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End of the road
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# 1
artnoble
Old 21-11-2012, 8:10 PM
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Default End of the road

Really don't know where to go with this.

Basically as it stands I think I have about 12k worth of debts. Probably about 8 creditors. I got made redundant about 3 years ago and was making token payments which stopped.

Now as its stands I don't know who I owe money to. I get letters upon letters from debt collectors asking for money for amounts I can't remember from accounts I've forgotten about.

I'm back earning a wage, and spending is out of control. I pick up abut £1200 a month. Live at home paying £100 board. Car costs less than £100 a month. Don't really have allot of other out goings but have no discipline over spending.

I'm a driver and when I'm at work I eat junk for breakfast and dinner weekend goes on beer and takeaways.

I'm 30 next year and have this mounting of debt and nobody will touch me. Can't even get a phone contract.

I really need to learn to budget, make meals for work and not spend a £10er every day in Tesco.

The only bank account I can get is a Lloyd tsb basic account which I can only use their own cash machines.

It's really getting me down. I've visited the doctors and they put me on anti depressants. I'm really at rock bottom.

I don't know how to get out this mess, or if I have the energy
Watch this space.... Will update soon!
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# 2
sistafromanothermista
Old 21-11-2012, 8:14 PM
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artnoble.


Firstly stop wallowing in self pity.

You and only You can get yourself out of this hole. So where to start? i guess by posting up your SOA.
Until you have your true LBM though no matter how much advice you're given YOU must decide to take it.


Harsh i'm afraid but true...
£20,308 ----> £0 in 24 months

Debt free and proud, next step....I want to be a MFW
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# 3
artnoble
Old 21-11-2012, 8:23 PM
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I know. I seem to have several LBM. But then get the next day nothing changes. I really don't know how to change. I really want to but can't.

As for a soa. I don't know where to start with it. I don't know how much I owe or who to.

I'm rock bottom
Watch this space.... Will update soon!
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# 4
meer53
Old 21-11-2012, 8:23 PM
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Anti depressants can sometimes take a few weeks to start to work, the good thing now, although you won't be able to see it yet, is that you've had your "lightbulb moment" This is the start of your new journey. Sometimes, anti depressants can make you feel lethargic too though, if you think this is whats happening, go back to your GP, there are others you can try. Don't assume they won't work, i've taken them before and they helped me a lot.

Have a go at posting a statement of affairs, you'll get lots of advice about where you go from here. The SOA will show you how much you have left so that you can set yourself a budget to follow. If you don't have anything left, then there are people who can help you get out of this situation. You could contact StepChange for their help, it's free.

There is no financial situation that can't be sorted out, you just need a little help, which you'll get on here if you ask. Spend this weekend making notes of all your debts, sort out all the letters you have received, it might take you 2 days to do it, but my word it will feel good when you have !

Good luck, let us know how you go
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# 5
carrielovesfanta
Old 21-11-2012, 8:28 PM
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Hi artnoble,

I think there may be two things at play here.

Firstly you will need to get copies of your credit report to find out exactly who you owe money to and how much (a more knowledgeable person than me will hopefully come along and give you some more details)

Secondly, looking at your post, it suggests to me that you aren't actively looking after yourself. If you doctor has diagnosed you with depression, this could explain why. However, until you can look after yourself, you will not be able to look after your money.

You say that you spend a tenner on junk food in Tesco every day and that you buy beer and takeaways at the weekends. Also that you have no discipline over spending.

Ask yourself WHY you do this.

If you aren't much of a morning person - prepare your lunch the night before. Or buy in food that you can quickly grab in the morning. Even if you buy junk, it's probably cheaper buying it ahead and in bulk!

Are the takeaways for a reason or just a lack of interest/inclination/ability to cook for yourself?

