In need of advice please!

hmczippy

Hi

I wondered if anybody could please offer me some advice?

I have now reached the stage where it is time to face up to my debts and do something about it! I currently the owe the following:


Natwest Current account overdraft = £1,946.00
AMEX Credit Card = £1,773.14
Virgin Credit Card = £1,828.79
Barclaycard = £11,766.88
TOTAL = £17,314.81

My monthly outgoings on these debts are nearing £500 a month and they are not decreasing!

I applied for a 5 year loan of 6.6% with Alliance and Leicester to try and decrease the monthly outgoing payments to a more manageable £290, but was declined due to poor credit scoring. I felt this would have been ideal as I knew after 5 years the debts would have gone!

My partner is currently out of work so we are bringing in £1500 a month (my wage). Our rent is £550 leaving us with £450 a month to live in London. The problem is if we run out of money during the month we end up spending on the credit cards again!! £500 is the minimum payments on these debts and ideally I would like to get this down to one manageable payment with a dent being made in these debts every month. I understand that my situation probably isn't as dire as some, but my partner and I would like to save to buy a house and get married and at the moment with these debts hanging over our heads it feels impossible! We feel like we are going to be spending the next 10 years trying to clear them!!

Please if anybody could give me some advice I would be really grateful!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 292.5
Other income............................ 0
Total monthly income.................... 1892.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 12.28
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1163.28


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 319.78...(12.28)....22.44
Total secured & HP debts...... 319.78....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Amex...........................1773.14...45........19.9
Virgin Credit Card.............1828.79...70........34.9
Barclaycard....................11766.8...280.......19.9
Natwest Overdraft..............1946......30........0
Total unsecured debts..........17314.73..425.......-


Monthly Budget Summary
Total monthly income.................... 1,892.5
Expenses (including HP & secured debts). 1,163.28
Available for debt repayments........... 729.22
Monthly UNsecured debt repayments....... 425
Amount left after debt repayments....... 304.22

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -319.78
Total Unsecured debt.................... -17,314.73
Net Assets.............................. -15,634.51

McKneff

You really need to post up a proper SOA (statement of affairs) so we can help with all your incomings and outgoings.

Other people can see things where you could cut down.

Does your OH claim Jsa Or ESA.

Im sure someone will post a link to one soon for you to fill in.

katsu

If you post an SOA (statement of affairs - incomings and outgoings - found on the make sense of cards website and you can find it in a "sticky" towards the top of the forum) then people will offer advice on how to avoid putting debts back onto the cards each month.

Unless your partner can find a job quickly, I imagine you are going to find it impossible to get a loan as it looks like your income is not a lot more than the debts.

Good luck

hmczippy

Thank you all. I have added my SOA and would welcome any advice!