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Help/ Advice. It seems so simple...
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Can you post minimum payments required by the credit card company too please? I and others would like to see your surplus income.
http://forums.moneysavingexpert.com/showthread.html?t=107280
The above is a templete of an SOA, could you copy and paste it and fill it in, it would help greatly."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
Filled one of these SOAs in but it's so hard as I'm sure you're aware. A bit of approximation going on!!
right here goes:
[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 525
Management charge (leasehold flat)...... 0
Council tax............................. 110
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1343
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................3000......0.........7
credit card....................300.......10........27
credit card....................2000......90........25
credit card....................2500......100.......25
credit card....................4000......140.......25
credit card....................3200......110.......25
Total unsecured debts..........15000.....450.......-
Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)....... 1,343
Available for debt repayments........... 1,357
Monthly UNsecured debt repayments....... 450
Surplus(deficit if negative)............ 907
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total Secured debt...................... -0
Total Unsecured debt.................... -15,000
Personal net worth...................... -9,0000 -
Filled one of these SOAs in but it's so hard as I'm sure you're aware. A bit of approximation going on!!
right here goes:
[tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 1400
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2700
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 525
Management charge (leasehold flat)...... 0
Council tax............................. 110
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 10
Mobile phone............................ 35 - Get rid of this
TV Licence.............................. 11
Satellite/Cable TV...................... 26 - no need for this either, only rubbish on it.
Internet Services....................... 0 - Do you not have the internet:D
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 5
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1343
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 6000
No Secured Debt
Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................3000......0.........7
credit card....................300.......10........27
credit card....................2000......90........25
credit card....................2500......100.......25
credit card....................4000......140.......25
credit card....................3200......110.......25
Total unsecured debts..........15000.....450.......-
Monthly Budget Summary
Total monthly income.................... 2,700
Expenses (including secured debts)....... 1,343
Available for debt repayments........... 1,357
Monthly UNsecured debt repayments....... 450
Surplus(deficit if negative)............ 907
Personal Balance Sheet Summary
Total assets (things you own)........... 6,000
Total Secured debt...................... -0
Total Unsecured debt.................... -15,000
Personal net worth...................... -9,000
According to this SOA, you have £907 surplus each month
You could be almost debt free in 14 months if this is the case, although I really suspect its not.
Is the car on finance? The surplus must be used somewhere, I suggest a spending diary, write down everything you spend. Are these debts yours or do they belong to your OH as well."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
On those figures, your debt should be coming down, because there is loads of money spare to throw at the debt, but you have missed out food and probably many other things.
Does the OD have interest?
I certainly feel as though I'm making a few steps in the right direction but unless some common sense is applied I don't feel I'll ever actually get out of it. A year ago there was a clear deficit each month now I'm basically treading water, paying off minimum of everything on time easily but not making any difference. I just looked at a credit card that I pay this month which has minimum of £80 to pay and next months interest is £65 - how will that EVER disappear?!0 -
According to this SOA, you have £907 surplus each month You could be almost debt free in 14 months if this is the case, although I really suspect its not.
Is the car on finance? The surplus must be used somewhere, I suggest a spending diary, write down everything you spend. Are these debts yours or do they belong to your OH as well.
What am I doing wrong?! Actually I think it would be easier if I just took out my partners details and posted as a single person with what I pay:
tt]Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1300
Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 260
Management charge (leasehold flat)...... 0
Council tax............................. 55
Electricity............................. 0
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 5
Mobile phone............................ 35
TV Licence.............................. 11
Satellite/Cable TV...................... 26
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 11
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 728
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
overdraft......................3000......0.........7
credit card....................300.......10........27
credit card....................2000......90........25
credit card....................2500......100.......25
credit card....................4000......140.......25
credit card....................3200......110.......25
Total unsecured debts..........15000.....450.......-
Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including secured debts)....... 728
Available for debt repayments........... 572
Monthly UNsecured debt repayments....... 450
Surplus(deficit if negative)............ 122
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -15,000
Personal net worth...................... -15,0000 -
If you start to overpay the highest apr debt with any money you have, it will come down, gradually at first, then faster, you may also be in a better position to get lower apr credit once you are permanent.
Things like clothes, and birthday money, you don't need to spend that until the time comes, so you can use it to overpay CC1 in the meantime.
There are far worse SOA's on here, you just have to be disciplined, frugal, and pay it off gradually. I think an IVA isn't necessary based on your SOA.
I basically can't do that. Maybe a tenner a month more but that would be an absolute maximum! I know I need to be more disciplined but when I see the figures I sort of think "what's the point?" and stay at the minimum in case I need the tenner for an emergency. A few months back I tried exactly what you said but paid off too much on a credit card and went overdrawn instead, got charged and needed to use the credit card to get cash out to get overdraft back in line. Feel bloody stupid for sharing that information....0 -
You could ask your creditors to freeze the interest, it may well affect your credit rating but you are not looking to take out further credit are you. Some companies are human, others well...not so, but its worth a try, could your OH not get a low APR card and transfer the balance onto one of his/her cards for you, every little helps."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0
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I basically can't do that. Maybe a tenner a month more but that would be an absolute maximum! I know I need to be more disciplined but when I see the figures I sort of think "what's the point?" and stay at the minimum in case I need the tenner for an emergency. A few months back I tried exactly what you said but paid off too much on a credit card and went overdrawn instead, got charged and needed to use the credit card to get cash out to get overdraft back in line. Feel bloody stupid for sharing that information....
No one on this board is stupid.:D
You need to keep a spending diary, the surplus money is going somewhere, I going to be harsh here, no one can do this for you, only you, I have done it and its not easy but it can be done, you can repay these debts off without IVA, DMP etc.
Your debts are not huge, and it would be madness to do an IVA or a DMP in your situation, just my thoughts.
Please please phone the CCCS on Monday, they will help you."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0 -
You could ask your creditors to freeze the interest, it may well affect your credit rating but you are not looking to take out further credit are you. Some companies are human, others well...not so, but its worth a try, could your OH not get a low APR card and transfer the balance onto one of his/her cards for you, every little helps.
Thanks for all your help. My girlfriend is in much the same position but a lot more stable with it - one loan sorting it all. She'll be free from it all in 3 years and that's now guaranteed. However she struggles with credit too. She's also a teacher and did the retraining thing which is why we individually built up this debts surviving. I don't want to do anything that will effect my rating if possible, both for my career (it's on the application for Headships etc because you are responsible for budget) and we hope to eventually get on the housing ladder - I'm 27 so getting to the stage where 6 years or whatever it is for that to be cleared from your record is a bit too long.
Incidentally I've appealed the loan rejection (A&L). Was there any point doing this? Are they ever successful? I just wanted to speak to a person rather than a computer.0 -
I doubt the loan application appeal will work.
Consolidation loans are not the answer, there is no quick fix to debt repayment. I appreciate you do not want to affect your credit rating, but unless you get a loan, and I doubt you will if you have been refused, please do not keep trying to get loans, it will affect your credit rating, you are going to have to repay this slowly. There is no other solution but to reduce your spending and repay these debts...sorry, I wish I could say differently but I can't on this one.
Merlot.x."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0
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