I need help with debt

National_Debtline

Hi tomorrow82 and welcome to the forum.


It sounds as if you are very determined to start getting on top of these debts, which is half the battle.


Debts like yours are not suddenly going to pass to bailiffs, so please don't worry unduly about registering on the electoral roll. In the long run it's going to make your life easier in terms of opening bank accounts, applying for mortgages etc..


Please be wary of cold calls/adverts etc. from companies offering to "manage" your debts for you. These will involve fees and should be avoided as you can handle this yourself at no extra cost.


I note you are repaying £241 per month to your parents - when are you due to clear what you owe them?


As rockm87 suggests, put up your SoA and we can advise you in greater detail.


Dennis
@natdebtline

tomorrow82

I have had some of these debts now for 3/4 years really need them off.

I owe my parents £6000 but they are lenient with what I will pay them back. It is 2 years until I will be clear with them.

This is my SOA.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1475
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1475

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 397
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 26
TV Licence.............................. 7
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 92
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 693


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Smartpig.......................390.......0.........0
24studio.......................331.......0.........0
The money shop.................249.......0.........0
Burlington.....................1000......0.........0
STA Keele......................1650......0.........0
Scotcall.......................855.......0.........0
Scotcall.......................317.......0.........0
Wescott........................893.......0.........0
PDSD...........................65........0.........0
DG Solicitors..................860.......0.........0
Westcott.......................650.......0.........0
CSL............................629.......0.........0
Redcastle......................616.......0.........0
JE Baring......................429.......0.........0
MMile..........................400.......0.........0
Redcastle......................284.......0.........0
Cabot..........................629.......0.........0
Natwest........................1849......0.........0
Natwest........................566.......0.........0
Lowell.........................622.......0.........0
Lowell.........................288.......0.........0
HSBC...........................739.......0.........0
Three..........................29........0.........0
Lowell.........................189.......0.........0
Orange.........................96........0.........0
247 money box..................600.......0.........0
Next credit....................468.......0.........0
Total unsecured debts..........15693.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,475
Expenses (including HP & secured debts). 693
Available for debt repayments........... 782
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 782

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,693
Net Assets.............................. -15,693

Created using the SOA calculator at www stoozing
Reproduced on Moneysavingexpert with permission, using Firefox browser.

HappyMJ

There's quite a few creditors there. I'd seriously consider a DRO. You can get all the debts written off and start again.

A DRO will give you much more money to spend each week on living expenses you've already cut everything to the bone and you won't need to contribute too much to the debts.

You haven't got anything for several categories which you really should have...i.e clothing, medical (you have to pay for dental visits now you're working) and we all need a holiday so you can put £20 a month aside for a holiday. £50 a month for groceries is also quite low. Stepchange will suggest a much higher figure. You can spend £50 on food and keep the change for other things such as an evening out every now and again.

In a year all your debts will be written off with no further payments to make.

tomorrow82

I do not buy clothes any more. One of my issues was that I used to spend money on clothes when I was depressed over debt. I have 3 wardrobes and 6 drawers full of clothes I have no worries on that score.

I have always paid my own dental fees anyway as I was a student who pays for the dentist. However it is something my family pays so I do not worry.

I also have lived alone for 4 years I can live very comfortable on £50 for food including when I go out.

I have already paid for an all inclusive holiday (cruise) next year with my family as both of my parents will be 60. It was a gift for them from my nana for the 6 of us so im not worried.

pelirocco

HappyMJ wrote: »

Stop paying them. Tell them to take you to court for the money. That's unbelievable that such a small debt escalated so high. Most PDL's don't have it in their agreements that the debt owing can increase so much. Have you got a copy of the agreement?

I dont think the debt is because of one pay day loan

nicp60

Hi there,
There are no aprs listed for the debts - is that correct? You'll need to put those in as it will impact on the debt free date.

I would then spend an hour or so using this: http://www.stoozing.com/calculator/snowball-calculator.php.
It will help you work out the best (ie cheapest) way to pay off all your debts.

And you must put your parents in there too as creditors, they're getting a substantial amount of your income every month so put them on the SoA.

Best of luck!

HappyMJ

tomorrow82 wrote: »

I do not buy clothes any more. One of my issues was that I used to spend money on clothes when I was depressed over debt. I have 3 wardrobes and 6 drawers full of clothes I have no worries on that score.

I have always paid my own dental fees anyway as I was a student who pays for the dentist. However it is something my family pays so I do not worry.

I also have lived alone for 4 years I can live very comfortable on £50 for food including when I go out.

I have already paid for an all inclusive holiday (cruise) next year with my family as both of my parents will be 60. It was a gift for them from my nana for the 6 of us so im not worried.

You did originally say it was just a £400 PDL used for rent.

Anyway, what do you do with the £782 a month you have left over each month. Where is it? It's been spent on something and that something isn't debt repayments.

What's your aim in the future? Do you want to save for a car? A home of your own? A family? Clearing this debt with one drastic step of a DRO will be the easiest way to just start again.

nicp60

tomorrow82 wrote: »

- Firstly is the issue of paying back the debts, simple I think, write a budget and contact each company and arrange a payment and I think it will be paid back in 2 years.

See above - snowball!!

tomorrow82 wrote: »

- Second issue, I need to buy a car for work public transport is not practical to how much I need to take with me every day.

Save for 3 months and buy a small, old economical car (lots of cars available for around £1k or under). Look for 1L - 1.2L, they're cheaper to insure and maintain.

tomorrow82 wrote: »

- Third issue is the electoral roll, should I register or will I be bombarded with letters and bailiffs and CCJs I have never received because they dont know my address. (sorry if it does not work like this I do not know). Will bailiffs just show up or will someone write to me first?

What is the status of these debts? Have you acknowledged them? Do you know if they've been passed to debt collection agencies? It is possible that they could track you down through the electoral roll, but if you were planning on paying these debts off anyway, then that might not matter too much.

tomorrow82

I have only just started this job. I have not even had a pay packet. As said above I was a student prior to this and had £700 to live on for 3 months.

tomorrow82

I do a lot of motorway driving and I have been told I need at least a 1.4l in order to do this. I am aware I can get these cheaper as well but cannot use a 1l.

I have contacted the majority of them just a few I am still sifting through paperwork to find.