Help SOE enclosed

Meldrew007

I work for a fairly large company but have caught myself up in this debt and I am pleading for help to rescue myself from it

Loan

28/06/2006 Tesco £18854.00 (84 Months) @ 6.5%apr (£278.65 Monthly Payment)

Incomings

£1800.00 Wage

Outgoings

£9.95 Premium First (ID Fraud)
£44.11 Auto Direct (Car Insurance)
£42.26 GE Capital Bank (Edge Card) (Interest 23.478 Per Month)(Balance £950.00)
£4750.00 (Paying £500.00 Per Month) Goldfish Mastercard (Goldfish) (Purchase Interest of 1.527% Per Month) (O/S £4750.00 & Payment Protection is £42.67)
£109.00 O2 Online (Mobile Phone) (Tariff £29.79 Per Month)
£300.00 Overdraft (Interest Rate 0.62% Per Month)
£195.79 Ford Credit UK (Car) (Pay this off in September for £261.02)
£7.99 Top Up TV
£175.00 Rent
£260.00 Fuel (Commute to London Several times a week)
£165.00 Car Tax (Annually)

I dont pay utilities as I still live at home at the moment.

hypno06

Hi there, your SOA seems to miss a lot out such as utilities, car tax etc etc.

Have a look at Southernscouser's sticky at the top of these boards and see if you can add to your post.

The more information the better for the DFW to give best help.

Welcome aboard!

tigtag02

Meldrew007 wrote: »

I work for a fairly large company but have caught myself up in this debt and I am pleading for help to rescue myself from it

Loan

28/06/2006 Tesco £18854.00 (84 Months) @ 6.5%apr (£278.65 Monthly Payment)

Incomings

£1800.00 Wage

Outgoings

£9.95 Premium First (ID Fraud)
£44.11 Auto Direct (Car Insurance) Can you get this cheaper elsewhere
£42.26 GE Capital Bank (Edge Card) (Interest 23.478 Per Month)
£4750.00 (Paying £500.00 Per Month) Goldfish Mastercard (Goldfish) (Purchase Interest of 1.527% Per Month)
£125.00 O2 Online (Mobile Phone) (Tariff £29.79 Per Month) This is a HUGE phone bill - you really have to look at cutting this back, what freebie calls/texts does your tarrif offer - try sticking to them.
£300.00 Overdraft (Interest Rate 0.62% Per Month)
£195.79 Ford Credit UK (Car)
£7.99 Top Up TV
£175.00 Rent
£260.00 Fuel again this is high - is this just for work?
£165.00 Car Tax surely this is not a monthly payment!!!
I dont pay utilities as I still live at home at the moment.

Hiya - welcome to DFW - the main thing that strikes me about your SOA is your mobile - is this figure a monthly payment?
What about socialising/birthdays?

beanielou

Hi & welcome!
Can you show your credit cards with limits, amounts OS & APR's
Can you clarify the car tax figure?
The phone bill is eye watering-thats more than I spend in a year! If you pay this amount why do you show the tarriff as being £29?

southernscouser

Meldrew007 wrote: »

I work for a fairly large company but have caught myself up in this debt and I am pleading for help to rescue myself from it

Loan

28/06/2006 Tesco £18854.00 (84 Months) @ 6.5%apr (£278.65 Monthly Payment)

Incomings

£1800.00 Wage

Outgoings

£9.95 Premium First (ID Fraud)
£44.11 Auto Direct (Car Insurance)
£42.26 GE Capital Bank (Edge Card) (Interest 23.478 Per Month)
£4750.00 (Paying £500.00 Per Month) Goldfish Mastercard (Goldfish) (Purchase Interest of 1.527% Per Month)
£125.00 O2 Online (Mobile Phone) (Tariff £29.79 Per Month)
£300.00 Overdraft (Interest Rate 0.62% Per Month)
£195.79 Ford Credit UK (Car)
£7.99 Top Up TV
£175.00 Rent
£260.00 Fuel
£165.00 Car Tax

I dont pay utilities as I still live at home at the moment.

OK at the moment you aren't breaking even so something has to give!

I'd scrap the ID Fraud cover. Firstly it's not likely to happen and secondly most credit cards cover you anyway! :undecided

When is your car insurance due? I take it you do shop around?

Credit cards. If you have any other payment protection on them, cancel it staight away. Have you tried applying for a low life of balance credit card?

