Debt Options

Noobie2011

Hi all,

Total newbie here and wanted to see if I could get some advice. I have kind of got a plan in action but after reading some posts on here there are always alternative better ways which I have probably not thought of.

First of all I'll explain my situation. Me and my partner have some debts which we are paying off as through our own fault we got into a bit of a mess. The worse thing was that we were in this mess before and through a loan were well on the way of sorting it out.

Anyway 1st I list what debts we have below

Debt

---

Balance

---

Monthy Payments
Loan

---

750.00

---

250.00
Very Cat

---

236.44

---

20.00
Lowell Group

---

555.46

---

90.00
Great Universal Cat

---

764.70

---

188.00
Natwest Overdraft

---

1,371.00

---

10.00
New Look Cat

---

75.00

---

10.00
Pounds Til Payday

---

630.41

---

50.00
Wage Day

---

511.00

---

93.00
Wonga

---

809.02

---

50.00
One Month Loan

---

420.00

---

50.00
Fashionworld Cat

---

88.13

---

10.00
Total

---

6,211.16

---

821.00

Our situation is we are both in Full Time secure jobs for 4 and 6 years. I earn 24k and my partner 19K. I used to be in an IVA but settled so my credit is shot and partners credit is not much better.

I have tinkered around with the idea of getting a loan of 5K to pay everything off apart form the loan which I am happy to complete seperately until may when it is finished. But credit rating is stumpinbg us on that one.

Other reason I am seeing if ther eis any other way is because paying out £821 a month brings us really tight and it has come to our attention this month as I am giving back my company car and partner has a little runaround which is on its last legs so a bit worried if that goes we are in trouble.

My current plan will have about 2500 paid off by june and in junes pay we then get a bonus form work which should allow us to pay a further 2000 off the debt and then in july paying a further 500 off to only leav eus really with the Natwest overdraft which will be around 1200 by then.

So my main worry really is this depends on me paying 800 odd quid for three months and then a hefty amount in june and july but there is no room for emergencies such as my GF car packing up.

Sorry for the long speech but just wanted to make sure I am doing the right thing and ther eis no other option I am not seeing

BigCraigJohn

It think people are gonna wanna know the aprs. Its gonna make a huge amount of difference as to how much you extra interest you pay and how long it takes. I suspect the payday loans are charging outragious aprs so they need to go asap infact i'd be inclined to see if any of the others would allow you a payment holiday or even just pay them a smaller amount for a couple of months and clear them then catch them up after.
Consolidation rarely works btw.

Noobie2011

Cheers craig,

I don't have them all but a summary is the paydays I am being charged no interest as I cam to an agrement with them on the amounts above as that includes some interest they charged to setup a payment plan so all charges and interest on them are frozen.

The Natwest account is again frozen so no interst being charged in that

The Loan is actually got for us by my GF dad so we are paying that off in full every month with the interest already set if we pat off within the agreement with Loan place

Lowell group is also froze and the balance above is the agreed full amount frozen.

As for the catalogues we have missed a few payments her and there and the interest seems unoticable as the balance when we do reguarly pay seems to come down by that exact amount we paid so not sure how the interest is working with them

Hope that helps.

My idea is to try and pay certain ones off in chunks but not sure if that is the best way as dont know which would benefit me more

CH27

Could you post a full SOA please?
There is a link further up the page.

Super_Ram

Sorry, what u mean by SOA?

Just_Plain_Jane

Super_Ram wrote: »

Sorry, what u mean by SOA?

Click here

Fill it in and post it here, it will help us to help you.

theoretica

The good news is that your situation will get much easier in 3 to 4 months. If you can pare your spending to the bone, or sell things you don't use to bring more in, for this time it would almost certainly be the best course of action.

Is it really the end of the world if you are without a car? Do you have bikes or some sort of public transport? I suggest you aim for the payment plan you suggested and come back here for suggestions if the car does die.

