Please help with my debt :(, consolidation an option?

Londonmale4231

Hello alll

First time poster, a little reluctant to shed some details on my situation as it's embarassing really don't want to be judged, but I have reached my end and really need some help and advice.

I'm a 25 year old male living at home, I work full time and being home anything between 1400-1600 a month (we are paid on a daily rate, sometimes works out 19 days a month, sometimes 22/23). About 6 months ago I broke up with my long term girlfriend (this wasn't anything to do with debt/money that led to the break up) and a family member died, all within the space of a couple of weeks. This hit me really hard
Mentally and emotionally and I just didn't care back then, I went a bit off the rails. I stupidly borrowed money so I can be out with my friends to take my mind off it, and also had to borrow to help
Cover funeral costs and that. Long story short I now have quite a few debts where my monthly outgoings is a LOT and barely leaves me with anything to survive on, it's not that I'm missing any payments, I make them every month but the sheer amount is leaving me next to nothing.

Let's say I take home 1500 a month, my current outgoings are:
Monthly rent to my mum: £350
Monthly travel to work costs: £50
Aqua credit card: 120 per month
Mbna credit card: 150 a month
Barclaycard: 150 a month
118118 money loan: 150 a month (20 months left)
Everyday loans loan: 150 a month (23 months left)
Wonga: 77 a month (two payments remaining)
Pounds to pocket: 57 a month (4 months remaining)
Mr lender: following amounts are as follows, 96, 77, 70, 60, 50 (5 months left)
I also have safety net credit of about £200 so that takes about £250 every time I'm paid
Phone bill: 60 a month (contract phone) 9 months left.

I ideally wanted to get a consolidation loan to obviously make it into one monthly manageable payment and be debt free within 2/3 years but obviously I have been turned down, I know it's my own fault for getting into this mess as I wasn't strong enough and had good willpower and just went into a downward spiral . It's really making me depressed as every month I'm
2/3 weeks away from payday without a penny and struggling.

I don't really want to enter an 'iva' or debt management programme as I've heard that basically gives you 0
Credit score for 6 years.

Does anyone have any tips? Or know of any consolidation loan I may have a hance for?

All help is appreciated

Thank tou

EssexHebridean

Firstly do NOT consolidate - it won't solve your problem in the slightest, it'll just delay the inevitable.

Second step - put together your SOA (Statement of affairs) - you'll find it in the link at the top of the page here in the "sticky" post - it will get your figures straighter than the above - albeit you may have to leave a lot blank because of living with parents.

Post it in here and let's see what's what and where you need to attack first.

One thing I will say is that if a DMP is the best way forwards don;t fret about the 6 year thing on your credit file - it's already screwed for 6 years until your payday loans drop off anyway so not much difference. The positive on that is that it's almost certainly lead to you being turned down for that consolidation loan, which is actually good news! Let's get the figures straight first though, then we can offer more help.

Londonmale4231

Thank you for your reply, I may just be being blind and stupid but could not find a sticky called statement of affairs to fill out?

Pink_Giraffe

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

Good luck in your debt-free journey

Londonmale4231

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................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 445


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
loan - everyday loans..........2136.48...89.02.....74.9
Very...........................895.......0.........0
littlewoods....................163.35....0.........0
safety net credit..............200.......200.......68.7
loan - mr lender...............352.......96........0
cc barclaycard.................809.86....150.......0
cc mbna........................999.48....150.......0
cc - aqua......................800.......120.......0
loan - pounds to pock..........180.......57.19.....0
loan - wonga...................160.......77........0
loan - 118money................2048.97...97.57.....103.9
Total unsecured debts..........8745.14...1036.78...-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 445
Available for debt repayments........... 1,055
Monthly UNsecured debt repayments....... 1,036.78
Amount left after debt repayments....... 18.22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,745.14
Net Assets.............................. -8,745.14[/


I filled into best of my ability also included a couple of extras I had forgot in initial post

bexster1975

Hi londonmale

This is WAY beyond my skills - but there are some fab people here I know will be able to help ( I'm going to name check sourcrates and fat belly here, but there are loads of others!)

Does your rent pay for food and all other essentials?

The only good news I can see here presently is that a couple of the debts are within 2 or 4 months of being cleared. I hope someone else comes along shortly to help.

In terms of " going off the rails" there are some excellent places you can contact if this remains a problem.

Bexster

sourcrates

Hi,

There's an awfully lot missing off that SOA !!!

Do you actually have nearly £1000 left at month end ?