Mobile! Holy cow man! You have to seriously look at this! I take it you are making use of all your free texts and minutes?

When does your hire purchase expire on your car? Are you left with a lump sum to pay at the end?

Cancel top up tv. It's crap. I used to have it and don't miss the limited channels!

Fuel is quite high. Is this for travelling to work aswell?

Just by getting rid of topuptv and ID fraud thingy aswell as only paying your mobile line rental you have saved nearly £110 a month.

If you could get your debts to a lower APR aswell that would save you more money.

How much is the balance of your edge card and your car loan?

BARGAINHUNTER!

How much is your mobile bill!!!!!! Per month!!!!! How come it is this large? How many minutes and texts do you use a month? I take it the £29 should include some free? Im on Orange £35 a month which includes 500 mins and 500 texts. if you can, you should really look at switching. Phone 02 and see if they can put you on a cheaper tariff. If you really are sending a lot of texts and making a lot of calls every month you can prepay for these as bundles (eg something like 400 extra texts per month for £10) If you look at the 02 website it should tell you what bundles you can add to your package.

brainfreeze

Meldrew007 wrote: »

I work for a fairly large company but have caught myself up in this debt and I am pleading for help to rescue myself from it

Loan

28/06/2006 Tesco £18854.00 (84 Months) @ 6.5%apr (£278.65 Monthly Payment)

Incomings

£1800.00 Wage

Outgoings

£9.95 Premium First (ID Fraud) seriously consider ditching this - banks and credit card companies help you if this happens anyway
£44.11 Auto Direct (Car Insurance)
£42.26 GE Capital Bank (Edge Card) (Interest 23.478 Per Month) what's the balance on this card - can you move to a 0% offer
£4750.00 (Paying £500.00 Per Month) Goldfish Mastercard (Goldfish) (Purchase Interest of 1.527% Per Month)
£125.00 O2 Online (Mobile Phone) (Tariff £29.79 Per Month) :eek: I really hope you have mistyped this figure....who are you calling that costs this much? if you have pc and they do...get skype and talk for free
£300.00 Overdraft (Interest Rate 0.62% Per Month)
£195.79 Ford Credit UK (Car) how long is left and is it the type that when finished the car is yours outright or is there a balloon payment at the end
£7.99 Top Up TV what's top up tv? could you buy a freeview box for a one off payment
£175.00 Rent
£260.00 Fuel what does this cover - seems very excessive
£165.00 Car Tax I assume this is the annual cost and you mean £13.75pm - is this right?

I dont pay utilities as I still live at home at the moment.

Hi

Welcome to the forum and well done for posting. My thoughts, similar to those already posted are shown above in red.

If you can move your CC debts to 0% then consider doing it...but make sure you close the existing card accounts so that you can't build up more debt on those and be in a worse position.

You definitely need to do something about that phone bill...that's unbelievably high and I really do wonder if you have mistyped the figure. Come back and let us know.

Please expand on the car credit so that we know if you need to think about a possible balloon payment at the end of a credit agreement (I hate those things:mad: )

ooobedoo

I pay £20 a month for 500 anytime/network minutes and 500 texts...sometimes its a struggle ot use them all! The texts..not the minutes!!!

ooobedoo

bumped to show amendments

angelavdavis

Hi and welcome,

ooobedoo wrote: »

I pay £20 a month for 500 anytime/network minutes and 500 texts...sometimes its a struggle ot use them all! The texts..not the minutes!!!

I am puzzled if this is the case, how come the latest bill is £125?? You mention its O2 online so does that account for internet access too? Surely there must be a more reasonable contract you could be on?!

Sign up to quidco and look for their special offers, Do you have a Nectar card (its not the greatest loyalty card, but you can get points for petrol fillups at BP) or use your Mums card so she gets the good deal - Check out this deal on Nectar (http://www.nectar.com/dynamic/estores/retailer/carphonewarehouse/offer/offer-carphonewarehouse-june-nokia?source=email_ I thought it was pretty good - new phone, 1200 minutes and 500 texts per month with O2 (not sure if its just new customers though so check the terms and conditions). Alternatively read up on Martin's tips to find out how to trade in for a better deal, even if you are paying a penalty - its not going to be £125!
http://www.moneysavingexpert.com/phones/mobile-phone-cost-cutting

ooobedoo

I'm not Meldrew!!!!!

I am grumpy though hahahaha!