noob hi

bigbassman

Hi I think i may of posted in wrong sub forum

thought i wouldnt be in this situation again 9 years later but yet again i am struggling with debt , now my question is what is my best option DRO, B/R , or IVA
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 635
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 135
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 22
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1234

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................5155......147.......17.9
credit card....................6000......150.6.....27.9
credit card....................1400......67........34
Total unsecured debts..........12555.....364.6.....-

Monthly Budget Summary
Total monthly income.................... 1,586
Expenses (including HP & secured debts). 1,234
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 364.6
Amount short for making debt repayments. -12.6
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,555
Net Assets.............................. -12,455
Cre

bottleofred

Hi Bigbassman and welcome to the forum. I've put some of my thoughts of how you could save money below, but you should speak to citizens advice or the consumer credit counselling service regarding your options. Good luck

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 635
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 100 Very expensive
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 35 Expensive - Can you get rid of the landline and use only the payg mobile?
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 135
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 22
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0 Your going to have to put something in here as nobody expects you to stay in forever
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1234

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................5155......147...... .17.9
credit card....................6000......150.6.....27.9very high interest rates. Can you switch to 0% card?
credit card....................1400......67........34same as above!
Total unsecured debts..........12555.....364.6.....-

Monthly Budget Summary
Total monthly income.................... 1,586
Expenses (including HP & secured debts). 1,234
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 364.6
Amount short for making debt repayments. -12.6
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,555
Net Assets.............................. -12,455

bigbassman

hi thanks for reply

can no longer get credit , so no balance transfers available

so i think only option is a dmp or dro as i dont quailfy for b/r i have just found out

NorthernLas

Here is a link of people you can speak to to get advice https://forums.moneysavingexpert.com/discussion/2077631

The national debtline website has some good information on it including a step by step self help guide.

Options for debts http://www.nationaldebtline.co.uk/england_wales/page.php?page=35_options_for_dealing_with_your_debts. Info on lots of wasy to resolve your debt.

The cccs website has an on-line thing called debt remedy where you can put your figures in and it will give you advice.

McKneff

Get a water meter, it will halve your water costs.

bigbassman

thanks for yaa time

yea i tried before but because i live in converted house the water main services both me and upstairs ,
i have tried moving but i cannot rent anywhere under 800 a month because of the moggys

bigbassman

NorthernLas wrote: »

Here is a link of people you can speak to to get advice

The national debtline website has some good information on it including a step by step self help guide.

Options for debts Info on lots of wasy to resolve your debt.

The cccs website has an on-line thing called debt remedy where you can put your figures in and it will give you advice.

thankyou

i tried the cccs website thingy and it is down now of to read the rst of website

bigbassman

Hi again ,

am i right in thinking the DRO is to hold of your debts for a year then if you can still no longer pay for them then they are written off ?

i am thinking of leaving current job and going back to hgv work as i can earn more money doing that so then i can carry on paying as normal ,but i cant just jump jobs that quick prob gonna take few months to find one, as i have been looking for the last 3

Percy1983

To be honest I don't think you need to go into debt management just yet.

The main killer is some high APR's to which getting rid of those debts will really help, do you have anything you can sell, be quite brutal here and clear out books/DVDs/Video games etc and pay all the proceeds off your highest rate card, that might be enough to tip things in your favour.

Of course a higher salary will be helpful, but for the short term you really are going to have to budget very tightly and have nothing much for entertainment.

The main cost I can see is the phoneline which seems high, does this include internet? if so you can gets deals for £20 which include phone and broadband (+free calls) with talk talk and such like.

Basically if you are only overspending by £12 a month there is a good chance you can turn this around.

Froggy-G

I agree with Percy... I don't think you need to worry yet about IVA or BR just yet... Your SOA only shows a £12 deficit...
First of all, call your 2 credit card providers, and tell them to stop charging interest. You won't be able to purchase anything with those cards anymore, and with a bit of luck you might be able to negotiate a smaller repayment...
Does your electricity cost include gas as well? Does that include any arrear? When was the last time you provided your supplier with readings? Get your readings, phone your supplier, you might be due a refund...

When is your lease up for renewal on your place? Your landlord has seen decreasing interest rates in the last few months, and I doubt he has passed these reductions onto you.. Time to pick up the phone and negotiate!!

Hope this helps

Froggy :rotfl:

bigbassman

yea i know i seem to be knee jerking but its only because i have been in this position before in 1999 and am tryin to nip it in the bud ,

i cant reduce the rent as the landlord has just increased it cant afford to move as i have 2 cats and a huge deposit is required like£2000 !!!!

i am all electric with econ7 heating , which isnt ever used brrrrrr from march to november

yes phone is includung internet & tele spose thats gotta go then but how do i post on here lol

plus i have a banger 96 astra worth about £100 for spares as its knackered

got an old crt tele lol (no flat screen) basicly no assets no pension etc

a damm 4x4 got me into this debt (dont buy a pajero get a shogun)

but some things to think about yes i will try the card companys halifax and capital one,

but i may have to move bank as i bank with halifax and they are sneaky gits and will try to siphon of cash i bet