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Debt help!

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Comments

  • Joner205
    Joner205 Posts: 19 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    Another question, my NatWest credit card is interest free until 05/25 should I continue paying that off or stop paying everything and let them all default?
  • Emmel
    Emmel Posts: 137 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    Joner205 said:
    Another question, my NatWest credit card is interest free until 05/25 should I continue paying that off or stop paying everything and let them all default?
    If going for dmp, stop paying everything and let them default
  • MFWannabe
    MFWannabe Posts: 2,539 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I know you’ve just changed job but are you able to increase your income in anyway? Overtime? Second job? 
    You say you’re changing your car but are you spending money to change? 
    How much will you save per month changing car? 

    MFW 2026 #50: £3,583.49/£25,000

    Mortgage:
    16/01/26: £56,794.25
    02/01/26: £60,223.17

    12/08/25: Mortgage: £62,500.00
    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    Savings: £20,000




  • Joner205
    Joner205 Posts: 19 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    MFWannabe said:
    I know you’ve just changed job but are you able to increase your income in anyway? Overtime? Second job? 
    You say you’re changing your car but are you spending money to change? 
    How much will you save per month changing car? 
    There is a small bit of overtime and I work one in 3 Saturdays as extra work too, I will only save on tax if I change car and it shouldn’t cost me anymore to change hopefully. I’ve been looking at ways to make money from home, maybe online but only just started this. 
  • MFWannabe
    MFWannabe Posts: 2,539 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Joner205 said:
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 2100
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 2100[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 540
    Management charge (leasehold property).. 0
    Council tax............................. 137 - Is this over 10 months or 12? 
    Electricity............................. 85
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 30 - Could you have a meter fitted? Should be cheaper for you as you’re on your own 
    Telephone (land line)................... 0
    Mobile phone............................ 25 - Sim only you could halve this cost 
    TV Licence.............................. 13.5
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 200
    Clothing................................ 50 - You could have this 
    Petrol/diesel........................... 125
    Road tax................................ 30 - Is this correct? £360 a year is very high 
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 50
    Car parking............................. 10
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30 - £360 a year is a lot; who are these for? I’m sure they’d understand if you at the very least halved this amount 
    Haircuts................................ 20 - This is high for one person 
    Entertainment........................... 0 - Never  go out? 
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 1420.5[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2500
    Other assets............................ 0[b]
    Total Assets............................ 2500[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    JN Bank loan...................7854......219.......12.1
    Lloyds Bank loan...............8993......253.......0
    Lloyds Bank CC.................2000......100.......0 - Is this really interest free? That’s a high payment; much higher than minimum 
    Creation (curry)...............700.......43........0
    Paypal Credit..................2000......100.......0
    Natwest Bank CC................4442......100.......NaN
    Capital One CC.................1750......100.......0[b] - Is this really 0%? This is a high payment; much higher than minimum 
    Total unsecured debts..........27739.....915.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,100
    Expenses (including HP & secured debts). 1,420.5
    Available for debt repayments........... 679.5
    Monthly UNsecured debt repayments....... 915[b]
    Amount short for making debt repayments. -235.5[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 2,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -27,739[b]
    Net Assets.............................. -25,239[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

    NatWest credit card is 0% until 05/2025  im in the process of finding out the other interest rates.

    What im wanting to know is it feasible to get these paid down without missing a payment? ive not missed one yet just interested in peoples opinions?

    thanks
    Hi. I’ve made some comments in your soa above 
    Maybe redo and repost soa based on my suggestions and just above minimum payments on the cards; hopefully you should at least break even 
    Try to input the interest rates too 
    Is there any available balance on the NatWest card that you could do a balance transfer to from high interest card? 

