Newbie require help

Nigel2412

Hi everyone, after spending a few days reading all the posts on here, i conclude that this seems the place for me !

So here we go,

Income

£1500 +/- 100 (Overtime) Not regular.



Credit Card 1 Lloyds 14500. max 15k 310pcm 1.277 purchases 2.075 cash
Credit Card 2 MBNA 1900 max 3000 72pcm Not Sure APR
Secured loan Firstplus 40000 354pcm 10.2%
Unsecured loan Lloyds 5000 133pcm 19.9%apr
Overdraft Lloyds 210 free up to 250.
Overdraft First Direct 450 £15.00 per month
Storecard £220 £8.50pcm


Mortgage / Rent £356.44
Secured Loan £354.00
Buildings & Contents Insurance £22.00
Council Tax £77.00
Water Rates / Meter £15.00
Gas Bill £25.00 In Credit £60
Electricity Bill £20.00 owe £9
Home Phone Bill £65.00 £65.00 Inc TV Broadband and Phone. Mobile Phone Bill(s) £120.00 Includes payment for my daughters bill
Private Medical Insurance £16.00
Food & Household Shopping £140.00
Petrol / Diesel / Gas £60.00 £60.00t
Personal Loan Repayments £133.00
Credit Card Repayments £382.00
Maintenance. £150.00
TV Licence £11.00
Newspapers / Magazines £3.75

I think that covers everything.

Shortfall £450.00 pcm

As you can see the worst is my unsecured credit, at the moment my all payments have been made albeit a couple of late payments on the loans.

Mortgage is on interest only.
TV Phone and Internet trying to source cheaper.
Daughter's Phone has to stop.
Ending subscription to mag next month.

I Know I'm in trouble but some advice would be apresheated

Nigel (Newbie)

I've started so with help I'll sort my debits out!!

chevalier

hi there
I think most of us have gone to bed, and I am on my way there. So don't worry if no one answers to the morning
cheers
chev

amani_2

hi nigel, just bumping your post so more people see it, and give you advice

Tashja

Mortgage / Rent £356.44
Secured Loan £354.00
Buildings & Contents Insurance £22.00
Council Tax £77.00
Water Rates / Meter £15.00
Gas Bill £25.00 In Credit £60
Electricity Bill £20.00 owe £9
Home Phone Bill £65.00 £65.00 Inc TV Broadband and Phone. Mobile Phone Bill(s) £120.00 Includes payment for my daughters bill - Can you put these (particularly daughter) on PAYG
Private Medical Insurance £16.00 - Do you really need this ??
Food & Household Shopping £140.00 - How many of you are there ??
Petrol / Diesel / Gas £60.00 £60.00t
Personal Loan Repayments £133.00
Credit Card Repayments £382.00
Maintenance. £150.00 - What is this for ??
TV Licence £11.00
Newspapers / Magazines £3.75 - Read these on-line

Sorry not much help but hopefully this will bump the post up and others will be able to help.

T xx

CLAPTON

just to rearrange things a little


income is 1,500
spending 1,435 with secured loans but excluding unsecured debt

this leaves 65 for unsecured debt

and unsecured debt totals 21,850 and costs 524 per month

now clearly the mobile spending has to stop but there are also many things missing from the budget ... all the yearly type costs e.g. car tax, MOT, servicing, general emergency fund for property and car, clothes, presents, xmas cost ..all these need to be worked out , divide by 12 and put them in the spending budget.


so assuming that these things cancel out it seems that you can't actually make any payments on the unsecured debts.


questions

a. is there scope to increase your income significantly?
b. how much equity in the house?
c. how old is the daughter
d. what is maintenance for

Nigel2412

Thank you for the replies so far, in answer to your questions.

1) Maintenance is for my ex wife to support our daughter who's 17 works part time and is at college.
2) Property is worth £135k. It has been on the market, and had an offer of 132k, but thought better of it, and taken it off the market as renting some where is just of expensive and i would be in the same position. Equity wise only 15k
3) Income increase possible, interview Thur's for promotion, which could bump it up a bit, I'm not expecting a huge amount.
4) I have a works van.
5) Live by myself and 2 cats
6) Could drop the medical insurance, but had some work recently on the teeth, covered the bill !! so reluctant to stop.
7) Specialist magazine not online but have cancelled.

Phone, contacting provider's tonight to see how long contracts have to run.

Any more info just ask.

Thanks Nige

I_was_a_fool

Welcome Nige

Recommend you contact Payplan, CCCS or CAB for advice on how to proceed. Maybe an IVA or DMP are the way forward. These will trash your credit rating but give you a more managable way to handle your debts. Good luck

Sharon

Nigel2412

Thanks for the reply been thinking on those lines, need to give them a bell.

RAS

Hi

If you are on your own, have you thought about getting a lodger?

Could get you £4,500 tax free.

Also are you getting the single persons allowance on Council tax. I was not and they refunded two years worth.

misspoppy

At your daughters age she should be paying for her own mobile especially as she is working.

Have you asked for your gas payments to be reduced you shouldn't be that much in credit after a winter bill and ask for the money back too, its better in your pocket than making interest for who ever you provider is with. Also have you checked you are on the cheapest tarriff for gas and electric? Martin said its time to switch.

Nigel2412

Thanks all for the advice, not sure about the lodger, but a possibility, I never rule anything out. My council tax is at the reduced rate, have reduced my gas payments by £10 month, will check on he tariff. Still trying to sort home phone internet and tv and mobile's out. Having a bit of a sort out over the week end got a few things to sell on eBay.

Still will have to speak to payplan and see what they think.