How I am going to clear all my debts

sim2335

Full breakdown of my debt

 my credit score is poor however I have no ccjs defaults, but do have about 8 missed payments for nationwide 4 for each loan

This month I’m gona get overtime pay too so should have over a 1000 spare for debts

Next month I get 946, after 500 on shares at work (which I have about 5000 now locked for 3 years, 100 on pension)

After my expenses(which include Monthley payments to debt) I have about 400-500spare a month for debt

Nationwide – 2 personal loans  

3863 

3919

700 arrears (now 2000 arrears as they internally added on during payment hoilday)

End  of payment hoilday should I let them rewrite the loan and just pay 200 or less a month get arrears transferd and use the money to clear other debts, however old debt would show as settled.

At least then only have one debt to worry about

As I already have arrears I don’t think settled or rewritten would make a huge diffence or would it?

Showing as settled is that the same as showing as full and final settlement on credit file?

Aa credit card 1500 I pay 50 a month 

Likely loans 1129

Will pay 50 a month as payment hoidlays finished 

University 1700, well over 6 years.

Paying 10 a months

Will make them a offer of 1k end of year for full and final settlement

700 – overpaid tax credits – jobcentre pay 20 a month will make extra

10000 university student debt that will never get paid off u less I get a huge pay rise.

Andyjflet

OK take a breath, can you post the Statement of Affairs form thats on here in the intros to list out everything as it stands, all your outgoings, this is way to random to be able to help with looking like this. 

sim2335

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary	Amount(£)
Total monthly income	946
Monthly expenses (incl. HP & secured loans)	414
Available for debt repayments	532
UNsecured debt repayments	327.69
Amount left after debt repayments	204.31

Personal Balance Sheet Summary	Amount(£)
Total Assets (things you own)	5,000
Total Secured & HP Debt	-0
Total Unsecured Debt	-12,581.19
Net Assets	-7,581.19

Household Information

Number of adults in household	3
Number of children in household	0
Number of cars owned	1

Income, Expense, Debt & Asset Details

Income	Amount(£)
Monthly income after tax	946
Partners monthly income	0
Benefits	0
Other income	0
Total monthly income	946

Expenses	Amount(£)
Mortgage	0
Secured/HP loan payments	0
Rent	0
Management charge (leasehold property)	0
Council tax	0
Electricity	0
Gas	0
Oil	0
Water Rates	0
Telephone (land line)	0
Mobile phone	22
TV Licence	0
Satellite/Cable TV	0
Internet services	0
Groceries etc.	100
Clothing	10
Petrol/diesel	25
Road tax	12
Car Insurance	50
Car maintenance (including MOT)	25
Car Parking	10
Other travel	10
Childcare/nursery	0
Other child related expenses	0
Medical (prescriptions, dentists, opticians etc.)	10
Pet Insurance/Vet bills	0
Buildings Insurance	0
Contents Insurance	0
Life Assurance	0
Other Insurance	0
Presents (birthday, christmas etc.)	10
Haircuts	20
Entertainment	40
Holiday	40
Emergency Fund	30
Total monthly expenses	414

Secured & HP Debt Description	Debt(£)	Monthly(£)	APR(%)
Mortgage	0	(0)	0
Secured & HP Debt totals	0	-	-

Unsecured Debt Description	Debt(£)	Monthly(£)	APR(%)
Nationwide	3780.99	108.5	2.9
Nationwide	3730.2	89.19	2.9
Aa	1500	50	6.5
University	1700	10	0
Dwp	700	20	0
Likely loans	1170	50	59.9
Unsecured Debt totals	12581.19	327.69	-

Asset Description	Value (£)
Cash	0
House Value (Gross)	0
Shares and bonds	5000
Car(s)	0
Other assets (e.g. endowments, jewellery etc)	0
Total Assets	5000

Retireby40

Why is your income so low? Do you work part time or less than 37.5 hours a week?

Depending on your answer I would suggest either finding a better paid job (extremely difficult especially now with CV) or try and find another way to increase your income. Again this will be difficult. But when things get back to normal your aim should be to increase your income.

It may mean working 30-40 hours a month more in your current job or getting a second job.

This will not only help in regards to having more money but will also mean your busier and less opportunity to splurge on a random saturday night with friends or whatever.

sim2335

Retireby40 said:

Why is your income so low? Do you work part time or less than 37.5 hours a week?

Depending on your answer I would suggest either finding a better paid job (extremely difficult especially now with CV) or try and find another way to increase your income. Again this will be difficult. But when things get back to normal your aim should be to increase your income.

It may mean working 30-40 hours a month more in your current job or getting a second job.

This will not only help in regards to having more money but will also mean your busier and less opportunity to splurge on a random saturday night with friends or whatever.

I work full time my income is low  because 100 pension and 500 work shares over 2 years should have about 20k save up

Retireby40

sim2335 said:

Retireby40 said:

Why is your income so low? Do you work part time or less than 37.5 hours a week?

Depending on your answer I would suggest either finding a better paid job (extremely difficult especially now with CV) or try and find another way to increase your income. Again this will be difficult. But when things get back to normal your aim should be to increase your income.

It may mean working 30-40 hours a month more in your current job or getting a second job.

This will not only help in regards to having more money but will also mean your busier and less opportunity to splurge on a random saturday night with friends or whatever.

I work full time my income is low  because 100 pension and 500 work shares over 2 years should have about 20k save up

So your putting £500 a month in shares and your want to know why you have debt? Reduce that down clear debt and then rejoin

sim2335

Retireby40 Thanks for your help so far.

The reason I’m in debt is nationwide is my brothers debt.
and friend owes me 6k after manipulating  me over 1 year for money and harrsing me but in a friendly way.

What seems easy now is I withdraw my savings and use it on my debt, reason I haven’t done this as I won’t be able to join shares until next year, and once you break savings very hard to resave

finally I’m clearing my debts anyway just slower, and in just over 2 years I will have a nice lump sum and be debt free fro over a year

wheres if I use my savings now I will have a small lump sum but still be debt free

andys15

What are these work shares you buy for £500 a month. Can you cash them in straight away, tax free, or do you have to wait 5 years? 

Do the company give you extra shares if you buy £500 a month. 

I have never really heard of anyone spending so much of their income on work shares. 

Is it a listed company?  

andys15

What happens to your shares if the company go into liquidation? How do you know the share price of the company will go up?  What happens if they go down. 

sim2335

Yes I work for one of the big banks.
shares are garunteed   and less then public, to buy.
If  shares go down the least you will get is all your money back most likely will go up in 3 years.

there won’t be tax on them

yes you can cash them anytime, but obvious lose out.

andys15

So if you cash them before 3 years then would you pay tax on them?

In my work I can cash them out straight away but pay tax. I have to wait 5 years for them to be tax free, but the money I buy them with are paid pre tax