What to do?

mnb123_2

Hi All

i'm new here

I have been in denial about debts for two years, after taking a lower paid job and 6 months unemployment, then 2 months without being paid.

i've built up 24k of debt, unsecured. i am a contract worker, so any time off leaves me scuppered. currently, if i work a full month, then i have about £30 free. i have been borrowing and borrowing, in denial.

i have been lucky to get a new job on £5 ph more. this leaves me with more money, enough to cover my repayments.

is there any way though of reducing my payments so that i have enough to live on, so i don't have to try and borrow more? i am not trying to not pay what i owe, but want to pay over a longer period

is there any way of doinn this? after my earnings and outgoings and debt repayments, i'm left with about £150-200. most of the debt is interest bearing, about 3k is 0% apr. 15k loan, rest on cards.

thanks

chris

hollibobs_2

Hi

The best bet it to post a SOA , then peeps can see where any savings/ changes can be made, and I am sure some kind person will post you the think to do this.

Welcome by the way

mnb123_2

Thanks, is this ok?

Rent £515
Water £25
Council tax £77
Gas £50
Electricity £50
Building/contents insurance £16
Telephone/mobile/internet £57
TV licence £12
Spares/servicing £25
Road tax £22
Insurance £75
Fuel/parking £250 70 mile round trip for work
Food, toiletries, cleaning £169
School meals/meals at work £31
Tobacco £100 - high, i know
Medicine/prescriptions £11
Dentist/opticians £11
Hairdressing £12
Clothing/footwear £25
Sports/hobbies/entertainment £17
Sundries/emergencies £17

Total debt servicing = £600 pcm

income on new job will be approx £2400 pcm
outgoings, should be £1500

so 900 ish to spare, but, 600 repayments, for years, and car is very old (98) and i work only for what i get paid, no sick pay, no holidays etc.

is there anyway to agree to pay less? not looking to shirk the debts but trying to get back on my feet


If this isn't right as an SOA, please advise what a better format is? thanks

mnb123_2

i don't start my new job until next week, at the moment, i've defaulted on my loan, as i can't pay. i'm thinking if i put a dmp in now and say it was improved, i'd be obliged to tell them as soon as i get new higher salary?

jaydeeuk1

If its a long term thing, how about looking for somewhere to rent closer to work? Even if its £200 a month than you're paying now if it means you can give up the car you're still saving a load of cash

Give up smoking too! You're setting fire to 1/10 of your spare cash