MallyGirl

ouch on some of those APRs. It will really help to get the best advice if you could find out what the missing ones are as they won't be zero %

Debtslayer

Londonmale4231 wrote: »

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................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300 - is this correct as your first post said £350
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60 - change to sim only ASAP
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35 - shop around and see if you can get cheaper
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50 - are you able to walk or cycle?
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................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 445


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
loan - everyday loans..........2136.48...89.02.....74.9
Very...........................895.......0.........0
littlewoods....................163.35....0.........0
safety net credit..............200.......200.......68.7
loan - mr lender...............352.......96........0
cc barclaycard.................809.86....150.......0
cc mbna........................999.48....150.......0
cc - aqua......................800.......120.......0
loan - pounds to pock..........180.......57.19.....0
loan - wonga...................160.......77........0
loan - 118money................2048.97...97.57.....103.9
Total unsecured debts..........8745.14...1036.78...-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 445
Available for debt repayments........... 1,055
Monthly UNsecured debt repayments....... 1,036.78
Amount left after debt repayments....... 18.22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,745.14
Net Assets.............................. -8,745.14[/


I filled into best of my ability also included a couple of extras I had forgot in initial post

Hi
I've made some comments above.
You need to find out the interest rates on the ones missing

Fireflyaway

First of all don't be embarrassed. Many of us have done similar or worse. Good news is you are young, you have a job and you live at home so no risk of losing your house / being homeless etc.
From personal experience I wouldn't take out a consolidation loan. It doesn't solve the issue, it just makes you feel like you have taken a positive step when really you haven't done anything. In my case I took out a consolidation loan with more to spare because the lender - HSBC no less, convinced me I deserved extra to treat myself! How irresponsible of them and stupid of me!!
The great thing I see about your debt is there are at least 3 loans that don't have long left on them. By the end of the year a couple will be totally gone! being frugal and just carrying on is probably the best way to protect your credit.
Alternatively maybe try the snowball method. Write your debt down, smallest to largest and pay the minimum on all but the smallest. Tackle the smallest one. Once that's paid, move to the next and so on. Its more motivating than trying to work out interest rates etc. Now this may cause the loans to default or at least be marked as being under an arrangement, but denting your credit score is not the end of the world. What's the worst scenario? You can't get a mortgage for a bit longer? Well look on that as more time to save up a bigger deposit. Can't get a car loan? Then save up and pay cash. Then unlike most people you will have no monthly car payments!
You have experienced some troubles but you are coming through it and this debt stuff is temporary. Its definitely manageable and will be dealt with quicker if you grin and bare it for a bit.

EssexHebridean

OK let's take a look.

Londonmale4231 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3 But the SOA just refers to yourself as you're living with parents, correct?
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300 Not the £350 you said before?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 60 Extortionate - I assume you're still in contract? Might be worth calling your provider and explaining that you're in financial difficulties and see if they'll budget on this. In any event ditch for SIM only as soon as the contract ends.

TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 35 Shop around and see if you can reduce this
Groceries etc. ......................... 0 Your rent covers your food I take it - but you never buy lunch at work or grab a takeaway?
Clothing................................ 0 You need to budget for at least the essential pants & socks here - nominal £5 per month.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50 As someone else has said can this be cut at all? If you live closer than 2.5 miles from your work you can walk it, or cycle, Otherwise can you make even a small saving by using public transport for half the journey and walking the rest?
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 You never buy any presents for anyone?
Haircuts................................ 0 Shaved head that you maintain yourself?
Entertainment........................... 0 nothing at all? not a trip to the pub after work,or a day out with mates at the weekend?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 445


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
loan - everyday loans..........2136.48...89.02.....74.9
Very...........................895.......0.........0 You need to be aware of the APR on this - it's probably horrendous once any BNPL deal ends - I assume that's why you're paying nothing currently?
littlewoods....................163.35....0.........0 You need to be aware of the APR on this - it's probably horrendous once any BNPL deal ends - I assume that's why you're paying nothing currently?
safety net credit..............200.......200.......68.7 Right so this is paid off with the next payment - correct?
loan - mr lender...............352.......96........0 get the APR against this one
cc barclaycard.................809.86....150.......0 Is this on a 0% deal? If so make sure you know when that ends
cc mbna........................999.48....150.......0 Is this on a 0% deal? If so make sure you know when that ends
cc - aqua......................800.......120.......0 Is this on a 0% deal? If so make sure you know when that ends
loan - pounds to pock..........180.......57.19.....0 get the APR against this one
loan - wonga...................160.......77........0 get the APR against this one
loan - 118money................2048.97...97.57.....103.9 This is very possibly going to be one to tackle with high urgency
Total unsecured debts..........8745.14...1036.78...-


Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including HP & secured debts). 445
Available for debt repayments........... 1,055
Monthly UNsecured debt repayments....... 1,036.78
Amount left after debt repayments....... 18.22

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,745.14
Net Assets.............................. -8,745.14[/


I filled into best of my ability also included a couple of extras I had forgot in initial post

it may be possible with some of the payday loans to challenge them - hopefully someone with more knowledge on that subject will be along who can advise but I believe there is also a current thread running on here on that subject.

Remember you'll have £200 a month freed up with that payday loan ending so can divert that to whichever of the others has the highest interest rate - this is why you need a full picture of what the rates are.