Please Help!

TheWelshIdiot

Hello, this is my first ever post on here so please forgive me if I ask something that may have already been covered.

Basically, I really need some help and advice. I am in quite a large amount of debt, due to my own stupidity when I was younger. I borrowed and borrowed and borrowed, then it all came back and bit me in the backside. I have been in debt since I was 18 years old. I am now 28.

Currently, I actually have very little debt actually in my name, apart from a couple of small credit agreements. The problem lies with a large unsecured loan, which my (now ex) girlfriend got for me, in her name (as my credit rating was, and still is, very poor). We sat down and talked about it for weeks before she went ahead and got the loan. The reason she got it was for me to be able to pay off about 4 or 5 smaller loans that were in my name, and make one smaller payment.

I considered going down the 'consolidation' route, and phoned a couple of companies. However, 2 of the loans were secured by my mother, so nobody could help me as, ultimately, she had responsibility to ensure that payments were made. Hence the reason why my ex girfriend got a loan in her name, for me to be able to pay everything off.

The loan she got was for £13,000 over 60 months. I am paying £367 a month. My other credit agreements come to around £100 a month. My rent, bills etc make up the whole of the rest of my wages (I was only earning around £13-14,000 a year). Add to this the fact that I am currently out of a job as my contract ended last week, so I have no money coming in, and you begin to see the sort of situation I am in.

I know that I could very easily just 'drop off the map' as it were, and move away, thus leaving the debt behind. But I am not that type of person and, although my ex girfriend is indeed an ex, I could never do that to her seeing as she was good enough to help me out in the first place.

If my credit rating was better, I would seriously consider a large loan, so that I could take the debt back out of her name and into mine. However I struggle to get credit for anything, and I really don't think that this is the way forward.

I think what has compounded the situation is the fact that I am now out of a job. Whereas before I was just about keeping my head above water, now I've got no hope. My ex girlfriend finds it just as difficult as me, and I have a payment due to go to her for £367 on the 5th November, and, as yet, absolutely no way of getting the money together.

I am currently not sleeping properly, and this is starting to affect me very badly. I feel permanently low, and the fact that I am in so much debt is really starting to affect my day to day life _pale_. I would be very very grateful for any advice that anybody can give me please. Thank you

Miss_Piggy_2

I'm sure someone will be along soon that can help - I'm not sure where you stand when a debt is in someone elses name. Whether you can get a joint DMP or not I don't know. Don't panic though - I'm sure theres a solution. More experienced peeps will be along shortly.

Miss P
xx

jay11_2

Can you get some sort of temp or agency work, phone supermarkets etc, just to try to scrape some cash together? Also is moving in with your family an option for a while, just till you sort your employment situation out?

TheWelshIdiot

jay11 wrote: »

Can you get some sort of temp or agency work, phone supermarkets etc, just to try to scrape some cash together? Also is moving in with your family an option for a while, just till you sort your employment situation out?

I am currently with a Recruitment Agency (well, about 10 different ones I think!!!) in Worcester. I might try a few bars to see if they have anything. I can't really move back home as I moved quite a distance when I came to Worcester.

SunderlandBlackCat

Hi there

Firstly can I just say well done for not screwing your ex-gf over for the loan in her name.

While you're looking for work go to www.entitledto.com & make sure you're getting all the benefits you should be.

Next go to http://www.makesenseofcards.com/soacalc.html & put all your details in so you've got all the necessary information in one place. If you format the results for MSE you'll be able to post them on here & we will be able to give you some more specific advice.

petrafyde

Hi,

Well done you for being so honest and upfront. I think a lot of us wished our ex's were that way

eBay, Amazon, and Quidco (other cashback companies) can help you earn while at home. As for work, the freelance article websites can come in handy. Hard long slog for little pay, but it's money and you choose your own 'jobs' as it were. Is there anything you can make to sell on eBay? I'm using Amazon to sell books on myself, eBay to sell my Wedgwood collection etc.

Maybe put up a notice on student boards (or similar) for a flatmate? Or look for people looking for one perhaps - use word of mouth rather than go headlong in with a stranger?

Do the SOA (someone will bring the link soon I'm sure) and then you can see on paper your assets and debts with clarity and people will help you further.

TheWelshIdiot

OK, I've done the SOA....Please forgive me if it all goes horribly wrong and makes no sense!!! The figures I put in are a rough estimate of my expenses, and the interest rates on the loans. But it's pretty close so should give you a fair idea.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 800

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 510

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

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................13000.....367.......9.9
Loan...........................770.......27........14
Total unsecured debts..........13770.....394.......-

Monthly Budget Summary
Total monthly income.................... 800
Expenses (including secured debts)....... 510
Available for debt repayments........... 290
Monthly UNsecured debt repayments....... 394
Surplus(deficit if negative)............ -104

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -13,770
Net Assets.............................. -13,770

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

~Beanie~

TheWelshIdiot wrote: »

Electricity............................. 10 - Per month? Doesn't seem enough!
Gas..................................... 10 - As above
Mobile phone............................ 60 - This needs to be cut drastically!!
Entertainment........................... 50 - This can be cut for a while

Just a couple of thoughts...

TheWelshIdiot

erm, yes, I messed up on that one.... The electric, gas, and water is what I am paying per week (ie £40 per month for each one)....Not £10 as stated. I pay it weekly which is why I mistakenly put that.

I am hoping to switch to a lower price plan on my phone as soon as I can, however I can only do so after having the contract for a certain amount of time so there isn't a lot I can do at the moment.

Entertainment - wise. I have actually cut that drastically. I think it's probably now somewhere around £20-£30 per month, maybe less.