Newbie with help needed

girlatplay

Happytogetdebtfree wrote: »

Im abit confused you have a yearly income of 40k shouldnt that be £3333 per month for you alone ? because it doesnt reflect like that in your soa ?

If you are on a salary of £40k you walk away with (after tax & NI) approximately £2400 ish.

Stiffler_2

Happytogetdebtfree wrote: »

Im abit confused you have a yearly income of 40k shouldnt that be £3333 per month for you alone ? because it doesnt reflect like that in your soa ?

Sorry thats before tax.

Stiffler_2

girlatplay wrote: »

Ah ok. I didn't see your wife's income on the SOA. However, you are entitled to full child benefit as long as your individual income (each) is under £50k. If you earn £40k and your wife brings in £5k you will be entitled to CB.

Sorry I never included her income as I pay all billes etc she usually pays for shopping and things for our daughter etc.

girlatplay

Stiffler wrote: »

Sorry I never included her income as I pay all billes etc she usually pays for shopping and things for our daughter etc.

You have included groceries (shopping) on your SOA though. It would probably help if you could tell her about this. Then you could work on it as a couple and include both incomes.

Stiffler_2

Sorry that 300 is sort of housekeeping I give her as she has a tesco loan previous thats nearly finished.

consultant31

1) Get rid of the satellite tv....it's a luxury you cannot afford.
2) Cut down the mobile phone usage, £80pm is an enormous amount!
3) Get rid of at least one of the cars, two if possible - again these are luxuries you can't afford at the moment.
You could be (essentially) debt free in a matter of months

Stiffler_2

consultant31 wrote: »

1) Get rid of the satellite tv....it's a luxury you cannot afford.
2) Cut down the mobile phone usage, £80pm is an enormous amount!
3) Get rid of at least one of the cars, two if possible - again these are luxuries you can't afford at the moment.
You could be (essentially) debt free in a matter of months

Do you think it's possible?

Stiffler_2

What would be the best thing to do contact the pd loan people and tell them my situation or do I just get in touch with step change first?

Kipski

In your situation, I would try your bank as a first port of call. Try and get a debt consolidation loan, I don't know what Santander's rates are like, but a £12,500 loan from the Halifax over 5 years that I took out recently costs me £242 pcm

A Similar loan would allow you to clear all of your high interest loans and reduce your outgoings to a manageable level.

You could pay off all of the following for £10,500.00:

car............................3000......128...... .20
amigo loan.....................1900......150.......50
credit cards...................500.......35........30
pounds to pocket...............1000......171.......1700
payday loan....................400.......300.......2000
payday loan ...................350.......300.......2000
payday loan....................600.......300.......2000
payday loan....................500.......300.......2000
wonga..........................1400......300...... .2000
car............................888.......37....... .20

The loan will probably cost around £210 pcm if you take just enough, saving you £1811 pcm going by these figures (combined current cost of £2021 pcm).

As stated, you can probably just about get by without the loan if you are prepared to speak to your other half and tackle the situation together over a few months of harsh spending and rethinking your current way of doing things.

A DMP will prevent you taking credit during it's term and will further damage your credit rating, further restricting you, so this is an option for down the road if other options fail...

If you take the loan, take stock of the situation you are in, and make sure that you listen to the other advice given in regard to managing the money you have more effectively. If you get it this time, you probably wont get another chance if you let things slide again as it will pretty much max your credit out for the duration

Concentrate on paying your debt down as quick as possible to give yourself wriggle room if anything else crops up...

Stiffler_2

Kipski wrote: »

In your situation, I would try your bank as a first port of call. Try and get a debt consolidation loan, I don't know what Santander's rates are like, but a £12,500 loan from the Halifax over 5 years that I took out recently costs me £242 pcm

A Similar loan would allow you to clear all of your high interest loans and reduce your outgoings to a manageable level.

You could pay off all of the following for £10,500.00:

car............................3000......128...... .20
amigo loan.....................1900......150.......50
credit cards...................500.......35........30
pounds to pocket...............1000......171.......1700
payday loan....................400.......300.......2000
payday loan ...................350.......300.......2000
payday loan....................600.......300.......2000
payday loan....................500.......300.......2000
wonga..........................1400......300...... .2000
car............................888.......37....... .20

The loan will probably cost around £210 pcm if you take just enough, saving you £1811 pcm going by these figures (combined current cost of £2021 pcm).

As stated, you can probably just about get by without the loan if you are prepared to speak to your other half and tackle the situation together over a few months of harsh spending and rethinking your current way of doing things.

A DMP will prevent you taking credit during it's term and will further damage your credit rating, further restricting you, so this is an option for down the road if other options fail...

If you take the loan, take stock of the situation you are in, and make sure that you listen to the other advice given in regard to managing the money you have more effectively. If you get it this time, you probably wont get another chance if you let things slide again as it will pretty much max your credit out for the duration

Concentrate on paying your debt down as quick as possible to give yourself wriggle room if anything else crops up...

I have tried my bank for a loan but they declined. Is a debt consolidation loan different than a normal loan? If so I just asked for one to pay off some debt they never asked who the debt was with. I tried another company but got declined so I'm not sure ill get a loan.