Drowning not Waving

Gerrymac

Hi

Please excuse me for this but I am really new to this site and to this kind of problem, so there may be good answers on other threads but after reading so many I am struggling to get my head round which ones help with my current predicament.

I am slowly getting into more and more debt and I really want to start getting myself out of it, if any advice can be offered I would b most greatful.

I currently have debts that consist of:

Tesco Loan - £3,544.84
BarclayCard - £5,116.91
Tesco Credit Card - £3,989.41
Barclay Loan - £4,720.82

The Tesco Loan is getting paid at £102.27 pm
The Barclay Loan is getting paid at £110.69 (22.0% pa)
Tesco Credit Card at £39.00 pm
Barclaycard has now went to £92.18 pm

I know the first thing I have to do is get rid of the Barclaycard as that is 24.4%

I was thinking of going down the line of getting a loan to cover all payments and only have 1 outgoing payment, but I fear I am getting bogged down and don't know what is the best thing to do anymore.

Please, all questions answered and all advice taken,

Cheers

timetogrowup89

Hii,

How much is your annual salary? You may not get a loan to cover all of your debt, because you already have quite a high amount of credit available to you..

timetogrowup89

heres the link to fill out a Statement of Affairs

http://www.stoozing.com/calculator/soa.php

This will let you see how much you have coming in and going out on all bills etc, so will show an accurate amount of what 'should' be left towards debt payments...

If you choose MSE at the bottom once you have completed and post up here, there are some great people will great tips on cutting back some of your bills..

Good Luck

Gerrymac

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1716.44
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1716.44
Monthly Expense Details
Mortgage................................ 326.1
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101.64
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25.5
Mobile phone............................ 31.6
TV Licence.............................. 0
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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......................... 75.85
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 996.69

Assets
Cash.................................... 500
House value (Gross)..................... 54000
Shares and bonds........................ 100
Car(s).................................. 4300
Other assets............................ 0
Total Assets............................ 58900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36000....(326.1)....5
Total secured & HP debts...... 36000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................5116.19...92.18.....24.4
Credit Card....................3989.41...39........0
Loan...........................3544.84...102.2.....5.2
Loan...........................4720.82...110.6.....22
Total unsecured debts..........17371.26..343.98....-

Monthly Budget Summary
Total monthly income.................... 1,716.44
Expenses (including HP & secured debts). 996.69
Available for debt repayments........... 719.75
Monthly UNsecured debt repayments....... 343.98
Amount left after debt repayments....... 375.77
Personal Balance Sheet Summary
Total assets (things you own)........... 58,900
Total HP & Secured debt................. -36,000
Total Unsecured debt.................... -17,371.26
Net Assets.............................. 5,528.74
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

R_P_W

Pointless soa! Most things you have missed. So you have 800 quid left every month?

~Beanie~

Gerrymac wrote: »

Electricity............................. 0
Gas..................................... 0
Water rates............................. 0
TV Licence.............................. 0
Internet Services....................... 0
Clothing................................ 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Buildings insurance..................... 0
Contents insurance...................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Emergency fund.......................... 0

There seem to be quote a few things missing from your SOA, do you not pay any of these?

Gerrymac

Tried not to miss anything.

Car Tax, Insurance is paid, Utility bills are covered by someone else.

Looking for advice on what best to do,

Get a loan to cover all debts.
Move credit card (Is there a CC that will allow over 5K transfer?)

Any other options?

Gerrymac

Hi Beanie -

No, not monthly. My partner pays some or most of these bills, I am also an ex-hairdresser so I do the haircutting in the house.

BJV

I am not a specialist in debt and there are some real experts on the forum who should be able to help.

But I would do a SOA again.

Be really honest, gas, fuel, etc. Not what you would like to spend but what you are actually spending.

That said you have taken the first step in that you have started to take a close look at where you money is going and looking at ways to get your debt down.

Yes there are cards that have 0% transfers for amounts over £5,000 but it will depend on your circumstances etc.

Good luck and don't worry one of the fab experts will be able to help.

harrys_dad

If you are part of a couple it is usual to post an SOA that covers both of you, otherwise it is really difficult to make sense of your financial situation. Are all these debts yours? Does your partner have debts? Do you have any joint debts?

Having said that there are two reasons not to consolidate your debts into one loan. Firstly, you already have debts of about 85% of your annual salary so are likely to be declined. Secondly, how have you got into this much debt? Unless you sort out your spending habits you will just use the consolidation loan to pay off your credit card debts, then use the credit cards to build up more debts. Absolutely not the way to go.

Some fundamental questions here you need to answer before deciding on the way forward.

Gerrymac

I left all of those at zero as I had paid them on a one off annual payment.

Clothing, don't buy new clothes very often,
Presents, yes, this month probably spend about £50 on a gift for someone, but won't next month.

These are my bills, the only thing to add over and above what I have included is impulse buys, these are usually small toys for my boy and rarely go over £5.00