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Desperate Help Needed

Hi
PLease help!

I am a 26yr old (now) single guy with over £35k of debt. I have 5 credit cards and 3 loans . I can just about afford the monthly payments but have loads of cash debts to family as well which i cant afford. I got into short term debt with payday loans of about £1000 when i lost my job. I have new job now earning more money but just cant see no way out. Every month because of Payday loans i have to borrow from them to make ends meet meaning I cant afford to pay my other debts. I have spoke to Citizens Advice and the National Debt helpline but they dont seem able to help. If I take a IVA it will affect my ex partner as she was a guarantor on a loan of mine and it wouldnt leave me enought money each month to pay my cash debts off. I cant see how i could become bankrupt as i earn enought money to pay off what i owe though it leaves me with no money each month at the end. I cant get any consoidation loan or credit card to move money around and just dont see what i can do. CAn anyone offer me any advice?????

PLease!

Thanks
«13

Comments

  • jinky67
    jinky67 Posts: 47,812 Forumite
    Hi there
    welcome
    the experienced people will be along soon no doubt...but your first step should be to do an SOA....to be found here...
    http://www.makingsenseofcards.co.uk/soacalc.html
    :heartpulsOnce a Flylady, always a Flylady:heartpuls
  • MissKJ
    MissKJ Posts: 780 Forumite
    Stop looking to borrow more, it won't help.You have to stop the vicious cycle. Do your SOA, not only so people can help you, but it gets the whole situation clear in your own head.
    unsecured Debts at [strike]August 2007 £79,984[/strike] September £79,579 [STRIKE]Snowballing date July 2013[/STRIKE].

    May 2009, £76,772 unsecured debts

    DMP started Dec 2008, End date at start 2133!
  • Ok i have completed an SoA and it shows a deficit of about £100 which is managable through overtime, cutting back ect. But how can i get out of the debt cycle with the payday loans?
  • MissKJ
    MissKJ Posts: 780 Forumite
    POST IT UP HERE THEN! We will all help you get your budget sorted and then you will be able to see how!
    unsecured Debts at [strike]August 2007 £79,984[/strike] September £79,579 [STRIKE]Snowballing date July 2013[/STRIKE].

    May 2009, £76,772 unsecured debts

    DMP started Dec 2008, End date at start 2133!
  • You need to find ways of throwing enough money at them that they go away. To do this you need to free up some cash. Post up your SOA and we can help you find the cash. YOU have to stop borrowing more or it won't go away.

    If you are showing a deficit and can't end up making the cuts then you may have to look at other options such as a debt management plan, alhough without knowing more about your situation it is difficult to give you more info.

    You may find this helpful

    www.whatsthecost.co.uk/snowball.aspx

    it shows you how to pay your debts the most efficient way (ie highest interest rate first) and also shows you when you will become debt free depending on how much money you can out to your debts. On lots of higher apr debts your debt may go up if you are only making the minimum payment, you need to watch out for this.
    £34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
    Sealed Pot #389 (2010=£133)
  • Statement of Affairs and Personal Balance Sheet

    Monthly Income Details
    Monthly income after tax................ 1500
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1500


    Monthly Expense Details
    Mortgage................................ 0
    Secured loan repayments................. 0
    Rent.................................... 350
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 10
    Telephone (land line)................... 0
    Mobile phone............................ 45
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 150
    Clothing................................ 50
    Petrol/diesel........................... 150
    Road tax................................ 10
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 10
    Entertainment........................... 50
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 900


    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...........................17000.....300.......0
    Loan...........................3500......200.......0
    hire purchase..................1100......55........0
    Credit Card....................700.......20........0
    Credit Card....................1000......25........0
    Credit Card....................1200......40........0
    Credit Card....................1200......45........0
    Credit Card....................1500......45........0
    Total unsecured debts..........27200.....730.......-


    Monthly Budget Summary
    Total monthly income.................... 1,500
    Expenses (including secured debts)....... 900
    Available for debt repayments........... 600
    Monthly UNsecured debt repayments....... 730
    Surplus(deficit if negative)............ -130


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total Secured debt...................... -0
    Total Unsecured debt.................... -27,200
    Net Assets.............................. -27,200


    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.
  • Your payday loans...

    Were they cheques supported by a chq guarentee card?

    Maybe you should just let them take you overdrawn? Let them do the damage to your bank account.

    Then contact your bank to arrange a way forward?
    Virgin MBNA CC - £392---Natwest Student OD - £1320
    Lloyds TSB loan - £809---Welcome Loan---£3781
    HSBC Loan-£8106---Studnet Loan - £4400
    :eek: TOTAL DEBT : £18,808 at 01.10.08 :eek:
    Im facing my financial demons head on...x
  • jinky67
    jinky67 Posts: 47,812 Forumite
    mobile and groceries are both quite high

    can you bring them down?
    :heartpulsOnce a Flylady, always a Flylady:heartpuls
  • No they are linked to my debit card and charge silly amounts if you miss payments. Bank basically wont help, Wont consolidate my borrowing and wont reduce my loan payments. Also so much cash debt which im worried about to family and friends
  • jinky67
    jinky67 Posts: 47,812 Forumite
    Also notice you have no gas,electric or council tax down?
    :heartpulsOnce a Flylady, always a Flylady:heartpuls
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