    MFW 2026 #50: £3,583.49/£25,000

    Mortgage:
    16/01/26: £56,794.25
    02/01/26: £60,223.17

    12/08/25: Mortgage: £62,500.00
    12/06/25: Mortgage: £65,000.00
    07/03/25: Mortgage: £67,000.00
    18/01/25: Mortgage: £68,500.14
    27/12/24: Mortgage: £69,278.38 

    Savings: £20,000




  • Joner205
    Joner205 Posts: 19 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    MFWannabe said:
    Joner205 said:
    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 2100
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0[b]
    Total monthly income.................... 2100[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 540
    Management charge (leasehold property).. 0
    Council tax............................. 137 - Is this over 10 months or 12? 
    Electricity............................. 85
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 30 - Could you have a meter fitted? Should be cheaper for you as you’re on your own 
    Telephone (land line)................... 0
    Mobile phone............................ 25 - Sim only you could halve this cost 
    TV Licence.............................. 13.5
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 200
    Clothing................................ 50 - You could have this 
    Petrol/diesel........................... 125
    Road tax................................ 30 - Is this correct? £360 a year is very high 
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 50
    Car parking............................. 10
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30 - £360 a year is a lot; who are these for? I’m sure they’d understand if you at the very least halved this amount 
    Haircuts................................ 20 - This is high for one person 
    Entertainment........................... 0 - Never  go out? 
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 1420.5[/b]
    [b]

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 2500
    Other assets............................ 0[b]
    Total Assets............................ 2500[/b]
    [b]
    No Secured nor Hire Purchase Debts[/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    JN Bank loan...................7854......219.......12.1
    Lloyds Bank loan...............8993......253.......0
    Lloyds Bank CC.................2000......100.......0 - Is this really interest free? That’s a high payment; much higher than minimum 
    Creation (curry)...............700.......43........0
    Paypal Credit..................2000......100.......0
    Natwest Bank CC................4442......100.......NaN
    Capital One CC.................1750......100.......0[b] - Is this really 0%? This is a high payment; much higher than minimum 
    Total unsecured debts..........27739.....915.......-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,100
    Expenses (including HP & secured debts). 1,420.5
    Available for debt repayments........... 679.5
    Monthly UNsecured debt repayments....... 915[b]
    Amount short for making debt repayments. -235.5[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 2,500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -27,739[b]
    Net Assets.............................. -25,239[/b]

    [i]Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

    NatWest credit card is 0% until 05/2025  im in the process of finding out the other interest rates.

    What im wanting to know is it feasible to get these paid down without missing a payment? ive not missed one yet just interested in peoples opinions?

    thanks
    Hi. I’ve made some comments in your soa above 
    Maybe redo and repost soa based on my suggestions and just above minimum payments on the cards; hopefully you should at least break even 
    Try to input the interest rates too 
    Is there any available balance on the NatWest card that you could do a balance transfer to from high interest card? 
    Hi thanks for this I’ll redo it and post.
  • kimwp
    kimwp Posts: 3,481 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Do you know how the debt has built up? It's vital to understand this to avoid falling back into debt in the future.

    Your SOA feels a bit sparse, does it include absolutely everything that you spend?
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • Joner205
    Joner205 Posts: 19 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    kimwp said:
    Do you know how the debt has built up? It's vital to understand this to avoid falling back into debt in the future.

    Your SOA feels a bit sparse, does it include absolutely everything that you spend?
    Yeah, I’m fully aware of how it’s built up, what do you mean by sparse? Any things you think I’m missing?
  • HampshireH
    HampshireH Posts: 5,007 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Your debt and how you manage it won't affect you renting your current housing Association property if you have a social or affordable assured tenancy (unless you stop paying the rent/go into arrears).

    If fact your HA may have a money advice and benefits team who could offer you advice on your debts too/support you in what you decide to do.


  • kimwp
    kimwp Posts: 3,481 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Joner205 said:
    kimwp said:
    Do you know how the debt has built up? It's vital to understand this to avoid falling back into debt in the future.

    Your SOA feels a bit sparse, does it include absolutely everything that you spend?
    Yeah, I’m fully aware of how it’s built up, what do you mean by sparse? Any things you think I’m missing?
    Just that there's nothing in for the medical, entertainment, holiday categories. Medical would include opticians, dentist, prescriptions. If you are spending on presents, are there activities that go with those? Currently your SOA says that all you do is stay in with only terrestrial tv or spend nothing when you go out. Not trying to pick, but if you do a dmp, you'll need to make sure you have enough to live a healthy and enjoyable life, so it's important that you have every spend on your SOA.
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
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