OK so what should I do?

RoastUK

Hi everybody,

1st time poster so im hoping i can get some good advice. I'll apologise upfront if this is a bit long winded.

Was going through my finances and well im in an absolute state. Ive had a look online and used a SOA so I hope this helps...


My wages per month £920
total £920

outgoings

Halifax unsecured loan - £10,000 paying £ 289.98 per month
Halifax Credit Card £350 limt used £300 - pay £10 p/m
Natwest Credit Card £500 - pay £10 p/m
Capital One Credit Card £3800 limit used £3700 - pay £100 p/m
HFC Finance £600 - pay £35 p/m
GE Capital £200 - pay £10 p/m
Petrol - £80 p/m
Board - £90 p/m
Gym - £0 p/m
Phone bill - £35 p/m

I also have 2 student overdrafts at £2000 for Natwest and £2500 for Halifax, both maxed out so to say.

I live at home with my parents and from what I have checked I have no 'priority debts'. I want to consolidate but I cant get a bigger loan.

I put my details into a website and yesterday I received a call from Baines and Ernst. They have suggested that I go for a IVA where I only pay £210 p/m for 5 years.

At the time it sounded just what I needed, so I have got the wheels in motion for that, but having checked further online it seems that they are not that good.

I have made an appointment to speak to CSSS (I think thats right) and ive also been told that Payplan is also good.

Another problem I have is that I missed my payment for my Halifax loan last month, and im not going to make it this month. Its due for the 19th. Is there anything I can do in that time that will stop me getting into further trouble.
I can afford to give them £100 now, then when i get paid (at end of the month) about £400, but I will still be in arreas.

Can anyone give me any advice on how I should tackle my problem.

Many thanks

RoastUK

whooops double posted, please close this one

RAS

Hi

Do not consolidate into a loan again, PLEASE.

And please do not do an IVA unless CCCS suggest it is the best option, and then via their service. Given your income, I doubt it is appropriate.

Car tax, MOT, Insurance, maintenance?

**Amy**

:hello:

Welcome to MSE.

Firstly well done on looking at your finances and realising you need to sort them out.

I would not try and consolodate your debts, as generally this is not a good plan. With regards to IVA's i have heard they are not great, but to be honest someone who knows more will be along shortly.

With regards to your debts, would you please post the APRs you have on them. That we we can try and work out which one to tackle first.

Also, have you accounted for MOT etc. for your car? Also in board does that include all bills and food?

Re: your loan payments, please phone the bank and explain the situation. They may be able to help you.

xx