In Debt big time,Help wanted Please

dancingfairy

Hi - at the moment you appear to have 941 a month to offer your creditors after paying the essential bills but this does not include your mortgage payment. Your mortgage is considered an essential bill and you should make sure that it gets paid first along with gas,electric,water, ctax etc ie you keep a roof over you heads etc.
Imight also be tempted to allow a small amount each month as an emergency fund-some dmp charities allow this-some don't but i would include it.
Asking any unsecured creditors for reduced payments is great but you need to be a bit more assertive with them and say actually i am offering you what i can afford-going through CCCS or National Debtline can help with this - National debtline also has lots of good factshheets on their website as well.
df

Tottonian

dancingfairy wrote: »

Hi - at the moment you appear to have 941 a month to offer your creditors after paying the essential bills but this does not include your mortgage payment. Your mortgage is considered an essential bill and you should make sure that it gets paid first along with gas,electric,water, ctax etc ie you keep a roof over you heads etc.
Imight also be tempted to allow a small amount each month as an emergency fund-some dmp charities allow this-some don't but i would include it.
Asking any unsecured creditors for reduced payments is great but you need to be a bit more assertive with them and say actually i am offering you what i can afford-going through CCCS or National Debtline can help with this - National debtline also has lots of good factshheets on their website as well.
df

Mortgage The biggest payment of each month of £895, will re-do again,3rd time lucky:T
Tottonian

tbourner

Tottonian wrote: »

Insurance is on myself when I took a loan out in 1998 (HSBC) & was separate from the loan it self as I was told instead of it running just for the loan period it would run for 20 years & coverers me up to £25k & would be cheaper.

Confused!
You have a £110 a month payment for life insurance, plus £25 a month for PPI on a loan?
I would recommend cancelling both, and getting single or joint (get quotes for both) reducing mortgage life cover. We have a total of £170k debt and we have £90k and £70k starting cover for me and the wife respectively, reducing over 30 years. £25 a month for both including critical illness. If you have/need unemployment or sickness benefit as well I'd look at it separately.

lb237

Hi
Could you please check you and your partners monthly income on your SOA,as your originally posts state that you earn 38-40k per annum. Your SOA also has £80 for vehicle tax, as present the standard vehicle tax is £205 per year for a vehicle over 1599cc. With regards to your current mortgage, is it possible to extend the term of your mortgage to reduce your monthly repayments.

dancingfairy

some of your options appear to be a dmp, an iva?, trouble with extending mortgage payments is that you still will be in the red each month.
df

Doingmybest2bgoodhurrah

You have taken a huge step in posting on here, it takes bottle & I applaud you.

Trust me when I say that the vast majority of people on here are kind & really do want to help; those unhelpful comments really aren't the norm at all. Please don't be put off from posting.

As others have said before me, try to post your soa for your total household situation. That way, people will be able to see the full picture & will be able to offer help.

I've read many threads where people have been beside themselves with worry but the kind & knowledgeable people on here have made suggestions which have made so much difference. Its amazing, you'll see.

I hope you & your wife are ok. Take care.

DMB x

Doingmybest2bgoodhurrah

Having read through the above posts more thoroughly I can now see that you have posted your joint soa, so please excuse my earlier suggestion to do it. I suppose I just saw red when I read the unhelpful comment(s). Looks like the fab folk on here are helping already.

DMB x

Tottonian

Morning everyone, sorry I haven’t been on here for a few days but been working nights & then days in another job, I have to take the work when it’s there.
Just had a letter from Halifax Credit Card Collections saying I had missed a payment, I did not have enough funds in the bank, they have charged me £85.29 for late payment, the payment was for £130.49 & I’m now over the agreed limit of £10250 but have not spent a penny since December 2010 !
I phoned the CCCS this morning & spoke about my problems & also told them I have done a SOA on the web site, the advice I got has lifted my spirits this morning & now going to start to fill in “CCCS Debt Remedy” forms to send to my creditors, I really don’t know how much to offer them & a little worried that they may sell the debt to a 3rd party !.
Again thanks to every one for there support & responses.

dancingfairy

Hi - it appears you have about 45 pounds after essential payments to offer to the unsecured debts. Is this correct? I don't know whether we established whether you'd forgotten any benefits or whether the income stated on the last SOA was correct or whether you've made any savings since then?
Basically you offer what you can afford. Work out what percentage of your debt each individual debt is -ie virgin is 1665/55895 * 100 is 2.97% of your debt so you would send them 2.97% of the 'spare' money ie 45/100 * 2.97 = 1.34 a month - this way they each know they are getting a fair share.
df
Editted to say I presume the loans are unsecured ?if so that's fine - if they are secured on the house or something then they take more priority and you will have to come back to us.

dougyd

Tottonian wrote: »

Morning everyone, sorry I haven’t been on here for a few days but been working nights & then days in another job, I have to take the work when it’s there.
Just had a letter from Halifax Credit Card Collections saying I had missed a payment, I did not have enough funds in the bank, they have charged me £85.29 for late payment, the payment was for £130.49 & I’m now over the agreed limit of £10250 but have not spent a penny since December 2010 !
I phoned the CCCS this morning & spoke about my problems & also told them I have done a SOA on the web site, the advice I got has lifted my spirits this morning & now going to start to fill in “CCCS Debt Remedy” forms to send to my creditors, I really don’t know how much to offer them & a little worried that they may sell the debt to a 3rd party !.
Again thanks to every one for there support & responses.

If you understand that this process will make you a lot less credit worthy (and you shouldn't be wanting anymore credit for the next 6 plus years anyway) then you will realise that now you can really tackle these debts.

Remember, only offer the companies what you can comfortably afford.

If it gets sold to a 3rd party then that's fine. The interest and charges will be frozen at the point of sale. The 3rd party will of bought the debt for a pittance of the value and then you are in a position to try and negotiate.

Obviously it won't always be rosey, but you are now on the right path.