http://www.makesenseofcards.co.uk/forum/YaBB.pl - Make Sense of Cards en-us Make Sense of Cards Sat, 31 Jul 2010 20:49:45 +0000 http://blogs.law.harvard.edu/tech/rss 30 http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1276944313/0#0 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1276944313/0#0 Hi, i was wondering if anyone may be able to advise me. I want to start the process of asking/negotiating for F&amp;F settlement figures on 2 of my biggest debts one with Black Horse originally (BofS) &nbsp;the other with Santander (originally Cahoot) both have changed ownership just last month. i have great credit never missed a payment on anythig, i am/was a mortgage broker made redundent in Aug 07 have not been able to re-enter the financial services sector as yet but still hope to therefore need to keep imppecable credit history (thoight i do know F&amp;F will have a minimum effect) &nbsp;The peroblem is we just can't afford to keep paying we are now carrying over 2k O/D's on each of my husband and my bank account. My question is will i get a better response by getting maybe an insolvency practitioner/accountant to negotiate for me or can i do this myself???<br /><br />Many thanks http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1271368011/0#0 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1271368011/0#0 I am really desperate for some help.  My SOA is shown below.  I lost my job about 2 months ago due to a lack of work in construction.  I am now in Canada whilst my wife and 1 year old daugther are in the UK.  I am currently sleeping in my company car as I cannot afford rent or anything else for that matter.  I am not really managing to even make my minimum payments right now due to various factors incuding everything being very expensive in vancouver.  Beautiful place it certainly is, cheap definitely not.  I am just falling apart and feel I am failing my family and I just dont see any way out right now.  <img src="http://www.makesenseofcards.co.uk/yabbfiles/Templates/Forum/default/cry.gif" border="0" alt="Cry" /> I cannot even afford to change my flight to get back to the UK<br /><br /><tt><b>Statement of Affairs and Personal Balance Sheet</b><b><br /><br />Household Information</b><br />Number of adults in household........... 2<br />Number of children in household......... 1<br />Number of cars owned.................... 0<b><br /><br />Monthly Income Details</b><br />Monthly income after tax................ 2000<br />Partners monthly income after tax....... 900<br />Benefits................................ 80<br />Other income............................ 0<b><br />Total monthly income.................... 2980</b><b><br /><br />Monthly Expense Details</b><br />Mortgage................................ 950<br />Secured/HP loan repayments.............. 0<br />Rent.................................... 0<br />Management charge (leasehold property).. 8<br />Council tax............................. 136<br />Electricity............................. 35<br />Gas..................................... 65<br />Oil..................................... 0<br />Water rates............................. 30<br />Telephone (land line)................... 10<br />Mobile phone............................ 35<br />TV Licence.............................. 13<br />Satellite/Cable TV...................... 25<br />Internet Services....................... 10<br />Groceries etc. ......................... 280<br />Clothing................................ 0<br />Petrol/diesel........................... 50<br />Road tax................................ 0<br />Car Insurance........................... 0<br />Car maintenance (including MOT)......... 0<br />Car parking............................. 0<br />Other travel............................ 0<br />Childcare/nursery....................... 160<br />Other child related expenses............ 40<br />Medical (prescriptions, dentist etc).... 7<br />Pet insurance/vet bills................. 0<br />Buildings insurance..................... 20<br />Contents insurance...................... 20<br />Life assurance ......................... 39<br />Other insurance......................... 0<br />Presents (birthday, christmas etc)...... 0<br />Haircuts................................ 20<br />Entertainment........................... 0<br />Holiday................................. 0<br />Emergency fund.......................... 0<b><br />Total monthly expenses.................. 1953</b><br /><b><br /><br />Assets</b><br />Cash.................................... 0<br />House value (Gross)..................... 190000<br />Shares and bonds........................ 0<br />Car(s).................................. 0<br />Other assets............................ 0<b><br />Total Assets............................ 190000</b><br /><b><br /><br />Secured &amp; HP Debts</b><br />Description....................Debt......Monthly...APR<br />Mortgage...................... 174000...(950)......6<b><br />Total secured &amp; HP debts...... 174000....-.........-   </b><br /><br /><b>Unsecured Debts</b><br />Description....................Debt......Monthly...APR<br />HSBC credit Card...............3000......75........19<br />MandS Credit card..............11500.....298.......21<br />Northern Rock Loan.............10000.....210.......5<br />Canadian Credit card...........3000......80........23<br />HSBC Credit card...............8000......200.......19<b><br />Total unsecured debts..........35500.....863.......-  </b><br /><br /><b><br />Monthly Budget Summary</b><br />Total monthly income.................... 2,980<br />Expenses (including HP &amp; secured debts). 1,953<br />Available for debt repayments........... 1,027<br />Monthly UNsecured debt repayments....... 863<b><br />Amount left after debt repayments....... 164</b><br /><br /><b>Personal Balance Sheet Summary</b><br />Total assets (things you own)........... 