Advice please - yet another newbie...

startagain_2

Hi everyone,

I have been reading through a lot of the posts and getting very good info this week from this forum and it is a godsend for those of us in trouble and not quite knowing what the next step should be.

If anyone can spare the time to read my tale of woe and give me some advice on what to do next I would be very grateful.

I am a single, middle aged female living in a rented housing association flat. I am up to date with all my financial commitments at the moment.
I have debts of £5550 to 4 credit cards, £8700 to my bank for a personal loan and overdraft (max'd out) and £500 to a catalogue. I have managed to keep up with the payments of these by doing huge amounts of overtime and by the bank and one of the credit cards increasing my borrowing capacity many times even though my basic salary is very mediocre ( £14k).

I have felt that I am slowly sinking over the last few months and now the bombshell has dropped at work that in January they are imposing a "no overtime" policy and holding consultations to change our contracts from working any 5 days from 6 (Mon - Sat) to any 5 from 7 - making Sunday a normal working day. At the moment it is worked as overtime and at double pay! A huge difference.

This is going to slash my take home pay by more than 1/3rd. I am not going to be able to make ends meet - I will just about pay my household bills and run my little car - an absolute neccessity, it is shift work between 9.30 am and midnight. Public transport is an impossibility. I will not be able to look for a second job as the days and hours will change from week to week. I really like the job and we have other perks like free cable and broadband, a gym and swimming pool so there are some good things. It is just that very few of my colleagues are in my situation and either have partners to share the bills or still live at home.

At the end of December I face a dillema - do I still pay all my normal minimum payments to the ccs and bank or do I hold on to some of the cash for the upcoming months..... even though nothing has actually happened the situation has been made very clear. I can't just find another job with my age and the current climate. I can honestly see bankruptcy down the line for me and reading some of the threads and diaries it is not the horror that I had always thought it to be.

I should just add that I am currently being helped by a Consultant Psychologist and one of the things we are tackling is my excessive spending (always on others) and low self esteem which is part of the reason why I am in this situation in the first place.

I don't have anyone that I can talk to about this and I would appreciate any input. A problem shared and all that!

Many, many thanks for your time.

startagain

natsplatnat

Hi Startagain!:wave:

Welcome to the board!! There are plenty of knowledgeable people on here - I'm sure someone will be along shortly! lol

I am quite new to this myself, but can I suggest posting your SOA on here? (there is a link at the top of the page!) Then people can have a look and make some helpful and friendly suggestions as to where you may be able to make savings on your everyday living.

I don't know much about psychology but, I reckon if you could see how much money you could be saving (not just savings but by reducing your debts) you may find a new focus point for money!!

Wishing you the best luck - and welcome again to the best place to be!!

Airwolf1

If you are with the CCCS, is your income including the overtime you receive? Can't you contact them and explain the changes that are taking place and see if lower payments can be agreed?

startagain_2

Thankyou for your prompt reply - the problem I have at the moment is that if I post a SOA it will not reflect what is going to be happening after Christmas. I just wasn't sure if there was nothing I should be doing (better) in the run up to the "new world". My income fluctuates from month to month depending on the amount of overtime I work and this has worn me out mentally and physically. I feel like a hamster on a wheel - endlessly running and getting nowhere!
It looks like I am going to have to wait until things have happened and I can't actually pay the billls before I can approach CCCs or Payplan for debt advice.
I feel like I am trying to knit fog at the moment and a lot of it is in my head!!!
:rolleyes:
startagain

startagain_2

Airwolf1 wrote: »

If you are with the CCCS, is your income including the overtime you receive? Can't you contact them and explain the changes that are taking place and see if lower payments can be agreed?

No, I haven't contacted either CCCs or Payplan as yet - I thought I could cope (not sure how) and it is only the latest bombshell at work that has made me realise the severity of my situation.

misspoppy

Hi

firstly well done for planning ahead and realising there could be some problems. I was wondering if you claim all the benefits you can ie working tax credit and council tax credits?

In terms of a job with benefits as you describe can I be 2nd in the line for a job like that I don't think many exist and there is usually a pay off in the fact you don't get paid for overtime in jobs like that.

BlondeHeadOn

startagain wrote: »

Thankyou for your prompt reply - the problem I have at the moment is that if I post a SOA it will not reflect what is going to be happening after Christmas. I just wasn't sure if there was nothing I should be doing (better) in the run up to the "new world". My income fluctuates from month to month depending on the amount of overtime I work and this has worn me out mentally and physically. I feel like a hamster on a wheel - endlessly running and getting nowhere!
It looks like I am going to have to wait until things have happened and I can't actually pay the billls before I can approach CCCs or Payplan for debt advice.
I feel like I am trying to knit fog at the moment and a lot of it is in my head!!!
:rolleyes:
startagain

I think that now is the perfect time to post your current SOA, as the experts on this board will be able to point out areas where you may be able to cut down straight away. Then when and if your situation changes after Christmas, you can adjust you SOA to reflect that and should be able to quickly work out the impact and the possible remedies.

Your current SOA can be your baseline scenario, and it may be very helpful to have an informed idea of how the changes may affect you.

Doing this should make at least some of the fog clear a bit, the known is always better to cope with than the unknown!

Oh, and welcome to the board :j :j :j