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£51000 in debt and growing

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  • Hi thanks for the response's

    My income fluctuates as I am self employed. with regards to DFC comments the debt has accrued over a period of 7 yrs. The last 7yrs have been a case of 2 steps forward one step back. 2 redundancies a recent bout of depression which has effectively reduced my ability to work. As far as my self employment goes I am credit checked once a year and as I am regulated by the FSA you need to be deemed a FIt and Proper person eg NO CCJ's or anything else any of this and I will have no hice but to cease trading. I will post detailed info on debts etc later today.

    Thanks for the support
    Highest Debt £53452

    Current Debt £39538
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Hello apear2die4 (what weird name ;) )

    re the FSA authorisation ... thanks, I fully understand now. I wonder whether defaults would affect you? Probably. I might take a look at the FSA rules and see if there's any leeway. As I said earlier, even if you enter into a debt management plan, some lenders are likely to issue a statutory default notice, which gets onto your credit record. So you need to make every single payment and do so at least at the minimum required by the credit agreement.

    So ... your budget will be useful, so we can suggest areas where you can cut back, to free up money to pay your debts. You are probably going to have to make cutbacks in "leisure" areas of your budget :(

    Let's take a look and see what we can suggest
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • apear2die4
    apear2die4 Posts: 27 Forumite
    Hi

    A better breakdown of my outgoings my income fluctuates between £2200 to £2500 per month

    Mortgage £843.00 I am tied in until 2007 and this will incresase by £90 next year.
    Council Tax £109.51
    Housekeeping/Food etc £325
    Day to Day Money £325
    Electric £22
    Gas £64
    Egg Loan £291.83 Balance £18255 @ 6.7%
    Barclaycard £96.00 Balance £4740 @ 2.9% Life of Balance
    A & L Car Loan £156.31 Balance £6220 @7.4% 3yrs to run
    Sainsbury Card £181.00 Balance £6040 @ 13.9%
    Egg Card £56 Balance £2400 @ 14.9%
    Halifax £220 Balance £12200 @ 6.9% Life of Balance
    Plus overdraft £3000 @ God knows what rate.
    Esure B & C £24.00
    BT Lines (H) £40 per month including calls with 18866/1899/and onetel for the weekend
    Internet £17.99 with wanadoo use for work a lot as well
    TV Licence £9.99 per month
    LIfe insurance £24 per month
    Mobile Phone £15 per month with 3 (well someone has too LOL)
    Car Insurance £66.00 per month for 2 cars
    Road Tax £26.66 for both cars

    Hope this gives you all something to get your teeth into :rotfl:
    Highest Debt £53452

    Current Debt £39538
  • rchddap1
    rchddap1 Posts: 5,926 Forumite
    First instinct: What is the limit on that Barclaycard 2.9% life of balance of yours? It would make sense to me to transfer the highest CC debts to this. It won't help you immediately, but you'll be slowing adding less interest and so paying less back longer term.

    I'm sure others are doing the other calculations as I type.
    Baby Year 1: Oh dear...on the move

    Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
    Love to my two angels that I will never forget.
  • apear2die4
    apear2die4 Posts: 27 Forumite
    rchddap1

    Hi Barclaycard will only allow £5000K on it @ 2.9%

    Thanks
    Highest Debt £53452

    Current Debt £39538
  • comicmankev
    comicmankev Posts: 1,597 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Could you explain the following a bit further:

    Housekeeping/Food etc £325
    Day to Day Money £325

    How many people are you feeding? And what is 'Day to Day Money?

    Are these things something you could cut back on, or do they include regular payments for other things not on the list (Building & Contents insurance, petrol etc.)
  • rchddap1
    rchddap1 Posts: 5,926 Forumite
    apear2die4 wrote:
    rchddap1

    Hi Barclaycard will only allow £5000K on it @ 2.9%

    Thanks

    Darn there's that plan shot to peices. Assuming you meant £5k in your post that is.
    Baby Year 1: Oh dear...on the move

    Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
    Love to my two angels that I will never forget.
  • apear2die4
    apear2die4 Posts: 27 Forumite
    Hi

    They include petrol, my internet subsription comes out of it, Parking etc.

    I have already cut it down from £400

    Thanks
    Highest Debt £53452

    Current Debt £39538
  • apear2die4
    apear2die4 Posts: 27 Forumite
    rchddap1

    Yes 5K not 5000K thats Bill Gates Credit Limit
    Highest Debt £53452

    Current Debt £39538
  • rchddap1
    rchddap1 Posts: 5,926 Forumite
    Internet subscription for what?
    Baby Year 1: Oh dear...on the move

    Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
    Love to my two angels that I will never forget.
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