Can't find a way out

maddiem

A few years ago my partner died unexpectenly. Due to his illness I borrowed without thought to try and save his life. Following his death I didn't work much but survived as best I could, then finally throwing myself into work. However, I had to survive, I admit depression and the need to keep going meant I spent more than I earned. I got myself on a evenish level but because of medical coasts, joint debts and my own debts, everything was just too much. Then last year my father fell terminally ill, I had to borrow to keep going back to visit and when he passed away end of last year I was in a place where I was borrowing from Payday cash loans. So I am now in the position of salary going in, paying off those loans and having to borrow again from them so I can live and pay mortgage etc. My mortgage company last Aug took me to court for arrears which I pay an additional amount each month, I pay minimum to CCards and a loan. I have absolutely nothing. I've cut back to basics, do not go out, have not bought any clothing in a very long time. My house is worth less than what I owe. I don't know what to do. I had gotten on track and then last year again due to death I am struggling. I have nothing left and no options. No loans will touch me and payday cash ones are getting out of hand.

madmalteaser

I'm really sorry to hear about your situation maddiem but well done for getting on here, this is the first, and hardest, step to working your way out of this.

I know others will come along and say the same thing, best thing to do is sit down and post a Statement of Affairs (someone will probably put the link up shortly) and then lots of wonderful people will come along with advice on how to try and save you even more money than I'm sure you already are.

Good luck and welcome to the board. x

MrsTinks

Link

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

Edited to add some text - just wanted to get the link up

Try not to worry too much - right now your priorities are mortgage, council tax, utilities and secured loans. Payday can snaffle off as can credit cards and any other creditors.
Do a full SOA for us so we can see exactly how bad things are and give you some advice on the best way forward.

christabell

Welcome Maddiem to MSE.....the fact that you are here shows great spirit. Sometimes it take the pain to start and fix the problem. How could you make any sensible decisions with the losses you have had close together. have you thought about going to your GP for a consult with a grief counsillor? Or perhaps a chat to the GP to see if perhaps there is an under lying depression?

Now.....are you brave enough to put your SOA on here and let the money saving experts come along, have a look and make suggestions? Do you have your electricity and gas on the best tariff? What about your phone? can you make monthly payment plans with your fuel? Same with the phone.

Have you used a snowball calculator to help with the cc's Lets wait and see what suggestions come along......KEEP POSTING........today is the start of the rest of your life.......

churchrat

hi
it sounds as tho you have had a terrible time--have you had any help for you?? have you seen your gp or had any other type of support?? Many people on here will have found themselves in a similar situation and know how hard it can be to get back up again, but it CAN be done.

Have you spoken to anyone about the debt?? payplan cccs or cab?? they are great places to start. Please post your soa and keep coming back here.
goodluck
churchrat

beanielou

Sorry to hear that you have had such a hard time.
Pop up your SOA when you can & we will see what we can do to help.
Take care

notenoughcash

Oh, love. I'm really sorry to hear of your situation. I managed to fall into the 'cash til payday' trap a number of years ago, and further and further into it every month as you say. You really do need to speak to CCCS or CAB, and most definately your GP. I know things feel desperate and tough right now but you WILL come out of the other side one day, and from now until then and beyond MSE will support you all the way x x x

maddiem

Thank you for the words of encouragement and advice. I will get onto a SOA.

sunshine38_2

Hi Maddiem

I'm so sorry to hear about all you have been through and didnt want to just "read and run". Thank you for sharing that with us, it must have felt so hard to write at the time.

I hope you manage to prepare your SOA as suggested already.

There will be a way to get things back on track and everyone here will help you find it. There will be other options so hang in there, it's just a question of finding out which options are available to you at this time.

Big hug, keep posting.

Sunshine x

maddiem

___Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1900
Monthly Expense Details
Mortgage................................ 1050
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 27
Gas..................................... 21
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 15
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 35
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 35
Road tax................................ 15
Car Insurance........................... 41
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 17
Buildings insurance..................... 28
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 0
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Funeral costs........................... 72
Total monthly expenses.................. 1686

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 141000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130659...(1050).....0
Total secured & HP debts...... 130659....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
A&L Loan.......................9848......30........0
Capital One....................2051......20........0
Citi Cards.....................1165......25........0
Barclaycard....................420.......13........0
Catalogue......................738.......0.........0
Cahoot Bank Account............900.......0.........0
Mastercard.....................2400......20........0
Shell Visa.....................552.......20........0
American Express...............3000......20........0
Egg Card.......................3400......15........0
Vet............................700.......5.........0
Total unsecured debts..........25174.....168.......-

Monthly Budget Summary
Total monthly income.................... 1,900
Expenses (including HP & secured debts). 1,686
Available for debt repayments........... 214
Monthly UNsecured debt repayments....... 168
Amount left after debt repayments....... 46
Personal Balance Sheet Summary
Total assets (things you own)........... 141,000
Total HP & Secured debt................. -130,659
Total Unsecured debt.................... -25,174
Net Assets.............................. -14,833

________________________________________________________
This looks bad but in reality things are much worse.

The credit cards I have made the arrangement to pay those amounts monthly and have being do so for months now. Mastercard and Egg are paid to Moorcroft (I did everything to make this not happen but they wouldn't listen). Barclaycard is a very old debt from years ago which I am disputing from Lowell and have asked for copies of statements etc. Cahoot is a joint account I have with my partners and is -£800. I haven't paid anything into this as I have nothing. I asked them to stop charges but they won't so I end up with a minimum of £30 charges each month on this so that is adding up. My mortgage is on a fixed interest rate of 5.25% which was good at the time but now with interest rates so down I though they might budge but as I'm in arrears and put £125 towards this. Any advice on this one? Catalogue I have ignored and they are hounding me now, it was a way of getting clothes when I couldn't afford them. I had asked for restbite but they wouldn't hear of it and now I ignore it. I know I shouldn't but I can't help it. My council tax is £192 in arrears and they are now threatening. Car tax is due at end of month and so is MOT. I use the car once or twice a week but I do need it for work.

As I mentioned in my original post I am caught up with Payday loans so the are costing me a fortune. They are what cripple me but I can't see a way out.

Safeloans £400 (will be £487.00 when it comes out at end of month)
Payday £550 (will be £755.00)
Wonga £499 (will be £648.00)
Uncle Buck £400 (I am only paying the interest which is £94 p.m.)

I know this is crazy and it is going from bad to worse but I cannot get out of it. I don't know how. My circumstances and dreadful and no way out.

MyLastFiver

OK - those payday loans need to go onto your SOA, as does whatever payment you need to make to your Cahoot bank account to stop them charging you. Put all of your debts into the calculator, and name them, so if it's Moorcroft you pay, then put Moorcroft down. And what are you supposed to pay monthly to the catalogue? Put it all in the calculator.

As it is, this is far from disastrous and you will have options. Complete the SOA in full and we'll be in a much better position to advise.