What do I do for the best

zmblake · 16 November 2018 at 10:59AM

Hi there

Wondering if I can get some advice, this past year have sunk into more and more debt and now struggling to keep on top of everything. Have tried to get a debt consolidation loan but my debt to salary ratio doesn't work and I have a low credit rating again I believe this is due to my debt to salary ratio. I owe the following -

Lloyds Credit Card - £750 / paying £35 monthly
Barclaycard - £2300 / paying £60 monthly
Capital - £300 / £25 monthly
MBNA - £1300 / £40 monthly
Very - £1300 / £65 monthly
Next - £800 / £40 monthly
Barclaycard (owe on my husbands card) - £400 / £40 monthly

i have 2 loans, one with Avant Credit which I pay £134 a month, and have 29 payments left to go, Likely Loans where I pay £133.14 a month and have 30 payments to go.

I have no money to live on every month and scramble around to try and make all the payments.......if I could get a loan of £10,000, I would pay off all the debts, cut the cards up, and carry on paying plus put extra down on each on the loans so I could pay them off quicker etc however no-one will give me a loan. Apart from with a Guarantor which I do not have.

On top of the above, household bills are roughly £650/700 a month for my half, I bring home £1383.

I work 25 hours a week, I can't up my hours any more as then I'd have to pay out for childcare for my 2 boys (8 and 6 yrs old). I'm stuck............

I'm annoyed and disappointed with myself as was on a DMP previously (about 6 yrs ago) got a couple of defaults, paid all my debt off etc and now I've done it again.

Happy to post my SOA form if someone can upload the link..........

CakeCrusader · 16 November 2018 at 11:10AM

https://forums.moneysavingexpert.com/showthread.php?t=107280

What are the interest rates on your cards and are you only paying the minimum? Ignore your credit rating, it doesn't mean anything, but only paying the minimum isn't a good thing and it will take you a lot longer to clear your debts. The link to the soa form is above.

fatbelly · 16 November 2018 at 11:20AM

Yes, let's have a look at your soa.

I think it's likely to be a debt management plan again although on those figures you do have enough money to service your debts.

For now you need to concentrate on protecting your income, so make sure it is going into a bank account that is not connected to any of your debts, so not Lloyds, TSB. I'd also avoid Halifax and Barclays.

That still gives plenty of options including some that might give you a sweetener

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

zmblake · 16 November 2018 at 11:30AM

Thank you, will fill pout the soa ASAP.

The interest rates I'm paying on my cards are -

- Barclaycard - 19.2%
- Capital One - 30.340%
- Lloyds - 26.45
- MBNA - 27.9%

Mail Order accounts
- Very - 54.9%
- Next - 22.9%

Loans
- Likely Loan - 47.9%
- Avant Loan - 39.8%

zmblake · 16 November 2018 at 11:50AM

I've done my SOA however stupid question, how do I upload it here........?

Dobbibill · 16 November 2018 at 11:59AM

At the bottom of the SOA - it will give you the option to format for MSE.

You will then be able to paste it here.

zmblake · 16 November 2018 at 12:23PM

How do i post my SOA?

zmblake · 16 November 2018 at 12:33PM

Here you go,

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1383
Partners monthly income after tax....... 0
Benefits................................ 134
Other income............................ 0
Total monthly income.................... 1517

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 367.9
Rent.................................... 350
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 50
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 25
Car Insurance........................... 40
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 28.13
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1308.03

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 2

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
Avant Credit...................3909.49..(134.8)....39.8<
Likely Loans...................3994.2...(133.1)....47.9<
loan repayment to dad..........4500.....(100)......0
Total secured & HP debts...... 12403.69..-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................2300......50........19.2
Lloyds.........................750.......35........26.45
MBNA...........................1300......40........27.9
Husbands Barclaycard...........500.......35........19.2
Next...........................800.......40........22.9
Very...........................1300......65........54.9
Capital One....................300.......25........30.34
Total unsecured debts..........7250......290.......-

Monthly Budget Summary
Total monthly income.................... 1,517
Expenses (including HP & secured debts). 1,308.03
Available for debt repayments........... 208.97
Monthly UNsecured debt repayments....... 290
Amount short for making debt repayments. -81.03

Personal Balance Sheet Summary
Total assets (things you own)........... 2
Total HP & Secured debt................. -12,403.69
Total Unsecured debt.................... -7,250
Net Assets.............................. -19,651.69

BookmobileBadGirl · 16 November 2018 at 1:41PM

Your husband doesn't have an income?

If he isn't working is he claiming benefits? If he isn't working why can't he look after the children so you can go full time? If he isn't working do you need two cars?

zmblake · 16 November 2018 at 1:51PM

My husband does work full-time, all the bills I've put in are my half of the bills. We do need 2 cars as I can't drop the kids to school and get to work in time

MallyGirl · 16 November 2018 at 2:00PM

I think you need to work as a partnership. Does he earn the same as you? If not then maybe the bills should not be split 50:50.

Does he have any debt to service?

What do I do for the best

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