£80k debt - 30 month debt free aim - all support is welcome

DebtfreeaimOct21

Thank you ElleCee, I appreciate your support

DebtfreeaimOct21

Thanks enthusiastic saver I will draw up a SOA and share it on here for any pointers on savings or where I should start.

You are right I cannot get credit, certainly no 0% deals. Not for a long time.

I have made arrangements directly with a lot of my credit card people and I have had some of these sold on and made arrangements with the new people which means these are now at 0%. I have also got a default on my credit file from 2017.

I printed my credit report from Noddle and it was 152 pages long. My credit score on Experian is 0.

When I do my SOA I will add a savings amount in there and see how it all comes out.

DebtfreeaimOct21

-taff I have put a claim in against 6 payday loan providers and 1 of them Cashfloat came back and said they did not uphold my complaint but they would offer a gesture of goodwill of £250.
I told them if they made it £350 I would settle the claim with them and they have agreed. The others still have time left to reply. If I get anything back from these I will be using it to pay against my debts.

PositiveBalance

DebtfreeaimOct21 wrote: »

-taff I have put a claim in against 6 payday loan providers and 1 of them Cashfloat came back and said they did not uphold my complaint but they would offer a gesture of goodwill of £250.
I told them if they made it £350 I would settle the claim with them and they have agreed. The others still have time left to reply. If I get anything back from these I will be using it to pay against my debts.

That's a start, Debt Free!


Right, get your SOA up and we''ll take a look at it for you.


Also, do you have a comprehensive list of how much you owe to who and the interest rate on each debt?

DebtfreeaimOct21

Hi Positive Balance,
Here is the SOA and credit details. I will update with exact amounts as soon as the statements come through at the end of the month, but these are very close.

On top of these are payday loans and I will list these separately. Most of these are now 0% due to contact with these lenders and agreeing to payments.

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

Monthly Income Details
Monthly income after tax................ 4175
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4175

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 700
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 100
Gas..................................... 50
Oil..................................... 0
Water rates............................. 65
Telephone (land line)................... 0
Mobile phone............................ 46
TV Licence.............................. 0
Satellite/Cable TV...................... 68
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 21
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 32
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 45
Other insurance......................... 10
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 45
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1982

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
Santandair.....................3305......125.......30
MBNA...........................24000.....220.......0
NatWest .......................10400.....70........0
Loan 2.........................2610......190.......26.9
RBS............................1400......34........6.9
Furniture .....................196.......28........0
Overdraft......................5000......60........18.9
Loan ..........................980.......10........0
Catalogue 4....................481.......20........19.9
Catalogue 3....................540.......20........0
Catalogue 2....................2100......50........0
Catalogue 1....................2400......100.......0
Aqua...........................2300......40........0
Marbles........................1600......30........0
Luma...........................200.......19........0
Vanguis........................400.......30........49
HSBC...........................2800......71........18.9
Halifax........................4100......100.......18.9
Barclaycard ...................3500......50........0
Capitol One....................3300......52........0
Tesco..........................2000......50........18.9
Total unsecured debts..........73612.....1369.....

Monthly Budget Summary
Total monthly income.................... 4,175
Expenses (including HP & secured debts). 1,982
Available for debt repayments........... 2,193
Monthly UNsecured debt repayments....... 1,369
Amount left after debt repayments....... 824

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -73,612
Net Assets.............................. -73,612

DebtfreeaimOct21

Okay so the Paydays

Mr Lender £967
My Jar £1869
Satsuma £1065
Wonga £460
Uncle Buck £540
Peachy £850
= Total £5751

Grand total £79363
Exact total as soon as next statements come in

enthusiasticsaver

Well done on getting that soa up and with that many debts it is unsurprising you are struggling. On the soa I would stop buying clothes for now as presumably you have plenty to be going on with. Can you cancel or reduce satellite tv charges? Your groceries bill is huge for just one person so it should be easy to get that down by shopping in Lidl's or Aldi's and menu planning. Take food to work from home for lunches.

You have a good salary but you have been lulled into a false sense of security and extended yourself debtwise significantly. The Santander and loan 2 need sorting as a priority as the interest rates are so high but if that Vanquis is 49% and not 0.49% I would go for an easy win and pay that off in your first month. Tackle the interest charging debts first.

DebtfreeaimOct21

PositiveBalance wrote: »

That's a start, Debt Free!


Right, get your SOA up and we''ll take a look at it for you.


Also, do you have a comprehensive list of how much you owe to who and the interest rate on each debt?

Hi I’ve put it up so any advice is welcome, thank you

enthusiasticsaver

Do you know how you got that much in debt in the first place? You have no assets you could sell? You have such a good income or is that relatively recent?

PositiveBalance

I'm with ES on this: if that Vanquis is 49% (and it easily could be, knowing their extortionate interest rates! :mad:) do yourself a massive favour and get rid of if in the first month.


Your satellite/cable TV and mobile are other easy wins, once any existing contract you have is over. Do you have a contract or can you downgrade them straight away.


Food can easily be reduced, too, as ES also said.



How many payday lenders aren't at 0% and what are the interest rates? How much are you paying them each month?


Also, do you have a list of when your 0% deals come to an end?