In need of serious help

Pielad0780

Hi all,

I need some help, I'm snowed under in debt, my total monthly outgoings is around 4k, yes that 4 grand and it's crippling me I'm earning just enough to pay the bills, my credit is crippled I've CCJ's defaults it's just getting worse, there's only around 7k of equity in my home. I need a loan of around 40k to clear all my debts and have just one payment per month. Does anyone know of a lender who could help.

I know it's all my fault for taking on more and more debt but I needed the money at the time of lending. It's just got out of control. I can't do the write of debt thing due to some loans being a garentour loan.

Please can someone help.

[Deleted User]

When you're drowning, more water isn't the answer. The same goes for debt.

Post an SoA and let the good folk on the board give you more practical advice.

National_Debtline

Hi Pielad0780


Welcome to the forum. It is very unlikely taking out further credit is a solution to your debt situation. The fact that you already have CCJs, and your level of debt, would make it extremely difficult to borrow further.


As advised by zx81 you need to complete a statement of affairs (SOA). This will show us what your financial situation really looks like and then we can offer advice on your options. Writing off debts is only one way to deal with the situation, if you need to protect your guarantor there will be alternatives you can consider. You can find the SOA here
http://www.stoozing.com/calculator/soa.php.


Susie
@natdebtline

sourcrates

Pielad0780 wrote: »

I need a loan of around 40k to clear all my debts and have just one payment per month. Does anyone know of a lender who could help.
.

No that's definitely not the answer.

ZX 81 sums it up precisely above, first off you wont get a loan that high, when you are already in serious debt, second, if, you managed to get funds, the interest would cripple you, and you would be bankrupt within 6 months.

Do the SOA first, then we will have a better picture of your finances and people can make sensible suggestions to help you.

Pielad0780

Thank you all for your comments, I will complete the SOA form this morning, when I complete it can everyone see it or do I need to post it once completed?

Arleen

You will have to make a new post with the soa and then we will be able to help you out.

[Deleted User]

Essential reading

https://forums.moneysavingexpert.com/discussion/5567669

Pielad0780

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 4200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4200
Monthly Expense Details
Mortgage................................ 320
Secured/HP loan repayments.............. 800
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 90
Internet Services....................... 30
Groceries etc. ......................... 400
Clothing................................ 100
Petrol/diesel........................... 300
Road tax................................ 20
Car Insurance........................... 120
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 450
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 3077

Assets
Cash.................................... 800
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(320)......0
Hire Purchase (HP) debt ...... 25000....(800)......0
Total secured & HP debts...... 92000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
TFS garentour loan.............6000......326.......0
Buddy garentour loan...........7000......278.......0
UK credit garentour l..........8000......310.......0
Total unsecured debts..........21000.....914.......-

Monthly Budget Summary
Total monthly income.................... 4,200
Expenses (including HP & secured debts). 3,077
Available for debt repayments........... 1,123
Monthly UNsecured debt repayments....... 914
Amount left after debt repayments....... 209
Personal Balance Sheet Summary
Total assets (things you own)........... 75,800
Total HP & Secured debt................. -92,000
Total Unsecured debt.................... -21,000
Net Assets.............................. -37,200
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Pielad0780

Above is the SoA, hope this helps to help me, I blame no-one but me for the mess i'm currently in, I just wish there was more help for people like me, I don't want to write off any of the debts I didn't get the loans to do that, I just want to if possible to clear the multiple loans with just the one, I know ''When you're drowning, more water isn't the answer'' but it would solve all my problems, my debts (minus the Mortgage) is around 46k the monthly payments are around 3k per month surly there must be someone/a company out there who would/could help.

National_Debtline

Hi Pielad


I've had to make a few assumptions about the budget below but you can of course confirm or correct them in any response. Either way, it looks like you're in a position to "snowball" these debts - that is, overpay on those bearing the highest rates of interest in order to bring your overall balance down as quickly as possible.

