Been paying debt - now in more debt

stephbond89

Hey,

first off now you ahve posted an SOA beware of all the people who will come on moaning at you for spending money on things like TV and Internet...I myself am not going to do that cause I got the whole she-budle last time I posted an SOA- when my question was unrelated to what my income and expenditure was....!!!!

As someone else said, a company doesnt HAVE to freeze interest, BUT if you write to them and say you are going to make a regular payment (this can be anything from £1 to £150 a month or whatever you can afford!), state that freezing the interest is the only way you can realistically ever pay off the debt, and by accuring interest on the account, you are never going to be out of debt with them. This may make them freeze the interest!

You could do with looking at all your debts, write each one down and see what you owe and how much your paying each month to each one. Once you have done this, you could write to each of them with a "new" payment plan (if your not happy with paying what you are doing) and state in the letter that you are requesting they freeze interest and charges and that you want written confirmation of whether they are going to do this or not- then you know WHO is still charging interest and who isnt, this will help you keep on top of it all!

You can only pay them what you can afford, and if your paying £170 a month and not getting anywhere due to the interest, then it may be best reducing payment and telling them you cannot afford the large payment especially as they are still adding interest.

You need ot send them your income and expenditure statement, all priority debts (anything secured like a mortgage or hire purchase loan, council tax arrears etc) should be paid first and get the biggest part of the budget for your debts. And the rest can get what you can afford.

As for freezing interest, try sending another letter to them requesting they freeze interest, and ask fro written conformation, dont phone as you have no proof of what is said. This then means you have written proof that they have agreed ot freeze interest!

Hope this helps!!

stephbond89

MrsTine wrote: »

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...

We had a Proton GL, 15 years old. No crashes, no points nothing on the license, never put a foot wrong....and our insurance was £124 a month! You cant really comment on other peoples car insurance as there is SO much which influences it: where you live, your job, your age, your sex. Not all about t he car.

victoria270385

yeah thats true, if i was living at my parents it would be half the price its just i dont live in the best of areas (but cheap rent) and i park on the street....where as my parents live on quite a post estate and have a garage and drivewawy

LilacPixie

V - when is your car insurance due for renewal?? you could renew via a cash back site and get the odd bit of cashback as well as a lower premium. If you have had £500 of car repairs recently your car maintanence budget should be bigger than £2.50 a month. Yor budget says you have £200 a month left but there is nothing in for maintanence payments for your partners son. Is this what the £200 goes to?

Presuming no interest at all you will have your debts clear within 42 months but with interest that time increases quite alot.