Been paying debt - now in more debt

victoria270385

Hi

I have been paying £170 to Trident Credit Services for two debts that i have, im not sure how much goes to each but i have just received a statement showing the activity over the past 6 months. One of the swas £4,700 approx and even though i have been paying say 1/2 of the £170 (so maybe £510 in the 6 months) to one of the debts the debt is now £4,950 ish.

I rang Trident and they said they never agreed to freeze the interest but im 99% sure they said they would on the phone at the time. I am so upset that i am now in a worse position than when i started and they said they are still not willing to freeze the interest even though i was also in tears on the phone explaining that i will never be able to clear the debt.

I have phoned CCCS who have given me an appointment in 2 weeks time but im just wondering if it seems right - that amount of interest.

I have £14,000 worth of debt that i hoped would be cleared in 5 years but i just cannot see the light at the end of the tunnel at the moment.

Thanks for any replies

Victoria

LilacPixie

Who is the debt owed too? Is there a CCJ in place? Have you had any statements?

happycamel_2

Hi,

that's about 16% interest over six months which is high but probably about right for an unsecured debt that's in default. There's plenty here who've had more experience of this than me though so happy to be corrected on that.

You've done the right thing talking to CCCS so well done. Given £14k of debt a DMP might be the best option.

Can you post an SOA on here (link in sticky at top of forum) so we can give you some advice on how sort your finances to clear it as soon as possible.

Good luck and be proud for sorting it out rather than running away.

victoria270385

Thanks for your replies. The debt was with Natwest but transferred to Trident. No CCJ's. I just received a telephone call one day explaining they were now dealing wth it and wanted £170 per month. This is the first statemen i have received from them.

I was originally with Money Worries but then realised they were a bit dodgy and started to do it all myself and all interest frozen except my Argos Card, obviously that was not the case.

victoria270385

sorry what is an SOA

victoria270385

ive found the soa link so will fill that in

victoria270385

Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1171
Partners monthly income after tax....... 880
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2051
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 295
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 15
Satellite/Cable TV...................... 60
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 7.5
Car Insurance........................... 75
Car maintenance (including MOT)......... 2.5
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 160
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 17
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1452

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Argos..........................850.......20........29.9
Comet..........................250.......20........0
Currys.........................550.......55........0
Abbey CC.......................3900......55........0
Lloyds TSB CC..................900.......40........16.9
Littlewoods....................700.......15........0
Natwest CC.....................200.......20........0
Natwest Loan & OD..............9000......170.......16
Total unsecured debts..........16350.....395.......-

Monthly Budget Summary
Total monthly income.................... 2,051
Expenses (including HP & secured debts). 1,452
Available for debt repayments........... 599
Monthly UNsecured debt repayments....... 395
Amount left after debt repayments....... 204
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,350
Net Assets.............................. -14,850

MrsTinks

Firstly - they never have to freeze interest on anything... but asking can't hurt!
Secondly - you can easily reduce your satelite and entertainment amounts... and that £50 emergency fund... really? is this wishful thinking or have you got a stash? Not being harsh but either this is "what our SOA SHOULD be... not what it IS" or there is a lot of spare money sat in a Swizz account... I think it's the former?
Try doing a spending diary... everything goes in - £2 on a sandwich at lunch, £0.50 for a can of coke... everything!
You need to know where that excess is going

MrsTinks

Oh and car insurance... £75 per month? Really??? Either you have a Ferrari or a lot of points £900 is what I paid for my insurance when I was 17 and a learner...

victoria270385

Hi, tha £60 is for phone, internet, and TV...we have tried to reduce but are telling us if we reduce the package we need to start paying for the box???? i think thats wrong really. The £50 entertainment is for both me and my parther and his child who stays with us at the weekend, which can be reduced but his little lad shouldnt suffer due to MY debts not his dads, my parther doesnt drive so even taking his child to his grandparents costs bus fare etc. I have to have an emergency fund as ive had over £500 worth of car repairs in two months....if i could afford i would get rid of the heap of rubbish but i cant afford it and i need a car to get to work as its 20 miles away

victoria270385

i drive a crappy vauxhall corsa but have had an accident that hasnt come off yet