Help Im in a right pickle!!

SkintnScared

Hi there
Please please can you help me Im in a right mess, outlined below:

Debt:
Baines & Ernst - Aprrox £20,000
Payday Loans - £1200

Incoming:
Monthly Income - £1665

Outgoings:
Bills & Mortgage - £1200

So basically I owe payday loans £1200. Ive paid off for this month so this amount is for February, its more than I have left over each month (£445) so basically each month Im getting more and more in trouble.

I am paying B&E £181 each month for my Debt Management plan so as you can imagine by credit rating is horrendous.

My mortgage is in mine and my dads name and I cant tell him my problems as shes very ill (plus he paid off some debt when I was younger so would kill me.)

I am due to get my bonus from work on 15th March so could pay off payday loans then, do you think they would accept this as obviously if not the situation is going to be twice as bad by then.

Ive just been paid today and literally have no money left at all for food, petrol etc as it has all gone to payday loans.

Im soo worried and scared about how I am going to get to work etc over the next month?

Please can you advise me asap?

Many thanks

SnS

Ames

First of all you have to ditch B&E, go to a company that doesn't charge you - that 180 could be coming off your debts each month! You need to go with CCCS/Payplan/CAB or CAP.

For the payday loans my advice would be to cancel your card and any direct debits (better still get a new account) and include them in the DMP with a new provider.

I'm sure that the clever people will be along soon though.

Mikeone

Hi SnS, sorry to hear about your situation. Some wiser counsels will be along soon to offer some useful advice for you to get out of this position.

In the meantime, I’m here to say that you’ve made the right step in coming here. We’ve all been in the deep do-do ourselves at one time or another, and we can all tell you there is a way out.

Couple of things to say. Firstly, B+E are charging you for something that you can get elsewhere for free. Speak to CAB or CCCS (plenty of links and contact details here at MSE)

Secondly, post a full SOA (Statement of Affairs). It will help other users to offer you the best advice, and will help you to see exactly where you stand.

Best wishes.

katsu

Can you post a proper SOA (look in the main sticky threads on the board for the link)?

Look in the phone book - is there a credit union in your town? They may help you with a loan to get away from the payday co's.

SkintnScared

Hi all

Thank you so much for coming back to me Im just soo stressed at the moment and the annoying thing is come March I will get my bonus and be in a much better position.

Can I just ask, if I dont pay my payday loans and include them in my DMP, are they not like loan sharks? Will they turn up on my doorstep or are they like my other creditors that I currently have through B&E? Are they likely to accept lower payments fairly easily??

So heres what Im gonna do:
1. Contact CCCS or other to transfer my DMP (B&E are charging me £35 a month for their 'services'....of thats what you can call it)
2. Research Credit Unions...have had a look and there is one in my local town but I need to join......is this the best thing to do?
3. Ive spoken to my BF this morning and told him my situation, which was really hard for me as hes fairly financially secure....have not been going out that long though so cant really borrow from him to tide me over to March!
4. Statement of affairs coming up.....the thing is without the payday loans Im ok month to month.....just need something to tide me over till march!

So feel a lot better now, still worried about how I will survive this month....currently digging around to see what I can flog on ebay!!!

Thank you all SOOO much for answering my queries!

Sns xx

katsu

Credit Unions are there to help people start to save and avoid using expensive credit like payday loan co's. Go talk to them and see what they say.

Verbatim

Can yo walk or cycle to work or get a lift?

What food have you got in? How many meals can you get out of what you have?
Can you eat at your parents' house a few times? Or cook for your bf at his place with his food??
have you got any forgotten accounts or savings? Money down the sofa or in a coppers pot?
On another thread someone suggested a car boot sale tomorrow if there's one nearby and you have some stuff you can rustle up to sell.

savingmummy

Its good you will be fine from March.
Maybe worth doing an emergency tab each month if you manage ok most months for when times like this crop up x

Ames

Payday loan companies aren't loan sharks (even though their apr's say otherwise!), they wont turn up on your doorstep with a baseball bat! Be careful getting a credit union loan though if you're going to CCCS, they'll expect all debts to go into it, and the cu wont be happy at being in a DMP straight away, they could accuse you of fraud. Best to just chuck it all in the pot with CCCS.

SkintnScared

Hi all
Thank you soo much for your advice. Thanks Ames reference the credit union, I think my best bet would be to chuck it in my DMP and come march spread my bonus between debtors (through DMP) to bring down my debt further (bonus circa £2k.)

Thank you also for the advice on payday loans, just had this vision of 8ft men turning up on my doorstep!!

Verbatim - thank you for your great advice also, all of it very possible...well apart from walking to work (25 miles away) but I shall defo be 'eating out' at other peoples houses over this coming month to make ends meet!

Im just on my way to clear out anything I can sell and will look into car boots near here.........

Thanks guys for all of your help, I feel soo much better now (coupled with crying and blubbering all over my BF this morning lol)

Ill keep you posted

Oh btw.........any recommendations or preferences for DMP? Currently with B&E...also do I pay B&E this month and set up the new one (with CCCS or equvilant) for next month....obviously dont wanna miss this months payment to debtors, making them less likely to accept my next DMP??

Thanking muchly

Sns xx

SkintnScared

SkintnScared wrote: »

Hi all
Thank you soo much for your advice. Thanks Ames reference the credit union, I think my best bet would be to chuck it in my DMP

Meaning Payday loans here.........not a credit union loan!! Sorry didnt read very well!