My SOA... Help requried please!!!

jojo8787

Monthly Incomings:

My salary = £792

Total =£792

Monthly Outgoings:

Rent = £375
Council Tax =included in rent
Gas=included in rent
Electric=included in rent
TV License= included in rent
Phone=£18 (T-mobile contract fixed until june 2008)
Food=£100


Total: £ 493

DEBTS:

Lloyds Debit card = £3650 approx which i havent made a payment o since last august. It is currently going up by £250 a month, and im still waiting for legal proceedings, although they have been threatening it for almost 8 months now. I refuse to pay the total amount on this one because the total origingal debt on this (ie the last time i used the card was February 2007 and it was around £2200)

Lloyds Credit Card= £980 which im paying back at £5 a month interest free

NHS debt (student bursary) = £695 which i pay at £10 per month interest free

Capital one credit card = £220 which i pay at around £11 a month minimum payment which i think is about half interest although the last few months i have been paying off like £40 a month because i keep going over the limit.(they have previously refunded £240 worth of fees)

Simply Be catalogue = £480 which i pay a mmp of around £25 a month which is about £5 interest.

Nationwide overdraft = £150 which i just transfer over about £3 a month to cover interest.

Parking ticket fines with council = £185 which i pay at £5 a month interest free.

BT debt (which has been referred to Moorcroft recovery who i am yet to contact) = £380 approx. (will contact tonite to arrange some sort of payment plan with them)

My mum = £1400 i borrowed this amount of her to pay off some of my smaller debts which were eating away into a lot fo my disposable income. I pay this back at £200 a month although she is willing to accept £100 a month if i put the remainder towards paying my debts back.

Total = £8740

Iv struggled my way with these debts since October 2006, and iv really tried to get them under control. I have paid off approximately £2000 since then, which on my small income, i feel really proud having paid them off.

Would like some advice and tips to deal with the big lloyds TSB debt, as i have no idea how to tackel it.

Thanks in advance :-)

floss2

jojo8787 wrote: »

Monthly Incomings:

My salary = £792

Total =£792

Monthly Outgoings:

Rent = £375
Council Tax =included in rent
Gas=included in rent
Electric=included in rent
TV License= included in rent
Phone=£18 (T-mobile contract fixed until june 2008)
Food=£100


Total: £ 493

DEBTS:

Lloyds Debit card = £3650 approx which i havent made a payment o since last august. It is currently going up by £250 a month, and im still waiting for legal proceedings, although they have been threatening it for almost 8 months now. I refuse to pay the total amount on this one because the total origingal debt on this (ie the last time i used the card was February 2007 and it was around £2200)

Lloyds Credit Card= £980 which im paying back at £5 a month interest free

NHS debt (student bursary) = £695 which i pay at £10 per month interest free

Capital one credit card = £220 which i pay at around £11 a month minimum payment which i think is about half interest although the last few months i have been paying off like £40 a month because i keep going over the limit.(they have previously refunded £240 worth of fees)

Simply Be catalogue = £480 which i pay a mmp of around £25 a month which is about £5 interest.

Nationwide overdraft = £150 which i just transfer over about £3 a month to cover interest.

Parking ticket fines with council = £185 which i pay at £5 a month interest free.

BT debt (which has been referred to Moorcroft recovery who i am yet to contact) = £380 approx. (will contact tonite to arrange some sort of payment plan with them)

My mum = £1400 i borrowed this amount of her to pay off some of my smaller debts which were eating away into a lot fo my disposable income. I pay this back at £200 a month although she is willing to accept £100 a month if i put the remainder towards paying my debts back. Drop this to £100 and then use the extra £100 to pay off the smaller debts.

Total = £8740

Iv struggled my way with these debts since October 2006, and iv really tried to get them under control. I have paid off approximately £2000 since then, which on my small income, i feel really proud having paid them off.

Would like some advice and tips to deal with the big lloyds TSB debt, as i have no idea how to tackel it.

Thanks in advance :-)

I would take up your mum's offer, and plan how you will pay £100 extrato clear the smaller debts in turn.

I'm not quite sure what you mean about refusing to pay the Lloyds debt - can you clarify why please?

Floss x

earthmother

It looks to me as if you need to go onto a proper DMP, but before that, there are a couple of figures that appear to be missing.

You mention the mobile phone, but how about landline and internet access? Also, what is your travel/transport budget, home contents insurance, clothing and miscellany?


As to how to tackle the Lloyds debt - if you acknowledge the debt, then you need to be sending at least a nominal payment of £1 a month, otherwise when it does get to court, it will go against you that no payments have been made.

I don't know how the bank charges situation is at the moment, but I think you need to look into that, and also into getting a CCA agreement for Lloyds (and your other creditors).


I would estimate that you, in reality, have nearer £150 each month (less if you want to treat your mum's loan as a separate entity) for your creditors - try CCCS, and if they cannot help, then get template letters from National Debtline, and get a proper DMP up and running.

I'm sure there will be other advice along soon too

jojo8787

LLoyds TSB has offered me a no interest payment plan etc, BUT i do not want to do this as it takes two months to kick in, and by then my debt will be almost double what the original amount i owed is. I was waiting for them to go to court as a lot of people have told me that the likeliness of the judge makig me pay back the whole amount is very small. I have also aplied for the charges back last year and they have of course delayed it until the test case is over.

All my bills that i havent included are included in the rent. (i only rent a room) and i walk everywhere at the moment cos im trying to save money.

jojo8787

Basically my thoughts on the DMP are that im controlling the other debts and i feel like im getting somewhere with them. The only debt that im having real problems with are my big lloyds debt. Do you think if i arranged a payment plan, and made regular payments that once the test case is over i will receive back most of the charges (around £2000) which will of course half the debt.

If i make a payment plan with them then am i just being a fool as it will take me like 40 years to pay off at a realistic amount !!!

bestmumof3

Why not accept Lloyds payment plan anyway, but still make payments during the two months.

Can you ask your mum that you pay nothing fo another 3 months [certainly until the Lloyds payment plan kicks in).

The bottom line is: there is just under £300 left over (assuming you are not repaying your mum just now).

Realistically,if you offered around £150-£200 each month in a DMP you will be clear in about 5 years.

jojo8787

You know what, just the few replies iv had have inspired me!!!
I will ring them tonight and ask for a payment plan, and see what they say. Regardless of where my account is (ie a DCA) i can still claim the charges back surely??

Anyway will ring them and moorcroft tonight and sort out payment plans for both and hopefull will be feeling a lot better abou things by tomorrow. Please continue to post advice for me although i wont be able to check it for a few days.

Thanks everyone :beer:

jojo8787

ok a quick update. I v rung Moorcroft to arrange a payment plan with them regarding my BT debt but they are saying its too far gone and the only way out is if they send a debtor around to my home and get the money directly. I have just moved house and they havent got the address so they cant do it unless i tell them. I told the women that i would not give my new address unless there was a payment plan set up and she refused and started shouting at me that she would personally register a CCj against me and see to it that i go to court and have to pay loads of fees etc. Shes really scared me now. What do i do?