Pielad0780 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 4200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4200
Monthly Expense Details
Mortgage................................ 320
Secured/HP loan repayments.............. 800 - This makes a huge dent - you're paying almost 20% of your take-home wage for (what I assume is) a car, that's before budgeting for the running costs. Where does keeping this particular vehicle (as opposed to something cheaper) rank in your priorities?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80 (I'm assuming you claim your 25% single occupant discount)
Electricity............................. 60 Elec and gas look on the high side for a solely-occupied property - have you shopped around providers lately? Make sure you're submitting regular readings in order to ensure the bills are accurate
Gas..................................... 60
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 90 You should have scope to shop around for better deals elsewhere or negotiate downwards with your current provider, especially if you are nearing the end of any existing contract
Internet Services....................... 30 See above - I'm sure you could find a cable + internet package for significantly less than the existing £120
Groceries etc. ......................... 400 I'd say this looked on the high side for a single adult - does it take into account any extra shopping if/when you have custody of any non-resident children?
Clothing................................ 100 - as per Groceries
Petrol/diesel........................... 300
Road tax................................ 20
Car Insurance........................... 120 This looks a hefty quote - is that more to do with the nature of the vehicle or your claims history? When is your renewal due?
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 450 Maintenance for children not resident with you, presumably? Is this an informal arrangement as opposed to CSA and how old is/are the children?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 Something set aside for house repairs and other one-offs is advisable, depending on whatever existing savings you have
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 3077

Assets
Cash.................................... 800
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(320)......0
Hire Purchase (HP) debt ...... 25000....(800)......0
Total secured & HP debts...... 92000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
TFS garentour loan.............6000......326.......0
Buddy garentour loan...........7000......278.......0
UK credit garentour l..........8000......310.......0
Total unsecured debts..........21000.....914.......-

Monthly Budget Summary
Total monthly income.................... 4,200
Expenses (including HP & secured debts). 3,077
Available for debt repayments........... 1,123
Monthly UNsecured debt repayments....... 914
Amount left after debt repayments....... 209
Personal Balance Sheet Summary
Total assets (things you own)........... 75,800
Total HP & Secured debt................. -92,000
Total Unsecured debt.................... -21,000
Net Assets.............................. -37,200
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Silver_Queen

Pielad0780 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 4200
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4200
Monthly Expense Details
Mortgage................................ 320
Secured/HP loan repayments.............. 800
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 60 This is quite high - can you switch? Reduce usage? Switch off lights etc.
Gas..................................... 60
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 90
Internet Services....................... 30
Groceries etc. ......................... 400 This is enormous. We're two adults and we pay £150/month for groceries, we eat very well. You can definitely halve this at least
Clothing................................ 100 I'm a girl in my early twenties and I don't spend nearly this much on clothing every month.
Petrol/diesel........................... 300 This is a lot - you are paying over £1k per month for your car. Can you get rid?
Road tax................................ 20
Car Insurance........................... 120
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 80 Coupled with your car you're paying nearly as much as I take home in a month on travel and car maintenance.
Childcare/nursery....................... 0
Other child related expenses............ 450
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 3077

Assets
Cash.................................... 800
House value (Gross)..................... 75000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 75800

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(320)......0
Hire Purchase (HP) debt ...... 25000....(800)......0
Total secured & HP debts...... 92000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
TFS garentour loan.............6000......326.......0
Buddy garentour loan...........7000......278.......0
UK credit garentour l..........8000......310.......0
Total unsecured debts..........21000.....914.......-

Monthly Budget Summary
Total monthly income.................... 4,200
Expenses (including HP & secured debts). 3,077
Available for debt repayments........... 1,123
Monthly UNsecured debt repayments....... 914
Amount left after debt repayments....... 209
Personal Balance Sheet Summary
Total assets (things you own)........... 75,800
Total HP & Secured debt................. -92,000
Total Unsecured debt.................... -21,000
Net Assets.............................. -37,200
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

Comments in red. You earn LOT and there's a lot of fat to be trimmed from your SOA. Your debt is less than a third of your annual salary so if you tackle it now you'll be debt free in no time. Under no circumstances take out a loan, what's the point? You'll only end up in more debt.