Don't let laziness or inability ruin your health and bank balance! If you live at home I'm sure your mum or dad would be happy to help you learn to cook (or kick your a$$ into the kitchen )

I'm also 30 next year, but as you can see from my signature, I'm well on the way to paying off my debts so I promise you it can be done but no one can make the decision to take this step apart from you.
LBM 11/06/2010
DFD 30/04/2013
Total repaid: £10,490.31

New challenges: Emergency Fund 1000/1000 , Car Fund 0/5000, House Deposit 2400.00/5k
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# 6
LadyV2508
Old 21-11-2012, 8:34 PM
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Taking the first step is always the hardest - i remember how completely overwhelmed i felt when i began dealing with my debts a few years ago.

The advice i would give you is to do one thing at a time. Try and get the paperwork you have together and begin sorting through it. Make lists of the people you have to call and set aside a few hours to do so.

There are many organisations that offer free debt advice (much of the information can be found on the forums here). Give them a call or pop down to citizens advice - there are many wonderful and knowledgeable people out there who will help you!

In terms of the anti-depressants - i suffered with depression a few years ago and i remember how crippling it was. But after going to counselling (referred by my doctor) and making some lifestyle changes such as eating better and getting more exercise etc i began to feel better.

Getting your debts in order will aid your recovery - it will take time but i promise you the more positive steps you take the better you will begin to feel. Just small things as you said such as making your own food at home and taking it to work will make a big difference.

Dont give up!
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# 7
Leepodstar
Old 21-11-2012, 8:39 PM
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Artnoble....

I was in much, much, much bigger sh*t soup than you and I'm a home owner. You are very fortunate, self control dude! £1200 a month, car and keep £200, £1K left over, £500 in your pocket, £500 to your creditors over 2 years, it be paid off! I would take your situation any day!
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# 8
sistafromanothermista
Old 21-11-2012, 9:01 PM
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Quote:
Originally Posted by artnoble View Post
I know. I seem to have several LBM. But then get the next day nothing changes. I really don't know how to change. I really want to but can't.

As for a soa. I don't know where to start with it. I don't know how much I owe or who to.

I'm rock bottom
I know you do. I remember you from when i first started on here. You need to get your life in order NOW. Only you can change your situation mate and you know that.
Maybe once the anti depressants start working you will see things clearer and put a plan together....
£20,308 ----> £0 in 24 months

Debt free and proud, next step....I want to be a MFW
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# 9
artnoble
Old 21-11-2012, 9:13 PM
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Quote:
Originally Posted by Leepodstar View Post
Artnoble....

I was in much, much, much bigger sh*t soup than you and I'm a home owner. You are very fortunate, self control dude! £1200 a month, car and keep £200, £1K left over, £500 in your pocket, £500 to your creditors over 2 years, it be paid off! I would take your situation any day!

Wow thanks for the advice. This message has really hit home. £10 should last me a week for lunch not a day. I can clear a good chunk each month and still have money left over.

All your advice has been great. Last 3 months I've kept each letter I've received so I guess I better sort though them the weekend and see where I am.

I'll put some figures on when I know where I am.
Watch this space.... Will update soon!
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# 10
meer53
Old 21-11-2012, 9:38 PM
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Do what i do when i have to do things i keep putting off doing, set a time limit for doing them, then do as much as you can within that time. Say 2 hours, at the end of the 2 hours, stop and set yourself another target. If you feel like carrying on, then carry on !

Another thing i find useful is to jot down each day what i spend, then at the end of the week, i can see whether i've overspent or not. It only takes seconds each evening but really brings home exactly where your money goes. I found that buying 2 coffees at work (we have Costas where i work !) each day was costing me £80 a month
Not anymore ! That was without the sandwiches i used to buy too, i make my own now the night before. It's really satisfying when you get into the habit and can see what savings you can make.
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# 11
Time to face the music
Old 21-11-2012, 9:42 PM
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Hi artnoble

At the weekend, invest a couple of quid in a cheap filing box, label a section for each creditor you find via your letter stash. Sort them into date order and file them in the box.

If you think you owe £12K, it's probably more. I guessed we owed £60K at the start of our DF journey and it was actually over £81K. Don't let this get you down, instead use it to make you more determined to sort this out.

Get a free Noddle credit report and check this every month. If any of your debts are statute barred, make the decision if you are going to forget about these. Check all the other debts present and find out who the debt is with now, original creditor or DCA. Determine if interest and/or fees are being added.

