1st Time Poster - Need Your Views

SA919756

Ok So I am very embarrassed to be here but things have come to a head! I am in debt to the sum of approximately £70,000 on credit cards used to pay for work on the house, cover my wife’s maternity, paying for high ‘cash’ interest rates. My fault and I am not looking for sympathy!

OK down to my question.

Should I go for an IVA, a PayPlan or a Debt Consolidation loan? Simple question perhaps but I need to start somewhere!

What damage will each do to my history?

Thanks
N,

Hobsch

I am no expert so will let one of them (and there will be lots of advice - everyone is very helpful) answer. Just wanted to say well done for posting and dont be embarassed.

Psykicpup

We (well not me actually but those here who know more than I) will need to see your SOA - see southernscousers sticky at the top of the board for help with this
Good luck you're in the right place

rog2

Welcome to DFW SA - spend a bit of time on the SOA and the advice will come flooding.

moozie_2

Hello and welcome

As my friends aid, please post a statement of affairs which is basically three lists: your incomings, outgoings and all debts with APRs, min payments and limits. Then we will be able to offer advice

Good luck!

SA919756

Monthly Incomings:

My Net Salary - £2155.00
Partners Net Salary - £805.00
Child Tax Credits – 78.00
Child Benefit - £163.00

Total - £3201


Monthly Outgoings:

Council Tax - £135
Mortgage - £950
HFC Bank Loan (Washer) - £15 (30 months remaining)
HFC Bank Loan (TV) - £18 (28 months remaining)
Building & Contents Insurance - £55
Mortgage Protection - £50
Water - £45
BT - £20
Gas - £50
Electric - £50
Life Assurance - £15
Accident Insurance – £25
TV License - £11
Boiler & Appliance Maintenance - £38
Alarm Maintenance - £15
Car Insurance - £35
Bank of Scotland Loan - £250 (35 months remaining)
Gas Boiler Loan - £56 (20 months remaining)
First National Loan - £182 (36 months remaining)
First National (Electric Fire) – £16 (25 months remaining)
Sky - £45
Gym - £40
Food (Family of 5) - £500
Petrol - £150

Total - £2766


Bank of Scotland Visa card – Balance £11,500 (0.58%)
RBS Mint - £7000 (1.456%)
Bank of Scotland Master card - £10700 (0.58%)
TSB TRUSTCARD - £14500 (1.313%)
CAPITAL ONE - £9000 (1.405%)
MBNA - £15500 (1.873%)
BARCLAYCARD - £5300 (1.667%)

Total - £73000

southernscouser

Welcome to the site mate. :beer:

OK firstly consolidation loans aren't a great idea. Especially secured loans. The problem you have to address is reducing your outgoings. I know that sounds really patronising but it's the key to it all and why we are all in debt!

You have an excess of £435 a month according to your SOA for the credit cards. How much are your minimum payments? Also start a spending diary. Everyday note down every single penny you have spent and on what! It really does open your eyes as to where money is wasted.

OK firstly you need to check all the relevant boards for ways to cut down on all your utility bills. Also check the oldstyle board for reducing your grocery shopping. I reckon you can knock £200 off that!

Imelda

Hi SA919756,

The morning shift has arrived! I'm not sure you have included everything in your SOA, for example Car tax and maintenance, telephones? You should also include things like clothes, haircuts, entertainment (do any of the kids belong to cluds etc?) to give you a realistic picture of where all your money goes. As SS says you have over £435 remaining to pay off your debt, but I am guessing you never actually have that.
Have a shop around, especially for insurances and take a look at the OS board for tips on reducing your food costs.
Is your wife aware of the situation? It will be much easier with you both on board...

Welcome, and let us know how you are getting on!

SA919756

Where do I locate the "oldstyle board" for reducing your grocery shopping.
I haven't shared this with my wife as its my problem. With regard to Payplan do they have to take in to account my wifes income if all the cards are in my name or just mine? If my wife pays here own car insurance from her bank account should that be in my SOW for example? I feel I have the world on my shoulders!! Are PayPlan really that honest and friendly or do you have to be careful of them!!!

CLAPTON

how much is the house worth and how much is the mortgage?

can you add the minimum payments to the CC debts

Dumyat

SA919756 wrote:

Where do I locate the "oldstyle board" for reducing your grocery shopping.
I haven't shared this with my wife as its my problem. With regard to Payplan do they have to take in to account my wifes income if all the cards are in my name or just mine? If my wife pays here own car insurance from her bank account should that be in my SOW for example? I feel I have the world on my shoulders!! Are PayPlan really that honest and friendly or do you have to be careful of them!!!

if you are married and live in the same house it is going to be her problem too.

She is going to find out sooner or later.

the old style board is futher down the boards. you will find a lot about spending less on food but eating better.