190,000<br />Total HP &amp; Secured debt................. -174,000<br />Total Unsecured debt.................... -35,500<b><br />Net Assets.............................. -19,500</b><br /><br /><i></i></tt> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1264761407/1#1 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1264761407/1#1 Your wife earns less than you pay to child care - wouldnt it be better to become a full time mum and quit work? also your car is costing you a lot of money - that insurance is huge! http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1256557256/2#2 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1256557256/2#2 Hi  me again for some reason I couldnt see the last bit of your post.  So to continue. Sorry just noticed your mobile phone is on a contrract so ignore what I said re that<br />You have 5 credit cards an overdraft costing u nothing and mail order costing you nothing. Marbles and Bank of Scotland are at 29.9%.  Have you got a copy of your experian credit report (cost  #2, not the big subscription they push) (sorry my computer is # rather than pounds sign).  <br /><br />Have you any empty credit cards, they may have offers on them.  Has your partner got credit cards? <br /><br />What I do is I run my credit cards down (by transferring the debt to his empty cards).  When my cards are low or empty I apply for a new card, as soon as I get that I ring up all my other(empty)  cards and ask if they have any offers. depending on what the offers are (must be 0% and ideally for 12months or more with 3% or less fee) The money is then put into 'savings' (A&amp;L bank account at 6%, Abbey at 6%- going through quidco first to see if any offers, using the bank accounts as savings accounts. The money is then pulled out when his credit cards need paying off.  He is then a good risk and he applies for a new card this is rate tarting and you have to pay in 500 per month at A&amp;L and 1000 at Abbey but it is the same money being paid in and out. and the interest you earn covers most of the 3% fee. Oh for the days when savings accounts paid good interest.<br />Have you heard about slow stoozing whereby you spend on a 0% purchase credit card.(see list of cards on this site)  The money you dont pay on that you pay onto your most expensive credit with the lowest owing in your case bank of scotland.   If you go onto the stoozing website (but it might be on here) there is a page I call 'who owns what'  eg BOS is Halifax.  Print that out.  Some suppliers nearly always give you repeat deals (Ulster Bank with me) Some wont let you have more than one card from their stable , some do, some will let you move credit limits over some wont.  <br /><br />What you are trying to do is get rid of the big credit card charges.Put them all on direct debit also.  If you get a new card its not for spending on (unless its a purchase card and you are saving the money to pay off your debts) You keep your Balance Transfer cards and your purchase cards separate and never spend on a bal transfer card.<br /><br />I keep a spreadsheet and check every month that I am paying off more than I am spending. With a new card it would be so easy to go mad and spend 'just a little' but dont.<br /><br />Another trick is to have two empty credit cards with statement dates approx 14 days apart.  Get your statement in and then spend on that card until you get the other statement in and then move your spending to that card. That way you get the longest possible interst free period before they need paying.  <br /><br />Best of luck, its only money, you are in good company and you havent killed anyone.<br /><br />autumn<br /> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1252494469/1#1 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1252494469/1#1 First off, ensure you are controlling what ever it is that causes you to run up credit card debt. For any kind of debt repayment to work - stop the spending that got you there.<br /><br />Ok, just facts below, not a comment on your life - just trying to &quot;see&quot; things you are missing -<br /><br />Monthly Expense Details<br /><br />Electricity............................. 100<br />Telephone (land line)................... 35<br />Clothing................................ 100<br />Life assurance ......................... 100<br />Presents (birthday, christmas etc)...... 75<br />Haircuts................................ 30<br />Entertainment........................... 150<br />Holiday................................. 150<br />Emergency fund.......................... 100<br /><br />I have listed the things that I would take a closer look at to reduce your outgoings - If money is tight - £1800 a year on holidays is excessive. A cottage in wales for a week is £400 - £600 with expenses.<br />a week at home, and thats your lot for one year leaving over £1000 to hit a card with.<br /><br />£360 a year on haircuts can be looked at. A cheapo barber can be £6 a cut - 3 a year, and the wife can always let it grow long for a bit...<br /><br />Life assurance - nice to have, but not when your'e struggling - skip it for a year. - £1200<br />presents - £900 a year!! you can't buy affection - try charity shops, and cutting back - kids don't need expensive gadgets.<br /><br />land line - thats a little pricey - what about a change from BT - talktalk do my international free calls and broadband for £20 a month - never pay for calls.<br /><br />That lot could save you in the region of <br /><b><span style="color: #ff0000;"><br />£2500 a year better off</span></b><br /><br />0000 barclaycard...............2297......46........22<br />0007 barclaycard...............3212......71........18<br />7485 halifax...................11406.....114.......5.94<br />egg............................14000.....275.......27<br />9761 lloyds....................10620.....212.4.....20<br />Total unsecured debts..........41535.....718.4.....