Advice needed please

gosportgal

Hi im 25 and need some serious advice. I have a loan and i have about 3 years left to pay on it. i also have credit card and a couple of catalougues to pay each month. my bank overdraft is at 3k as i have been trying to use that to pay off other things. I also have a couple of things on HP which i have just over a year left to pay. my total monthy payments for everything are totaling £500. Im due to get married in 2012 and is desperate to try and save money for it but the more i try paying my debts off the worse trouble i seem to get myself in. I have never missed any payments for anything and always try to pay more than my minumin balance on my credit card but although i pay roughly £100 it takes off very little of the balance :mad: i.e i pay £100 it takes off 40 and its taking forever to pay off and just paying the monthly balance of £15 takes off only a couple of quid its ridiculous!!!!I have tried to apply for a loan to consolidate all the debts i have to try and make my monthly payments less but i was refused. Is there any other way i can try and get my monthly payments down especially the credit card as i just cannot afford to keep paying so much each month especially with 2 kids and the cost of living increasing...
I have written out everything i have coming in and going out and tried to see where i could save money to try and help (changed things like my sky to freeview box) this saved me a little money but cannot physically find money from anywhere else.
someone please give advice if you can im not sure what else to do....
many thanks :(:(:(:(:(

mandz1

can you not get a 0% cc that you can transfer your other cc onto. then you wouldnt have the interest building up each month. if youve never missed a payment on anything then u should be able to get a credit card easily with a good 0% rate.

Happytogetdebtfree

Hi and welcome, post an soa and maybe we can offer advice, you have done the right thing by posting x

gosportgal

hi I tried to apply for another credit card to transfer the balance over but i was refused that too. I have access to my credit report with equifax online and i review it every month to make sure everything is ok and all the information is up to date but for some reason i keep getting refused things yet my equifax report is perfect i just dont understand it! I even removed my partner off it as he went bankrupt so that didnt affect my credit rating.
I will post an soa so you can see what i have coming and going......

gosportgal

Monthly Budget SummaryAmount(£)
Total monthly income1,410
Monthly expenses (incl. HP & secured loans)1,408
Available for debt repayments2
UNsecured debt repayments298
Amount short for making debt repayments-296
Personal Balance Sheet SummaryAmount(£)
Total Assets (things you own)0
Total Secured & HP Debt-3,000Total Unsecured Debt-9,400Net Assets-12,400
Income, Expense, Debt & Asset Details

IncomeAmount(£)Monthly income after tax560
Partners monthly income0
Benefits 600
Other income 250
Total monthly income 1410
ExpensesAmount(£)
Mortgage0
Secured/HP loan payments 200
Rent 595
Management charge (leasehold property)0
Council tax 47
Electricity 40
Gas 67
Oil 0
Water Rates 45
Telephone (land line) 0
Mobile phone 25
TV Licence 12
Satellite/Cable TV 0
Internet services 20
Groceries etc. 200
Clothing 50
Petrol/diesel 0
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 60
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 17
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 0
Haircuts 0
Entertainment 30
Holiday 0
Emergency Fund 0
Total monthly expenses1408
#Secured & HP Debt DescriptionDebt(£)Monthly(£)APR(%)
Mortgage0 (0)
Hire Purchase (HP) Debt 3000 repayment £200
Secured & HP Debt totals 3000 - -

Unsecured Debt DescriptionDebt(£)Monthly(£)APR(%)
loan (3600) 118 repayment
credit card (1000) 100 repayment
store card (800) 35 repayment
overdraft fees (3000) 35 repayment
catalougues (1000) 50 repayment
Unsecured Debt totals (9400) 298 repayment
- Asset DescriptionValue (£)Cash0House Value (Gross)0Shares and bonds0Car(s)0Other assets (e.g. endowments, jewellery etc) 0Total Assets0
Total monthly debt payments £498 :(

Happytogetdebtfree

ah dear, can you post it for mse i dont know how you can post it for us here but thats very hard to see xx

NorthernLas

Try again and do format for MSE

gosportgal

ooops sorry!!

gosportgal

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 560
Partners monthly income after tax....... 0
Benefits................................ 600
Other income............................ 250
Total monthly income.................... 1410

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 200
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 47
Electricity............................. 40
Gas..................................... 67
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1408


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3000.....(200)......0
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................3600......118.......0
credit card....................1000......100.......0
store card.....................800.......35........0
catalougues....................1000......50........0
overdraft......................3000......35........0
Total unsecured debts..........9400......338.......


Monthly Budget Summary
Total monthly income.................... 1,410
Expenses (including HP & secured debts). 1,408
Available for debt repayments........... 2
Monthly UNsecured debt repayments....... 338
Amount short for making debt repayments. -336

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -9,400
Net Assets.............................. -12,400

Happytogetdebtfree

Hi the SOA is very basic and i dont know where to offer any further cutbacks, as it stands you cant afford your debts, have you spoke to CAB or have you spoken to anyone about making token payments for now, maybe getting intrest frozen, well done for posting and chin up hopefully other people will be along soon to offer more advice x

gosportgal

Hi
I know i dont really owe much compared to some people and i already made as many cutbacks as i can but still my payments are just a bit too much out of reach.. I spoke to the CAB office and they coudnt offer any advice either because me debt amount is not 'critical' as they put it.. But sadly its still stressing me out and dont want to get myself into a deeper hole...
Thank you for taking a look for me anyway