Newbie needing advice

Mimi_Arc_en_ciel

Hi everyone - hope some one can help

My partner is in ALOT of debt. Currently its at 26,000 + and the debt is on loans, credit card, over drafts and a car credit. He no longer has the car and sent it back to the company (silly boy) however, im trying to kick him up the bum about sorting this out. The companys are asking for rediculous monthly amounts so my OH was looking at getting a IVA - he tried a DMP but they charged him for it then he buried his head in the sand and hasnt done anything about it since! He still is burying his head in the sand and im REALLY worried - We have a 9 month old daughter and one company said they would send a baliff out and gain access the minute i opened the door which i believe was a scare tatic but its working! Another company knows my OH is going for an IVA but keeps calling for £10 payments (I made one but then told them no more) The debts are all in his name but the house were in is in both our names so im worried they will start coming out and taking my property (a company said because its both our houses everything inside is classed as half os my OH and they will take it)

Where do i stand and can anyone make any suggestions?

He owes:

mackenzie Hall (car finance) 15,439.35
Alliance and leicester 6,800
Barlcays 3,434
Capital One £680

now there are two other companies -

First Credit £4,177 - which i believe is the barclays debt

and TBI Finance £737 - which i believe is Capital One debt

HELP

standupguy

The big debt seems to be the car Finance yet you say he has given the car back?

How is this amount for the car calculated?

GeorgeUK

First i think we need to see what he has avaiable for paying to his creditors to allow us to suggest how he can fix things. Ask him if he could post up a statement of affairs http://www.makesenseofcards.com/soacalc.html


If your boyfriend does decide to go the DMP route, there are free debt charities that will not charge him and assist in setting it all up.
(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

jenevieve

Hi mommyme,

If a DMP is the right course of action, it might be worth contacting CCCS as they are a free service and will give you advice and support.
They won't charge you for a DMP so that all your available cash goes towards reducing your debt.

Others will be along with more advice soon, I am sure.

Mimi_Arc_en_ciel

standupguy wrote: »

The big debt seems to be the car Finance yet you say he has given the car back?

How is this amount for the car calculated?

honestly - i have no idea, they wrote a letter saying the car finance was origional £7000 but then he sent it back and they then wrote a letter saying it was £17000 but sold the car at auction so he only owed £15,439

bloody expensive car and was only a citreon c3!!

Mimi_Arc_en_ciel

the problem i have with Jay is that he wont do anything about his debt, he is shoving his head in the sand and hoping it goes away so then i try and sort it out - obviously no one will speak to me, he wont speak to them n then we end up having a HUGE arguement. i'll do one of those SOA thingys - i know he can afford to pay back the companies - but the companies wont accept what he can afford. The car company want over £250 a month and they know he owes further people but wont bring the amount down - im currently not working, have just finished maternity leave, looking for a job as my old job no longer exsists so i cant even pay the bills o his money can go on his debts at the moment.

standupguy

There seems to be something badly wrong with the car finance amount and you may be able to save a lot of money if you can get to the bottom of it.

I cannot believe there is £15k outstanding on a Citroen C3?

Was the car repossessed or voluntary terminated?
What was the amount financed?
Did you take PPI? If so, was it single premium? If so have they part refunded?
How is the liability calculated?

Are you able to post all of the details and we can pick through it?

Mimi_Arc_en_ciel

i think ive done this wrong lol I dont know what the APR is or what they min monthly repayments are.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 0
Benefits................................ 200
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 385
Management charge (leasehold property).. 0
Council tax............................. 102
Electricity............................. 50
Gas..................................... 25
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 17
Satellite/Cable TV...................... 60
Internet Services....................... 17
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1048

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 100
Total Assets............................ 900

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
car finance....................15440.....250.......0
alliance n leicester...........6800......100.......0
barclays.......................3434......100.......0
capital one....................680.......50........0
Total unsecured debts..........26354.....500.......-

Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including secured debts)....... 1,048
Available for debt repayments........... 52
Monthly UNsecured debt repayments....... 500
Surplus(deficit if negative)............ -448

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total Secured debt...................... -0
Total Unsecured debt.................... -26,354
Net Assets.............................. -25,454

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

GeorgeUK

Are these negotiations being done on the phone or in writing?

I suggest he requests a copy of the customer credit agreement (CCA) and statement of account.

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Mimi_Arc_en_ciel

standupguy wrote: »

There seems to be something badly wrong with the car finance amount and you may be able to save a lot of money if you can get to the bottom of it.

I cannot believe there is £15k outstanding on a Citroen C3?

Was the car repossessed or voluntary terminated?
What was the amount financed?
Did you take PPI? If so, was it single premium? If so have they part refunded?
How is the liability calculated?

Are you able to post all of the details and we can pick through it?

i had nothing to do with the car so i dont know alot of ino. He gave the car up voluntry but ive just asked him about PPI n the amount and his response was "i dont know"

so if he doesnt know then i dont know who does!!!

Mckenzie hall brought Jays debt off the origional financer - will they know? if so will they send the info out ?

Mimi_Arc_en_ciel

GeorgeUK wrote: »

Are these negotiations being done on the phone or in writing?

I suggest he requests a copy of the customer credit agreement (CCA) and statement of account.

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mckenzie hall are calling MY mobile number (Jay gave them it and authority to speak to me apprently) and the bloke said they wanted £250 at least so told him thats impossible and they said they wont be willing to move on this figure and will be taking "further action" the last i spoke to them was a month ago when i told them jay was going for a IVA and not heard from them since.