-  <br /><br />snowball - you dont like card switching but look at LOB cards (life of balance)<br /><a href="http://www.makesenseofcards.co.uk/lob.php" target="_blank">http://www.makesenseofcards.co.uk/lob.php</a> - 8.9% for life of BT is pretty good.<br />Pound that egg debt or switch it to a lower APR ASAP, dont have to go fro the cheapest cards, but most of them should swap you for less than 27%<br />Use the extra money saved from above to take a lump out of the debt - every month the minpayment will reduce giving you more snowballing room.<br /><br />how does that sound? http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1250685015/0#0 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1250685015/0#0 A few months ago I went on this site for some advice and even after paying some debts initially I'm still in some debt which I am finding it difficult to get out of. <br />My bank advised me to get in touch with CCCS who created a type of SOA and they said I have £201 remaining to pay to all my creditors. There is 5 in total, with a total debt of £29K.<br />CCCS have suggested a DMP however assuming interest and charges are frozen it would take approx 10 years, however there is an IVA option where it would take up to 6 years, my concern it also considers equity in the house, the house is worth about £210K and it is mortgaged to £167K, which is an interest only mortgage at present I cant change over to a full repayment. What percentage of equity would they consider, in which case I may as well go with a DMP since it may still come to pay about the same.<br /> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1249732633/2#2 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1249732633/2#2 Thanks for your response.<br /><br />I was looking for something a little more application based as opposed to web based for my Mac and iPhone. Something that I could carry around with me without the needs for excel et al.<br /><br />If I find anything I will post back here<br /><br />cheers http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1248851744/1#1 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1248851744/1#1 I am sure that there will be others along more qualified to give advice but I'll try and give you something to help start.<br /><br />Essentially its about increasing income or decreasing outgoings - does either of you have time to take on extra work or hours etc..?<br /><br />Decreasing outgoings.. there are a few things you may be able to cuts costs on - and without increasing your income you will need to, to get out of the debt spiral.<br /><br />Your gas &amp; elec look a bit high, have you switched companies recently to take advantage of their new lower prices?<br /><br />If you are outside of contract or near the end, consider switching your mobile deals, as £70 a month is very high - you can get really good deals for £10 - £15 / month - or consider pay as you go.<br /><br />Groceries are also quite high, try Martin Lewis' downsize challenge (go to moneysavingexpert.com) - you should probably aim for £300/month or even less.<br /><br />Also, can you clarify the £242/month travel expenses as this seems really high!!<br /><br /><br />In terms of your debts you need to pay off any extra money you have on the debts with the highest APR first - or those that are in arrears i.e. gas elec etc.. and see if you can transfer the balances to 0% cards - you haven't stated the APR of the debts you currently have.<br /><br />Hope this help.. good luck &nbsp;<img src="http://www.makesenseofcards.co.uk/yabbfiles/Templates/Forum/default/smiley.gif" border="0" alt="Smiley" /> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1243602973/0#0 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1243602973/0#0 Halifax Extras card relaunched, offering 12 months 0% on purchases to new and existing Halifax current account holders. http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1243244775/0#0 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1243244775/0#0 This weeks latest changes to the Credit Card market in the UK<br /><br /><br />Tesco Bonus Card withdrawn<br />Tesco Clubcard Card T&amp;C's changed. Was 14 mths for BT's /6 mths for purchases with a 2.9% fee...now 6 mths BT /12 months purchases with a 2% fee (in the first 4 months)<br />RBS have revamped their card range. Platinum card now has 0% on BTs for 15 months and a cheaper BT fee at 2.9%.<br />New card - Play.com (MBNA) added. 6 months 0% on BTs (1.5% fee) and 9 months 0% on purchases. http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1242563533/0#0 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1242563533/0#0 <u>This weeks latest changes to the Credit Card market in the UK.</u><br /><br /><br />Sainsburys Card APR increased from 15.9 to 16.9% APR<br />PayPal Card withdrawn<br />Barclaycard Platinum BT fee reduced from 3% to 2.5%<br /> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1239201581/2#2 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1239201581/2#2 I would very much agree with the above - however you are making the situation appear worse by including your student loans, which although real only incur interest at an inflationary rate and are paid though your income once you hit the threshold. &nbsp;My student loan is well over 20K but I don't consider it a 'real' debt as it gets paid without me having the money in the first place, it doesn't appear on your credit report and therefore in no way adversely affects you. &nbsp;It was a necessary evil and will stay that way. &nbsp;Concentrate on cutting costs as above and put the extra cash to paying off the debts with the highest APR.<br /><br />Take control of what you spend, nothing, not a penny should get spent without it being noted down and keep a weekly average over the next few months - most estimations of expenditure will be underestimated and this will shock you into action and identify areas to cut down - and I'm speaking from personal experience!!