Last Resort Financing

lilacbrook

Originally Posted by lilacbrook
I hope someone can offer me some guidance as I've been on the site, but only managed to get myself sorted mentally this week about my debt. Which having worked it out with the help of the Citizen's Advice Bureau is nearly £29K. Who helped me with my statement of affairs. I'm not even sure if I have put this post in the right place.

The debt is a result of starting up my own business. In essence, as a result of the debt I need to move from my current location, which is too expensive to live, I have no savings as they were poored into the business and no family who can offer me support. I have job interviews lined up with a potential job starting next week My current loans and cards are maxed out and I have no idea how to finance the move. I've been told it will cost nearly £2k for a month deposit and to organise the move.

Writing this is a real shock to my system but if anyone could suggest where I go to get some financial support for the move which will help me to start repaying back my debt that would be greatly appreciated. I have also read Southern Scousers thread, and that has really helped me to understand some of things I need to be doing as well.

Kind regards - Lilacbrook

lynzpower

Hi there Lilacbrook

YOU are very much in the right place

First off, do an SOA, and a little bit more info? Why do you have to move? where abouts are you living at the mo? 2k? Seems crazy? Couldnt you be a lodger or go into a houseshare instead Waaaay cheaper?

Just a few thoughts from me while you get an SOA together for us to have a look at

*hugs*
lynz

**purpleprincess**

Well done for finding us!!! And getting the courage to post. Like lynz said, post an SOA and we can try and help! xx

lilacbrook

Hi Lynz

Thanks for getting back to me and responding so quickly, its a relief that I am getting this sorted but also have the knowledged of others who are in similar circumstances. I am just doing the SOA for this and will post it shortly.

Best wishes - lilacbrook

lynzpower

Great stuff

Im sure me & Purple princess will do our bestest

kathfisch

Congrats on taking the first step by admitting to your situation and posting here :T

We'll have a look at that SOA of yours and see what suggestions we can come up with

Best of luck x

lilacbrook

Hello everyone and thanks for responses...it's a bit long this message

Here is my SOA...finally took the last plunge, nearly fainted at the amount as loans seemed to have developed gradually increasing in last 2 years when i set up a business which folded.

SOA as of today are:

Virgin Card £2130.30 @ 15.9% my limit £2000
Egg Card £2352.06 @ 15/9% my limit £2250
Halifax card £6500 @ 12.9% my limit £6800
Northern Rock Loan £9817.44 @ 8.8% borrowed £13305.6
Student Loan £2927.14 @ 3.2%
Abbey O/D £1319.15
LaRedoute Cataloge £209.17 @ 2%
Rent Arrears £675
DEBTS from Business:
Alliance & Leicester O/D £551.16 @ 9.5% my limit £550
Abbey National O/D £671.61 @ 10.9% my limit £650
British Telecom £201.85
Business Rent £289.28
Cahoot Loan £2039.61@ 8.9% borrowed £2465.40
Investor loan capital £3125 @ 0%
Total £32808.77

I have been living of my savings and (madly using my cards) for the last 3 months to pay my bills and rent, whilst looking for work. And just registered for job seekers allowance and housing benefit, as search for work in London (temping or permanent) not going well. They are not sure when my claim will come through. Additionally the CAB have informed me in order to write to my lenders they need to know how much income is coming in, hence there is nothing at the moment and Benefits Agency has not confirmed that I will be entitled to benefit. So am confused as to how my letters are going to be written - any advice on this would be great.

Lynz...having to move from London as too expensive to live here and person I am living with is going abroad, I also have job interviews lined up in Midlands so hopefully move may in long term help me to pay off debts. However, maybe I can do a flat share or look for cheaper accomodation to reduce the moving fees.

Also lenders keep on phoning eventhough they are aware of my situation. Any advice anyone can give to help me get kicked started in paying of my loans and learning how to manage finances and lenders would be great.

Many thanks ....Lilacbrook

MCBIRNIE25

Hi Lilacbrook, i can help you with the benefits side of stuff. We are DWP now, not Benefits Agency ;-)
If you PM me I will do a forecast later on after work.

Regards,
MCBIRNIE25

lynzpower

Hi there lilacbrook

Pm sent with details of an agency my OH used when He was in the saem situation as you. Its hideous job hunting in london isnt it? Can be really frustrating.

Pm me or MSN me, IM online for most of today if you want more what we deont know about employment agencies in london aint worth knowing

lilacbrook

This site is a god send. Have re joined a temp agency and was offered some temp work this week, also benefits agency will be interviewing me next week to see what i am entitled to and CAB will be contacting my creditors.

Also have now purchased a spending diary and reading learning-to drives thread so am sure this will help me identify my spending habits. However, don't understand what you do with the diary at the end of the month? Tried to open the Excel Budget Planner attached in that thread and it came up empty, any advice as to where I can get another version from?

Ta - Lilacbrook
_________________________________________________________________
If yesterday was lost in grief, don't lose today and tomorrow by keeping it in your memory

lilacbrook

Hello Can someone help me with this question I would appreciate anyone's help.

I have now purchased a spending diary. However, don't understand what you do with the diary at the end of the month? Tried to open the Excel Budget Planner attached in learning -to-Drives thread and it came up empty, any advice as to where I can get another version from?

Ta - Lilacbrook