not sure what to do about my debt and future

[Deleted User]

At the momment everything is uptodate, but that is only as i have some cash aside to live off which will soon be finished.

My work is at an airport and the amount of hours i get drops to 25 a week, from nov to may, and back to 35-40 with regular ot for the other 6 months of the year. This is due to change soon to permanantly full time as we gain some new contract soon. So this will help but not by much.

Things are more complicated as at the momment I am single but I have fiancee in the phillipines, to whom I have visited twice in the last 6 months and hopefully will marry 2008.

My soa is

Income - winter - £700 to £800 depending on if i get some extra shifts
summer - £900 to £1200 depending again on OT


Outgoings -

buldings insurance £7.41
Mortage £352.39
mobile with insurance £35
gas&elec £31
landline £11
Payment protection insurance £10.76
council tax £80 (currently no payments due)
sky tv £43.50 has been given 30 days notice
food £120 pm (for just myself includeds microwave meal to take to work)
petrol £80 pm
TV Licence £12
car insurance/mot £45pm

clothes - dont buy many. dont socialise often,
travel - well i need to stop this also as i stupidly paid for the last two trips to the phillipines to see my partner on the credit cards.

Capital one Credit card £818.81 29.9% 5% min payment £41pm
lcd 40" tv on bnpl £1410 due to start 21/5/07 48 payments 29.8% £63.35 per month when it starts
citifinacial loan £3850 29.7% 54 months left £120.45pm
beneficial/hsbc flexible loan £4867.78 25.9% 5% of balance min payment £146pm
Barclaycard Credit card £1809.96 25.9% 3% of balance min payment £54pm
overpayment tax credits from 2 years ago £1125 0% been paying £25pm

total debt £13,881.55

total income currently £700 to £800 varies

basic outgoings £785.56 (without sky tv cancel in progress)
creditors £449.80

total outgoings £1235.36

I cant refinace as my credit rating is poor, hence the high rates otherwise id consider a loan. I have been paying the shortfall from cash savings left over from one of the loans, currently about £800 left.

My only excuse is going mad after the break up of my 5 year partnership, drinking a bit (now 95% stopped) and meeting a really nice girl in another country to whom I want to marry (have been twice in the last 6 months paid for on loans and cc), and when she finally comes over in approx 2 years time will actually want to work to contribute to our future and family, instead of living on benefits like my ex !

I dont know how much longer I can keep paying them all, I spoke to payplan who advise me to make token payments of £1 several months ago, but I have managed to keep going a bit longer. MY family are of no help, my dad isnt really helpful or wants to listen.


I dont want to become bankrupt as if i marry cheryl, it would be seen that I cant support her, and immigration wouldnt give her a visa to stay with me here in the uk.

any help greatly appreciated, i am 31 yo,

CLAPTON

you need to complete your SOA above

a. your spending...you have nothing for food, clothes, socialising, travel, holidays

b. can you add up the (revised) spending

c. the debts: can work out the minimum payments rather than say 5% or whatever

d. can you add up the minimum monthly debt repayments

e. can you get a parttime job and/or let a room in your property to increase income?

[Deleted User]

I have revised it, my house is only 1 bedroom :-(

also my current job has varying shift patterns which can vary from 05.30-10.30 am 14.00-20.00 and 16.00 to 23.30.

Also i only have to wait till 1st may, then i am guarnteed my extra hours again, but i will still have shortfall. And nothing left towards saving to get my finacee here and marry her. (which would help with the income eventually)

CLAPTON

basically your income is low

can you get a better job that pays a decent salary all year round and not just in the summer months

is there equity in your property? is selling it or remortgaging an option?


if not then i can't see how you can pay your debts at the current time especially as i dont see your current budget really is a true liveable budget.

if you can't increase your income significantly then your options are essentially to either remortgage (if possible) and transfer the debts to your mortgage and then resolve never to get any more credit ever again or enter a debt management programme .

i would suggest you contact CCCS or payplan

nichere

is there anyway you can go without one of your phones ie landline? assuming mobile on a contract? this would save some money.
tv do you need your tv?
what i did when i was living on my own was not have a landline anyone who wanted to phone me had my mobile number seeing i was on contract and also a contractor so mobile was more neccesary to me although dearer,did not have a tv so no licence needed (ok some may think sad but just went on the internet or read tv was a luxury i could not afford so done without,also rubbish on there anyway)
got my internet via ntl so did not need bt phone line.
hope this may have been some help to you?
or the only other way i am affraid is to possible get another part time job as clapton has already suggested?

holygrail_2

Hi Sky
i was in the same trouble ...too much going out than coming in ,have you tried an ...IVA .Thats what i am on its very tight but at least i do not get any hassel from my crediters

[Deleted User]

the house is in joint names with my dad, its only been mortaged for 18months, the value was 65000, morgage o/s is 56500.

also the landline comes with free basic pakage cable tv which i will use instead of sky

my job is at the airport, as an aircraft dispatcher. I love the job and I am happy there...... i could not face going back to office or a supermarket as I have no formal qualifications.

and the odd free/cheper flight or upgrade is a good perk :-)

this is also under scottish law, if that makes a differance