Road to recovery...

Lisakx

Well I guess I had the classic light bulb moment tonight. Ive been looking around the forum and site for a while, and even sent off PPI reclaims but was never 100% committed to debt reduction. I got a letter back from one of the claims saying I'd been sent a policy and was given 30 days to decide so no refund necessary, I was going to just leave it but I realised tonight it has to be worth a few more stamps to see what happens.

I guess what really triggered this off is I have been given the opportunity to move out of my family home and this could potentially happen any time after monday when I have a meeting with the council housing people. I realised that whilst my money just covers my debts with some to play with at the moment I'm going to have to start paying grown up bills like the groceries etc

I do not work due to ill health unfortunately but that does mean I shall get help with my rent fortunately. I'm approx 12k in debt, I shall post my incomings and outgoing in the morning as I don't seem to be able to access my file at the moment :mad:

A lovely man from the housing agency said he can help me deal with my debts and has ways of negotiating on my behalf etc which is great but the whole point of moving out is to gain independance and confidence so I'd like to do as much as I can about debt reduction on my own where possible. I've put 3 PPI claims in and have heard back from one saying no so am now refering it to the ombudsman, without this forums help that wouldn't be happening, so thank you!!

I guess I feel daft now after writing all that, I feel awful relying on benefits but at present I really am not well enough to hold down a job. I need to get my money under control notonly because of the move but when I am well again I have dreams of my own photography business.

I hereby commit to debt reduction! :T

Snaggles

Hiya, well done on deciding to sort out your debts.

One thing that concerned me slightly was you said 'A lovely man from the housing agency said he can help me deal with my debts and has ways of negotiating on my behalf'. I'd not heard of the housing agency doing this, so I just wanted to make sure he wasn't referring you to one of the companies that charges a fortune to do what the CCCS or Payplan do for free?

Good luck with it all and will look forward to seeing your SOA.

Lisakx

its an organisation that deals with people with mental health problems, it supports them through finding housing, benefits, debts etc a nurse made the referal so it is legit. They are an off-shoot of the local support team.

I really can't decide if I want to move out, I'm told it'd be a fantastic opportunity to gain independance etc, but as I see it I'd be even more reliant on my benefits then because I'd be laiden with more bills. I hate the fact I'm not self sufficient and I see the move would actually make me less able to become so. I couldn't hold down a "normal" job due to MH issues and not sure I'd even get offered one with my Dx's but I could manage bits and pieces. I need £70 a week to cover the loss of one of the benefits the other I'd still be entitled to. My mum used to do my nans ironing for £10 a time maybe I can ask mum if she'd like me to do hers for that? Its a start and I think I'd feel much more positive about things and feel I was achieving something. Maybe I'm being daft? I don't know.

Lisakx

Incomings: £536.80 per month
Outgoings: £392.58 per month (varies a little)
Left with: £144.22

I prob should be laughing really with that much left over but I never seem to know where it goes! Usually on stuff I don't need, for example last month I excessively topped up my mobile, but I have 4p credit left and am waiting because in the next few days I get £10 cash back credit added.

Lisakx

River Island Card - £165.12/£500 - £6.60pm (approx) 17.9% APR
Barclay Card - £2414.06/£2500 - £55pm (approx) 19.9% APR
Next Card - £110 (? need to check) - £10pm (approx) 26.49% APR
Barclay Loan - £3684.90 - £114.48pm
LX Direct - £717.30/£3150.00 - £35pm (approx) 28.8% APR
Egg Card - £1200.46/£1500.00 - £25pm (approx) 19.9% APR
Tesco Card - £1167.19/£1800 - £35pm (approx) ? APR

£1099.99 BNPL Due June (almost saved up)
£1099.99 BNPL Due Sept
Pet Plan - £31.01pm
National Wildlife Trust - £3pm
Pipex - £19.99pm
Gym - £31.00pm
Bank Account Fees: £14.50pm (approx)

Lisakx

Is there anything that can be done about the above? Im thinking the immediate would be cancel the NWT charity donation for now...

The_ODonnell_Boy

Quick question

How's your credit history, missed payments? Defaults? CCJs?

Lisakx

According to Experian my credit score is 986/1000 so in the Excellent bracket. No CCJs the odd missed payment but they were always paid before next one due.

The_ODonnell_Boy

Lisakx wrote: »

River Island Card - £165.12/£500 - £6.60pm (approx) 17.9% APR
Barclay Card - £2414.06/£2500 - £55pm (approx) 19.9% APR
Next Card - £110 (? need to check) - £10pm (approx) 26.49% APR
Barclay Loan - £3684.90 - £114.48pm
LX Direct - £717.30/£3150.00 - £35pm (approx) 28.8% APR
Egg Card - £1200.46/£1500.00 - £25pm (approx) 19.9% APR
Tesco Card - £1167.19/£1800 - £35pm (approx) ? APR

Right, because the above are at an extortionate rate of APR. Judging by your credit score you could easily get a much lower rate by consolidating them with either a bank loan or another credit card

£1099.99 BNPL Due June (almost saved up)
£1099.99 BNPL Due Sept
Pet Plan - £31.01pm
National Wildlife Trust - £3pm
Pipex - £19.99pm
Gym - £31.00pm
Bank Account Fees: £14.50pm (approx)

Also the above. Kibosh the NWT. It may only be £3 a month, but it's £3 in your pocket and charity begins with you. Also you may want to consider going to a lesser account that doesn't charge you for its usage

There's a vast amount of help on this board, look into the sections relating to loans and credit cards too

Good luck and never be afraid to ask anything

Lisakx

thanks! I shall have a good read round in those sections, many thanks!

Lisakx

WOW I just used the minimum repayments calculator says it'd take 47years to pay off my Barclaycard at minimum payments and cost nearl £7200 in interest! If i consolodated into a loan I could be paid off the LOT of my debts in 5 year and only pay £2-3K interest total. Shocking really!!!