£51000 in debt and growing

apear2die4

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

Debt_Free_Chick

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

apear2die4

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:

rchddap1

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.

apear2die4

rchddap1

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

Thanks

comicmankev

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

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.

apear2die4

Hi

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

I have already cut it down from £400

Thanks

apear2die4

rchddap1

Yes 5K not 5000K thats Bill Gates Credit Limit

rchddap1

Internet subscription for what?