bank loan arrears

rxocosmic

I recently lost a part time job and my partner moved out of the house and i struggled to pay all the bills and my bank loan went into arrears, i remortgage for as much as i could and payed off a credit card and put £2000.00 into my bank loan arrears which almost brought it up to date.
I contacted the bank and they have now said that i cant be considered for a re schedule(prolonging the term and paying less monthly) until the account is six months in arrears but i dont want to get to this stage as i still cant pay the full amount each month......please help if you can give me any advice on what to do....thanks

MissMarple_4

Hi and welcome, :hello:

I'm new here too but you've come to the right place. There are lots of knowledgeable people here who can help. Don't panic, we've all been there!

What you need to do is do a SOA - this is a list of all your ingoings outgoings etc, and then people can offer accurate advice on your position, anywhere you can save money etc.

Big :grouphug:

MissMarple
xx

trying-very-trying

Hi and welcome, :hello:.

if you pop up a full sao see southernscousers sticky http://forums.moneysavingexpert.com/showthread.html?t=107280
I'm sure the wonderful guys on here will be only too pleased to offer advise and support.

RAS

Hi

Do you have a spare room? Have you claimed reduced council tax, if not.

Put up the SOA and we will see if there is anything that can be trimmed to hep you balance the books.

rxocosmic

im sorry if this sounds really stupid but how do i post an soa and in what form? do i just list income and expenditure?


thanks

trying-very-trying

Use this link http://forums.moneysavingexpert.com/showthread.html?t=107280
It explains everything.

rxocosmic

ok here is my soa:
income monthly £1500.00

outgoings:
motgage 550.00
insurance 28.00
council tax 110.00
maintenance 310.00
phone 60.00
ntl 45.00
loan 367.00
c/card1 48.00
c/card2 53.00
gas/elec 70.00

the loan rate i dont have as yet but both cards are 24% but i cant get another card because of my credit rating ........vicious circle

rxocosmic

the balance on the cards is c/card 1 400.00
c/card 2 650.00
loan £11197.00

RAS

rxocosmic wrote: »

ok here is my soa:
income monthly £1500.00

outgoings:
motgage 550.00 - is this interest or interest and repayment?
insurance 28.00 - for what?
council tax 110.00 - do you hav a single person's reduction on this?
maintenance 310.00
phone 60.00 - this is high, read up martin's article on free calls
ntl 45.00 - can you reduce this?
loan 367.00 - £11197 - APR?
c/card1 48.00 - balance £400
c/card2 53.00 - balance 650
gas/elec 70.00

Which is £1641, without spending money

Hi you need to add food, clothing, travel to work etc.

As before, can you take a lodger = up to £4,500 tax free.

Or can you get another part-time job?

trying-very-trying

Why don't you do this up again.
Include the priority payments, i.e mortgage, rates, gas, electric, telephone, food, clothing, car, petrol, road tax, tvlicence and any secure debts.
Leave of the non priority stuff, i.e any unsecured loan or credit card repayments.