need to sort my debt

Daisydoo69

Hi All

I am new to this forum, I have £30k worth of debt, and need to do something about it, I have been in touch with Step Change who recommend bankruptcy which I don't really want to do, I also have a little business, which I confessed to once Step Change mentioned bankruptcy, I don't have any business debt.

I have been in touch with the too biggest debts that I have, Barclaycard x 2 and MBNA x 2, am waiting to hear back from them both, I have completed their budget paperwork.

A friend mentioned Wise Old Mary to me, and I wasn't exactly sure what it was etc

Am keen to get your thoughts etc

Daisy

katsu

Can you start by sharing your incoming and outgoings with us? You'll find a template in the sticky threads at the top of this forum area, or a kind person will be along with a link. Without that we can't give you much detailed advice.

findingthisdifficult

If you complete an SOA (statement of affairs) we could possibly help to identify where you might be able to cut back and make inroads on your debt busting mission.

sourcrates

Daisydoo69 wrote: »

A friend mentioned Wise Old Mary to me, and I wasn't exactly sure what it was etc

Avoid wise old mary like the plague.


They are whats called a "lead generator" for debt management companies, like a broker arranges a loan, these people arrange debt help, they don`t take a fee, but the company you sign up to does charge you.


You should only take debt advice from companies listed here, they offer a totally free service for debt mangement :


https://forums.moneysavingexpert.com/discussion/4228011/important-where-to-seek-professional-impartial-advice-about-your-debts

Daisydoo69

thanks, have cancelled my phone call from the Wise Old Mary, I will get a budget sheet uploaded

sourcrates

Daisydoo69 wrote: »

thanks, have cancelled my phone call from the Wise Old Mary, I will get a budget sheet uploaded

Link is here :


http://www.stoozing.com/calculator/soa.php

Daisydoo69

Hi

Is there anyway I can attach my budget sheet, or am I being daft that I can't see how to do it

thanks in advance

Daisy

Willing2Learn

Hi Daisy,

If you complete your monthly budget SOA (Statement of Affairs) using the link provided by sourcrates, then click on the 'format for MSE' button near the bottom of the form. Then you can simply copy & paste the whole lot over to this thread.

Daisydoo69

Fingers crossed this will work


Stoozing
Monthly/Annual APR Calc
Balance Transfer Calc
All Calculators
Forum
SOA Calculator
Calculators Forum
SOA Help
Statement of Affairs
understand your financial position

Enter your income, expenditure, debts and assets, then click "Calculate". Your SOA results can be formatted for printing or for posting on a discussion board to seek comment from others. The format for print option can also be used to share your SOA with advisors such as the Citizens Advice Bureau (CAB) or CCCS. Your SOA data can also be saved for future use.



Enter your income details
Amount (£)
Monthly Income (after tax)
1214
Partner's Monthly Income
0
Benefits
0
Other Income (e.g. maintenance payments)
150.00
Enter your monthly expenditure
Amount (£)
Mortgage payment (from secured debt table below)
0
Secured/HP loans (from secured debt table below)
0
Rent
625.00
Management Charge (e.g. on leasehold property)
0
Council Tax
108.00
Electricity
40.00
Gas
40.00
Oil
0
Water Rates
0
Telephone (land line)
0
Mobile Phone
0
TV Licence
15.00
Satellite/Cable TV
30.00
Internet Services
15
Groceries etc.
120.00
Clothing
15.00
Petrol/Diesel
45.00
Road Tax (car)
25.00
Car Insurance (including breakdown cover)
27.00
Car Maintenance (including MOT)
20.00
Car Parking
0
Other Travel
0
Childcare/Nursery
0
Other child related expenses
0
Medical (prescriptions, dentists, opticians etc.)
10.00
Pet Insurance/Vet bills
25.00
Building Insurance
0
Contents Insurance
0
Life Assurance
0
Other Insurance
0
Presents (birthday, christmas etc.)
20.00
Haircuts
15.00
Entertainment
0
Holiday
0
Household Emergency Fund (e.g. for repairs)
0
Enter SECURED debts and Hire Purchase (HP) debts
Enter ALL your mortgage, secured and HP debt details here.

Debt description Debt (£) Monthly payment (£) Annual Rate (%)
Mortgage
0

0

0.00
Secured debt
0

0

0.00
Hire Purchase (HP)
0

0

0.00
Enter your UNsecured Debts e.g. credit cards
Debt description Debt (£) Min Pay (£) Annual Rate (%)
barclaycard

6026

0

0.00

barclaycard

5494

0

0.00

mbna

10000

0

0.00

mbna
7000
0
0.00
sainsbury
6000
0
0.00
Enter the value of your assets
Asset Value (£)
Cash
0
House value (gross)
0
Shares & bonds
0
Car(s)
1800
Other assets (e.g. endowments, jewellery)
0
Additional Information
Optional information, but very useful for anyone reviewing your SOA.

Number of adults in household
1
Number of children in household
Number of cars owned
1
Main functions...


Format results for discussion boards (optional)


Next Steps (optional)


Click here for more information about Offers to Creditors.

Load and save your data (optional)


Click here for our SOA privacy and usage information.


* You have not included any telephone costs. Please check.

* No water rates specified. Is that correct?

* You have not entered any UNsecured debts. Is this correct?

Summary of Monthly Income, expense and surplus
Total monthly income: £
1,364

Expenses (incl. HP & secured debts): £
1,195

Available for debt repayments: £
169

Unsecured debt repayments: £
0

Surplus (shortfall if negative) £
169

Personal Balance Sheet Summary
Assets: £
1,800

Secured & HP Debt £
-0

Unsecured Debt £
-34,520

Net Assets £
-32,720



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Daisydoo69

I have a little coffee van, that has no business debts, that's where I am getting the £150 a month additional income, my current work position is due to finish at the end of July and I am looking for alternative work, which hopefully will pay more

[Deleted User]

When you do it, if you click "Calculate" and then "MSE" in the "Format results for discussion board" it will give you a clearer SOA to copy and paste into here - it will make it easier to read and for people to give advice on