Help advice needed please.

greenbrucelee

I have been a complete idiot.

I got myself into a lot of debt years ago which I still paying through a solicitors called mortimer clark but this will be finished in 3 years.

I also have a loan of 10k with lloyds tsb and an overdraft 10k and 3k

All of these debts cause me no issues but at the start of the year I was hit with an unexpected bill so I took out a payday loan and then I ended up getting into a cycle of borrowing and rolling them over.

My payday loans total £5200.

I spoke to my bank about this but they said they could not give me any more on my overdraft or loan and that I should talk to payplan.

I had an appointment at 4 to talk to them today but I was called by a debt managment company who said the could help.

The girl at the debt managment company said that I need to go with them as payplan wont help with payday loans and that they will be able to stop interest etc on everything. She was quite insistant that I start their plan immediatley and I need to phone her back by 9pm tonight. She also said that my first payment was an admin fee of 70 but after that they would want £400 a month this would all go to the creditors.

She also said I should join another bank and get my wages paid into that as regardless of what I do payday lenders can take the money.

My take home pay after tax with no overtime is 1206
I pay 425 rent which includes everything apart from my internet connection which is 18
I pay 72 on car insurance
and 13 on credit card.

I have not yet defaulted on any payday loans or loans yet but its only a matter of time.

I currently owe 5200 to payday loans
9600 to loyds loans and 3k for the overdraft.

I feel like a complete idiot as I have been in debt hell before.

Any advice would be greatfully received.

Steve

merlin68

What about food, petrol, car tax, mobile phone. Car maintenance. Your missing a lot of things of and don't go with that company. Whatever.

mum2one

1st thing, don't pay for a service that payplan or cccs (both on this site) will help you for free as they are charities, so every penny you pay them will go off your loans.
There is a ask a debt advisior thread, (useless with links) or put cccs in search box, and speak to them before you sign up to anything.

Pop to the debt free wanabee board, and post your soa, everyone will help, and no one judges, one way or another we're all in the same boat.

greenbrucelee

sorry Merlin.

My petrol is 45 a week food etc is included in the rent.

car tax is 143 for 6 months or 260 a year.

10 on mobile phone a month

general spending was about 50 a week but now its nothing.

greenbrucelee

mum2one wrote: »

1st thing, don't pay for a service that payplan or cccs (both on this site) will help you for free as they are charities, so every penny you pay them will go off your loans.
There is a ask a debt advisior thread, (useless with links) or put cccs in search box, and speak to them before you sign up to anything.

Pop to the debt free wanabee board, and post your soa, everyone will help, and no one judges, one way or another we're all in the same boat.

Thanks for your advice mum2one.

I use soa calculator looks like I am pretty screwed unless I can get a solution.

So you both think I should stay away from this debt management plan?

I cant post linkds as a new user but the debt managment company is called consolodation loan centre

rising_from_the_ashes

Hi Greenbruce, welcome to MSE - you'll get loads of advice & support here.

I'd suggest filling out the SOA http://www.makesenseofcards.com/soacalc.html so others can get a true picture of your income/outgoings and see where/if savings can be made.

As others have said, there is loads of free advice out there & plans can be set up which don't cost you anything. This girl wants you to sign up with them so they can make money - not to help you! Have a look at https://forums.moneysavingexpert.com/discussion/2077631 for who to contact.

greenbrucelee

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.................... 1
Monthly Income Details
Monthly income after tax................ 1206
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1206
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
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....................... 17.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 143
Car Insurance........................... 72
Car maintenance (including MOT)......... 56
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)...... 60
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 828.99

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
wonga..........................1135......250.......4000
cheque centre..................1125......213.......0
quickquid......................325.......65........0
overdafter.....................3000......45........19
lloyds tsb loan................9600......276.1.....22
txtloan........................234.......0.........0
uncklebuck.....................620.......120.......2000
paydayuk.......................400.......156.......0
mr lender......................409.......52........0
Total unsecured debts..........16848.....1177.1....-

Monthly Budget Summary
Total monthly income.................... 1,206
Expenses (including HP & secured debts). 828.99
Available for debt repayments........... 377.01
Monthly UNsecured debt repayments....... 1,177.1
Amount short for making debt repayments. -800.09
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,848
Net Assets.............................. -13,848

greenbrucelee

I meant add £80 to the soa for the old debts I have been paying off. there is 2700 left on that.

rising_from_the_ashes

A few comments from me ......

greenbrucelee wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0 Could your partner get a job to help out?
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1206
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1206
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 0 Need something here
Electricity............................. 0 and here
Gas..................................... 0 and maybe here
Oil..................................... 0
Water rates............................. 0 and here unless in Scotland
Telephone (land line)................... 0 no landline?
Mobile phone............................ 10
TV Licence.............................. 0 need something here
Satellite/Cable TV...................... 0
Internet Services....................... 17.99
Groceries etc. ......................... 0 and here
Clothing................................ 0
Petrol/diesel........................... 45
Road tax................................ 143 a month! Can't be!
Car Insurance........................... 72 have you shopped around to see if you can get cheaper?
Car maintenance (including MOT)......... 56 quite a lot
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 need something here
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 quite high, try to cut down a bit
Haircuts................................ 0 Should have something here
Entertainment........................... 0 and here
Holiday................................. 0 and here
Emergency fund.......................... 0
Total monthly expenses.................. 828.99

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
wonga..........................1135......250.......4000
cheque centre..................1125......213.......0
quickquid......................325.......65........0
overdafter.....................3000......45........19
lloyds tsb loan................9600......276.1.....22
txtloan........................234.......0.........0
uncklebuck.....................620.......120.......2000
paydayuk.......................400.......156.......0
mr lender......................409.......52........0
Total unsecured debts..........16848.....1177.1....-

Monthly Budget Summary
Total monthly income.................... 1,206
Expenses (including HP & secured debts). 828.99
Available for debt repayments........... 377.01
Monthly UNsecured debt repayments....... 1,177.1
Amount short for making debt repayments. -800.09
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -16,848
Net Assets.............................. -13,848

There's quite a bit missing that needs to be added in - am just wondering, do you pay the rent & your OH the bills?

greenbrucelee

sorry I live with my motherthe 425 includes council tax, water and food etc.

the car maintenace I was sure how to put it but that is for the year as is the car tax.

I cut my own hair not that I have much anyway

no holidays or going out. I lost the majority of my freinds the first time I got in debt so I dont really have any.

the 60 for birthdays is yearly too.

greenbrucelee

I am going to have to log off shortly as I am at work will finish shortly but I am due back in work in 7 hours so I need to try and get some sleep.

I look forward to any advice that anyone can give me.

Steve