Would welcome some advice!

JackyHappy

Trying again

[tt]
Statement of Affairs and Personal Balance Sheet



Monthly Income Details

Monthly income after tax................ 1362

Partners monthly income after tax....... 0

Benefits................................ 12

Other income............................ 101.33

Total monthly income.................... 1475.33



Monthly Expense Details

Mortgage................................ 0

Secured loan repayments................. 0

Rent.................................... 392.12

Management charge (leasehold flat)...... 0

Council tax............................. 94

Electricity............................. 20

Gas..................................... 20

Oil..................................... 0

Water rates............................. 0

Telephone (land line)................... 20

Mobile phone............................ 40

TV Licence.............................. 11.61

Satellite/Cable TV...................... 0

Internet Services....................... 14.99

Groceries etc. ......................... 100

Clothing................................ 30

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 60

Childcare/nursery....................... 0

Other child related expenses............ 80

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 5

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0

Total monthly expenses.................. 887.72



Assets

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0

Total Assets............................ 0



No Secured Debt



Unsecured Debts

Description....................Debt......Monthly...APR

RBS ...........................1800......50........13

Nat West.......................2300......50........13

Lloyds TSB.....................4500......100.......17

Overdraft......................2500......2500......0

Total unsecured debts..........11100.....2700......-



Monthly Budget Summary

Total monthly income.................... 1,475.33

Expenses (including secured debts)....... 887.72

Available for debt repayments........... 587.61

Monthly UNsecured debt repayments....... 2,700

Surplus(deficit if negative)............ -2,112.39



Personal Balance Sheet Summary

Total assets (things you own)........... 0

Total Secured debt...................... -0

Total Unsecured debt.................... -11,100

Personal net worth...................... -11,100



Created using the SOA calculator at https://www.makesenseofcards.com. [/tt]



======== Enter any other useful information below ========

GeorgeUK

Almost - was going to say click load data, then click MSE (the button above it)

JackyHappy

As you can see the total at the bottom of £11100 relates to the amount that Lloyds prepared to lend at 13.9% over 60 months including PPI = £314.78 per month alongside my current loan of £205.18 which ends in three and a half years.

Miss_Marple_2

If you are really desperate for insurance, try looking at a separate insurance company - I've found some that would provide cover for only a few pounds a month - and some that would cover your whole income for a lot less than half the £90 Lloyds are offering for just covering the loan.

I nearly cried when I saw the rates compared to the ones I had been paying on my CCs and loans for the last 10 years. I can't believe I was taken in for so long.

GeorgeUK

I don't think you're in such bad shape that you need to try consolidating with a loan. Your cheapest CC APR is 13% so 13.9% for the loan is definately not an incentive.

I'd suggest you look at your credit file (free at experian if you cancel within 30 days) and see how many credit checks you've had in the last 6 months. You can usually have 3 within 6 months before your credit score starts to get affected. If this is ok, i would suggest applying for the virgin money CC and try to take advantage of the 0% APR balance transfer promotion. There's no way of telling what credit limit you would get, but even if you clear only one of your existing cards, it's possible you might be offered an incentive to keep your card with another 0% offer. It won't be the 15 months that virgin are currently offering - probably only 6 months, but this allows you to throw everything else at the higher interest debt which will allow you to clear it quicker.

Getting a loan is very inflexible and will probably cost you more in the long term. Especially if you then start using the CC's again. If you are dealing with the debt head on then it is far easier to keep track of both payments and spending.

JackyHappy

GeorgeUK. Things got so bad the two credit cards I have are balance transfer cards but I committed the sin of using them and I've had late payments!! I've recently gone over my overdraft limit by a day and as such, affected my rating. I recently received a printout from Experian and it shows only late payments as affecting the rating so I doubt I'll be able to get another balance transfer, in fact I know I won't.

GeorgeUK

Pity. First thing i think you will need to do is get a tight reign on what you are spending. It will also help to make any future budgets, but i would suggest keeping aa spending diary for a month. You should then be able to see where you are wasting money and anywhere you may be spending more than you thought.

In the short term (for about 6 months or when your last credit check was), I'd suggest making sure of the payments by setting up a SO or DD so that the minimum payments are covered and allowing your credit score to recover. Then i think you'd be better off trying to get a 0% card. I note from your signature that you already have a loan. Is this not getting paid off, or is it not with a bank?

You will need to keep taking small bites out of this and then try to adjust so that you are not using the cards or o/d for your spending at all. It looks like you may already have tried consolidating and fallen into the trap of not changing your spending habits. It's best to see what you can afford, plan on how to maintain only that spending and then it's a matter of routine and just a little juggling the accounts once you have some room to manouver.

JackyHappy

Hi Miss Marple

As a civil servant, I don't even see the need to take out PPI, however I've done it in the past through fear factor. I checked out a payment protection website "Antinsurance" and I've seen a quote for just over £25 per month. Also the word "optional insurance" is just that "optional" and yet I feel that if I went for the loan they would try and use it as one of the conditons of acceptance due to the blip on my credit rating.:eek:

Miss_Marple wrote: »

If you are really desperate for insurance, try looking at a separate insurance company - I've found some that would provide cover for only a few pounds a month - and some that would cover your whole income for a lot less than half the £90 Lloyds are offering for just covering the loan.

I nearly cried when I saw the rates compared to the ones I had been paying on my CCs and loans for the last 10 years. I can't believe I was taken in for so long.

tyllwyd

I'd say a loan at 13% on £11K is a huge commitment - taking on such a lot of money at such a high interest rate is going to be a millstone around your neck for a long time to come. You are thinking of paying back £314 on the loan and at the moment you've written that you pay £200 minimum payments on the cards. So if you carry on as you are and put the extra £114 into paying back the overdraft, considering that the APR of the loan isn't much less than the APRs on your cards, you won't be any worse off than you are now and your situation will be more flexible. If you don't think you can manage that, then taking out the loan still won't help, because you won't be able to afford the repayments - in which case you would be better off talking to one of the debt charities now about your options, before you make things worse by consolidating all your debt to one bank.

JackyHappy

I really appreciate the advice given below. You are completely right, I've definitely let things slide lately. The loan is with Lloyds and they are pleased at how it's going. The balance was lower than I though actually. It's at a good rate 6% and I have three and a half years left on it which is why they wanted to leave it as it is rather than top it up. The offer of a second loan is available to cover the credit cards and overdraft amounting to £11k, it would mean over £500 per month (both loans) for 42 and 60 months respectively and they would allow me to have a reduced overdraft as a "buffer". Obviously, because of the rating the rate is at 13.9%. I understand what you mean about setting up a d/d rather than relying on paying it myself.

I'm also looking for a weekend job for a few months to help things along.

GeorgeUK wrote: »

Pity. First thing i think you will need to do is get a tight reign on what you are spending. It will also help to make any future budgets, but i would suggest keeping aa spending diary for a month. You should then be able to see where you are wasting money and anywhere you may be spending more than you thought.

In the short term (for about 6 months or when your last credit check was), I'd suggest making sure of the payments by setting up a SO or DD so that the minimum payments are covered and allowing your credit score to recover. Then i think you'd be better off trying to get a 0% card. I note from your signature that you already have a loan. Is this not getting paid off, or is it not with a bank?

You will need to keep taking small bites out of this and then try to adjust so that you are not using the cards or o/d for your spending at all. It looks like you may already have tried consolidating and fallen into the trap of not changing your spending habits. It's best to see what you can afford, plan on how to maintain only that spending and then it's a matter of routine and just a little juggling the accounts once you have some room to manouver.