Work out how much you can afford to pay each month and how much each creditor/DCA will get. If you can do this via online banking, set up a standing order to make a payment each month. If not, write and ask for an up to date statement and paying in slips so you can make payments in a bank.

Sort out the food issue. I used to buy breakfast and lunch in the cafe on the park where I work every day, total cost £30 to £35 a week. I now take bread, butter, jam and soup to work at a cost of £5 to £6 per week. Get to Aldi and buy some decent food for meals and drinks to take to work.

Improve your life and you may not need the antidepressants, maybe counselling would be better, perhaps you don't need either. Getting yourself sorted out can be the greatest natural buzz and works better than any antidepressant over prescribed by GPs.

This isn't the end of the road, it's the start of a journey! 9 months ago, we were £81,306 in debt, today we have paid off over £14,779 and we hope to be debt free in just over 3 years. YOU can be debt free a lot sooner, so please keep us updated with your debt free journey and we will all help you, support you, cheer you on, listen when you are down and celebrate your triumphs.

Go artnoble, you can do this and we will be behind you all the way!
DFW: LBM 10/1/12 ~ Start 5/2/12 £82344 Month 26: £25711=68.78% paid ~ DFD 31/1/16 ASAP
7/11 unsecured debts gone
MFW for July 2014: 2014 MFW number 135 ~ £2000/£2000 = 100%
“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt” Henrik Ibsen
Proud to be dealing with our debt and making our money our own

Last edited by Time to face the music; 21-11-2012 at 9:44 PM.
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# 12
artnoble
Old 22-11-2012, 10:23 AM
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Quote:
Originally Posted by meer53 View Post
Do what i do when i have to do things i keep putting off doing, set a time limit for doing them, then do as much as you can within that time. Say 2 hours, at the end of the 2 hours, stop and set yourself another target. If you feel like carrying on, then carry on !

Another thing i find useful is to jot down each day what i spend, then at the end of the week, i can see whether i've overspent or not. It only takes seconds each evening but really brings home exactly where your money goes. I found that buying 2 coffees at work (we have Costas where i work !) each day was costing me £80 a month
Not anymore ! That was without the sandwiches i used to buy too, i make my own now the night before. It's really satisfying when you get into the habit and can see what savings you can make.

Yeah that's a good idea. I wonder where my money is going but I'm spending over £200 a month at work. That's money I don't even notice I'm spending.

I know what I need to do but it scares me that I can't keep to it. I'm so desperate to make the change but it gets me down that I won't. I want a good life but im holding myself back.
Watch this space.... Will update soon!
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# 13
LadyV2508
Old 22-11-2012, 10:40 AM
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Only you can make that first step - we're all here for support and advice if you need it.

Dont give up - you're better than that!
HSBC Loan £397.38
Overdraft £1700.00
HSBC Mastercard £743.00
Total Debt £2,840.38
Sealed pot challenge #1867
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# 14
JustAboutThere
Old 22-11-2012, 11:38 AM
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Hi Artnoble,

There's good and there's bad here, but it can all be sorted. And I understand what you say when you talk about having no energy due to depression. Been there, got 100 t-shirts!

Bad:
You think there about £12K of debts.
Maybe eight creditors.
Depression.
Spending out of control

Good:
Living at home.
Low outgoings.
Back in a job and earning wages (fantastic!)
You want to do something to improve your position/life.

It can be a little overwhelming trying to make sense of a SOA, especially when there's mounds of paperwork. Don't just look at the whole pile and shudder. Break it down, bit by bit. You say you've kept all the letters from at least the last few months. Even if you have to do the next bit in stages - do it.

1. Gather all the paperwork in one place (don't get scared - you're going to conquer this).

2. Methodically go through each piece of paper. For every creditor/bank/bank statement - put them in a separate pile.

3. Once they're all in piles for each company/creditor - put them in date order. You can either have the latest date at the top or the bottom, its your choice. About now, you'll possibly think things look worse than they are 'cos there's loads of paper around. Don't give up - it just needs to look a little messy in order to make order out of chaos. Breathe!

