any advice welcome

Lucylocket01

akiki wrote: »

income £800 per month

outgoings monthly Total £447.67
oil £41.67 elec £17.00
contents insur £9.00
telephone/internet £30.00 Virgin do 2meg and free phone calls 19.95
car tax,insur,fuel £120.00 Shop around for Insurance
food,toiletries £150.00 How many people?
dentist £14.00 Why every month?
hair £5.00
cloths £20.00
medical £41.00 Whats this for?

loan £146.00 N.ROCK Left to pay£5,530
loan £267.00 TESCO Left to pay£14,952

credit card balance £5,000

advice from debt agency IVA over 5 years £230.00 per month
advice from cccs dept plan over 5 years £371.00 per month

unsure what to do next, any advice please.

Sorry I couldnt be more helpful

dancingfairy

Hi. What are the minimum payments on the debts? This would help. Your outgoings do not look too excessive although you can make some cutbacks there ie food could be cut back a bit, clothes- do you need to spend £20 a month?, dentist - is this a payment plan or savings or what for the dentist?

An IVA is one step down from bankruptcy I believe and is a legally binding agreement I believe whereas a DMP is a more informal arrangement based on trust. I don't know much about them but believe that is the case.
The question I guess is would you take the advice of a FEE CHARGING organisation who may or may have recommended the right solution for you but are going to be charging you for it or take the advice of a FREE charity? CCCS are highly recommended on here so I would probably go with them. But to really see the true situation you need to list the min. payments on the loans and the apr and min payments on the credit cards and the credit available/balance on each one. You may be able to shuffle some of you higher credit card debt to one that charges you less interest but more details are needed to see if this is the case.

Are you entitled to any benefits?
How much council tax are you paying? Are you paying over 12 months or 10?
Are you paying rent or a mortgage?
Do you need the car to get to work? or can you walk? is it cheaper to get public transport?

The more details you can provide the more people can advise you.

akiki

very surprised at so little responce, was reallly hoping for some sound advice. This is crunch week where I have to decide what to do, please any one any more advice or tips. Getting desperate. Thank you.

Surfbabe

Just bumping this up again. Can't help you much as have never had any dealings (thankfully) with IV and DMP's.

Hopefully someone will be along later that can help.

akiki

hi thank you for the replys
min payments as listed
no rent or morg, am staying at friends
car a must for work, no public transport!!!!!!
re looked at food and cut down to £100, could do with loosing weight!!
I have updated original entry, please scroll down

thank you

betti911

What about the medical payment? Is that essential at the moment?

Tiglet

Do you have PPI on your loans? If so, you might well be able to reclaim any insurance payments you have made.

As dancingfairy said, it's important to know the APR on all your loans. Once you know that, you can target your repayments towards the most expensive ones, thus reducing the interest you get charged and leaving more money to reduce the outstanding balances.

akiki

hi thanks for the replys

medical will finish next month, a must unfortunatley!
no do not have PPI on loans
APR on loans Tesco 6.6%
N.rock7.9%
credit card - no deal so quite high?
Has any one tried to freeze their credit card account and pay off with no intrest, or is this wishful thinking!!

misspoppy

HI

I think you need to seek help from a debt charity like the ones that will come up if you click on http://www.moneysavingexpert.com/loans/debt-help-plan#help

You don't need to be presured in to anything nor do you need to make a decision this week. What are your long term living arangements as you aren't paying any rent is this going to continue for the next 5 years?

At £800 income is there any chance of promotion or getting a 2nd job, yes money is tight at the moment but its not worth ruining your credit rating for years ahead and not being able to get a mortgage.

Get some free advice and hold off doing anything that has been suggested so far.

RAS

Hi

If you do a DMP and your situation changes - like you have to rent, you can alter your payments. Also CCCS do their own IVAs, so if you were suitable for one, they would have suggested it.

if you do and IVA, your creditors have to agree, there are large fees involved (check but probably everything you pay in the first year plus some) and if you cannot make the payments, you can only go bankrupt, no other option.

I would see if fermi, angelavdavis or rog2 are around.you can pm them. Go to go now