Need advice - 27k debt

ManyWays

Good news the loan isnt secured!!!

I could reach out to the loans company and request removal of interest then take to the ombudsman?
This has to be worded as an affordability complaint, if you just say the interest is too much they will either shrug and say you knew what it was and took the loan, or they will offer you a payment arrangement but not remove in the interest. If the loan was for consolidation you can also look at complaints about all the debts you cleared with it, get anything back from those and it will help to clear the current debts faster.

I think the idea of getting through on that SOA is fantasy. You can't manage with no entertainment, holiday, medical lines for any length of time, you have nothing for replacing household goods and the clothes is too low and so probably is the groceries (that also has to cover not just food but toiletries, cleaning stuff and random things like lightbulbs,) Yiour partner would have to know about this as you will be saying No to almost everything they suggest. 

So you need to redo the SOA with the loan in as unsecured and realistic amounts for everything.  It would also help if you say which lines your partner pays half of.  

fatbelly

Might be best to do a joint soa with all the corrections

random_noise

thanks all. I have redone the SOA - maybe it needs a touch more in some areas but my plan is live very frugally, i have also picked up a second job on weekends so increased my pay.

My plan is to pay off the car hire purchase amount towards the end of the year by overpaying so then my monthly payments come down quite a lot - while paying off my overdraft too ofcourse.

Be interested to hear any advice, appreciate the replies so far.

Monthly Budget Summary	Amount(£)
Total monthly income	3,150
Monthly expenses (incl. HP & secured loans)	1,650
Available for debt repayments	1,500
UNsecured debt repayments	618
Amount left after debt repayments	882

Personal Balance Sheet Summary	Amount(£)
Total Assets (things you own)	190,000
Total Secured & HP Debt	-93,903
Total Unsecured Debt	-28,750
Net Assets	67,347

Household Information

Number of adults in household	2
Number of children in household
Number of cars owned	2

Income, Expense, Debt & Asset Details

Income	Amount(£)
Monthly income after tax	3150
Partners monthly income	0
Benefits	0
Other income	0
Total monthly income	3150

Expenses	Amount(£)
Mortgage	460
Secured/HP loan payments	300
Rent	0
Management charge (leasehold property)	0
Council tax	65
Electricity	25
Gas	25
Oil	0
Water Rates	20
Telephone (land line)	0
Mobile phone	20
TV Licence	0
Satellite/Cable TV	0
Internet services	20
Groceries etc.	200
Clothing	20
Petrol/diesel	80
Road tax	20
Car Insurance	60
Car maintenance (including MOT)	20
Car Parking	10
Other travel	120
Childcare/nursery	0
Other child related expenses	0
Medical (prescriptions, dentists, opticians etc.)	0
Pet Insurance/Vet bills	0
Buildings Insurance	30
Contents Insurance	0
Life Assurance	15
Other Insurance	0
Presents (birthday, christmas etc.)	20
Haircuts	20
Entertainment	0
Holiday	100
Emergency Fund	0
Total monthly expenses	1650

Secured & HP Debt Description	Debt(£)	Monthly(£)	APR(%)
Mortgage	84000	(460)	0
Hire Purchase (HP) Debt	9903	(300)	11.9
Secured & HP Debt totals	93903	-	-

Unsecured Debt Description	Debt(£)	Monthly(£)	APR(%)
Credit Card	3000	100	0
Overdraft	1450	0	19
loan	24300	518	13.9
Unsecured Debt totals	28750	618	-

Asset Description	Value (£)
Cash	0
House Value (Gross)	190000
Shares and bonds	0
Car(s)	0
Other assets (e.g. endowments, jewellery etc)	0
Total Assets	190000

enthusiasticsaver

Well done on getting the second job and the extra income will certainly help.  I agree that focusing on the overdraft and the car loan is sensible. I would also allocate some to emergency savings to stop you being tempted to stick unplanned expenses on a credit card or overdraft.