4. Once that is done (or while you're sorting them - up to you), write down the figures. Amounts owed, APR, date loan(s) were taken out, etc. Maybe make a note of contact addresses and telephone numbers at this stage too in case you need them later on.

5. Transfer these figures into the different categories listed on the SOA.

Voila - you've completed, or at least made a really good start, at your SOA.

Before anyone says this is rather simplistic - its just doing this helped me. More so when trying to complete work expenses. I'd see the pile of receipts and paper and I'd start panicking. Then a kindly colleague sat next to me and talked me through it, i.e.,: where did the person go on the trip? I'd tell them. Right, put that destination on the expenses form. One thing done. Next, how did they get there? Fly. Where's the ticket? I produced it. How much did it cost - put that figure on the form. Where's the hotel bill? How much per night? And so on. So, by breaking it down logically, it showed me that I did have all the information there, I just had to separate it out. And yes, I am MUCH better at expenses these days


Best of luck.
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# 15
artnoble
Old 22-11-2012, 5:47 PM
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First of all thank you for all your responses. It's very heart warming and made me feel better.

Got the free noodle credit report and it says I have about 12,466 worth of debt.

This is over 10 creditors one is a loan for 7309 with natwest. The other 5,157 is spread over the other 9 creditors. The highest amount being around £1300. So it's about what I expected.

I think if I can get everything in order and start afresh after Xmas. Work out a budget and then plough as much as I can towards the debt.

What would your advice be? Start paying of the lowest first. Should I contact them myself or can I get help?
Watch this space.... Will update soon!
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# 16
Bedsit Bob
Old 22-11-2012, 5:56 PM
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Quote:
Originally Posted by artnoble View Post
What would your advice be? Start paying of the lowest first.
The general advice is to pay as much as possible on the one with highest APR.

Once the highest APR is cleared, use the money you were using on the highest APR, on the one that is now the highest, and so-on, until they are all paid off.

You really need to post a SOA.
I gave up smoking, drinking and sex - It was the worst 15 minutes of my life.


ISA Deposits: £610

Amount I have so far denied the BBC - £724-50
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# 17
sistafromanothermista
Old 22-11-2012, 6:01 PM
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Quote:
Originally Posted by artnoble View Post
First of all thank you for all your responses. It's very heart warming and made me feel better.

Got the free noodle credit report and it says I have about 12,466 worth of debt.

This is over 10 creditors one is a loan for 7309 with natwest. The other 5,157 is spread over the other 9 creditors. The highest amount being around £1300. So it's about what I expected.

I think if I can get everything in order and start afresh after Xmas. Work out a budget and then plough as much as I can towards the debt.

What would your advice be? Start paying of the lowest first. Should I contact them myself or can I get help?

Even mine

Start with the debt with the highest Apr as this is the one costing you more to keep!!
£20,308 ----> £0 in 24 months

Debt free and proud, next step....I want to be a MFW
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# 18
artnoble
Old 22-11-2012, 6:02 PM
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Quote:
Originally Posted by Bedsit Bob View Post
The general advice is to pay as much as possible on the one with highest APR.

Once the highest APR is cleared, use the money you were using on the highest APR, on the one that is now the highest, and so-on, until they are all paid off.

You really need to post a SOA.
The thing is I've not paid any of these debts for years. There are no aprs they are just passed round from dca to dca.
Watch this space.... Will update soon!
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# 19
artnoble
Old 22-11-2012, 6:03 PM
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Quote:
Originally Posted by sistafromanothermista View Post
Even mine

Start with the debt with the highest Apr as this is the one costing you more to keep!!

Yours was the slap in the face I needed. I'll let you off this time
Watch this space.... Will update soon!
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# 20
Bedsit Bob
Old 22-11-2012, 6:04 PM
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Do you mean they have no APRs, or you don't know what the APRs are?
I gave up smoking, drinking and sex - It was the worst 15 minutes of my life.


ISA Deposits: £610

Amount I have so far denied the BBC - £724-50
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