Help, please!!

quxuhog

Halifax have kindly frozen my overdraft fees for a while and said I could get back on my feet.
Car maintenance is included in the HP agreement.

getmore4less

If you can make that £300+ available you can make progress very quickly.

Check the T&Cs of all the debt.

One side effect of the gambling, the debt was not lifestyle spending which can be a lot harder to cut back.

DrEskimo

Does the car finance agreement include tyres, brakes, suspension, etc? Presumably you mean the servicing is included?

Is it also really 0%?

What about warranty? If no warranty, have you got money aside to pay for any repair bills?

Personally, I think you have far too much tied up in your car. It represents over half your annual income. If you could get rid of it and use the sale to clear the finance, I would then looks to buy something much cheaper. Suddenly you could reduce £10k down to ~£2k and have only £12k debt outstanding. Your journey to being debt free would be much shorter and allow you to start saving and freeing up money for things you enjoy again....

It's up to you though. Depends how long you are prepared to work extra shifts and cut back on your lifestyle. If you enjoy the car then perhaps it's worth it?

getmore4less

What happened to the 4 tyres a year?

Tallaght

https://www.gamblingcommission.gov.uk/for-the-public/Safer-gambling/Self-exclusion.aspx

enthusiasticsaver

You should put the interest rates on the soa as that helps determine which debt you should tackle first. You will either need to cut back significantly for several years or go for a DMP now where the interest at least should be frozen and the monthly payment affordable. It will trash your credit record but I would think it is not good anyway.

If you decide to go for the cut back and pay off route I would tackle that awful loan at 166% first which is onstride and I doubt that will be paid off in one year by paying £125 a month because as getmoreforless says the interest is more than the monthly payment. I think it may be one of these loans which is never paid back (see Iwantanewlife diary as she had a similar loan which was extortionately high interest and wasn't a loan but a credit facility which was actually increasing each month). The 118 loan is another urgent one you should tackle early on simply because the interest rate is so high.

getmore4less

IF this was full DMP frozen charges with the current payments

£9,200 £384pm 2 years

Add in the SOA surplus

£9200 £765 1 year.


Subject to clarification of the onstride and 118 debts with close to £400pm spare along with the current payments already being made this will be under control in less than 6 month.

With a snowball from there I think there will just be some of the Halifax loan left by the end of 2020

Does need that £400pm spare for the full year and there is a bit of room to make that a bit higher with some cutbacks on entertainment.

...........................................
A bit of digging around to see if there is any info on overpaying
onstride
https://casheuronetukadministration.grantthornton.co.uk/

Yes, you can repay your On Stride Financial loan any time, partially or in full, with no prepayment penalties.

There is hope for that one as long as they are not charging extra interest.

118

CAN I PAY OFF THE LOAN EARLY?

Yes. You can make a partial or full repayment at any time. Call us on 08000 118 000 or 02920 893300* to find out how much is still owed and to discuss how much you wish to repay. When you contact us, we will provide you with an early settlement quotation or a partial early settlement quotation, which is valid for 28 days.

When you take out a loan with us, we calculate the amount of interest payable over the term of your loan (based on the APR of the loan and the amount you borrow from us). We add this interest to the amount you borrow from us (to give us the total amount payable by you under the loan) and we then calculate what your monthly payments are based on this. If you decide to pay off all or part of your loan early, you are entitled to an interest rebate as you will paying some or all of the amounts payable under your loan agreement before they are due to be paid, so you will receive a rebate of interest to take account of the fact that you are paying off some or all of the loan sooner. There are legal rules which set out how we must calculate the interest rebate – these rules are set out in the Consumer Credit (Early Settlement) Regulations 2004 – more information can be found here.

In addition, if you decide to pay some or all of your loan early, if the loan is for a period of 12 months, we are also entitled to charge up to 28 days’ interest or, if it is for a period of more than 12 months, we are entitled to charge up to 58 days’ interest.

Even with those extra charges this can be tackled quite quickly.

quxuhog

On the onstride website, they show me how many payments i have left and how much. it was actually 2 payments of £62 every 2 weeks but i managed to get them to turn it into a monthly. it shows 12 remaining of £61.83*2*12=1483.92
It was a £1000 loan i can't believe i'm not even past the cash i actually borrowed yet, i feel sick looking at it

quxuhog

I'm just wondering, before i look at the options given here, is it worth actually going into halifax and trying to explain my situation to see if they will consolidate for me? my credit rating is already trash anyway. i have 10 years with this bank and my problems have only really arose about 1-2 years ago? or is this not something they would do? I'm already paying £400 a month on loans anyway and they can see that, i could get it all into an 12-18 month loan and have it all paid off within a year if iwas to pump 4-500 a month into it, i am very clueless when it comes to this and just seeing what my options really are.

SusieT

quxuhog wrote: »

I'm just wondering, before i look at the options given here, is it worth actually going into halifax and trying to explain my situation to see if they will consolidate for me? my credit rating is already trash anyway. i have 10 years with this bank and my problems have only really arose about 1-2 years ago? or is this not something they would do? I'm already paying £400 a month on loans anyway and they can see that, i could get it all into an 12-18 month loan and have it all paid off within a year if iwas to pump 4-500 a month into it, i am very clueless when it comes to this and just seeing what my options really are.

Personally I would not talk to them as you have an overdraft with them (also a loan), and it is very possible or even likely that they would recall it immediately, leaving you with nothing. I would only speak to them if you have another account set up and all your income is confirmed as going there in the future.