Debt Crisis

Debthead

I am looking for some advice on a credit crisis situation. I have carried out a statement of affairs. My expendable income is £873.36 a month, however I have a loan interest free of £133.20 a month that has 12 payments left, I also have a car PCP of £524.13 /month that has 27payments left.
Between myself and my wife we have 7 credit cards of which the minimum payment per month is £1507.

Do I count the car PCP and the interest free loan as part of my essential expenditure or are they considered debts to my creditors?

Does anybody have any advice as to how I get out of this situation? Any help or advice would be greatly appreciated.

loopylu36

Hi there

Certainly the loan should be included, but I'm not too sure about the PCP? I guess there is a balloon payment at the end of the repayment period. I'm not too sure how this works.

It looks as tho a DMP would be a good option for you so would suggest you ring CCCS or Payplan and they can advise you further on the PCP.

It would also help of you post full SOA on here as the good folk will come along and show you where you can potentially save more money

Debthead

My SOA is as follows:

Total household income £3589.77

Expenditure
Mortgage £1867.85
House Insurance £19.00
Council Tax £125.00
Groceries (Household) £325.00
Gas £24.00
Electricity £24.00
Water £26.00
Medical £13.00
Fuel for Car £150.00
Car Tax £17.50
Car Insurance £31.00
Car Maintenance £20.00
Life Insurance £33.95
Tv Licence £11.61
Telephone £13.50
Mobile Phone £5.00
Haircuts £10.00

total Expenditure £2716.41

Creditor 1 CC life of balance transfer 4.9% owe £4116.33
Creditor 2 CC @16.9% owe £10547.45
Creditor 3 CC @15.9% owe £6504.08
Creditor 4 CC @16.9% owe £7892.86
Creditor 5 cc @12.9% owe £13075.72
Creditor 6 cc @life of balance transfer 5.5% owe £3997.09
Creditor 7 cc @16.9% owe £9453.47

Creditor 8 Car PCP £14151.51
Creditor 9 0% loan £1598.40

Minimum payment on CC's is £1507/month.

Thanks.