Author Topic: how bad is my debt  (Read 2324 times)

evilmonkey2011

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how bad is my debt
« on: May 09, 2011, 03:35:22 PM »
hello all, hope all is well.

Could some one give me some advice, it would be great cheers.

Bascially my current debt is around about 1000 pounds, on a grand shceme of things that isnt to bad, but im am currently living into my overdraft each month, by the end of this month i probably be 700 quid into my overdraft. So lets say my current debt is 1700.

The issue is that out of 1000 debt is 700 quid of rent arrears, and my land lord is chacing the other is credit card (which was alot less) the minmum payment on my creidt card is quite low and is a balance of 300 quid on it. Each month i earn 1400 after tax.

So by payday i should have a balance of 1400, but we have to minus 700 quid because of overdraft, so i will 700 quid left.

I need to take 350 out of this for rent, plus 100 for car insurance, about another 100 for petrol to work and another 150 for food for the whole month, this means i am left with 0.00. Should i dipp into my overdraft again to pay the rent arrears to my landlord?

but if i do im back to stage one again of being in my overdraft, which im always trying to clear.

hope this make sense.

James Falla

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Re: how bad is my debt
« Reply #1 on: May 11, 2011, 07:03:09 PM »
Hi there
 
I think you need to speak to your landlord and agree a repayment plan to get you up to date with your rent over a sensible period. See if they will agree an overpayment of perhaps £150 a month to clear the arrears. This will mean that they are cleared in 5 months while keeping your overdraft under control at the same time.
 
Ultimately you need to make an agreement with your landlord to avoid the risk of them evicting you due to non payment of rent.
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michelle2011

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Re: how bad is my debt
« Reply #2 on: May 25, 2011, 06:29:35 PM »
If your landlord insists, rent is important. Do see if they will agree to a payment plan first. Good luck!