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need advice on what to do - lots of debt cant pay

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back here again, yep im an idiot but here goes,

 

im after advice on offering payments to these guys below as im in a sea of debt.

 

nat west £322 pm balance £9,200

bamboo loans £143pm balance £3000

capital one £33pm balance £944

ocean credit card £10pm balance £111

mbna credit card £50pm balance £2955

aqua credit card £130pm balance £2850

barclaycard £13pm balance £480

marbles credit card £90pm balance £1931

vanquis £69pm balance £1399

my jam jar £83pm balance £1900

 

i also pay £900 for living/rent my income is £1900 pm

 

so you do the maths, its not much to live on amd i need to sort it out.....

 

shall i offer a paymnt plan by doing it myself? any advice?

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Are these all with the original creditors

Or are you paying powerless DCA's?


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And in addition to the above question, you really need to give much better details – particularly the dates that the debts were incurred and also information as to when the last payment was made.


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these are all current creditors, ive nothing arranged and im paying them all, nothing missed but i simply cant sustain it.

 

i know im responsible for this high interest debt, they shouldnt be lending me but im not shifting the blame but im robbing peter now to pay paul and i was hoping they would be open to putting an offer together and wanted advice on doing it on my own

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back here again, yep im an idiot but here goes,

 

im after advice on offering payments to these guys below as im in a sea of debt.

 

nat west £322 pm balance £9,200 loan last november

bamboo loans £143pm balance £3000 loan feb

capital one £33pm balance £944 had card for 2 years

ocean credit card £10pm balance £111 had card for 6 months

mbna credit card £50pm balance £2955 had card for a year

aqua credit card £130pm balance £2850 had card for 3 years

barclaycard £13pm balance £480 had card for 2 year

marbles credit card £90pm balance £1931 had card for 18 months

vanquis £69pm balance £1399 had card 18 months

my jam jar £83pm balance £1900 just a few months ago i took this out

 

i also pay £900 for living/rent my income is £1900 pm

 

so you do the maths, its not much to live on amd i need to sort it out.....

 

shall i offer a paymnt plan by doing it myself? any advice?

 

 

 

 

ive put the rough dates and age of the credit.like i say im paying them but realised i cant go on at this level.

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And in addition to the above question, you really need to give much better details – particularly the dates that the debts were incurred and also information as to when the last payment was made.

 

im due to pay them all from 28th of this month to 12th of next at various times.

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Best thing is to send is the offer of £xx for xx mts

The letter is in debt collection section of the library


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im due to pay them all from 28th of this month to 12th of next at various times.

 

 

 

thank you, i will keep you's posted of my progress, far too many come and go..........i'm sure i will need advice.

 

one question can someone explain this cca thing to me?

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you didn't mention whether your wages are paid into a account controlled by one of your creditors , if it is open a parachute account or they could use the money to offset against their debt .

 

I would offer them all one a month for 3 months saying you are trying to organise your finances and make a income and expense to see what money you have left over and then divide it pro rota against your creditors , also ask for a freeze on interest and charges

Edited by dx100uk
Format

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As all you debts are post apr 2007 and still with the original creditors theres little point in cca request s at this stage...

 

If any get sold on

Then tell us


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you didn't mention whether your wages are paid into a account controlled by one of your creditors , if it is open a parachute account or they could use the money to offset against their debt .

 

I would offer them all one a month for 3 months saying you are trying to organise your finances and make a income and expense to see what money you have left over and then divide it pro rota against your creditors , also ask for a freeze on interest and charges

 

 

 

its a santander current account, none connected to any of the debts...........how much should i offer them? £1 a month for 3 months?

 

i don't want to be hassled on the phone so soon into this so if i pay just £1 surely the calls are gonna start?

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no you also send them a letter saying contact only via mail and they have to respect that no you are giving them a nominal amount while you try to organize your finances when you have finished your income and expenditure then you offer them a a mount each month and that's all they get , national deby helpline has a good I & E I have used that quite a lot it does all your calculations for you , also its in the format thay everyone has agreed to .

 

 

As to the phone calls when I went for the 3 months I paid the first £1 a month while the letter were in the post , all this shows is you are not running away from your debts but need time to sort something out .

 

On another note is there a relative that could possibly lend you a lump sum to make a full and final settlement , so creditors will go for that I had two that settled the rest are on £1 a month at the moment

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£5

If they wont accept or stop int/charges then send the 2nd letter

 

Go read the letter it explains all

 

You DO NOT ever speak on the phone about your debts!!


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no you also send them a letter saying contact only via mail and they have to respect that no you are giving them a nominal amount while you try to organize your finances when you have finished your income and expenditure then you offer them a a mount each month and that's all they get , national deby helpline has a good I & E I have used that quite a lot it does all your calculations for you , also its in the format thay everyone has agreed to .

 

 

As to the phone calls when I went for the 3 months I paid the first £1 a month while the letter were in the post , all this shows is you are not running away from your debts but need time to sort something out .

 

On another note is there a relative that could possibly lend you a lump sum to make a full and final settlement , so creditors will go for that I had two that settled the rest are on £1 a month at the moment

 

i don't have anyone to help on this im afraid im on my own trying to sort this one, one thing ive learnt from this site is not to panic !!

 

is email as good as mail?

 

thanks for caring guys

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Nothing to panic over

Ive moved you to the debt self-help forum

 

100's of like threads here


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The CAG Interest Tutorial Read Here

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my first dealings have started,

 

natwest will not reduce my payment after being on the phone for ages, i wanted to reduce payment from £323 pm to £225

 

they offered to extend my loan period but i was refused when they tried, then more or less said go to stepchange and try a DMP , no one could make a decision on whether they would accept my offer s

 

I fired it up the line not taking no for an answer as it was nuts if i went to stepchange they would get offered £50 but i was willing to pay £255, they saw my point but couldnt agree to do it. nuts

 

i want to be upfront here with you guys, ive been bankrupt before 11 years ago thru gambling, its happened again ive got into debt but im going to sort myself out.

