Starting to panic

shaziow

I spoke to the National Debtline yesterday and was feeling slightly reassured until today, when I realised that I still need to make the payment for my secured loan and I haven't got enough money to cover it.

My reason for calling the ND is because my debt (well, the repayments) is so severe that I cannot make ends meet. They advised me of the first steps to take, which I've done, and a pack is on its way - I've cancelled my direct debits for non-priority debts, applied to open a new bank account, etc.

However I am in a complete pickle as the majority of my direct debits/bills are set to come out on 1st, therefore the majority have already gone and evidently I cannot get that money back. It's left me with pittance.

It's 'right now' that I'm worried about. I'm confident that, once the new bank account is sorted and I start 'proceedings' (sending out letters with my budget plan, etc) I will be able to manage on a monthly basis. But for this month I really am at a rock bottom and it is frightening me.

ND are closed until 9am Monday and I am concerned about leaving it until then. Is anyone able to suggest anything, or at least reassure me that ND will have an answer? I really do not know where to turn from here...

Also, whilst I'm here, does anyone know if it's possible to 'negotiate' the amount to pay per month on a secured loan or do I have to pay the full amount to keep my property safe? After paying £70.50 a month for my secured loan and all my 'essentials', it only leaves me with about £25 to pay my other debts which means some of them are getting as little as £1 (this is on a monthly basis by the way) which I think they'll laugh at...

It's my 21st birthday this month and I can't even afford to celebrate it. I've got a table booked for 22 people and I'm going to have to tell all of them it's cancelled, which means explaining why it is to all those people...

pania

hello hon nad a big hug to be going on with.

regarding the secured loan that really is classed as a priority debt and i am certain that national debt line will look to continue that payment as is. consider it a part of your mortgage if you will. he best thing to do is to call the secured loan compnay on monday and explainthis month that the payment will be short. how much do you have in the meantime to pay towards it?

Regarding money for the rest of the month do you have things at home that you can put on ebay or take to a car boot tomorrow morning. it may raise you £30 but it's £30 you didn't have previously.

i do feel for you regarding your birthday i really do. however look at it that this time next you yu can treat your 22ndas your 21st, go out and have an absolute blast.

in the meantime can you pop us upa statement of affairs showing what comes in what goes out and what you have spare eachmonth? from there we can advise on cutting down and making your money go further. do you have a good friend that would come and lodge with you to make things easier?

Good luck and chat soon. keep that chin up honey, i have been where you are now with best part of 40k's worth of debt. it can be sorted i promise. xxx

shaziow

pania wrote: »

hello hon nad a big hug to be going on with.

regarding the secured loan that really is classed as a priority debt and i am certain that national debt line will look to continue that payment as is. consider it a part of your mortgage if you will. he best thing to do is to call the secured loan compnay on monday and explainthis month that the payment will be short. how much do you have in the meantime to pay towards it?

Regarding money for the rest of the month do you have things at home that you can put on ebay or take to a car boot tomorrow morning. it may raise you £30 but it's £30 you didn't have previously.

i do feel for you regarding your birthday i really do. however look at it that this time next you yu can treat your 22ndas your 21st, go out and have an absolute blast.

in the meantime can you pop us upa statement of affairs showing what comes in what goes out and what you have spare eachmonth? from there we can advise on cutting down and making your money go further. do you have a good friend that would come and lodge with you to make things easier?

Good luck and chat soon. keep that chin up honey, i have been where you are now with best part of 40k's worth of debt. it can be sorted i promise. xxx

Thanks for responding. If I include every penny I can get in my hands and ignoring non-priority debts, I have about £70 to last me the month. But I have things to post (from eBay etc) and of course need to survive for the rest of the month - I've just done a big shop but will need bits and bobs. So based on that I'm not 100% sure what would be a 'safe' amount to offer them, but it is a good idea to call them on Monday - it'll be in my budget for next month so hopefully this will just be a one off in terms of that loan.

Plus got £15 to pay for my internet...I'm not sure if that's classed as a priority or not, but it is a lifeline for me so I'd rather not lose it.

I'm trying to sell as much as I can and have sold a few bits recently and will continue to do so, but it's a bit slow. It does help though.

I have filled in a budget plan from the ND but I don't think it's copy and paste-able, is there one on here that I can fill in and paste? If not I'll stick something in a word document and paste it up when I'm finished.

I only live in a studio flat so there is no room here for anyone else.

Thank you for the advice, will get the SOA posted up shortly.

pania

yes ther is, one sec while i find it. xxx

pania

http://www.makesenseofcards.com/soacalc.html

try that xx

OliveOyl_2

It's a bit of a naughty thought. But do you think your guests when they hear why you have to forgo the restaurant meal might give you some money as a birthday present?

