£22000 credit card debt

Samhain1969

Hi,

I've started to feel the burden of debts. My debts have been higher and I've managed to cut my card balances down. Unfortunately one card from the same company charges higher interest and is demanding higher minimum payments which is now having an impact on my ability to pay. I've obtained PPI refunds and used those funds to pay the cards and reduce the balances. The one shining light is that a loan which I took out a few years ago, ironically to pay off another card which I no longer have is due to finish in May of next year. I've also begun cutting down some bills e.g. I got Sky to reduce my bill by £20 and I can change my contract for my mobile in December. I feel quite foolish as I made by debt problems worse over the last 6 years whilst suffering from depression. How I've remained focused is a mystery. Any help would be gratefully received.

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1393
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1393

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 250
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 1
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 46.95
TV Licence.............................. 0
Satellite/Cable TV...................... 79
Internet Services....................... 30
Groceries etc. ......................... 5
Clothing................................ 5
Petrol/diesel........................... 40
Road tax................................ 2
Car Insurance........................... 1
Car maintenance (including MOT)......... 1
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 18
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Bank Account fee includes RAC breakdown 7.35
Union membership........................ 14.06
Dogs Trust.............................. 13
Car Finance Plan - Toyota Fin. Serv..... 291
Total monthly expenses.................. 1087.36

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 460
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 461

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 1750.....(250)......0
Total secured & HP debts...... 1750.....

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard Plat Visa..........7200......168.......0
Barclaycard Plat Visa..........7950......110.......0
MBNA Mastercard................6950......160.......0
Total unsecured debts..........22100.....438.......-

Monthly Budget Summary
Total monthly income.................... 1,393
Expenses (including HP & secured debts). 1,087.36
Available for debt repayments........... 305.64
Monthly UNsecured debt repayments....... 438
Amount short for making debt repayments. -132.36

Personal Balance Sheet Summary
Total assets (things you own)........... 461
Total HP & Secured debt................. -1,750
Total Unsecured debt.................... -22,100
Net Assets.............................. -23,389[/b]

tetley

While it is good you have posted in here asking for help, your income/expenditure seems way out.



You are claiming zero expense for:
Council Tax.
Electricity.
TV licence
Water rates, all off these have a charge, and you can not live on £1 of gas a month.
I would struggle to spend £145 a month on phone, internet and tv. I have a Virgin media package for all the above for £60, excluding films and Sports.

So many other things are wrong like car tax and car insurance it may be worth working it out again.
If you could do this and repost, then it would give a clearler picture and more people could offer help/Advice. :-)

fatbelly

Car Finance Plan - Toyota Fin. Serv..... 291

Secured Debt.................. 1750.....(250)......0

If these are the same thing, you're counting it twice.

If these are different, what is the secured debt?

Mnd

You could get rid of sky, you could halve your mobile bill, but why doesn't you partner have an income?

Samhain1969

Hi, one is my car finance and the other is a bank loan which is due to be paid up in either May or June of next year which should free up £250 of cash. I currently have a years free car insurance which should be around £50 give or take when I will need to pay next year in July.

Samhain1969

tetley wrote: »

While it is good you have posted in here asking for help, your income/expenditure seems way out.



You are claiming zero expense for:
Council Tax.
Electricity.
TV licence
Water rates, all off these have a charge, and you can not live on £1 of gas a month.
I would struggle to spend £145 a month on phone, internet and tv. I have a Virgin media package for all the above for £60, excluding films and Sports.

So many other things are wrong like car tax and car insurance it may be worth working it out again.
If you could do this and repost, then it would give a clearler picture and more people could offer help/Advice. :-)

Hi,

I currently live with my parents so the money which I pay covers a number of things. I pay for the phone, broadband, Sky etc. I'll resubmit to make it a little clearer as you suggest. Thanks

enthusiasticsaver

You have a monthly shortfall so presumably you are still spending on credit? It is unsustainable to be spending almost £1000 a month on debt repayments when you only get £1393 per month.

I have questions about your soa re why so many categories are very low like gas/electric/council tax/ water and groceries. Does your partner pay these? If the card companies won't reduce interest and you cannot get cheaper credit you may need to consider a DMP. I would contact stepchange.

Samhain1969

Mnd wrote: »

You could get rid of sky, you could halve your mobile bill, but why doesn't you partner have an income?

I'm single. I live with my elderly parents - there are a number of reasons why but initially it was to look after them (they aren't ill or anything). I've suffered from depression unknowingly for some time and comfort spent thinking it would make feel better. I've had help and now I'm realising the stupidity of what I allowed myself to do. Thankfully I'm not getting depressed by this and am remaining calm.
On the subject of my mobile, I'm due an upgrade in December. I don't need a new phone as I'm thinking of getting a SIM only deal. I'm considering Now TV as a replacement for Sky.

fatbelly

Samhain1969 wrote: »

Hi, one is my car finance and the other is a bank loan which is due to be paid up in either May or June of next year which should free up £250 of cash. I currently have a years free car insurance which should be around £50 give or take when I will need to pay next year in July.

Then the car finance goes in the secured loan and HP section, not in general expense.

The bank loan is just another unsecured debt.

The aprs would be helpful.

I think we're looking at a debt management plan here