<br /><br />Multiply monthly costs by 12 to see the real impact as a yearly fee. &nbsp;Satellite/cable is a common expenditure even when people are struggling - we'd love it but at the moment don't feel we can afford it and our monthly income is significantly higher. &nbsp;Theres no reason you can't sign up again when debts are clear and times are better.<br /><br />I think getting rid of the pet is a last resort - for most people (and people who have no animals are usually the first to suggest it <img src="http://www.makesenseofcards.co.uk/yabbfiles/Templates/Forum/default/wink.gif" border="0" alt="Wink" />) the pet is a family member - you may as well suggest getting rid of a child. &nbsp;Having a pet is a privilege and not a right, and getting a pet when you are struggling is irresponsible, however many people have pets when times are good and then things change - in this situation getting rid is not an option but management it. &nbsp;Insurance is a good way of guarding against unexpected fees if money is tight as you can budget better and there are a variety of ways of cutting costs with the other things associated and charities who can help. http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238615105/0#0 Make Sense of Cards/Coffee Lounge http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238615105/0#0 Hi, there is a special offer only open to certain websites - £19 to calais with P&amp;O<br /><br />must be booked by 6th April<br /><br /><a href="http://clkuk.tradedoubler.com/click?p=10166&a=1160905&g=17899922" target="_blank">P and O website link</a> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238345500/2#2 Make Sense of Cards/News and board information http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238345500/2#2 Calculator now live http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1233841614/3#3 Make Sense of Cards/Debt Management http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1233841614/3#3 I have helped someone with a £35,000 credit card debt, and following bankcrupy claims, 2 years later is doing absolutely fine, still trying to clear their credit history but in general, getting on with things.<br /><br />It might be worth speaking to the Citizens advice Bureau about the options.<br /><br />What did you run the credit card debt up on?<br />NB - cut out some of the luxuries to take the pressure off - eg the Gym membership. http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238489853/0#0 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1238489853/0#0 From the Mail: <br /><br />The credit card details of thousands of British online shoppers were made available online recently, giving anyone using the Google search engine access to the sensitive information.<br /><br />The details, which included credit card numbers, names and addresses of Visa, Mastercard and American Express card users, was apparently released accidently by cybercriminals from the Far East who were planning to sell the information.<br /><br />According to the Daily Mail, a spokesperson for banking industry trade body APACS had said most of the details related to expired cards and the remaining cards has been 'flagged' by the banks.<br /><br />This isn't enough for Conservative MP Nigel Evans, who is also chairman of the All Party Group on Identity Fraud, as he told the Mail: &quot;This is hugely worrying. The credit card companies have a duty of care to inform all those involved that they are at risk of identity fraud.&quot;<br /><br />A spokesperson for Google has revealed that the information has been removed but did explain that search engines &quot;do not have the ability to remove content directly from the internet.&quot; http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1234536734/2#2 Make Sense of Cards/Purchase rate credit cards http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1234536734/2#2 Nope, 12 months purchases on current in store deal are anywhere... &nbsp;I have an application outstanding as just closed a HSBC group card and already have Halifax One, coming to an end next month.. so only real alternative - clubcard points are a bonus! http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1235411329/0#0 Make Sense of Cards/Balance Transfer Credit Cards http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1235411329/0#0 Please be advised that Monday 23rd February, the Virgin Credit Card will change to a 15 month balance transfer rate, there is no change in APR and the card still offers 6 months 0% on purchases.<br /><br /><br />The full product details for the Virgin Money Credit Card product are as follows:<br /><br /><br />0% for 15 months on balance transfers (from the date your account is opened. Transfers to be made within first 60 days. 2.98% handling fee applies) <br />0% for 6 months on card purchases (from the date your account is opened) <br />Discounts at loads of Virgin companies <br />Discounted vouchers for leading high street stores <br />Typical rate 16.6% APR (variable) <br /> http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1227122208/3#3 Make Sense of Cards/Credit Cards - General Topics http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1227122208/3#3 Well my mortgage has now dropped to 2% !<br />So this has to be worth while now.<br />The transfer calculator suggests I will save £876 in interest if I keep up my payments of £150 a month.<br /><br />Sounds like a good idea, I really should do this soon. http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1228608857/2#2 Make Sense of Cards/Balance Transfer Credit Cards http://www.makesenseofcards.co.uk/forum/YaBB.pl?num=1228608857/2#2 Limits are very dependant on personal circumstances, in fact Citi are one of the best at being personal in the way their software will calculate it. They can give up to 25k, and as a reasonably bad bet myself, I have had 14k in the past.