Can anybody me help

Coxhoelad

Hi,
We are trying to get a loan to pay off the 2 credit cards and a loan but our credit score isn't the best due to bad advice from our bank.
I alway try to do wot Martin say but we can't get a 0% credit card or low loan. We are both employed but I work for a agency so I can't say how much I get yearly and my wife is part time. We have try to remortgage the house but can't. Would like to see if anyone can help and I'll will inbox the full amount we have to them. Think it's around £40,000

andyfromotley

Hi cox,

to get any useful advice you need to post a statement of affairs.

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

You may want to contact, Stepchange, National Debt Line or Christians against Poverty. They are all FREE debt advice groups. They get very good feedback on here and are pretty trustworthy.

hope this helps.

EssexHebridean

What Andy says - get your SOA done and posted and then people can advise. Consolidating debts is rarely a good answer though. Your first step needs to be to gather all your paperwork together and actually work out precisely what your debt-level is - until you know that, you can't deal with it effectively. Make that and then the SOA a priority at the moment, rather than looking into where you can next shift these debts to.

Coxhoelad

Hi Andy,
Have try them all but as we are trying to remortgage the house we got told not to do this and as I'm working for a agency no one will help us

Money_maker

Using another loan to consolidate will not help in your case, you haven't had your lightbulb moment yet so will just run more up.

Do an honest SOA as andyfromotley said and post it up to see where the money is going. You need to stop the money dripping away firstly and find out where you are overspending.

Coxhoelad

tt]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.................... 2

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 520
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 35
Gas..................................... 30
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 43
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 35
Buildings insurance..................... 42
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 500
Emergency fund.......................... 0
Total monthly expenses.................. 1654


Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 130000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 66000....(520)......4.29
Total secured & HP debts...... 66000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays card..................10399.....105.......18.2
Barclays catd..................35340.....43........12.9
Loan...........................15000.....333.......6.9

Coxhoelad

Loan...........................8000......215.......7.9
Total unsecured debts..........68739.....696.......-


Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,654
Available for debt repayments........... 846
Monthly UNsecured debt repayments....... 696
Amount left after debt repayments....... 150

Personal Balance Sheet Summary
Total assets (things you own)........... 130,000
Total HP & Secured debt................. -66,000
Total Unsecured debt.................... -68,739
Net Assets.............................. -4,739

EssexHebridean

Notes in red...

Coxhoelad wrote: »

tt]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.................... 2

Monthly Income Details
Monthly income after tax................ 1700
Partners monthly income after tax....... 800
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2500

Monthly Expense Details
Mortgage................................ 520
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 35
Gas..................................... 30
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 0
Mobile phone............................ 60 Too much - see if you can reduce it
TV Licence.............................. 12
Satellite/Cable TV...................... 50 If you're really struggling this could go - it's a luxury.
Internet Services....................... 0
Groceries etc. ......................... 0 Needs to be a figure in here...
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 43
Car maintenance (including MOT)......... 50 Where is this money going? You're not showing any cash under assets?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 35
Buildings insurance..................... 42
Contents insurance...................... 0 Unless you're lumping this with your building insurance you MUST have this.
Life assurance ......................... 0 Does your mortgage not demand this? If so you really need to sort it or technically you're in breach of contract.
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Nothing? Really?
Haircuts................................ 0Nothing?
Entertainment........................... 0
Holiday................................. 500 Hoping this is a typo and it should be showing zero> If not then WAAAAYYYYY too much. Seriously. If you want to sort the debt, then you need to accept that holidays are a no for a while, and 6k hoidays are REALLY a no.
Emergency fund.......................... 0
Total monthly expenses.................. 1654


Assets
Cash.................................... 0
House value (Gross)..................... 125000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 130000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 66000....(520)......4.29
Total secured & HP debts...... 66000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclays card..................10399.....105.......18.2
Barclays catd..................35340.....43........12.9
Loan...........................15000.....333.......6.9

I think you need to redo this if I'm honest. It's missing a lot of stuff, and without the detail it's impossible to see where you're really at. if you just want someone to point you in the direction of somewhere that will let you consolidate to run up more debt, you're really i the wrong place I'm afraid - this board is all about helping people solve debt problems, and that we can do. We do, however, need the people posting to want to solve the problems themselves...if this SOA is accurate then you probably haven't reached that point yet, to be honest.

Kitten868

£500 towards holidays each month? I don't really think holidays should be a priority for you. As APRs go they aren't bad.
Why do you need to remortgage? Bigger house?
I would put your big plans on hold and start reining it in. You can see a way through this take that £500 and your £140 remaining and pay down the credit cards

Coxhoelad

I must off miss a few sorry going to do this on the computer instead of iPad, we had a some work done to the house a few year back and was told once we had the work done we need to remortgage to fix the rate then we got told we couldn't due to my work

Nargleblast

If you were to look into a remortgage, a new mortgage to pay off the current mortgage and both credit cards would come to around £112,000 according to your figures. If your house valuation is accurate, that represents a Loan-to-Value of nearly 90%, and I doubt any lender would be prepared to lend you 90% of your home's value, even if you both worked full time with good salaries.

You have obviously got yourselves in a mess over a period of time, and I would imagine you are now struggling with repayments. The important thing for the time being is to ensure your mortgage gets paid, plus council tax, gas and electric. You can cut food bills by checking out the Oldstyle Moneysaving forum on this site.

If you go online to Stepchange's website and input your figures, they will show you what you might be able to do to pay off the debts, and there is no obligation, it is up to you whether you follow that up by ringing them or not.

There is such a thing as a Debt Management Plan, look for the DMP thread for advice. It requires discipline and will screw up your credit rating for six years or so, but it is one way of getting out of a debt nightmare.