help

jayneken71

I need help with debt
I have 9087.81 on a mint credit card 16.9%
5467.30 on an mbna credit card 24.9%
3693.61 on an mbna credit card 24.9%
8432.90 on a northern rock loan 6.9% ending on 17/08/2014
3054.08 on a northern rock loan 5.7% ending on 22/05/2014
I have tried to consolidate credit cards with a loan but cannot get a loan for this purpose with my bank
where do i go next I have been paying it all and keeping up with payments but have nothing left for anything else.

rising_from_the_ashes

Hi and welcome to the boards.

I'd suggest completing a SOA http://www.makesenseofcards.com/soacalc.html - this gives a really good break down of your income/outgoings and I'm sure you'll get some tips on where you may be able to make some savings.

Re a consolidation loan - they're usually not a good idea as many people (myself included) have done this but ended up running up the debts again.

Tixy

Hi and welcome

Are you just paying minimum payments currently on these debts? can you afford to increase the amount you repay each month?
Have you done a detailed statement of affairs (income & expenditure) and had a look to see if there is anywhere you can increase your income or decrease you expenditure before debt repayments?
If not then that would be a good starting point - see this calculator. http://www.makesenseofcards.com/soacalc.html If you post the results on here people might be better able to advise you.

What is the credit limit on the mint card?

Its likely you cannot get a loan because of thehig level of unsecured debt you already have - any bank will always assess your affordability based on keeping your existing debts and using the loan for something else so ending up in twice as much debt.

jayneken71

The credit limit on the mint card is 9170.00
I am only paying the minimum payments off as that is all i can afford and even then it has become a struggle as it ends up using all my overdraft to do it.
After reading some other messages i have contacted cccs and have an phone appointment on Monday - feel better that she said it was not insurmountable and they could help me.

jayneken71

thanks for your reply - I have conatacted cccs who were really helpful and understanding. I have a phoen apponitment with them on monday but already i feel that my problems are not insurmountable and more importantly I am not alone
thanks again

Superbiatch

As already suggested if you post an SOA you'll find the helpful lot on here can probably save you a few £'s here and there which can go towards paying your debts quicker

jayneken71

soa
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1455
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1455
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 11
Car Insurance........................... 17
Car maintenance (including MOT)......... 9
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 250
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 562

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 5500
Total Assets............................ 7500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
mint...........................9087......205.......0
mbna...........................5467......152.......0
mbna...........................3652......128.......0
northern rock..................3084......96........0
northern rock..................8084......173.......0
barclay card...................3311......71........0
Total unsecured debts..........32685.....825.......-

Monthly Budget Summary
Total monthly income.................... 1,455
Expenses (including HP & secured debts). 562
Available for debt repayments........... 893
Monthly UNsecured debt repayments....... 825
Amount left after debt repayments....... 68
Personal Balance Sheet Summary
Total assets (things you own)........... 7,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -32,685
Net Assets.............................. -25,18

Tixy

Is the other person you live with your partner/spouse? do they pay all the other household bills etc?
£250 is a large amount to be spending on entertainment and then saying you can only meet minimum repayments. If you were to consider a DMP with CCCS then I think the figure they allow for entertainment is closer to £50 a month. So they would probably judge that you can afford your minimum payment plus the £68 you are showing as spare plus probably £200 of the entertainment budget.

They will actually take a bit of a better look at the overall houshold finances and what you contribute as a total to household costs but just from what you have posted it would appear that you may well not be eligible for a DMP and if you put your debts in a snowball with a monthly repayment figure of £1093 you would probably find that your could soon start to make a dent in your debts.

rising_from_the_ashes

I agree with Tixy - so I'm afraid a few questions from me....

Where are your "household" expenses - does the other person pay mortgage or rent & all the bills?

Is the groceries amount for both of you, or just you? If just you, then you should be able to reduce this a bit.

Entertainment is very big and needs reduced - say around £40/£50.

Mobile phone - is it contract / how long does it have to run? (Switch to PAYG once ended).

What are the other assets? (Could you sell some of these?)

If you've no household bills to pay then your "disposable" income is very good (as a comparison I earn around £1200/month and my household bills come to around £650) - with cuts to the entertainment budget & groceries you could have another £200 to put towards the debts and clear them quicker.

Good luck

LovelyLeeds

jayneken71 wrote: »

I am only paying the minimum payments off as that is all i can afford and even then it has become a struggle as it ends up using all my overdraft to do it.

If you have no other income and are only paying the minimum on all these debts then it's going to take 40+ years to pay off and that's assuming you don't run up any more credit card/loan debts.
I can't see any lender on this planet offering you a consolidation loan.
Your light bulb moment is about 40watts at the moment, increase it to 100 watts pretty soon, get some advice from people on here who will be factual.