Super_Ram

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1246
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2846

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 187
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 70
Internet Services....................... 10
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 5
Car Insurance........................... 106
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................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1685


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................750.......250.......0
Very Cat.......................236.44....20........0
Kays Cat.......................555.46....90........0
Overdraft......................300.......40........0
Old Car Insurance..............42.43.....42.43.....0
Next Cat.......................23.31.....23.31.....0
Fashion World Cat..............88.13.....10........0
One Month Loan.................420.......50........0
Wonga..........................809.02....50........0
Wage Day.......................511.......93........0
Pounds til Payday..............689.41....50........0
New Look Cat...................75........13........0
Natwest........................1371......10........0
Great Universal Cat............764.7.....188.......0
Total unsecured debts..........6635.9....929.74....-


Monthly Budget Summary
Total monthly income.................... 2,846
Expenses (including HP & secured debts). 1,685
Available for debt repayments........... 1,161
Monthly UNsecured debt repayments....... 929.74
Amount left after debt repayments....... 231.26

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,635.9
Net Assets.............................. -6,635.9

[/tt]

Mikazaru

Super_Ram wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 1246
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2846

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 187
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 50 Can this be dropped a tariff?
TV Licence.............................. 12
Satellite/Cable TV...................... 70 reduce/Cancel completly
Internet Services....................... 10
Groceries etc. ......................... 300 Could be cut, the Old Style board will be useful
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 5
Car Insurance........................... 106 This is a huge amount a month!
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................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1685


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................750.......250.......0
Very Cat.......................236.44....20........0
Kays Cat.......................555.46....90........0
Overdraft......................300.......40........0
Old Car Insurance..............42.43.....42.43.....0
Next Cat.......................23.31.....23.31.....0
Fashion World Cat..............88.13.....10........0
One Month Loan.................420.......50........0
Wonga..........................809.02....50........0
Wage Day.......................511.......93........0
Pounds til Payday..............689.41....50........0
New Look Cat...................75........13........0
Natwest........................1371......10........0
Great Universal Cat............764.7.....188.......0
Total unsecured debts..........6635.9....929.74....-


Monthly Budget Summary
Total monthly income.................... 2,846
Expenses (including HP & secured debts). 1,685
Available for debt repayments........... 1,161
Monthly UNsecured debt repayments....... 929.74
Amount left after debt repayments....... 231.26

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,635.9
Net Assets.............................. -6,635.9

Do you have £231 a month left over? If not, start a spending diary to see where it goes.

Super_Ram

Yes and no, it seems every month ther eis something that crops up.

This month we had got behind on council tax by a month so its 305 instead of 187.

I think next month we have about that left but mymain worry is we hav eno money what so ever if an emergency comes up like the car breaks down

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1600 Anyway to increase? Overtime?
Partners monthly income after tax....... 1246 As above
Total monthly income.................... 2846

Monthly Expense Details
Rent.................................... 500
Council tax............................. 187 Ask your council if you can pay this over 12 months instead of the usual 10
Electricity............................. 45 Are you on the best tariff for your area? Often online and duel fuel are cheapest - check USwitch or alternative, and if switching is the best option look at cashback sites (Quidco, Topcashback, onepoll etc)
Gas..................................... 45 as above
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 50 This is quite high, do you use all the free minutes and texts in the package. Are you in a contract? See if you can downgrade if in contract. Then when out of contract look at SIM only and PAYG deals
TV Licence.............................. 12
Satellite/Cable TV...................... 70 pretty high, especially as internet cost is seperate, drop what you don't use, and consider freeview as alternative
Internet Services....................... 10 see if this would be cheaper combined with TV
Groceries etc. ......................... 300 High for two - drop brands, meal plan, batch cook, look at cheaper supermarkets (Lidl/Aldi)
Clothing................................ 0 never?
Petrol/diesel........................... 200
Road tax................................ 5
Car Insurance........................... 106
Car maintenance (including MOT)......... 0 nothing?
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0 nothing?
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 never?
Entertainment........................... 100
Emergency fund.......................... 0 maybe start to budget something here
Total monthly expenses.................. 1685

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR What's the APR's, and are the monthly payments you have noted down the minimum payments?
Loan...........................750.......250.......0
Very Cat.......................236.44....20........0
Kays Cat.......................555.46....90........0
Overdraft......................300.......40........0
Old Car Insurance..............42.43.....42.43.....0
Next Cat.......................23.31.....23.31.....0
Fashion World Cat..............88.13.....10........0
One Month Loan.................420.......50........0
Wonga..........................809.02....50........0
Wage Day.......................511.......93........0
Pounds til Payday..............689.41....50........0
New Look Cat...................75........13........0
Natwest........................1371......10........0
Great Universal Cat............764.7.....188.......0
Total unsecured debts..........6635.9....929.74....-


Monthly Budget Summary
Total monthly income.................... 2,846
Expenses (including HP & secured debts). 1,685
Available for debt repayments........... 1,161
Monthly UNsecured debt repayments....... 929.74
Amount left after debt repayments....... 231.26

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,635.9
Net Assets.............................. -6,635.9

Made some comments above, hope they help.

D9