Advice please- loan consolidation

RAS

Hi

Can you format it for MSe and re-post, as it is easier to read.

RAS

Oh and list the credit cards separately with the APRs and their limits.

Tixy

Shoegal174 wrote: »

WIll do Mrs Jojo, thanks!

Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,400.00 This is about £17k salary I think? If you are already £17k in debt then you stand no chance of getting a consolidation loan or any more credit. Lenders are looking for a debt to income ratio of around 50%.
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Monthly Expense Details
In Your Home
Mobile Phone(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00
TV Licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Home Phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning Products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Garden Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Council Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Overdraft Cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 is this charges on hbos or similar account or is this overlimit/bounced items charges?
Bank Account Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00 consider switching to a no charge account (carefully add up which benefits you use and whether they are worth £240 or can be got much chepaer)
Home Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150.00 is this a contribution to the house costs or board money to parents or something?
Food and Household Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00 is this all your food for oneperson for the month?
Drinks for Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.92
Car Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.00
Car Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 need to budget for service, MOT &tyres etc
Rail/Bus/Taxi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown Cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Debt Repayments
Credit Card Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.00 is this just the minimums? we really need the balances APRs and limits
Hire Purchase Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal Loan Repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 502.00 balance APR?
Car Loan Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Savings & Investments
Pension Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mini Cash ISAs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Lump Sum Saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular Saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00 how much do you have saved? how much interest do you earn on it, most cost effective to pay off the highest rate debt
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family Days Out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre Trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 can you use orange wednesdays or similar offers
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Big Days Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.33
Shopping for Fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Pet Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.00 what is this?
IT/Computing (eg Anti-virus etc). . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 look out for offers on this site,
Clothes, Health & Beauty
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Beauty Treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.08
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.50 do you use this?
Work Clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.67
New Clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Big One Offs
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.33
Summer Holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.67 can you afford this with that level of debts?
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00 can you reduce how much you spend on each person?
Odds & Sods
Newspapers & Magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00
Regular Charity Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.67 take from home is much cheaper
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400.00

Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345.17

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It looks like you are managing to stay in budget but I expect those are just minimum repayments on your card. The other calculator I linked to might have helped you see how by cutting back a bit, you can much more quickly pay off your debts using the snowball methid. It would also have given us details of the debts balances etc which we really need to see to advise.

Shoegal174

Sorry all, have had some problems with my pc so at the moment cannot open the other link. My other half is upgrading the software and other techy bits later on, so hopefully can go in and re do then. Thanks for the comments.

Tixy, in answer to my budget questions- I currently earn £22500, a year before tax. The overdraft costs are this month's charges as I went into my "personal reserve" due to a holiday, but so far that has been a one-off. THanks for the tips for the account fee- I rang Barclays yesterday and asked for the account with no "extras" just a basic one that doesnt cost anything- they switched it straightaway.

As I have recently moved in with my partner, he knows the state of my affairs so I have arranged to contribute £150 a month to him towards the household costs, he does the majority of the spending for food, bills etc as he earns a bit more and has no debts/credit cards etc.
My car is only three years old first MOT etc due this year, so have not had to spend anything just yet on this. Family have paid for new tyres and services.

Credit cards: Barclaycard balance £1150 Limit: £1200
Egg £190 Limit £1000
Virgin £3800 Limit £3900
MNBA £2272 Limit £2300
Apologies I do not have the APR to hand, all apart from Barclaycard are quite high, around 22% I think. I pay the minimum on all apart from the Barclaycard. Virgin £110 p/m, MBNA £54-57 per month, Egg, £8 Barclaycard £45.

My loan repayments are: £199 Barclayloan £154 Graduate Loan and £160 (loan repayments to parents) I have £4800 left on the Barclayloan, with 15% interest rate, £5000 left on the graduate loan, with 7% APR and £800 left on loan to parents with 0% interest.

In terms of savings, I have started putting away a small bit each month for Christmas, so I have around £120 saved- not in a bank so no interest earned.

Orange Wednesdays have been discussed, and will be the way forward for cinema trips etc now on! The £18 spent on hobbies are for my once a month horseride, I used to go weekly however due to money getting tighter I have cut this down to once a month. The gym I do use regularly, and we have a discounted rate of £18.50 a month due to being a civil servant, both for my partner and myself. If we didnt have this, we would be complete couch potatoes in no time!
In terms of holidays, yes we will be cutting down in that area- the reason it was so high as we just returned from an expensive holiday in the states, for a family wedding. Unfortunately we couldnt avoid it, and it wasnt great having to go on such a tight budget. However, the next holiday we have will be hopefully our honeymoon, next year- where I will hopefully be in a slightly better financial position. As you can see, each month I am left with not much, so if consolidation isnt an option due to being stretched to my credit limits near enough, then a second job will have to be instead! :-)

Thank you again all for your comments.