How do i get a debt consolidation loan when...

mellonicoley

stuartjl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

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

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 114
Rent.................................... 460
Management charge (leasehold property).. 0
Council tax............................. 71
Electricity............................. 50seems high! I'm in a shared house with 3 others and our last G&E bills combined were £65 each. Make sure you switch off appliances at the plug, don't leave lights on in rooms not being used, the same maybe with any radiators for rooms that you won't be going into again that evening, get some energy saving light bulbs as well perhaps!
Gas..................................... 50
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 53can you drop a tariff?
TV Licence.............................. 13
Satellite/Cable TV...................... 60Consider switching to freeview
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1356


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3000.....(114)......7.99
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bc.............................9000......133.......15.9
h..............................1225......30........27.9
tesco..........................600.......40........18
pal............................900.......30........22
Total unsecured debts..........11725.....233.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,356
Available for debt repayments........... 244
Monthly UNsecured debt repayments....... 233
Amount left after debt repayments....... 11

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -11,725
Net Assets.............................. -14,225

Just a few tips for lowering your expenses a bit more so you have a little more to overpay on your debts

I would say too that you could cut your grocery bill but that's one area I really struggle to cut back on. Don't want to be a hypocrite!

BFM

when i was made redundant we cancelled sky first down to the £25 or so tariff and shortly afterwards cancelled the whole lot.

I thought that would be really tough. but don't really miss it at all now.

£720 pa for the absolute tosh thats on tv is total pants, bought a freeview recording box for a months subscription and we do fine...

that alone would clear your tesco debt in a year - you can always get it back if you MUST have it, but I'd suggest try coping without it for a while and see how you go.

pretty sure you can reduce the package right down even if you can't cancel the whole thing right away.

Poosmate

stuartjl wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

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

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 114
Rent.................................... 460
Management charge (leasehold property).. 0
Council tax............................. 71 Paid over 10 months?
Electricity............................. 50 Could reduce this by £15-£20 pm
Gas..................................... 50 As per Electric
Oil..................................... 0
Water rates............................. 20 Paid over 8 months?
Telephone (land line)................... 0
Mobile phone............................ 53 You can't afford this - go payg for £20pm
TV Licence.............................. 13
Satellite/Cable TV...................... 60 Drop an element of the package or downgrade or get rid of
Internet Services....................... 0
Groceries etc. ......................... 150 Try to get this down to £100 (or even less)
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
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...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1356


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 3000.....(114)......7.99
Total secured & HP debts...... 3000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
bc.............................9000......133.......15.9
h..............................1225......30........27.9
tesco..........................600.......40........18
pal............................900.......30........22
Total unsecured debts..........11725.....233.......-


Monthly Budget Summary
Total monthly income.................... 1,600
Expenses (including HP & secured debts). 1,356
Available for debt repayments........... 244
Monthly UNsecured debt repayments....... 233
Amount left after debt repayments....... 11

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -3,000
Total Unsecured debt.................... -11,725
Net Assets.............................. -14,225

Without reducing your satelite/cable you could quite easily reduce your outgoings by at least £113 per month.

Feeding your figs into the Snowball calculator as they are you will be debt free in 87 months having paid over £8.5k interest. If you use just £50 from the savings above you will be debt free in 61 months and pay £5.3k in interest.

If you are paying council tax over 10 months and water rates over 8 then put that money aside from December to March. By end of March you will have £222 saved which you can either pay off a debt or put towards your car insurance or maintenance/MOT. Try also to save a nominal amount into a savings account (£10) in a few months time you won't miss that tenna.

Could you open a Halifax Rewards account and pay all of your DDs out of it? You will get £5 per month for depositing over £1k - whip that out into your savings account or use it to make an extra payment on a debt. I call mine "Bills Acct" and Bill is my best friend.

From your current acct where your salary is paid transfer enough to cover all the DDs. Leave your groceries, petrol, mobile phone, clothes allowance (total £423) in your current account - that's your disposable income (£434 including your £11 suplus currently showing). I call mine "My Acct".

Also from your current acct where your salary is paid transfer car tax, car insurance and presents (total £85) over to your savings account each month. Use as needed for those purposes only!

By seperating everything you have all bases covered, you know everything is accounted for and will be paid and on time. You know how much you have to spend through the month so keep within that - if you can't then you're paying for something you can't afford - make an adjustment - lower your food consumption, buy less clothes, reduce your mobile use/contract. Your "My Acct" is the only part of your finances that you need to budget - so much easier than trying to budget for everything.

As the minimum payments reduce on your debts you will have more surplus in "Bills Acct" each month. Use this to make an extra payment off a debt EVERY month. I call this my backwards debt spiral. The more you pay, the less you NEED to pay, the more you CAN pay.

Next April, when your household bills go up again, you will probably have enough surplus in "Bills Acct" to cover those rises, though you'll have to reduce the amount extra you can pay off your debts for a bit as the surplus will have reduced. Mine went up by £19 this year but I had it covered so haven't had to up my Standing Order into "Bills Acct".

That's how I am doing it and its working for me.

Good luck,

Poo

stuartjl

BFM wrote: »

when i was made redundant we cancelled sky first down to the £25 or so tariff and shortly afterwards cancelled the whole lot.

I thought that would be really tough. but don't really miss it at all now.

£720 pa for the absolute tosh thats on tv is total pants, bought a freeview recording box for a months subscription and we do fine...

that alone would clear your tesco debt in a year - you can always get it back if you MUST have it, but I'd suggest try coping without it for a while and see how you go.

pretty sure you can reduce the package right down even if you can't cancel the whole thing right away.

Yeah considering this, but my phone and broadband are part of this too. But then again i could cancel the Sky tv and save.

whiteguineapig

we have done this as well , i missed it for all of about a week and a half, i got a humax box which is similar to sky plus

psychopathbabble

Just a quick message to say... don't lose hope!! 2.5 years ago I thought consolidation was the answer too... but with some changes and sacrifices, I will be debt-free in a few months time with no consolidation. It will get easier I promise you, and if you work hard to pay it off, you learn not to run it all up again Good luck!