help needed !

debtbusterman

Hi, I'm seeking some advice about my ever worsening debt situation.
Due to frequent changes of job, problems getting benefits when I didnt have a job and my own stupidity I am not unable to make repayments to my creditors.


my statement of affairs is as follows:

SOA

outgoings:

hsbc loan £335 every month (total £17500)
gold card £198 (total £7500)
mastercard £135 (total £4200)
egg card £25 (total £1200)
rent £250 (currently living with parents).
food £150
petrol £150 (job is a 50 mile round trip).

total £1243.


income:

job £950.

I've been living on my credit cards for the last year due to necessity.
I'm also desperate to get my own flat, but due to the high repayments its currently impossible.
I have no assets or house to worry about so I'm wondering if bankrupcy might be my best option as there is little chance of me paying off my debts anytime soon.

I have been in touch with CCCS who have been wonderful, and I have an interview with them in a week or so, but my bank (HSBC) dont want to give me any help in making repayments and are starting to call me every day and send lots of nasty letters.
I've given them my CCCS case no and asked them to stop interest but they have completely refused.
They have only worsened my situation by throwing late payment and returned DD fees at me.

I would be very grateful for any advice or help.
I know there are many good people on this board who have been in a similar situation.

many thanks.

Quasar

Someone more knowledgeable will be here soon, debtbusterman, but £150 food per month for yourself seems rather a lot. You could live well on £100 for that.

debtbusterman

Hi, my partner is also living with me so this is why the amount for food is so high.
thanks

kathfisch

I know it seems difficult to imagine spending less but there are always ways that you can cut down on some things without cutting them out altogether. There is lots of good advice on the Old Style board about cutting the costs of food, cleaning and much more without totally giving up the things you like!

What about things like car insurance? Could be some painless savings to get you some money to put towards the debts.

Someone will be along to advise about the debts but it sounds like you've done absolutely the right thing in contacting cccs. As far as I know you can request that any creditors (including your bank I presume) communicate with you only in writing, at least that would stop the constant phone calls which are very stressful in themselves.

Stick around for support and advice, I wish you good luck!