best way to juggle my low financies and high debt

G1zm0

hi thought id posthere to get a solotion without goingon debt management or iva.

i have a loan thats got 5 years to go and a year into it i pay 398 pm to it

ive got a cred card that ive had on various 0% cards and thats got 1 mnth to go and its 170pm

got another card that the interses is 88pm, thats all i can pay to that.

i pay 656 a month to debts and that doesnt count my household bills .

after ive payed my bills from 12-1300 pm im left with 222 to 322, depending on my wage that month.

what i wanted was a loan for my 29,000 worth of debt but cant get over 25000 without security.

i was wondering without adding years on is there a way i can get my debt payments to around 500 so 800+ in total

was thinking of a low cost creditcard for 11,000 of the debt, i have a card with virgin thats 6k, they said 6.9% so 1% a month i pay bak thats 75 on 5k, 50 payment 25 interest, was going to call see if they would rase the limit to 10k.

then i would pay 400 and 150 on debt. 550 and the 333 house hold bills, so thats 883pm, would liike lower

anyone any ideas, my balance transfer time is up with cap 1 on 28th and still over 5k wit them

Fiddlestick

G1zm0 wrote: »

hi thought id posthere to get a solotion without goingon debt management or iva.

i have a loan thats got 5 years to go and a year into it i pay 398 pm to it

ive got a cred card that ive had on various 0% cards and thats got 1 mnth to go and its 170pm

got another card that the interses is 88pm, thats all i can pay to that.

i pay 656 a month to debts and that doesnt count my household bills .

after ive payed my bills from 12-1300 pm im left with 222 to 322, depending on my wage that month.

what i wanted was a loan for my 29,000 worth of debt but cant get over 25000 without security.

i was wondering without adding years on is there a way i can get my debt payments to around 500 so 800+ in total

was thinking of a low cost creditcard for 11,000 of the debt, i have a card with virgin thats 6k, they said 6.9% so 1% a month i pay bak thats 75 on 5k, 50 payment 25 interest, was going to call see if they would rase the limit to 10k.

then i would pay 400 and 150 on debt. 550 and the 333 house hold bills, so thats 883pm, would liike lower

anyone any ideas, my balance transfer time is up with cap 1 on 28th and still over 5k wit them

Why not post an SOA with a full breakdown of your income, your outgoings and the relevant APR on each debt payment?

G1zm0

well my outgoings for my household bills are £333, just usual mortgage, phone, gas and electricity ect.

loan is 7.9% 5 years to go since feb, was a 22.500 loan now owe 18.000 thats 398pm
creditcard cap 1. i owe 5.286 thats 0% ending this month
halif i owe £5.350 thast standard rate and its 88 a month interest

my income is around 1200-1300 pm (dependig on o/t)

and then theres car and food to comeout of it

euronorris

Still not enough info.

Linky here: http://www.makesenseofcards.com/soacalc.html

I believe, once you've completed that there is a format to MSE button, so you can then post it on here.

Getting another loan is certainly not the answer.

It MAY be possible to shift the debt around to make it cheaper, but not sure.

Can't give better advice until you've completed and posted a full SOA.

Tixy

On an income of £19k or so and with £33k of unsecured debt I think you are unlikely to be able to increase any limits or get anymore credit. Although I'm pretty surprised you got a £22.5k loan a year ago (unless you used to earn a lot more then).

If you already have the empty virgin card with a £6k limit then it would be sensible to utilise that but I'd be wary that if you ask for an increase on that card then they'll do a credit search and may actually decide to decrease your limit as you have so much existing debt.

You could move one card balance to virgin and then wait a couple of months and see if the newly cleared card will offer you a promo deal to move the other balance over to that card.

Tixy

Are all your household bills only £333? Mortgage, council tax, gas, elec, water, insurance, tv licence, phone/internet etc.
That looks really low, make sure you are including everything in your calculations as you don't want to apply for more borrowing that you later realise you cannot afford.

G1zm0

yeah, i split with partner the household debts, but it doesnt contain food ect, and its my debt so im liable.

tesco said they would increase my loan to 25,000 and works out 445 over 6 years.

i dont want to secure any debt on home as its just not just mine

heres a list.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 145
Management charge (leasehold property).. 0
Council tax............................. 33
Electricity............................. 50
Gas..................................... 25
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 25
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..................... 15
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 558

Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 1500
Total Assets............................ 63000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
halifax card...................5464......88........16
capital one card...............5295......0.........0
tesco loan.....................16000.....398.......7.9
Total unsecured debts..........26759.....486.......-

Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 558
Available for debt repayments........... 642
Monthly UNsecured debt repayments....... 486
Amount left after debt repayments....... 156
Personal Balance Sheet Summary
Total assets (things you own)........... 63,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,759
Net Assets.............................. 36,241

izools

Remortgage anyone?

BugsyBrowne

Go Bankrupt..

Degenerate

izools wrote: »

Remortgage anyone?

Yep, only sensible way to deal with that level of debt on that income.

G1zmo, this really belongs in the "Debt-free Wannabee" board:

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Degenerate

star-fire wrote: »

Go Bankrupt..

Not so easy when you have assets to take...