In Debt big time,Help wanted Please

Tottonian

Hi all, have not been on the site or posted since October 2010, Long story short, I last posted on here about the dept I had with store cards/credit cards & a loan, we also have a mortgage, I have maxed out almost 6 credit cards, used my limit on the store card & a loan of £25k which of I now owe £14k. Last couple of years has been a struggle like the rest of Britain, I have 1 full time job & 3 part time jobs, this all got to much for me late October 2010 & posted a “Thread” for help, I thought I could handle this & more or less spewed it under the carpet , I went to the Doctors & explained how I was feeling, the amount of work & hours I was working & how moody I was feeling, he then told me I was suffering from depression ! so has put me on medication to help, this seems to be helping, I work f/t & have now given up 2 of the 3 p/t jobs, I still don’t earn enough to cover everything & HSBC have been MOST UNHELPFULL when we have gone slightly over drawn. The thing is I can think clearly now & now realise how much Sxxt we are in & how these credit card companies through money & encouraged me to spend by upping the credit limits, I’ve only been ever able to make minimum payments & I think I now cant do this as I have had no pay rise in 2 years & with a whispering that we will not get one this year, plus the cost of fuel is crippling me as my p/t job I need my car .
What shall I do as I just cant afford to pay these credit card companies/store card & possible my loan, we always pay are mortgage on time but almost had to make a credit card payment before Xmas as short.
Thanks Tottonian

steve00117

You need to post a full SOA on here so people can give the correct advice.

RAS

HAve you taken advice from any of the debt charities?

Tottonian

steve00117 wrote: »

You need to post a full SOA on here so people can give the correct advice.

Morning, me & my wife are struggling with house hold bills/dept/family depts. & the mortgage, between us we owe £45-50k not including are mortgage or family loans & have a combined income of around £38-£40k.
We have 2 teenage boys & live in a 3 bed semi. Myself & my wife have had no pay rise in 2 years, we are both in full time employment & I have 1 other p/t job (was 3 in total until the beginning of Jan 2011). It got to the stage were I couldn’t keep 4 jobs on the go as I work nights f/t & on my days off work days p/t or bank. We have never missed a mortgage payment but have been late with some house hold bills, the bank then charge an extreme amount for going overdrawn but when you phone them for help they say there’s nothing we can do (HSBC) !.
I am very worried as we have a mortgage of £142000.00 & we don’t want to lose the house because of are loans/depts. HCBC who we both bank with are most unhelpful, the credit card companies increase the credit limits & also increase the interest, I have been paying interest only for it seems like years but getting nowhere, are bills/mortgage etc a month is around £1450 & that’s not including Food ,Cars/petrol & other weekly things.
It has put a great strain on are relationship to the point we argue most days but is all money related, Could we lose are house ?, are loans are Unsecure along with the credit cards, should we right to each company explaining are situation & making them an offer of what we can afford or even think of a DMP ?, could the companies sell the dept to a 3rd party & then they demand paying with interest on the interest ?, have now changed banks but will still owe an overdraft on this, I have just cancelled all the d/d/standing orders with the credit card companies, I have a loan with HSBC, what can I do with them or can I reduce payments or do I have to keep this going.

This is roughly what I pay each month & I take home roughly £1200-£1400 p/m with both jobs.

Half the mortgage £400
6 credit cards £240-£260 min
HSBC Loan £220
Argos Card £60-£80
Car/Petrol/ins etc £150+
Bills/Gas/Eclectic etc £200+

Roughly £1300 a month & that’s before there’s any if any spare money.

RAS

Hi

You need to do a full SOA for your joint family income. Based on your posts above, your missus is the major income?

look here http://www.makesenseofcards.com/soacalc.html

And when you get to the end click the format for MSE button. YOu have to remove the bit at the very end with the link to MSE because newbies are not allowed to post links.

isy1011

Its difficult to help you unless you post a SOA. For example our outgoings before food, petrol, living is 1775 but it depends what income you have, benefits etc. Does your wife work?

debtfreewannabe321

I would call the national debt helpline, 08088084000, i was told to call them after calliing the CAB and they were so helpful and also helped me to work out a proper Budget sheet with income and outgoings and how much we could afford to pay creditors (we were also in a situation similar to yours) I hope you find a solution soon

Tottonian

Its really scary as I’ve just been on the CCCS to see what deposable income I have, I have -£320 (Yes that’s Minus £320) a month, it’s made me want to cry as I’ve been like this for years. I now have the job of writing to these creditors & making them an offer which I feel there turn down, now getting worried about the House/mortgage, I can do no more as I’ve almost run myself into the ground, relationship/marriage is going through a rough time & now on anti depressants. Hopefully things may get better.
Thanks for all who responded.

lvm

Don't worry about them turning you down. You can only pay back what you have to give and they'd rather accept a reduced monthly payment than no payment at all. I'm assuming you're writing to ask for this rather than reduced settlement figures as I guess you don't have savings.

I'd really take RAS' advice and post a full SOA up here as you'd be surprised at how much advice you will get on where to cut costs.

Tottonian

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 60
Other income............................ 0
Total monthly income.................... 1160
Monthly Expense Details
Mortgage................................ 450
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 20
Mobile phone............................ 10
TV Licence.............................. 8
Satellite/Cable TV...................... 15
Internet Services....................... 5
Groceries etc. ......................... 75
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 40
Car Insurance........................... 50
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 60
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1033

Assets
Cash.................................... 0
House value (Gross)..................... 210000
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 210001

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 145000...(450)......0
Total secured & HP debts...... 145000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
virgin c/c.....................1665......28........0
nat west c/c...................3870......90........0
llyods c/c.....................1450......28........0
hsbc loan......................14000.....220.......0
argos store card...............1155......34........0
mbna c/c.......................2055......38........0
halifax c/c....................10200.....120.......0
Total unsecured debts..........34395.....558.......-

Monthly Budget Summary
Total monthly income.................... 1,160
Expenses (including HP & secured debts). 1,033
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 558
Amount short for making debt repayments. -431
Personal Balance Sheet Summary
Total assets (things you own)........... 210,001
Total HP & Secured debt................. -145,000
Total Unsecured debt.................... -34,395
Net Assets.............................. 30,606

isy1011

I still dont see your wifes income on that. Yet you have £800 going out for your mortgage. You also say your wife hasnt had a payrise so I presume she is working. Without seeing the whole picture it is difficult to comment because if you split the bills it certainly doesnt look equal.

From this SOA I would recomment a DMP.