Here goes!! Can I actually make the change?

artnoble

Hiya guys.

Well I've spent the last 3 hours sorting though my big box of letters. Luckily i cut this box in half by throwing away the envelope lol. They are now roasting on the fire.

Looking at it I should be in a better position then I am. I think my lifestyle is a major issue. I've done my SOA to the best I can I've left 'entertainment' as I'm not in control of what I spend at the weekend.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 120
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 55
Car maintenance (including MOT)......... 30
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 432


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Newman (ebay)..................19.38.....0.........0
Provident......................498.98....0.........0
Bryan Carter (EE)..............474.23....0.........0
Natwest loan...................7309......0.........0
txt loans......................272.5.....0.........0
dollar finance.................100.......0.........0
Green car ins..................308.26....0.........0
fredrickson (mint).............1357.58...0.........0
payday uk......................129.......0.........0
Hastings Direct (ins)..........110.03....0.........0
Lowell (02)....................41.47.....0.........0
Lowell (mon shop)..............100.......0.........0
Paday express..................408.93....0.........0
Lowell (cap 1).................408.93....0.........0
Lowell (co-op).................1013.42...0.........0
Total unsecured debts..........12551.71..0.........-


Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including HP & secured debts). 432
Available for debt repayments........... 818
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 818

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,551.71
Net Assets.............................. -12,051.71

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I havn't got many outgoings just my car and board at home.

Also my I've not put any min payments or APRS down as I've not paid my debts for a while, all of my debts are with DCA's don't appear to be accruing interest any more.

I'm not sure which is the best way forward now. Do I speak to each individual company or is there someone I can see who will sort this out for me. I would like to pay a one off bill each month rather than paying 10/12 creditors.

Hopefully I have the motivation and the determination to get me through this mess and make a life for myself. I'm at rock bottom and unable to see any light at the moment. The people around me are making lives for themselves and I'm going nowhere fast.

beth3735

Not much advice sorry, but what i would do is shift the smaller amounts like the Ebay, the £46 one and the couple of £100 ones. Best not to even look at touching the loan yet as most times with a loan you pay the interest 1st, so paying that off early doesn't usually benefit you.

Have you not been paying even to the loan?

How about paying off the smaller and if you are not paying anyone anything at the moment why not save a lump sum and offer a few of the £400 odd ones a Full and final settlement if they are with collection agencies, they may be more willing to knock around 50% off

Good luck.

artnoble

beth3735 wrote: »

Not much advice sorry, but what i would do is shift the smaller amounts like the Ebay, the £46 one and the couple of £100 ones. Best not to even look at touching the loan yet as most times with a loan you pay the interest 1st, so paying that off early doesn't usually benefit you.

Have you not been paying even to the loan?

How about paying off the smaller and if you are not paying anyone anything at the moment why not save a lump sum and offer a few of the £400 odd ones a Full and final settlement if they are with collection agencies, they may be more willing to knock around 50% off

Good luck.

Heya thanks for the reply.

I got made redundant in 2008 and everyone took token payments of £1 until I got myself sorted. I stopped paying the £1 payments and everything defaulted. I don't think I've had a letter about the loan in a few years.

I guess I could pay off the smaller ones straight away and then do as you say and offer full and final to the £400 ones and then go from there.

beth3735

I had 12 creditors and as much as it would of been better to work on paying the only creditor off who is charging a little bit of interest, I have actually found it more motivating to get rid of my creditors 1 by 1.

Have the debts been ignore long enough to be statute barred? Maybe worth a check.

happy_bunny_2

How long since you last made any payments on the debts?

Have you checked your credit files to see the account status?

Need not to pay or acknowledge in writing for 6 years to be statute barred.

Also, if any debts are pre 2007 worth sending for a CCA for the prove it letter on here. Sorry don't have a link. This finds out if they have a CCA and if not puts you in a better bargaining position without resetting the SB clock.

Mara_uk7

And how can you be "not in control" of what you spend at the weekend please ?

artnoble

The oldest default is 2009 so they are all due, I know I've had my head buried so I think the honest thing to do would be to pay back what I've spent. I'm printing off letters now for the smaller amounts and will post them off tomorrow asking for a lowered settlement.

Hi Mara_UK7, this a problem I can't seem to snap out of. I'll have my mind focused all week and it'll will come to friday and I'll lose all conscience and just spend spend spend beer, food, going out. If it's in my bank I'll spend it. Come monday morning I start again with the whole this is the week I'll chance. Soon as friday come its all out the window.

artnoble

sorry if this is an obvious answer but I'm going round in circles

Is there a template letter asking a creditor to make a reduced offer? I cant find one anywhere.

cheers guys

dancingfairy

Sorry but you need to find someway to get a gripon your weekend spending. Your SOA says you should have over 800 a month spare after paying your bills. You won't get very far in life if you are wasting this much each month.
What can you do to stop spending so much at the weekends? How about a weekend job? a) you'll earn extra money and b) you won't have time to spend it. Alternatively leave the cards at home. Take 50 pounds cash out and thats it. When it's gone it's gone.
Just how much do you want to be debt free? What will you do when you are debt free? You need to find some motivation to tackle these debts once and for all.
Best of Luck
df
P.S I would go or knocking off a couple of the smaller ones. You'll feel soooo much better. Say you spent 200 a month on entertainment (50 a week) that'd leave you 600 a month towards debts - you could get quite a ew paid of just in the first month and then have the motivation to sort the rest out.

artnoble

dancingfairy wrote: »

Sorry but you need to find someway to get a gripon your weekend spending. Your SOA says you should have over 800 a month spare after paying your bills. You won't get very far in life if you are wasting this much each month.
What can you do to stop spending so much at the weekends? How about a weekend job? a) you'll earn extra money and b) you won't have time to spend it. Alternatively leave the cards at home. Take 50 pounds cash out and thats it. When it's gone it's gone.
Just how much do you want to be debt free? What will you do when you are debt free? You need to find some motivation to tackle these debts once and for all.
Best of Luck
df
P.S I would go or knocking off a couple of the smaller ones. You'll feel soooo much better. Say you spent 200 a month on entertainment (50 a week) that'd leave you 600 a month towards debts - you could get quite a ew paid of just in the first month and then have the motivation to sort the rest out.

Thank you. Im absolutely desperate. I feel like a failure but when it comes down being in the moment everything goes out the window then on monday I feel terrible. Perhaps this isnt the best place to talk about this.

I find the people here fantastic and love reading everyone's success stories. Perhaps I just need to get my head down and do this on my own.

Thank you again x

dancingfairy

You are in self destruct mood for some reason You need to try and break this cycle. Maybe you need to go to the doctors and have a chat with them?
Are you overwhelmed with your debts? Even if you just paid a few smaller ones off you might feel better and more in control? Even making a small start would be good.
Another thing is maybe to pay off some debts as soon as you get paid -don't go mad and leave youself short but make a start.
Best of Luck
df
P.S I read your other thread and it sounded like you'd made a good start planning your meals and taking lunch to work. Hopefully you can carry this on. Baby steps.