CCJ - Am i untouchable?

evissa

Hi Guys,

Still trying to obtain a loan in order to consolidate my debts (no ridiculous extra amounts required for things i don't need to do this time)

I didn't realise the massive adverse affect having a CCJ can do to your credit report/ rating.

A few years ago i was at university doing a 4 year course, the 3rd year of which was a part-placement year. For the previous 2 years the government had paid all tuition fees as part of my entitlement. I wasn't aware that during the 3rd year as a placement was involved this wasn't the case. As a result i didn't pay me fees for that year. After i'd finished they began chasing for these fees which i didnt think i owed and as a result i ended up being unable to afford them when they wanted paying and i ended up with a CCJ

I am now desperate to get debt free and start enjoying life more and my money. Ideally i would love to consolidate my debts in order to reduce the interest i pay all together and head in the right direction.
However, i feel with the CCJ hanging over my head i feel i won't be able to? Would i be right in thinking this?

Any help gratefully recieved

RAS

Hi

The CCJ comes off your credit record after 6 years. In the short-term if it is satisfied, that helps.

However, consolidating debt is very rarely a good idea. Post up a SOA and we may be able to help you pay those debts off.

Mrs_Arcanum

Have you not thought about a DMP via Payplan or CCCS. As you have a CCJ there are no cheap loan options available. They will all charge an arm & a leg. At least with a DMP there is a light at the end of the tunnel.

Try National Debtline first to see what sort of free options are available.

evissa

Monthly Income Details[/b]
Monthly income after tax................ 1190
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1190

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 75
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 13
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 115
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 380


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
Credit Card....................500.......11........0
Overtdraft.....................2000......27........0
Loan...........................875.......101.......0
Catalogues ....................1600......40........0
Total unsecured debts..........4975......179.......-


Monthly Budget Summary
Total monthly income.................... 1,190
Expenses (including HP & secured debts). 380
Available for debt repayments........... 810
Monthly UNsecured debt repayments....... 179
Amount left after debt repayments....... 631

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,975
Net Assets.............................. -4,975

As you can see from my income & outgoings i do have an awful lot of spare money available. Being young and careless this usually gets wasted but i now know it is time to buckle up and get myself sorted.
As from next months pay i really need to begin to clear the debt as opposed to affording to maintain it and being careless with my cash.

PasturesNew

At £75 for a mobile phone it'd be cheaper to get a taxi every time you wanted to say something to your mates!!

onlyroz

Was going to say that £75 a month for a phone seems like an awful lot of money.

evissa

PasturesNew wrote: »

At £75 for a mobile phone it'd be cheaper to get a taxi every time you wanted to say something to your mates!!

It's used for work purposes too, i do get a big chunk of it back at the end of the year but i have to pay it up front in the meantime.

Mrs_Arcanum

Judging by your SOA are you still at you parents?

Would look at Paying off the most expensive loan first by throwing ALL your spare cash at it with the minimum on the rest & so on down the line.

Another loan is the last thing you need to do.

evissa

Mrs_Arcanum wrote: »

Judging by your SOA are you still at you parents?

Would look at Paying off the most expensive loan first by throwing ALL your spare cash at it with the minimum on the rest & so on down the line.

Another loan is the last thing you need to do.

Yes i am.

The way i've been thinking about it is to get it all into one easy payment per month so it's easy to manage and i'd have plenty of spare money still....i won't actually learn to manage my finances that way.

Is the best thing to get rid of the biggest interest ones first of the largest amount debts?

DVardysShadow

evissa wrote: »

Yes i am.

The way i've been thinking about it is to get it all into one easy payment per month so .....

The road to hell is paved with easy payments. It is self delusion. At the moment you have credit card debt and overdraft, besides a loan. Credit cards are not very demanding in terms of the repayment plan. They give you flexibility if you have a sudden large unexpected expenditure. People who put themselves on '1 easy payment per month' consolidation loans are putting themselves on a treadmill of having to meet all of that payment month in month out.

Leave that debt where it is and pay it down where it is.

Tixy

You need to look out at APRs for all your debts and then start to tackle them in order of the APR, highest first.
Your minimums payments on the SoA are £179 and you have a £631 surplus (although I see you haven't budgeted for things like clothes and presents on your SoA. Perhaps you could set yourself a target to pay £600 to your debts each month and you'll soon have them reducing down nicely.
You'd still have £210 and your entertainment budget of £115.

You might also want to take a look at the snowball to see how long it will take you to pay off your debts at say £600 a month and see how that changes if you up or decrease the monthly repayment figure. The snowball calculator is on the same site as the SoA (although for it to be accurate you need to know your interest rates).