Sorting out my debts

taifun

I have just started working again after some time at Uni, and nw want to get my debts sorted. I have been using a debt management company who raped me. So now doing it all myself

I have 3 large debts to pay off, all of these are with debt management companies. I have asked to request full balances, then will negotiate monthly payment from there.

I do have a car that will be put up for sale this weekend, that should bring in 4000. Which will reduce these down a bit.

What I want to know is how is best to go about these? Should I try pay off all one at once?

I have attached my SOA here
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 177
Other income............................ 0
Total monthly income.................... 1077

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 9
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 60
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 3
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 724


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard APEX...............6498......100.......0
Barclaycard CSL................1844......50........0
Capital Wescot.................6572......100.......0
Total unsecured debts..........14914.....250.......-


Monthly Budget Summary
Total monthly income.................... 1,077
Expenses (including HP & secured debts). 724
Available for debt repayments........... 353
Monthly UNsecured debt repayments....... 250
Amount left after debt repayments....... 103

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,914
Net Assets.............................. -10,914


Thanks in advance

Tixy

Hi and welcome

How long were you with the DMP company? are the amounts you have posted for payments the amount the DMP company was paying towards each debt?
Do you know which of them have frozen interest charges?

If the £4k from the car is all going to go towards the debts then I would look to offer a full & final settlement on either the apex or westcot debt (after they have sent you details of the debt etc). If you could clear one of those in full then you would be in a much better position.
This is a factsheet about F&F offers http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers , to get around the issue of you possibly favouring one creditor over another i would state in your offer letter that the money is being offered to you by a relative but only on the condition that it pays off a debt in full. You should also state that if they do not accept the offer by X date (give them 2-3weeks from when you write) then you will make the offer to another creditor. Aside from that I would use the wording in the letter link above.

Is the statement of affairs below just for you or for you and the other adult? who is it you live with? a partner?

taifun wrote: »

I have attached my SOA here
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 177 is this wtc?
Other income............................ 0
Total monthly income.................... 1077

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 40 this looks like it might be a bit high, have you shopped around to see if a different supplier/tariff would be cheaper for gas & elec
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20 is this metered or unmeasured?
Telephone (land line)................... 9
Mobile phone............................ 0
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 60 great if you can manage on this
Clothing................................ 0 might need to budget a little something here
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 once you have sold your car will you need anything for public transport or do you live near enough to walk?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 14
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 3
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 724


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard APEX...............6498......100.......0
Barclaycard CSL................1844......50........0
Capital Wescot.................6572......100.......0
Total unsecured debts..........14914.....250.......-

Monthly Budget Summary
Total monthly income.................... 1,077
Expenses (including HP & secured debts). 724
Available for debt repayments........... 353
Monthly UNsecured debt repayments....... 250
Amount left after debt repayments....... 103

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -14,914
Net Assets.............................. -10,914


Thanks in advance

Things don't really look too bad. If you could clear one of the debts and save £100 on that repayment each month plus if you find you do have the £100 surplus each month then you should be in a reasonably good position.