I'm sure you could think of things you'd rather buy with that money, but sometimes presents are not what you would have chosen anyway. (My nephew never thanked me for the engraved tankard he got for his 21st - but then he did receive over twenty :rotfl: )

As for the celebration, there are hundreds of ideas on these boards for low cost alternatives, and get your 22 guests involved (I went to a birthday picnic once -it was GREAT)

Good luck with all that you have to do this month. It's an auspicious start to your 22nd year and if you hang around, we could throw a DFW-party one night- I'll come with my cherry lambrini

mummytofour

For your bday why dont you have a bring a dish and have it in your place???

shaziow

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 772.65
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 772.65

Monthly Expense Details
Mortgage................................ 308.92
Secured loan repayments................. 70.5
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 30
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 19.92
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 748.18

Assets
Cash.................................... 0
House value (Gross)..................... 82500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 82500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(308.92)...0
Secured Debt.................. 0........(70.5).....0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC (FlexiLoan)...............2435.17...0.........0
MK One (storecard).............1175.92...0.........0
A&L (overdraft)................500.......0.........0
HSBC (overdraft)...............250.......0.........0
Evans (storecard)..............486.01....0.........0
Argos (storecard)..............500.......0.........0
HSBC (credit card).............496.57....0.........0
Total unsecured debts..........5843.67...0.........-

Monthly Budget Summary
Total monthly income.................... 772.65
Expenses (including secured debts)....... 748.18
Available for debt repayments........... 24.47
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 24.47

Personal Balance Sheet Summary
Total assets (things you own)........... 82,500
Total Secured debt...................... -0
Total Unsecured debt.................... -5,843.67
Net Assets.............................. 76,656.33

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========
I live on my own in a studio flat. I am fairly certain (or at least every calculation tells me that) I am not entitled to any benefits. I work full time and have no dependants.

shaziow

pania - thanks for the link. Took me about ten years to notice the format section but I got there in the end! I haven't filled in everything, mostly things that I don't know but I didn't put the monthly payments for the unsecured debts as...well, I can't afford them so I didn't see the point really.

OliveOyl - the majority are people from work and I do not want them to know. Infact, I don't want anyone to know except my v.close friends which amounts to less than a handful of people. I can't even tell my family.

Some people may give me money but I doubt it...

Thank you for your help & suggestions . I will think of something else to do for my birthday, not quite sure what but I'm sure there's something.

mummytofour - potentially a good idea but I live in a studio flat, which would mean I would run the risk of excluding people. I am a bit concerned about that as there is already one person that is/was coming to the meal that has been 'complaining' recently about being left out of things...awkward folk!

Thank you all SO much. I am feeling much better now - still in the same situation but I am so relieved to have people to talk to.

OliveOyl_2

shaziow wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 772.65
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 772.65

Monthly Expense Details
Mortgage................................ 308.92
Secured loan repayments................. 70.5
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 68 single persons discount included?
Electricity............................. 30 mine is less, but I see you have no gas, presumably you're taking every saving measure you can?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 25 You may well be better off with a meter.
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 19.92mine is only £11, are you "catching up"?
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 150You know what we're all going to say? get over to the OS board and work out ways of lowering this
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15 Do you have many prescriptions? Is this a "season" ticket?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.84
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 748.18

Assets
Cash.................................... 0
House value (Gross)..................... 82500
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 82500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(308.92)...0
Secured Debt.................. 0........(70.5).....0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC (FlexiLoan)...............2435.17...0.........0
MK One (storecard).............1175.92...0.........0
A&L (overdraft)................500.......0.........0
HSBC (overdraft)...............250.......0.........0
Evans (storecard)..............486.01....0.........0
Argos (storecard)..............500.......0.........0
HSBC (credit card).............496.57....0.........0
Total unsecured debts..........5843.67...0.........-

Monthly Budget Summary
Total monthly income.................... 772.65
Expenses (including secured debts)....... 748.18
Available for debt repayments........... 24.47
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 24.47

Personal Balance Sheet Summary
Total assets (things you own)........... 82,500
Total Secured debt...................... -0
Total Unsecured debt.................... -5,843.67
Net Assets.............................. 76,656.33

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========
I live on my own in a studio flat. I am fairly certain (or at least every calculation tells me that) I am not entitled to any benefits. I work full time and have no dependants.

there is a site which you can confirm this, hopefully someone will advise.

How are you travelling to work? Are you able to walk? You have no travelling costs here.
The only other suggestion I have is to get over to the up-your-income board, I don't know how much your circumstances will allow, but you may need a second job.
Well done for posting your SOA, and I expect some wiser bods will add their thoughts too.

turnmylifearound

Hi Shaziow,

I know you've got secured debt on here byt you don't say how big your morgage is - is there any way you could remortgage to free up some capital and use the cash to pay off all your debts? £6k @ 6% over 25 years will add £40 to your mortgage payments.

I learnt about friends and presents the hard way - I was always the one hosting parties and the first one at the bar when we all went out. It took me a while that everyone was drinking my vodka when at mine, and I was buying the first round every time we went out. I realised a few days ago that the ones who like me for who I am will still be around now that I've had my 'lightbulb' moment and am tightening my belt. The ones that don't ....well they aren't proper friends anyway!

I suggest your celebrate your 21st but tone it down, picnics, a houseparty or a night in the pub could work.....and people should be buying YOU drinks!

Also, your groceries seeem quite high - but does this also include money for a couple of nights out a month?

Good luck!!

TMLA