i need help with my debt

angela_coleman

every thing in our house is electric, and its night storage heaters, i have been on the compare sites but it seems our company is the cheapest

angela_coleman

i thought br seemed a drastic option, i asked about a payment plan whilst i was there but was told that all lot of companies just want there money back as fast as they can so it probably would be a option for me

IndigoBlue_2

That is a shame, night storage heaters are very expensive and uneconomical. What did the companies say to you after you suggested paying a certain amount monthly? Also can you provide the interest rates on the debt please.

angela_coleman

sorry it was meant to say would not be a option for me

intranicity

angela_coleman wrote: »

i know i have money left at the end of all my out goings, but i have called some of the companies i owe the money too to see if i can do a payment plan with them to clear the debt and they dont seem interested, because i have missed a couple of payments with natwest they are now not interested in a plan to sort out the debt

Not sure, but I'd ignore what they say personally, if you throw £500 a month split between them, you'll be sorted very quickly, try and clear the highest APR first, which is probably Provident, if you paid them £300 for the next 3 months, even with charges that would be clear, at the same time pay the bank £150 a month and BT the remaining £50, after 3 months increase the bank to £450 and I would be amazed if they were not more than happy with that, and you'd be debt free by the new year.

Hope this makes sense and good luck, but whatever you do, DON'T GO BANKRUPT FOR THAT AMOUNT WHEN YOU CAN EASILY CLEAR THE DEBT

gettingbackontrack

Hi Angela

Well done for posting. Have you tried CCCS or National Debtline? On the CCCS website you can fill in the debt remedy online which will assess all your expenditure and come up with possible options. All done without having to speak to anyone (I know that can be so hard - took me a long time) then you can see your options. What are your monthly minimum payments for the debts? I would have thought you would be able to come to an arrangement with all the companies to make regular payments and clear the debt within a reasonable amount of time.

Good luck with whatever you decide.

BAILEYS6904

angela_coleman wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 (DOES THE OTHER ADULT WORK?)
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1110
Partners monthly income after tax....... 0
Benefits................................ 1264
Other income............................ 0
Total monthly income.................... 2374

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 57
Electricity............................. 173
Gas..................................... 0
Oil..................................... 0
Water rates............................. 67
Telephone (land line)................... 30
Mobile phone............................ 25
TV Licence.............................. 13
Satellite/Cable TV...................... 21
Internet Services....................... 0
Groceries etc. ......................... 520 (WOOOOOOH!!! Far too much! A lot say a family of 4 can aim for £200 per month easily)
Clothing................................ 90 (Cut this? Look at Ebay or look to sell surplus on ebay and only spend what you sell?)
Petrol/diesel........................... 86
Road tax................................ 10
Car Insurance........................... 24
Car maintenance (including MOT)......... 6
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 21
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1847


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
nat west credit cart...........2829......2829......19
bt.............................450.......450.......0
provident......................800.......800.......0
Total unsecured debts..........4079......4079......-


Monthly Budget Summary
Total monthly income.................... 2,374
Expenses (including HP & secured debts). 1,847
Available for debt repayments........... 527
Monthly UNsecured debt repayments....... 4,079
Amount short for making debt repayments. -3,552

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,079
Net Assets.............................. -3,579

[/tt]

Whoever is telling you to become BR is mad!!!

Right, have a frugal month. Cut your grocery bill to 200 for a month (easy done, can actually do less, but lets break you in gently ha ha ha ha ).

If you can do this, without changing ANYTHING else, you can pay off Provident in a month.

The month after, You can do BT and 20% of credit card.

One more month (maybe 2 at a stretch), and maybes flog some stuff on ebay, and thats your unsecured debts paid, and you can go back to humoungous grocery shop lol.

See, Absolutely nothing to panic about! Fresh eyes lol xx

angela_coleman

nat west, said they would except a payment plan for 3 months no more than that, and bt have said they want it all within a certain amount of time capital one i am not over my limit but paying the minimum, the thought of being debt free in 12 months sounds great, but doesnt seem a reality right now

gettingbackontrack

angela_coleman wrote: »

nat west, said they would except a payment plan for 3 months no more than that, and bt have said they want it all within a certain amount of time capital one i am not over my limit but paying the minimum, the thought of being debt free in 12 months sounds great, but doesnt seem a reality right now

I think it could be a reality but I also know how scary debt can be and how it can seem like a long, dark tunnel with no end. Bailey's advice is really good. The grocery and clothes bill seem the key.

And just think how much money you'll have when you do clear the debts.

intranicity

angela_coleman wrote: »

nat west, said they would except a payment plan for 3 months no more than that, and bt have said they want it all within a certain amount of time capital one i am not over my limit but paying the minimum, the thought of being debt free in 12 months sounds great, but doesnt seem a reality right now

Personally what they want and what you give are 2 totally different things, you can clear this so quickly if you are careful, they won't have a chance to take any action, if the debt Recovery teams were to come to your door, I'm sure they'd take 1/2 what you could pay a month and think they'd done well.

I think if you pay the amounts you can obviously pay, that after 3 months you will find the calls aren't even coming