Another wee request for advice.

delboypass

I dont get this post.

You clearly write you have equity in you house but yet are seeking out final payment settlements from your creditors.

So in the case of Royal bank of scotland, you have basically had £10,000 pounds of fun you will never need to repay...

Why dont you just remorgage and pay back the loans that you willingly took out.

You are also not in a state of emergency as you are easily able to cover your outgoings by your income.

I am surprised at how much RBS has accepted as a final offer and frankly am insulted.

Does this mean i can go borrow £20,000 from RBS and pay them 10k back at a later date too even though i have equity in my house and can afford repayments...

Hope this credit bubble explodes soon so us savers can actually get on with life.

dsljfreeman

rossh70 wrote: »

Right, i am back armed with a big pile of bills and bank statements!
Lets see if i can make some sense of it all.
Outgoings;
Council Tax- £90 a month for 10 months a year. Change this to 12 monthly payments, it should go down to about £75 a month
Mobile- £23 a month but have renegotiated and should drop to around £16 Could you go payg or are you still contracted in
Home Insurance- £16 a month Have a look at Quidco.com and see if you can get a cheaper quote plus earn cashback
Life Insurance- £12 a month Ditto above
Mortgage- £486 a month but will go up to about £520 in Feb. (get them rates back down!!)
Credit Cards- A and L- Balance- £4897.40- paying £54 a month interest free.
Mint - Balance- £6273.57- paying £65 a month interest free.
Marbles- Balance- £7869.01- paying £118 a month int free.
Loan- Royal Bank Of Scotland- balance approx £20,000- paying £230 a month
Sky- £ 34 a month- this has been cancelled I cancelled ours last week, felt like a death in the family
Virgin- £37 a month- this is being reduced to about £28. ?? Is this internet ??
So my outgoings before food, living etc. total £1148 a month approx.

My wages without overtime are £1347 a month leaving me £200 a month to live on. I also have a TV licence once every 3 months.

There it is laid bare for the world to see.

I have done a few things above, before the real experts get here it's worth having a look at www.quidco.com I have been a member since 13th October and already earned £214 cashback.

Plus have a look at the numerous survey websites where you can earn vouchers and such.

I've gotta say I've been around the boards for a while and everyone here is so helpful, they are inspirational people who will motivate you daily to becoming debt free xx

Tustastic

Ross, well done for posting and you can see how helpful and lovely people are here. I second the advice about ditching the life insurance.
On the plus side, you are facing up to your debts, you have your own home, you've just met a great girl and Christmas is coming. Life is sweet if you look at it that way.
You're reducing the bills - how about finding a second job while the overtime is not available? There are loads of things you could do if you're not proud - stacking shelves at a supermarket, bar work, cleaning. Obviously you want to spend time with your new girl, so talk it over with her if you are thinking about a bar job, as it might look as if you want to be 'out there' sizing up other talent. Tell her you need to have a second job because there is no overtime and the bills still have to be paid.
Do you have anything you can sell on eBay or at a carboot?
Chin up and keep posting.

rossh70

delboypass wrote: »

I dont get this post.

You clearly write you have equity in you house but yet are seeking out final payment settlements from your creditors.

So in the case of Royal bank of scotland, you have basically had £10,000 pounds of fun you will never need to repay...

Why dont you just remorgage and pay back the loans that you willingly took out.

You are also not in a state of emergency as you are easily able to cover your outgoings by your income.

I am surprised at how much RBS has accepted as a final offer and frankly am insulted.

Does this mean i can go borrow £20,000 from RBS and pay them 10k back at a later date too even though i have equity in my house and can afford repayments...

Hope this credit bubble explodes soon so us savers can actually get on with life.

I am sorry you find my situation offensive. I am fully aware that my situation pales into insignificance next to many others.
I am simply looking for the best way forward here and if that is to remortgage i am happy to do so. I am worried that because i have handled things so poorly that option may no longer be open to me.
I fully accept my current position is self inflicted and can see that many people will have no sympathy for me.
Thanks for taking the trouble to reply.

Tustastic

delboypass wrote: »

I dont get this post.

You clearly write you have equity in you house but yet are seeking out final payment settlements from your creditors.

So in the case of Royal bank of scotland, you have basically had £10,000 pounds of fun you will never need to repay...

Why dont you just remorgage and pay back the loans that you willingly took out.

You are also not in a state of emergency as you are easily able to cover your outgoings by your income.

I am surprised at how much RBS has accepted as a final offer and frankly am insulted.

Does this mean i can go borrow £20,000 from RBS and pay them 10k back at a later date too even though i have equity in my house and can afford repayments...

Hope this credit bubble explodes soon so us savers can actually get on with life.

Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.

lunar

Hi, wanted to say well done for posting and for facing up to the debts. your situation is definalty not insignificant everyone who it trying to become debt free has different circumstances but all are important.

you have faced the situation before you are in the position where you cant make payments. take a lok at www.whatsthecost.com calculator, it can be good to motivate you. keep on posting and you will get loads of support on here.

millionaire_in_training

Dont take the troll on Rossh. You should be pleased you came on here as the advice and support is excellent. Do not let one sourpuss spoil your thread. I wouldnt remortgage if I was you as you will be turning unsecured debt into secured. Can you maybe get a second job whilst you have no overtime . Good luck.

InTheRed

Hi Rossh,

Welcome to MSE!
Sounds like you have been making excellent progress, glad that you have cancelled SKy and re-negotiated phone contract, well done!
Just goes to show that any contract can be negotiated and reduced!
Can I ask is the Virgin for Broadband and home telephone? I have Virgin and they do the 2 for £20 or 3 for £30 deal. Maybe worth investigating? Threatening to leave is often a deal breaker!

As I'm sure someone has said a spending diary is really useful. The number of unaccounted for cashwithdrawls I made before starting on my DFW were shameful:o


InTheRed x