In £11k worth of debt. What are my options?

John_G_Jones

Thecwagecreally could do with an explanation, it suggests some unusual circumstances and it’ll be hard to give advice without knowing what these are.

MisterP123

Dean000000 wrote: »

Sill my question, but why are you only earning £700 a month?

Are your working a full week?

Your salary is around 8500/annum?

I'll admit my first thought was why no second job?

My second being, that's a ridiculous monthly phone bill!

EssexHebridean

Comments in red as usual

greasedlightning wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 This needs to be 1 adult as you're not covering expenditure for anyone else
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 700 You need to think how you can boost this - and as I can only assume it must be a part time job the obvious is to look for something that fits in alongside it.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 700

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250 You've said £350 a month elsewhere - is this figure correct?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 15
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 70 How close are to to ending your contract? Once you get within 3 months of the end ring your supplier quoting a £10 per month SIM only offer from the competition and see if they will match - EE have form for not only agreeing, but also for agreeing to start it immediately. Other suppliers may do the same.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20 Is this the cheapest you can get? Can you not cut down to simply using the data on that horrendously expensive phone contract?
Groceries etc. ......................... 50 Is this realistic? It's very low indeed.
Clothing................................ 0 Even if only £5 per month "pants & socks" budget you need something here.
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0 You never get a bus, or a train, anywhere at all? All your travel is on foot?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Does the policy where you live cover your possessions? (And has this been checked)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 You never buy presents for anyone at all?
Haircuts................................ 0 Do you cut your hair yourself?
Entertainment........................... 0 Nothing at all? Never a cheeky cup of coffee with a friend, or anything like that?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 420


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
Aqua CC........................3436.08...140.......0 I have my doubts that all these are at 0%?
Paypal CC......................2657.64...47.88.....0
Barclaycard CC.................1490.44...37.09.....0
OMNI CAPITAL RF loan...........399.36....30.72.....0
POUNDS TO POCKET loan..........1333.7....133.......0
RATESETTER loan................327.14....29.74.....0
Capital One CC.................389.38....15........0
Total unsecured debts..........10033.74..433.43....-


Monthly Budget Summary
Total monthly income.................... 700
Expenses (including HP & secured debts). 420
Available for debt repayments........... 280
Monthly UNsecured debt repayments....... 433.43
Amount short for making debt repayments. -153.43

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,033.74
Net Assets.............................. -10,033.74

Your only even vaguely speedy way out of this situation is to increase your income, as already said.

Personally in the short term I'd switch to making £1 token payments to everything aside from the debt with the highest interest, (Ratesetter or P2P at a guess) and divert all spare money to one of those. (If they are on a similar rate then get rid of ratesetter as that can be gone inside a couple of months). Then turn your attention to the next highest interest, and so on. The more "extra" you can earn, the quicker you can deal with it.

In the very short term, look into doing online surveys and that sort of thing. It doesn't pay *that* much, but even £50 a month will make a dent.

I confess that my biggest question here is how on earth you've got that amount of credit based on your income?

greasedlightning

Basically, mental illness. I went completely off the rails, buying for buying's sake.

I did have a full time job but it was a stressful environment and I had to leave. I'm currently working P/T and looking for a full time job again, or a second job to supplement my income.

greasedlightning

Also, the £70 is for the phone AND the tariff.

MisterP123

greasedlightning wrote: »

Also, the £70 is for the phone AND the tariff.

I should bloody well hope so!

Mnd

We pay £20 a month for mine and my wife's mobiles..that includes buying her new phone ( she's posh, I've got her old one )

zippygeorgeandben

MisterP123 wrote: »

I should bloody well hope so!

I feel bad for snorting.

James530

There are many options there are lots of dept charities and counciling support

unicornrose2804

i wouldnt borrow money from family! you will still end up owing the same amount but will have this constant worry you need to pay family back! i think a dmp would be a very good solution!