What to do?

Prudent

You have left out christmas/ birthday presents. Often not huge costs, but add up over the year.

Prudent

I can't get your figures to add up. It seems you cannot pay all of that out of your wage. It looked just about do-able (with some adjustments) until I realised your rent was a weekly amount. The loan seems to be a massive outgoing.

livinginhope

Hi tom and jerry,just added up your SOA and you appear to have a shortfall of nearly 400 every month.
Tried to look for some savings and can see that you pay 49.48 for your telephone and broadband,I'm sure this could be reduced a fair bit.
Why 15 account charge? is it Lloyds platinum account? do you actually use the benefits?
50 for social life? I know it's hard,but when you are in debt a social life comes last (sigh!)
120 for food,how many is that for,if just one,that could come down.
Can't save you the 400 but it's a start.
Hopefully someone with more ideas will come along soon,good luck.

lynzpower

dare i ask, what did you spend the money on. I know a period of unemployment was there ,but what else?

What Im getting at is a) sell whatever you dont need, ebay, car boot sale, loot whatever. Youll want to pay that direct off your debts. b) can you earn more? I wonder if you live in london? YOu could get some sort of evening job to bulk out your earnings?

Its this secured loan thats effectively the problem here, its HUGE. I cant beleive that they let you have it in all fairness its seemingly impossible to pay. Can I ask where is it secured? ONly it seems like you are renting inclusive? Is the debt secured there? Or on another property??

I wonder what the solution is ( not another loan I hasten to add)

tomandjerry

Prudent wrote:

The insurance seems very expensive. Are you committed to it or could you cut costs by taking up more competitive insurance from elsewhere.

I would take it eslewhere, but where?

tomandjerry

Prudent wrote:

You have left out christmas/ birthday presents. Often not huge costs, but add up over the year.

I'm not worried about these too too much.

Annie_Fanny

Have you started to claim back fees? Can you get a part time job?

tomandjerry

lynzpower wrote:

dare i ask, what did you spend the money on. I know a period of unemployment was there ,but what else?

What Im getting at is a) sell whatever you dont need, ebay, car boot sale, loot whatever. Youll want to pay that direct off your debts. b) can you earn more? I wonder if you live in london? YOu could get some sort of evening job to bulk out your earnings?

Its this secured loan thats effectively the problem here, its HUGE. I cant beleive that they let you have it in all fairness its seemingly impossible to pay. Can I ask where is it secured? ONly it seems like you are renting inclusive? Is the debt secured there? Or on another property??

I wonder what the solution is ( not another loan I hasten to add)

My unemployment lasted for about 7 months, I had to pay my rent, food, everything by credit card (thank god I had one, otherwise I'd probably end up on the street) as I didn't have any other income. When I started working it was still not what I wanted but better than nothing. Now 3 years on I'm still struggling as the cr. c bill is still growing and I'm not able to manage. That's why such horrific cr.c bill. Probably I should start looking for another little job as I have a little bit of spare time.
Yes, I cant beleive myself that i actually took thet loan last year, but I was so desperate. Now I'm paying. It was suggested that if I had spare £3000 towards the end of payment I could pay it off. But what about the rest of these years?
Please advise something. I don't go out that much 'cos have been aware of the whole situation for a long time and it's very depressing.
Please advise again, I ant to go beck to the uni and need a proof of income.

tomandjerry

mountainofdebt wrote:

why do you need £1600 before 16/08/06?

I know this is going to sound hard but you MUST stop using your credit card.....you cleared it once before and already building it back up together with the loan. This is why consolidating loans is never a good idea unless you can keep your spending in control. Before you say anything, I've seen the film and read the book on that one.

Can you cancel the insurance part of your loan? This may reduce the monthly payment.Be careful of decreasing your monthly payments - they're not going to try and sell you another loan are they to clear that loan?

As has already been said, post your SOA and we'll see where we can shave those ££££s.

Sorry, I need this £1600 and it's very important. Can't say no more.

tomandjerry

Annie_Fanny wrote:

Have you started to claim back fees? Can you get a part time job?

I haven't started to claim, what I could? Please tell me.
I'm thinking about an extra hours but not too much as it goes to a tax man.
taj.