In some serious need of advice..

adz0rz

Hi Guys

I've been lurking on this site over the last few days and have decided it's time to tackle my debts. I have gotten into a position that i can't see a way out of with me not having enough to pay the minimum's and a lot of my debts are overdue with no payments.

It's hard to get this all out so i will try and list where i am and the current situation as i see it;

Loan & Overdraft Debts;
118118 Money (No missed payments, £184 a month)
Loan Amount = £2,285.09
Term = 24 Month term
Total Payable amount= £4,380
APR = 71%

MR Lender Payday Loan
Loan Amount £600
Pay Table:
1 29/01/2016 £337.20 (Capital £150.00 + Interest £187.20)
2 29/02/2016 £261.60 (Capital £150.00 + Interest £111.60)
3 31/03/2016 £224.40 (Capital £150.00 + Interest £74.40)
4 29/04/2016 £184.80 (Capital £150.00 + Interest £34.80)

Barclays Current Account Overdraft (Main Account)
Amount = £2,000
APR = Unsure on % but about £48 Monthly charge

Credit Cards
Barclays Credit Card
Card Limit = £1,650
Current Balance - £1,824.77
APR = 29.9%

HSBC Credit Card (In Mothers name) (No missed payments pay £100 a month)
Card Limit = Unknown
Current Balance = £1,000
APR - 0% until July

Luma Credit Card (Capital One Owned) (Overdue by few months)
Card Limit = £750
Current Balance = £860
APR = 31%

Aqua Credit Card
Card Limit = £900
Current Balance =£1,024.58
APR = 35.9%

Vanquis Credit Card
Card Limit = Unsure as no longer have the card
Current Balance = £750?
APR =%?

Total = £12,846!!! - This makes me feel so ashamed and physically sick!

So the situation is quite bleak and i cannot afford to make the minimum payments which is why i had to use the payday loan and things have been spiralling out of control from there!

I have no idea where to start so any help is greatly appreciated. It's been extremely difficult to even make a post on here, none of my family or friends no how bad it is

debbie_debt

Hi,

You've made the first step - welcome! Your situation isn't beyond control. There are many people on here in much more debt than you (me included) - it's all about how you manage it from here on. Could you complete a statement of affairs and post it on here for us to comment on? Do it properly (it should take a while, but worth it) and use bank statements to check on your spending. That way, it's much clearer to see if there's anything you can do to make minimum payments.

There's also a StepChange debt advisor available to help today, which is a great opportunity. Post your scenario here https://forums.moneysavingexpert.com/discussion/4271235 and see what they suggest.

Good luck

adz0rz

Thanks Debbie!

Where would i find a Statement of Affairs?

sourcrates

Hi,
Stop using the payday loans for starters.


A SOA is the way to get the ball rolling, from what you have posted already, you may be best served by contacting stepchange, who are a free debt charity, give them a ring, or have a look on there website for further information.

adz0rz

Thanks Guys, I'm completing the SOA now. Where it asks for minimum payments should i put what it usually is? or what they are asking for now as a minimum payment as they are over due by a few months?

sourcrates

adz0rz wrote: »

Thanks Debbie!

Where would i find a Statement of Affairs?

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

sourcrates

adz0rz wrote: »

Thanks Guys, I'm completing the SOA now. Where it asks for minimum payments should i put what it usually is? or what they are asking for now as a minimum payment as they are over due by a few months?

Put your usual payments down.

adz0rz

Hi Guys

Hopefully i filled this in correctly and it comes out OK?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1360
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1360

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 8
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 280
Clothing................................ 0
Petrol/diesel........................... 0
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......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 15
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1183


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
118 118 Money Loan.............2285.09...184.......71
Barclays CC....................1824......75........29.9
HSBC CC........................1000......100.......0
Mr Lender Payday Loan..........600.......337.......1000
Mother's CC....................1000......100.......0
Aqua...........................1024......56........35.9
Barclays Overdraft.............2000......48........30
Vanquis CC.....................750.......0.........0
Luma CC........................860.......25........31
Total unsecured debts..........11343.09..925.......-


Monthly Budget Summary
Total monthly income.................... 1,360
Expenses (including HP & secured debts). 1,183
Available for debt repayments........... 177
Monthly UNsecured debt repayments....... 925
Amount short for making debt repayments. -748

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,343.09
Net Assets.............................. -11,343.09

DawnW

Just to clarify, do you keep 3 adults on your income, or are the sums stated for rent, CT, utilities etc your share (where others are also contributing)?

adz0rz

Hi Dawn

Sorry if that was confusing, i house share with 3 others and i've put my contributions to the bills and rent etc.

Hope that makes sense.

Kind Regards

foolofbeans

Your food amount is high for just one person. We have just started our debt free journey and have budgeted £450 a month which is to feed 2 adults, 2 older teenagers, 2 young children, cats, dog and chickens. Your £280 is a lot more than half that amount and yet is to feed a sixth.
There are some good budget grocery tips on the old style moneysaving board but I would say the easiest thing for a single person is to batch cook so every time you make a meal such as chilli or casserole make a family portion size and freeze the other 3 portions.