Another one that needs to make some lifestyle changes

1066Fella

Hiya Folks,

Im new to MSE but have been watching the site for years now as Martin is a huge inspiration to me and my partner.

Anyway this evening i decided to get my free Equifax Credit Report and i was amazed at what i found

I paid a further £5.95 to see my credit score out of 600 and what a disaster that was I scored a meer 70.

I think its time to change things.

Now understand my life over the last 6 years has been really mad. I lost my father in 2010 and i have aspergers syndrome. Its really no fun having a tag which makes a person unemployable.

Now overall from previous addresses i have usually been a good boy financially however since being out of work and my mental health being brought into question and a failed long term relationship with children involved and courts involved i have let myself down.

I dont owe that much but its already affecting me.

I recently opened a new business in my town doing computers *one thing that im good at* and its making money. I gave up trying to get jobs as i attended 50 interviews over 4 years and not 1 offer

I get the picture. No one wants a whack job working in an office and putting other workers at risk. I couldn't hurt a fly. My mental health difficulties just change my mood. If i worked in an office environment i would come across as no one was there. I ignore people which isnt a good thing also but its who i am.

Anyway moving on to what i owe. It owe £3631 to multiple creditors over the last 6 years. I want to start making changes to the way that my money is managed and due to my income i want to start paying back the money i borrowed many years ago.

My questions are:

What are the chances of making an offer to pay a fixed amount for x time to each of my creditors in exchange to defaults being removed from my file?

I have everything else in the green. I havent applied for credit for years and have no recent queries or searched on my file.

Ive been on the electoral role now at my present address for the last 3 years which is good but its saying fair.

Just give me your advice and previous experience with debt collection companies.

Thanks in advance.

1066Dude.

Angry_Bear

1066Fella wrote: »

Anyway this evening i decided to get my free Equifax Credit Report and i was amazed at what i found

I paid a further £5.95 to see my credit score out of 600 and what a disaster that was I scored a meer 70.

The scores mean nothing, so take that as £5.95 wasted and a lesson learned . What matters are the details on your report, defaults, lates etc.

What are the chances of making an offer to pay a fixed amount for x time to each of my creditors in exchange to defaults being removed from my file?

Next to nil with respect to getting the defaults removed. The defaults are an accurate reflection of your credit history, and your creditors a legally obliged to provide an accurate history. However, defaults "fall off" your report 6 years after they are registered, so over time your credit report will improve as long as you keep on top of things.

That being said, having "settled" defaults reflects better on you than unsettled, so you may want to contact your creditors and try to arrange a payment plan.

I'd suggest making a SOA (http://www.makesenseofcards.com/soacalc.html) which you can post if you're feeling brave and don't mind people picking through your finances . Even if you keep it for you, it will give you a proper idea of what you have available each month to use towards debt. Once you know that, people here can help you come up with a workable plan .

1066Fella

Thanks for your advice.

Need to do something about it as need credit in the next few years. Want to start improving my life and my children's lives even though they don't live with me.

Im pretty sure you know that i need to change my ways :rotfl:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1008
Partners monthly income after tax....... 0
Benefits................................ 425.24
Other income............................ 0
Total monthly income.................... 1433.24

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 320.61
Management charge (leasehold property).. 0
Council tax............................. 104.63
Electricity............................. 32.5
Gas..................................... 32.5
Oil..................................... 0
Water rates............................. 21
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 25.61
Satellite/Cable TV...................... 130
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 120
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 986.85


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,433.24
Expenses (including HP & secured debts). 986.85
Available for debt repayments........... 446.39
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 446.39

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

moohound

Hi 1066Fella, welcome to the forum

Don't put yourself down so much, you can't be unemployable if you have your own business, can you? I know a few guys with Aspergers and they are really awesome, just a bit different that's all.

Looking at the SOA

Does the £ 130 for cable tv include Internet and phone?

Quite a few zeros, haircuts, never? Need something in emergency fund, also nothing in clothes, gifts or contents insurance?

Regarding the debts, are you being pursued for the money? Are you making any payments at all at the moment?

Good luck with your journey to debt freedom and a better life.

Moo

1066Fella

Not making payments at the moment as before starting my own business i could barely live on E.S.A - It really isnt that much and barely got by.

The £130 for sky includes phone and internet yeah.

Nothing for Haircuts etc as mum still does mine

Get most things at birthdays and christmas so dont need to spend during the year. I never put on weight and still have more than enough clothes to get by on.

I have a very simple life.

moohound

1066Fella wrote: »

Not making payments at the moment as before starting my own business i could barely live on E.S.A - It really isnt that much and barely got by.

The £130 for sky includes phone and internet yeah.

Nothing for Haircuts etc as mum still does mine

Get most things at birthdays and christmas so dont need to spend during the year. I never put on weight and still have more than enough clothes to get by on.

I have a very simple life.

You sound like an ideal money saver:)

happycamel_2

By the way, having Asperger's or ASC as its now known doesn't make you unemployable. You may not have found a job but it's not because of your ASC. It's unhelpful for both your own career development and other people with ASC if you label them that way.

My husband has ASC and earns very good money in software development in investment banks. My daughter has ASC too and I sincerely believe she'll find work when she's old enough, it just needs to suit her skills.

Anyway, good luck with sorting your finances.