me

Rochdale_Guy

and feel free to tell me if I've done the SOA wrongly.... ?

izools

Well, it doesn't look like you can afford to run a car. Not on your income, unfortunately.

Given your level of debt and income, I see you with two possible options - keep the car if it's essential and declare yourself bankrupt, or sell it if not and apply for an IVA.

Sucks, but it's true. I owe less and earn more than you (and please don't take that as trying to rub it in - it isn't); point is even taking that into consideration I wouldn't dream of trying to stretch my budget to include a car.

21castlehill

I agree with Izools, you cannot afford to run a car, it's eating £216 a month. Unfortunately it looks like you owe what it's worth so there is unlikely to be much in the way of cash back to help repay your debts. Not holidaying would help also meaning you have an extra £258 per month for debt repayment, 1 year of those extra payments would see your MBNA nightmare ended. Cutting up your credit cards would be a good move too as you simply can't keep spending money you don't have unless Bankrupcy is your aim.

Rochdale_Guy

Still sinking, it's that darned MBNA card:

January 2011: D/D payment = £99.14, interest charged = £103.45, balance owing = £4,339.55

December 2010: D/D payment = £103.72, interest charged = £94.19, balance owing = £4,335.24

November 2010: D/D payment = £167.11, interest charged = £98.72, balance owing = £4,344.82

October 2010: D/D payment = £96.74, interest charged = £162.11, balance owing = £4,413.21

Rochdale_Guy

Hi again,

I guess you'd all shoot me down in flames if I suggested trying to apply one last time for a new credit card for a low, fixed rate balance transfer? This is a last ditch attempt, and it was July last year I last applied for the Halifax card and was rejected....

I haven't missed any payments or applied for any new credit since then if that helps me in any tiny way?

If MBNA won't lower/freeze my payments what can I do? You've seen the crippling interest charges from the post above....

:eek:

Thank you.

Rochdale_Guy

Sorry, deleted.

BAILEYS6904

Right, i know it might not be much, but are your entitled to any benefits, such as housing benefit or anything ( I think you could be with the level of income you have, but probs not a huge amount). Check http://www.turn2us.org.uk/benefits_search.aspx to check for benefits.

weemee

Rochdale_guy,

What do MBNA say when you call them? It is in their interest for this to work.

Weemee