Debt help!

Joner205 · 19 March 2024 at 6:49PM

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 · 19 March 2024 at 11:16PM

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 · 20 March 2024 at 8:08AM

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?

Joner205 · 20 March 2024 at 8:44PM

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 · 20 March 2024 at 9:08PM

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?

Joner205 · 20 March 2024 at 10:01PM

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 · 21 March 2024 at 12:38AM

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?

Joner205 · 21 March 2024 at 7:59AM

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 · 21 March 2024 at 8:08AM

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 · 21 March 2024 at 10:47AM

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.

Debt help!

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