Debt Angel. Advice? experiences?

Phoenixx73

still trying to dig out the APR's

(we should really invest in a file cabinet lol)

Phoenixx73

ok, the APR on the welcome loan is 61.3% (yikes!) and the loan is actualy over 3 years. Capitol One is 36% APR

We have contacted Debt angel and they are returning the £200, but it will take 3 days to hit their account (and assumiong 3 days to hit our ccount again) but so far they have been very cooperative.

RAS

Hi

Glad to learn that the money is comming back eventually.

I assume that there are early repayment penalties on the welcome loan? Do you know what these are?

del67

Hi ras i was 32,000 in debt and with cccs .now my bebt is under 6,500 and we were excepted for a mortgage 2yrs ago which we took.some companys or banks are ok but chose to go with hsbc and got a rate of 4.2% but you need to be honest and make sure your have wverything up front.

RAS wrote: »

Are you rental or purchase?

A DMP of any description will affect your credit rating, with estate agents and or mortgage companies.

RAS

Phoenixx73 wrote: »

We try to pay OVER the minimum repayments on most things (Capitol One being the biggest example where the min repayment is £25 but we pay £50)

Hi

This is not the most effective way to pay off your money. You need to pay any surplus off the most expensive debt - assuming that this is not a loan that has a massive early repayment penalty. See the snowball on www.whatsthecost.com to learn how this works. You can save a huge amount by paying debts more effectively.

RAS

Going to add in the APRs etc.

Phoenixx73 wrote: »

Monthly Incomings:

My salary - £1,772
Partners salary - £430.00


Total - £2,202.00

Monthly Outgoings:

expenses

Mortgage/Rent - £650
Council Tax - £60
Gas - £104 (including electric)
TV License - £13.20
Virgin Media £80.00 (incl phone and internet)
Food - £260
Car Insurance - £35.00
Petrol - £50
Nursery Fees (not covered by grants) £354.00

Debts

Brighthouse £208 -is this a debt? No this number is our monthly repayments, it comprises of beds, a TV, the computer I am using now (lifeline) and a washing machine. at the time it was our only option to kit out an empty property after having spent all savings on bonds and deposits (we had to do a quick move after the relationship with the people we were staying with previously took a downhill turn)

If you bought things for which you are paying back money, THIS IS A DEBT - What is the total value of the goods that you bought?

Capitol One £50 Capitol One is 36% APR How much owed in total?
Catalogues £30 (all totaled) Total amount? APR?
Welcome Finance £2k loan over 3 years total repayable £3,700. £150.80 61.3% (yikes!) How many payments made?

Provident £100 Total outstanding is £725 (originally a £500 loan) How many month have you already paid? APR?

Pheonixx

Have you spoken to a debt charity yet? Seriously your perception of your financial situation as OK is not borne out by the information available. With the loans on massive APRS, there is little scope for manouvre, even if you can increase your income

Phoenixx73

RAS wrote: »

Going to add in the APRs etc.



Pheonixx

Have you spoken to a debt charity yet? Seriously your perception of your financial situation as OK is not borne out by the information available. With the loans on massive APRS, there is little scope for manouvre, even if you can increase your income

Agreed. we are looking into ways of moving the higher APR debts to lower APR's obviously. The Capitol one card was taken out as a means of improving credit rating. Welvcome was taken out by the OH and in hind sight was not the best thing we could have done for our finances but unfortunatly she is easily talked into things (much to my annoyance) If I could have I would have applied for alot of this myself but my credit rating is rock bottom due to some stupid decisions I made a few years ago (like taking her into CSL (sofas) for a look around to kill some time. The salesman talked her into wanting a new leather sofa so she begged me to do the agreement (I was very poorly educated in all matters money at this time) so I signed up and we fell into arrears, I got the CCJ and well you know how the rest goes.)

We arent sinking here, but we arent exactly swimming in cash either. Right now, I am trying to reorganise some of her decisions to get us the best deal we can.

As for the brighthouse debt... Yes, this is a debt but the number in the SOA is our monthly payments. Without getting out all the paperwork and reciepts I couldnt guess as to the total ammount owed.

I do thank you for your help though. Most of these debts and agreements were intended to get on the first rung of the ladder to improve our rating so that hopefully in the future we can get some of the better deals out there on credit cards etc and end up paying little or no interest on the things that we are currently paying through the teeth for.

Phoenixx73

Just to quickly update on the Debt Angel situation.

Their info brochure arrived in the poat this morning allowing us to fullfill their requirement of us at least reading it before they would authorise the refund.

We called them up saying we had read and discussed the pack (a slight untruth) and said we wanted our money back. The sales rep started to try to convince us to change our minds so we just told them that if a DMP was something we would wish to go for, we would rather use the CAB for free than pay them for the exact same service (her arguement/schpiel abruptly ran dry as how can you possibly argue with that). The funds should hit our account on tuesday. Will wait and see...

RAS

Good

it does not seem to me that they have ever explained what a DMP means for your credit rating - it would be the exact opposite of what you are trying to acheive.

And as you say, there is nothing like a well informed customer to cut through the sales spiel.