almost 60k debt broken down. HELP.....

nomorebeans

crikey ours seems so bad compared to everyone else

credit cards
halifax. Balance 9400 6.9% life montly payment 187
Sainsbury. Balance 2150 5.9% life monthly payment 48
BA Amex. Balance 7865 4.9% life monthly payment 197
RBS. Balance 2000 7.9% life. monthly payment 44
Lloyds balance 2400 3.9% life. monthly payment 48
barclaycard balance 5200. std rate, monthly payment 150
Virgin. balance 4130 0% mar 07. monthly payment 15
Waitrose balance 3080 2% feb 07. monthly payment 92
Amex balance 3500 2.9 Mar 07. monthly payment 87

loans
cahoot july 05 10500 72 months 6.2% monthly 174
barclaycard sept 05 8000 60 months 5.6% monthly 154

what's left goes on
water 32
tv licence 11
pension 126
02 mobile 25
leeds hospital fund 24
telewest (cable, broadband, phone) 55
council tax 87
powergen (gas & electric) 124 (tried on uswitch recommended same supplier)
insurance 43
mortgage balance 163000 22.5 years, 1048 month, house value 220,000
petrol 140

as you can see we need drastic action

vivaladiva

Hi
Immediate things that spring to mind are Gas/elec are very high (my kids are awful for leaving lights on :mad: but we still pay under £100 per month).
Leeds Hospital Fund - What's this?
Petrol £140 - seems a lot.
Can you do a full SOA see SS's sticky and then we can offer more help.

lynzpower

first off, well done. You have all your debt probably at the cheapest its going to be so very well done :T


Looking at your outgoings
what's left goes on
water 32
tv licence 11
pension 126 ( you can stop this for a while)
02 mobile 25 ( you could go PAYG or reduce your tarriff)
leeds hospital fund 24 ( whats this? )
telewest (cable, broadband, phone) 55 ( this is high. telewest often do 3 for 30quid, but im not sure if they do at the mo, dump the tv bit and go landline only then use a pre-dialler or get an all in package - mines free evening & weekends to LLs for free- with primus 2)
council tax 87
powergen (gas & electric) 124 (tried on uswitch recommended same supplier this is high. are you paying off arrears? seems like this is double what most people pay. Have everything off at the wall, all draughts excluded, and check the insulation on loft & boiler. A host of other tips on https://www.est.org.uk
insurance 43 ( what sort of insurance?)
mortgage balance 163000 22.5 years, 1048 month, house value 220,000 WOW. 1080 a month! is this IO or repayment?)
petrol 140 ( no other car costs - mot? repairs etc)

Can i ask
a) WHATs your living situaion? Family with you or living alone?
b) what have you got to sell?
c) CAN you do overtime? or get a lodger? Or both? :j

lynzpower

you also havnet mentioned food, presents, medical costs and so on. have a look at martins budget planner

Have you cut all the cards up?

annam0787

Hi,

I was over £20k in debt 2 years ago, plus student loans of £7k. I worked out how much I was paying in interest each month and it was pretty bad, so I started a DMP with the CCCS. Now I owe £12,500!

If you're over £20k in debt, you could go down the route of an IVA... where you pay a significant amount to have your debt paid off. Or you could start a DMP like I did, in which case the CCCS (or whoever you go with) will write to all your creditors and get the interest stopped, then you pay a set amount each month. The downside is you have a bad credit rating for 6 years, but that's not too bad when you think of how much interest you could be paying creditors each month instead!

Go to https://www.cccs.co.uk and see what you think...

Good luck!!!

Anna