Really Need Help

PJM41

Hi..

Here it is..£30000 in unsecured debt

Halifax: Loan 1 - Outstanding balance= £13,769
Halifax: Loan 2 - Outstanding balance= £6459
Barclaycard: Credit Card - Outstanding Balance= £9500

On top of that is a £600p/m mortage payment.

Take home is around £1500 so after all my DD have gone through I'm now just living on my dwindling savings.

I'm not behind any payments and my credit rating is good. I can't get a secured/unsecured loan or additional funds on the mortgage.
My only option seems to be a Debt Management Plan but I'm concerned of the long term effect it'll have on my credit file.
So, I've come here to ask for any advise.
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
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................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 22
Gas..................................... 22
Oil..................................... 0
Water rates............................. 4
Telephone (land line)................... 20
Mobile phone............................ 26
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 100
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 22
Car Insurance........................... 33
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 120
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1292

Assets
Cash.................................... 15000
House value (Gross)..................... 175000
Shares and bonds........................ 4500
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 195300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(600)......5
Total secured & HP debts...... 112000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Loan...................13769.....232.......14
Halifax Loan...................6459......132.......14
Barclaycard....................9500......250.......20
Total unsecured debts..........29728.....614.......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 1,292
Available for debt repayments........... 208
Monthly UNsecured debt repayments....... 614
Amount short for making debt repayments. -406
Personal Balance Sheet Summary
Total assets (things you own)........... 195,300
Total HP & Secured debt................. -112,000
Total Unsecured debt.................... -29,728
Net Assets.............................. 53,572

ElleWoods

Hi,
Spend an hour or so doing an SOA (see the sticky 4th from top of the page) then people can make suggestions to help you. But posting is a start!

JustinCredibleGillespie

http://www.stoozing.com/msoc/soacalc.php

Here is the link for the Statement Of Affairs.

JCG

xx

PJM41

Hope the SOA can help more

pjcox2005

Hi,

Only taken a quick look but a couple of thoughts:

House costs as a proportion of income are very high - any chance you could take in a lodger to get further income.

£60 for landline, internet and cable could be reduced by an all in one provider. If you use a website such as Quidco you may get cashback.

Presents you will get a lot of challenge from others on, and quite rightly. You simply can't afford to be spending close to £1500 in a year (one months wages). Look to cut down, it's the thought that counts and often simple things can be better.

Alternatvie is to use sites which give vouchers for surveys completed, or enter competitions to see if that helps.

Think you should be speaking to a debt charity to approach creditors to try to freeze the interest on the cards as well.

pivotalgubbins

PJM41 wrote: »

Mobile phone............................ 26

Can you reduce this now or soon?

PJM41 wrote: »

Satellite/Cable TV...................... 20
Internet Services....................... 20

You need to reduce/get rid of the Satellite/Cable TV as soon as you can (no-one needs it) and see if you can get a better deal on the internet.

PJM41 wrote: »

Groceries etc. ......................... 100

Just you? See if you can get this down by £20-30 by looking at the Old Style and Food & Grocery boards!

PJM41 wrote: »

Petrol/diesel........................... 100
Road tax................................ 22
Car Insurance........................... 33
Car maintenance (including MOT)......... 20
Car parking............................. 5

Anyway to reduce the car costs - i.e. lower petrol consumption/not use car? Road tax seems high - could you sell and get a cheaper run around?

PJM41 wrote: »

Presents (birthday, christmas etc)...... 120
Entertainment........................... 0

Mistake, no? If not (or even if so), scrap the presents and look at free/very cheap options! Explain to family and friends that you have to cut back and do that.

You must allow something for entertainment in the budget too - clearly life doesn't come for free and money will have to be spent somewhere.

PJM41 wrote: »

Cash.................................... 15000

What?! Slam this towards getting those debt figures down - ludicrous to be sitting on this level of cash. Keep a small fund (£2k-ish) for emergencies but get that debt down!

PJM41 wrote: »

Shares and bonds........................ 4500

Again, what are these? Can you sell/cash them in? If so, do it and get that off your debt - you could reduce it by over half with these and the cash!

PJM41 wrote: »

Car(s).................................. 800

That might answer my car question!

PJM41 wrote: »

Halifax Loan...................6459......132.......14
Barclaycard....................9500......250.......20

Reasonable chance you might be able to shed these if the cash and share/bond position is as it looks!

Other options for you to consider:

• Are you in a one or two-bed flat/house? Can you rent a spare room? It would make massive inroads into your debt.
• Second/part-time job - holiday season is upon us and the extra cash would help, even if only for the short-term?
• Do you have any old junk you can sell on eBay/Gumtree and so forth! Surprising how much you can make in a short time!

Good luck!

R_P_W

Use the £15k cash and £4500 savings to clear 2/3rds of your debt straight away?

Little_Miss_Uni-Debt

If you do really have access to that kind of cash - clear the Barclaycard straight away!!!

At 20% APR you're paying £1900 in interest each year. That's £1900 savings gone and your card debt stays is at the same level.

Pitchshifter

Agree with other posters. If it was me, I'd use as much of my cash as possible to pay a loan with an interest rate of 20%. Pay off the CC 1st.
keep £1-2K max for emergencies

PJM41

pivotalgubbins wrote: »

Can you reduce this now or soon?



You need to reduce/get rid of the Satellite/Cable TV as soon as you can (no-one needs it) and see if you can get a better deal on the internet.



Just you? See if you can get this down by £20-30 by looking at the Old Style and Food & Grocery boards!



Anyway to reduce the car costs - i.e. lower petrol consumption/not use car? Road tax seems high - could you sell and get a cheaper run around?



Mistake, no? If not (or even if so), scrap the presents and look at free/very cheap options! Explain to family and friends that you have to cut back and do that.

You must allow something for entertainment in the budget too - clearly life doesn't come for free and money will have to be spent somewhere.



What?! Slam this towards getting those debt figures down - ludicrous to be sitting on this level of cash. Keep a small fund (£2k-ish) for emergencies but get that debt down!



Again, what are these? Can you sell/cash them in? If so, do it and get that off your debt - you could reduce it by over half with these and the cash!



That might answer my car question!



Reasonable chance you might be able to shed these if the cash and share/bond position is as it looks!

Other options for you to consider:

• Are you in a one or two-bed flat/house? Can you rent a spare room? It would make massive inroads into your debt.
• Second/part-time job - holiday season is upon us and the extra cash would help, even if only for the short-term?
• Do you have any old junk you can sell on eBay/Gumtree and so forth! Surprising how much you can make in a short time!

Good luck!

I was hoping to last until the next lots of shares come through this time next year without using up all my savings. I am looking into a cheaper internet provider so hoep that can come down £20-£30p.m

Thank you for all your advise

bargainbetty

You are running at a deficit of £400 per month. To wait for next year is utterly ridiculous. Pay off the Barclaycard and reduce your outgoings to a point that you can afford. The Barclaycard being gone reduces your overspend to £150 ish per month. You can save that by cutting back on things like Sky/internet and presents, or maximising your income by taking on a second job, a lodger or doing online surveys etc to raise some cash.

You wouldn't be able to get a DMP or reduced interest rates with that level of available savings. If a mate came to me and asked if I could repay less than he owed me so that he could keep his savings, I'd tell him to sling his hook!

Good luck