Debt help please..... want to be free!!!

themaninneed

Hi all,

I have a debt problem.... I have always read the forums for advice etc.... however I have a problem myself I owe:

£9500 CC @ 4% AND 16.9%
£2000 CC @ 0%
£3000 CC @ 16.9%
£1500 CC @ 22%
£1250 OD @ 18%
£1000 CC @ 19.9%
£500 OD @ 18%
£4000 Left on a Zopa loan...... (20%)

As you can see I have a lot of dept. I currently take home around £1500 a month.

I have been making the minimum payments and haven't missed any however, I have been struggeling and it's just getting harder. I am not sure what to do? or where to start?

I also have a car on hp @ £300 a month as well.

Does anyone have any advise which could help me please?

McKneff

Do a proper SOA of all your incomings and outgoings, then we wil have all the details as to how to go forward.

I agree with you, you do have a lot of debt but it's not insurmountable. The hard part is coming on here and admitting it.
Thats over with so lets get going on it.

themaninneed

OKEY DOKEY.

The minimum payments are:

£9500 CC @ 4% AND 16.9% £250 4% ends in jan
£2000 CC @ 0% £25 0% ends next may
£3000 CC @ 16.9% £45
£1500 CC @ 22% £20
£1250 OD @ 18% £5
£1000 CC @ 19.9% £20
£500 OD @ 18% £5
£4000 Left on a Zopa loan...... (20%) £118 per month 4 years left was 5k
The car is £280 to be exact
insurance is £40 a month
rent of house £300
electric £30
gas £30
council tax £60
mobile phone £20 pay and go
petrol £160 a month
food = £2.50 a day

debtfreewannabe321

hi there

have you spoken to the cccs or similar? I was in a lot of debt at the beginning of the year and struggling with minimum payments, i'm now on a dmp with the cccs and have enough money left for food & living costs!?

dfw

themaninneed

Hi I haven't spoken to anyone yet.

How would that work?

debtfreewannabe321

I called the national debtline and they put me through to the CCCS, i made another telephone appointment with them just to discuss things, nothing was concrete....in between the appointments i had to get payslips, bank statements, utility bills, credit cards, loans etc etc with all the correct apr's on and balances. We then did a detailed budget over the phone and they worked out i had £295 left after paying for every day living to pay toward my debts. they then wrote letters to each creditor and asked them to stop interest and agree to the terms on the dmp and in the mean time i sent interim token payments until the direct debit for £295 was set up ....that was Jan and i haven't looked back!

GAH

OP.

Here is the link to the SOA, Fill it out in this format.

http://www.makesenseofcards.com/soacalc.html

Butterfly_Brain

Can you transfer all your credit cards to the 0% one

themaninneed

Hi there,

All the cards are maxed atm

themaninneed

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 280
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 60
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)...... 20
Haircuts................................ 16
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1026


Assets
Cash.................................... 1000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 16000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 15000....(280)......4
Total secured & HP debts...... 15000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Zopa...........................5000......118.......19
nationwide cc..................9500......250.......17
natwest cc.....................1250......5.........18
BOI Gold.......................3000......50........17
capitalone.....................1000......25........0
nationwide OD..................500.......5.........18
creation.......................2000......25........0
flybe..........................1500......25........22
Total unsecured debts..........23750.....503.......-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,026
Available for debt repayments........... 474
Monthly UNsecured debt repayments....... 503
Amount short for making debt repayments. -29

Personal Balance Sheet Summary
Total assets (things you own)........... 16,000
Total HP & Secured debt................. -15,000
Total Unsecured debt.................... -23,750
Net Assets.............................. -22,750

GAH

HI OP,

What are the value of each of the two cars you have? Have you just bought a new one?