Can I sort it now???

webbo1981

Hi all

As you can tell I have been somewhat a member for nearly a year now. I have left one or two posts on this subject before but due to depression and I guess being somewhat scared I have ignored them thinking my debt would go away. Am really after a bit of advice. I have roughly 11k debt. My income is about £1050 a month and £950 of this goes on debt and rent. I am seriously considering getting in touch with some one that can help to maybe consolodate my debts or something. I am constanly rejected for new credit and am paying silly interest rates on my debts. Virgin credit card being 27% for one. Any help or ideas appreciated.

Regards

BlueSkyDay

Hi webbo - well done for facing up to your debt. Don't feel bad that it's taken you a while to get going - it's a scary thing to do.

I'm sure people will be able to help you - but an SOA would be a good idea so we can see your income / outgoings in detail. I found that seeing it all in black & white was frightening, but did make me feel more in control.

All the best,

Blue

cattie1

hi, welcome back, of course everyone here will try their best to help you, but to help us help you it would be great if you could post your soa (statement of affairs) listing ALL incomings and outgoings and we will see if there is anything you can cut back on. (have a look at southern scousers sticky)
also if you go to old style you'll find cheap and cheerful meal ideas.
I would suggest getting a 0% card if you could get 1 to transfer virgin balance but I understand sometimes it is hard to ger credit due to credit score etc.

SunderlandBlackCat

As has already been said anyone who gives you credit is going to want you to pay an extortionate interest rate so you'll be better off tackling your existing debts.

Put together an SOA so you know exactly what comes in & goes out & what APR's you're paying on all of your existing debts. Guessing won't work.

Start a spending diary to keep track of every penny that goes out.

Contact CCCS or payplan who will be able to advise on what options are suitable for your circumstances. If you feel you need to be face to face with someone to discuss your options Citizens Advice also offer the service.

Once you've got your SOA together if you're feeling up to it post it on here & the people here will find all sorts of ways you can improve things.

Once you know all the APR's, amounts owed, minimum paymants & what you can afford to put towards your debts you can put them into the snowball calculator which then produces a table of what to pay & when to minimise the amount of interest you will pay.

webbo1981

Thankyou everyone for your replies. Here goes:

Income 15th every month: £1050

Outgoings:

Every Monday: £50 rent to mother
1st every month: £30 3 contract (9 months remaining)
4th every month: £26.85 Council Garage
1st every month: £26 sky (I pay half mum pays othr half)
4th every month: £32 Gym membership (only social event I get)
2nd every month: £188 Cahoot Loan (balance £6400 9.7% APR)
28th every month: £45 Ntl (Phone line and broadband)
18th every month: min payment egg (balance £900 limit £900 15.9% APR)
14th every month: min payment virgin (balance £1982 limit £2000 27% APR)
23rd every month: min payment RBS (balance £400 limit £450 15.9% APR)
25th every month: min payment Clydesdale (balance £390 24.9% APR)
7th every month: min payment LX Direct (balance £350 32.9% APR)

I also have an outstanding balance roughly of £450 on my first direct account which is not in use and I have constant letters about. also I beleiev I will soon be charged £10 a month to use this service.

Please help

thesaint

Give Virgin a call and tell them that your interest rate is too high, tell them that Egg say that you can transfer the balance to them.
They will either lower it, or say go on and contact Egg.

webbo1981

thesaint wrote:

Give Virgin a call and tell them that your interest rate is too high, tell them that Egg say that you can transfer the balance to them.
They will either lower it, or say go on and contact Egg.

Thanks, gotta be worth a try

sured

what are your living/work costs?
i take it you have a car, as you rent a garage, could you get rid of the garage?
sky?

webbo1981

sured wrote:

what are your living/work costs?
i take it you have a car, as you rent a garage, could you get rid of the garage?
sky?

Yes I do have a car, a costly one at that. sierra Cosworth. However it is off the road due to needed work on it. So I am not using it. The only place to keep it is in the council garage. I live on a bus route road with no drive.

As for Sky, I guess I could get rid of it it's just it's my only entertainment at the minute. I don't go out or anywhere because I can't afford it. Just watch Sky.

Regards

whatatwit

Hi Webbo, well done for posting.

Ignoring your gym membership, but leaving in the Sky, I get your main outgoings as:

Rent 217
3 30
Garage 27
sky 26
NTL 45

This totals £345 per month, which leaves you with a balance of £705 to go towards debts.

As no doubt the £705 never seems available, then start to keep a spending diary and you will soon see where the money is going.

If you want to keep the Sky, then cancel the Gym. How often do you go and how much else do you spend whilst you are there.

sured

have you read martins article on the cheap gym loophole, its on the home page, this could save you some money.
i'm also quite sure you could reduce the cost of ntl, i'll have a look to see if i can find a cheaper deal for you,
by the way well done for posting your soa, facing up to it is hard
good luck