I need to be debt-free! HELP

[Deleted User]

Hello there!

My name is Michael, at a young age I got into silly debts, with payday loans, over spending on credit cards, and mobile phone contracts ETC.

My credit file is abysmal, Its VERY LOW, This obviously lowers my chances of any credit HUGELY!

But I'm turning to this forum for help, in regards to this.

Is there any companies or other types of society out there willing to lend money to consolidate debt, with a credit score like mine? if so, can you please inform me of them? its double figures on Experian, Just to give you an idea.

I have noone that can go guanrator, So it is a solo application.

My current financial situation has significantly increased over the past year, It is just a nightmare having so many outgoing payments, when i could realistically consolidate it into just one monthly out going payment (With a lower rate of APR).

I hope this is in the correct section, if not, please feel free to move it.

Thanks again
Michael.:money:

[Deleted User]

Also, if any more information is needed, feel free to ask!

[Deleted User]

Okay dokey. You don't have a credit score, so you need to tell us what is on your credit files. What are the negatives?

What do you earn, what do you owe, what rates?

Oakdene

Debt Consolidation rarely works.


Post a statement of affairs http://www.stoozing.com/calculator/soa.php & be brutally honest.

[Deleted User]

@zx81 , Okay.

So in total, exact figures of what I owe (ON BAD DEBT/DEFAULTS) are as follows :
Safetynet Credit (Loan company) £573.41
Capital one (Credit card) £371.13
Satsuma loans (Pay day loan company ) £474.92
Kapama (Debt collector) £574.00

Total : £1993.52
I know this is not a HUGE balance, But its a nitpicking balance, to myself, and it really gets to me (No fault but my own)

RATES: I'm quite unsure of if i'm completely honest with you, But i assume they're well above 25%

Now, I Earn £1700-£1850 per month

[Deleted User]

Great. So nothing to get too worked up about.

Head for the DFW boards, post an SOA and see where you can cut costs and pay it off. But you need to find out the rates so you pay them in the right order.

You won't get a consolidation loan and it's not a good idea anyway. Just clear it the old fashioned way - with your own money.

[Deleted User]

Well i wish i knew about these SOA calculators a long time ago! within 6 months i could be BAD DEBT free! Amazing

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 8
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 18
Car Insurance........................... 60
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................................ 24
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
car..................................... 218
Car .................................... 318
Total monthly expenses.................. 1337


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
Safetynet......................574.......33........0
Kapama.........................575.......20........0
capital........................371.......33........0
satsuma........................474.......20........0
Total unsecured debts..........1994......106.......-


Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,337
Available for debt repayments........... 413
Monthly UNsecured debt repayments....... 106
Amount left after debt repayments....... 307

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,994
Net Assets.............................. -1,994

DCFC79

[Deleted User] wrote:

Well i wish i knew about these SOA calculators a long time ago! within 6 months i could be BAD DEBT free! Amazing

As long as you stick to the plan yes you could be.

DrEskimo

car..................................... 218
Car .................................... 318

You have car listed twice, is this correct?

What does this represent, a lease payment?

[Deleted User]

I'll honestly be attempting to over pay on the snowball also.

ATTEMPTING, I hope I can be, Because that would make my credit alot better in 6 months, am I correct?