 

i'm thinking bankruptcy is a quick win but can someone point out the drawbacks if i do it......so summary

 

£1900 income

£1750 out goings inc debts

£150 maximum to live off

 

my partner doesnt know and i wont risk losing her over this to borrow off her, she wont understand trust me.

 

WOULD YOU GO BANKRUPT?

i pay £900 for my board, food etc, everything so technically if my debt was wiped out i'd have £1000 pm excluding day to day living cost and have a mild standard of living,

 

im going to try and offer the creditors £720 pm between them by doing my own DMP but my first dealings with Natwest have made me think so this just go bust...

 

.theres no house or assets in my name at all, no saving nothing they can take other than the receiver looking at my debts and coming up with a figure.

 

would they make me bankrupt in your opinion?

 

would they force me down a DMP even though i could show them i tried but got no where?

 

do i tell them that say 50 % of the debt was gambling?

ive already had form for it.

 

any advice please?

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So what part of post 13 did you fail to understand???


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Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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WOULD YOU GO BANKRUPT?

i pay £900 for my board, food etc, everything so technically if my debt was wiped out i'd have £1000 pm excluding day to day living cost and have a mild standard of living,

 

 

It depends on what your disposable income is after deducting day to day living costs. You may end up going bankrupt but paying off most of the debt anyway as disposable income above £20 per month is likely to be subject to an income payments agreement.

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Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)

Total monthly income 1,900

Monthly expenses (incl. HP & secured loans) 1,030

Available for debt repayments 870

UNsecured debt repayments 894

Amount short for making debt repayments -24

Personal Balance Sheet Summary Amount(£)

Total Assets (things you own) 0

Total Secured & HP Debt -0

Total Unsecured Debt -24,938

Net Assets -24,938

Household Information

Number of adults in household 2

Number of children in household 1

Number of cars owned 0

Income, Expense, Debt & Asset Details

Income Amount(£)

Monthly income after tax 1900

Partners monthly income 0

Benefits 0

Other income 0

Total monthly income 1900

Expenses Amount(£)

Mortgage 0

Secured/HP loan payments 0

Rent 900

Management charge (leasehold property) 0

Council tax 0

Electricity 0

Gas 0

Oil 0

Water Rates 0

Telephone (land line) 0

Mobile phone 20

TV Licence 0

Satellite/Cable TV 0

Internet services 0

Groceries etc. 0

Clothing 20

Petrol/diesel 0

Road tax 0

Car Insurance 0

Car maintenance (including MOT) 0

Car Parking 10

Other travel 10

Childcare/nursery 0

Other child related expenses 10

Medical (prescriptions, dentists, opticians etc.) 15

Pet Insurance/Vet bills 10

Buildings Insurance 0

Contents Insurance 0

Life Assurance 0

Other Insurance 0

Presents (birthday, christmas etc.) 15

Haircuts 0

Entertainment 20

Holiday 0

Emergency Fund 0

Total monthly expenses 1030

Secured & HP Debt Description Debt(£) Monthly(£) APR(%)

Mortgage 0 (0) 0

Secured & HP Debt totals 0 - -

Unsecured Debt Description Debt(£) Monthly(£) APR(%)

credit card 2847 123 30

credit card 110 5 37

credit card 450 12 37

loan 2000 80 30

loan 3000 123 25

loan 9400 321 25

credit card 900 38 35

credit card 1931 80 35

credit card 2950 50 35

credit card 1350 62 35

Unsecured Debt totals 24938 894 -

Asset Description Value (£)

Cash 0

House Value (Gross) 0

Shares and bonds 0

Car(s) 0

Other assets (e.g. endowments, jewellery etc) 0

Total Assets 0

Comments on the results

 

You do not have enough monthly income to meet your expenses and your minimum monthly debt repayments. Seek ways to increase your income and/or reduce your expenditure by £24. Whatever your results show, it always pays to seek advice or comments from others. Why not post your SOA details on our Debt Management discussion board or on your preferred discussion forum elsewhere. Thankyou for using the SOA Calculator at http://www.stoozing.com.

 

 

so this is my SOA,am i missing anything i could claim for?

 

i'm trying to work out if i go bankrupt will i have less spare cash than the £104 i have at the moment, i know with an ipa i'd be debt free in 3 years but if they take everything off me i'd have nothing to have some sort of life.

 

i need to be very honest, the £900 i pay my partner includes £250 towards a a wedding, but i don't want to tell the OR this will they think £900 board pm is too high? i cant reduce it as she( my partner would start asking questions) i hope you's understand where im coming from om this.

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Please read post 13. DO NOT TALK OVER THE PHONE REGARDING YOUR DEBTS!

 

 

Of course the bank wouldn't accept your offer, you asked them, what you need to do is TELL them IN WRITING what you will be paying them, they don't need to agree.

 

 

Unless you start telling them to jump, then they're going to continue to walk over you.


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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:-D

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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So what part of post 13 did you fail to understand???

 

 

sorry ,yes i missed that but i did it so dont shoot me, im learning

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so , ive post my SOA and im considering bankruptcy but its not a quick fix in my position as an ipa would wipe me out

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stupid idea to go BK or DRO or IVA over consumer debt

forget the I+E

 

tell use about the credit debts you have in all

 

original creditor

credit type

owing

who owns it now

outstanding

date of take out


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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