Help - Being chased!!

united66

Hi all, sorry if this is in the wrong section I am new to the forum and really need some advice. Last year when me and my ex-girlfriend split up I lost my way a bit and took loads of payday loans out to enable me to keep going out with friends in an attempt to get away from my personal life (silly I know). I thought it was free money at the time and realised that I couldn't afford to pay any of them back, I changed my bank card so that none of them could take the money back and now I have them chasing me at work aswell and it's really embarassing. I try and explain my situation to the debt collectors but they don't listen to me or try and help. They are all at my old address though, and I now live with my wife - im 28, and am expecting a child and want this all sorted. I understand there isn't enough debt for an IVA or anything but I am now paying all the bills and trying to keep on top of food etc etc as my wife is now out of work and will be for some time and I just can't afford to pay them at all right now. None of them have my new address and I won't give it to them either so I'm not too worried on that part but I'm getting personal calls at work all the time now and I don't know what to do, if I'm being honest I have to say I thought I could just ditch it and run but somehow they have got my work number. They total around 2000 pound now as they have accumulated interest and charges during the course of me not repaying. I have to pay around 900 pounds worth of bills out every month and struggle to manage to live as it is with me being the only earner.

I know this was a big mistake on my behalf and it was a quick fix last year that I am now regretting due to my relationship breaking down. What can I do to resolve this does anyone have any ideas?

Thankyou for your time reading this.

McKneff

Good for you for coming on here for help and facing up to things.
£2k in comparison to what some people on here owe and ask for help is a piddling amount (yes, i know, not to you).
The first step is the hardest and youve taken that one..

Lots of people on here will be able to help, the first thing i can suggest
is put an SOA on here (Statement of Affairs) its amazing what fresh eyes can do in cutting down on your outgoings.

Just be patient and wait for people to come in and have their tea.

savingmummy

Hi and welcome to the forum this is the right place
You are right running don`t sort it out so you need to contact them and make a repayment plan with them!
You can stop the calls at work this is harrassment but normally you can ask for correspondence via mail only - in this case they dont have a address!

Others with more knowledge will beable to advise you and you will be ok, just daunting right now i know! BUT once you have a plan you will be fine.

It may be worth you doing a full SOA http://www.makesenseofcards.com/soacalc.html and see exactly whats coming in and going out each month and see if there is anywhere you can cut back to help pay the debts on a monthly basis!

Do you have anything(s) you can sell? Any savings or assets that could help?

RAS

Unless you have requested that they phone your work place, this is contrary to OFT Guidelines.

This is a letter telling them to write to you only

http://forums.moneysavingexpert.com/showpost.html?p=23624437&postcount=2

You can tweak that to demand that they remove your work telephone numbers from your records and report them to the OFT and IO if they do not do so.

However, you do need to ensure that they have some means of communication, if only to arrange to forward mail from your previous address.

McKneff

However, you do need to ensure that they have some means of communication, if only to arrange to forward mail from your previous address.

I agree totally with this, you cant ask them not to ring you and then notgive them any way to contact you. If they cant contact you the debt is just going to get bigger and bigger while you sort things out.

I work as a receptionist and often these people ring up for people in our factory. They dont get past me Im afraid. I just tell them that we have no one of that name in the office - that way i am not lying.
(i do normally tell the person concerned that someone has been chasing them and give them the phone no. that comes up on my board)

united66

Hi folks, thanks for your time reading this, I will do an SOA and post it on here asap.
Thanks for the letter template with regards to phoning me at work I do fear I will lose my job though if it carries on.

united66

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11
Mobile phone............................ 40
TV Licence.............................. 28
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 50
Clothing................................ 30
Petrol/diesel........................... 30
Road tax................................ 12
Car Insurance........................... 50
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 8
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 943


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Payday UK......................550.......0.........0
Txtloan........................260.......0.........0
Payday Express.................370.......0.........0
Loan in fathers name...........7000......143.......0
Littlewoods....................1500......100.......0
Total unsecured debts..........9680......243.......-


Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 943
Available for debt repayments........... 207
Monthly UNsecured debt repayments....... 243
Amount short for making debt repayments. -36

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,680
Net Assets.............................. -8,930

RAS

Hi

Your wife shpuld be getting SMP?

HAve you checked for working tax credit, housing support of CT benefit? Go to www.entitledto.com.

savingmummy

united66 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1 do you NEED the car?

Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0 you will get some help when baby is born child benefit and tax credits
Other income............................ 0
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 433
Management charge (leasehold property).. 0
Council tax............................. 55 thats low - is it correct?!
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 11
Mobile phone............................ 40 can you go payg once contract ends? try haggling for a cheaper deal?
TV Licence.............................. 28 this is a little high its £13 approx
Satellite/Cable TV...................... 10
Internet Services....................... 10
Groceries etc. ......................... 50 A month?? are you sure??
Clothing................................ 30 Use what you have and reduce amount spent overall!
Petrol/diesel........................... 30 is this correct? seems quite low on usage do you need the car
Road tax................................ 12
Car Insurance........................... 50 try for cheaper
Car maintenance (including MOT)......... 5 including MOT?
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 reduce for now, limit who you buy for and how much for each person!
Haircuts................................ 8
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 943


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Payday UK......................550.......0.........0
Txtloan........................260.......0.........0
Payday Express.................370.......0.........0
Loan in fathers name...........7000......143.......0
Littlewoods....................1500......100.......0
Total unsecured debts..........9680......243.......-


Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 943
Available for debt repayments........... 207
Monthly UNsecured debt repayments....... 243
Amount short for making debt repayments. -36

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,680
Net Assets.............................. -8,930

Is the SOA accurate?
Groceries seems very low for 2 a month.
There don`t seem to be much to cut back on tbh, maybe try cheaper car insurance, reduce presents and clothing!

savingmummy

RAS wrote: »

Hi

Your wife shpuld be getting SMP?

HAve you checked for working tax credit, housing support of CT benefit? Go to www.entitledto.com.

I don`t think he has included his oh`s wage as it will be stopping eventually.

Housing support i`m not sure, my DH earn less a month and we are not entitled to any help at all!

katsu

What is the £80 entertainment?

Stop it for a while and use that to pay off the debt.

You could consider finding your local credit union to apply for a loan to replace the payday loans? Their rates are cheaper than payday loan companies. You need to be sure you can pay them back tho.