bail on the bank ???

madmich666

Hiya, I agree with Ames on the points put. Have you thought about talking to the CCCS or National Debt Helpline about the debts. They may be able to help you with a repayment plan. Sorry if someone else has said this but couldn't see it in the thread anywhere.

Sorry I'm not much help. Hope you get this sorted.

Mich

Ames

Why weren't you eligible for the OU computer grant? Although I suppose it's a bit late now.i

Tixy

Hi - you really need to seek advice from one of the free organisations - and the sooner the better, as you know you are sinking fast and incurring charges. Whilst you could maybe make a few cutbacks on your costs nothing is going to free up enough to get you out of this situation.

I would very much doubt that your bank would lend to you - and I think CCCS (or whoever) would probably recommend a DMP - they may let you keep the flm loan out of the DMP.

Ames

Madmich and Tixy, Antony said in his first post that CCCS wont help him as his debt isn't high enough. I think the next port of call would be CAB or Christians Against Poverty (you don't have to be religious to get their help).

Or you could try and deal with it yourself. To do that you'd have to open a new bank account, then work out what you owe to who (once you know what cheques have gone through etc), and offer them an equal proportion of what you can afford.

As for things like entertainment, as long as it's reasonable then your creditors would be ok. Paying them £1 a month and blowing a few hundred on entertainment would get their back up, but I think they'd rather get as much as they can so it's all paid off, than risk you going a couple of months, thinking sod it, and giving up repayments so you can go out all the time. It's a bit like dieting - if I have no chocolate in the house I end up doing a late night dash to asda to buy up half their chocolate aisle, if I have some in that I know I can get whenever I want I'm more likely to stick to the plan.

STUCKINALOOP

Hi Anthony

I am in the same situation as you but not to the same extent. I have payday loans totalling around £750.00 that all I seem to do is pay off the interest. My bank then cancelled my overdraft just before xmas and are now chasing me for the £1500 that it was at.
They will not necessarily honour all of your cheques. I had all of mine bounced (6 of them) by the bank. When I queried why it was because I had broken the terms of the guarantee ie. by writing more than one at the same time for £100.00.
They bounced all of the and barred my account.

I find it difficult to believe that companies won't help you. I called my bank first and asked for help and they told me I was not in enough debt to qualify for help, but today I have spoken to National Debt Helpline who were fantastic.
They are calling me back later on today to go through some final bits and if it helps I will let you know how I get on.
They will try and arrange for a sensible monthly payment plan for you.

Will post later on

STUCKINALOOP

one other thing - I also had a Halifax Ultimate Reward Account. They closed it and basically all of my benefits that go with it and have been very very unhelpful since.
I have another account with HSBC that I now use so I would recommend having another bank account open just in case they suddenly close it.

STUCKINALOOP

Have just spoken to National Debt Helpline who rang me back. They are taking £72.00 per month which will cover all my outstanding. I can't believe it was that easy!!!!!!!:jSo now all I have to do is pay them each month.

I would highly recommend it!

antony85

STUCKINALOOP wrote: »

Have just spoken to National Debt Helpline who rang me back. They are taking £72.00 per month which will cover all my outstanding. I can't believe it was that easy!!!!!!!:jSo now all I have to do is pay them each month.

I would highly recommend it!

congrats atleast someones getting somewhere, i havnt spoken to nationaldebtline yet, but ive heard that these "free dmps" either take a certain percent of what you pay per month, on are always a month in arrears to for example if you pay them in jan, they dont pay your creditors until feb, so they can make interest on your money,

is there any truth in this ? how much debt are you talking bout and what type of debt? payday loans, loans, credit car etc

Ames

Free DMP's DO NOT take a percentage each month. They might keep your money in a holding account for a couple of weeks, but I don't think it's as much as a month.

antony85

hi all, firstly may i appologise for the lack of updates ! been feeling a bit down latley, alot of money issues, ! doing 6days a weeks, still not got enough money to live on, im thinking of crashing completley and doing a full dmp with all my creditotors, not just the paydays.

firstly ill explain whats owed where,

natwest - -£2,078.19
abl (debt passed to chantry collections) - £405
htp £300 (was £600) AP £65PW
money shop £31.25 (was £750) £31.25 PW
cash convertors - £100
cash generator - £340 (100 due to hit bank mon night)
provident £500 - £25PW

empire stores £444.56 min pay £64
littlewoods £504.92 min pay 22.84
great unisersal £428.64 min pay 42.32
additions direct £139.26 min pay 6.97
marshall ward (disputed account) i only accept £150 of this debt, the rest is where they have added on items i havnt had, and added interest and charges sicne i put the account in dispute, and still have failed to contact me, after making 4 complaints.

so theres what i owe, apart from a guarantored loan of £2500 which isnt included as there is no way i cannot pay this, as they would look to my aunt for the money, and she has since split up with her partner sicne she did this for me, and is now on benefits, and could never afford to pay it!

i need some help in writing some letters to my creditors, just need a bit of advice really.

firstly let me tell you what i HAVE to pay and want to pay ie cigs

Rent £45PW/£180PM
guarantor loan £148PM
travel costs £15PW/£60PM
orange phone bill £45PM (contract til dec 10)
t-mobile internet bill £30PM (contract til oct 10)
HTP £25PW (want to pay as only 3 months left)
cigs £15Pw
abl £5PM

what i need is an soa, that shows i earn £650pm (as this is what ill be earning from next week, as i will no longer be recieving any overtime) but hides the fact that im paying htp(because its considered favouring if im given them £100pm and others maybe £5 but this is because they have helped me from the begging when others didnt want to know, plus it will be gone withing 3 months and in 3months ill then be able to increase payments to the others.(maybe i could state my situation will improve slighty in 3 months, and i may be able to offer more, at that point, if that will look in favour or not i dont know! ) i want it not to show im paying htp but rather im paying some sort of other expense i.e it could go under food, as i dont really buy any food as i live at home.

can anyone help me with this? i need the soa to look reasonable, and split my £22 i have available per month between all my creditors, and what payments to offer them, the creditors that are underlined, dont need to be offered anything, as i have either already spoken to them and arranged something, or i dont know where they debt stand until next month, and will deal with them then !

any help will be much appreciated, it all seems a bit mind boggling for me, and im currently loosing sleep over it all ! as you can see its nearly 1am, and im sposed to be up for work at 5am,