Time For A (Big) Change

AppleMatt

Hey All,

Very nervous, sorry! I've just started to realise that I really need to stop ignoring everything I owe, and do something about it...

I've a condition called schizophrenia - and a heart condition that makes blood pressure and heart rate work opposite to normal. These two nasties have affected my judgement for too long...

While very ill I took out a personal loan for £1600 and another payday loan for £700... I've been too scared to talk to them, they don't listen when I say why I cannot pay them anything.. though I am very sorry for it all.

I've written them letters now with 'without prejudice' on offering hfc 300 to settle and wonga 400 after I've paid hfc.

Just wanted to get it off my chest as no one knows anything of this...!!! :eek:



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 861
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 20
Total monthly income.................... 881
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 42
Council tax............................. 70
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 90
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 85
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 514

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Payday Loan....................757.......0.........0
HFC Personal Loan..............993.......0.........0
A&L Overdraft..................332.......0.........0
Total unsecured debts..........2082......0.........-

Monthly Budget Summary
Total monthly income.................... 881
Expenses (including HP & secured debts). 514
Available for debt repayments........... 367
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 367
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,082
Net Assets.............................. -2,082
Created using the SOA calculator at

Tixy

Hello Matt, welcome to MSE

AppleMatt wrote: »

Hey All,

Very nervous, sorry! I've just started to realise that I really need to stop ignoring everything I owe, and do something about it...

I've a condition called schizophrenia - and a heart condition that makes blood pressure and heart rate work opposite to normal. These two nasties have affected my judgement for too long...

While very ill I took out a personal loan for £1600 and another payday loan for £700... I've been too scared to talk to them, they don't listen when I say why I cannot pay them anything.. though I am very sorry for it all.

I've written them letters now with 'without prejudice' on offering hfc 300 to settle and wonga 400 after I've paid hfc.

Just wanted to get it off my chest as no one knows anything of this...!!! :eek:



Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 861
Partners monthly income after tax....... 0
Benefits................................ 0 are you entitled to any working tax credits?
Other income............................ 20
Total monthly income.................... 881
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0 is this paid be benefits?
Management charge (leasehold property).. 42
Council tax............................. 70 can you get any help with CT benefit?
Electricity............................. 45
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 12
Mobile phone............................ 10
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 13
Groceries etc. ......................... 90
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 85
Holiday................................. 40
Emergency fund.......................... 0
Total monthly expenses.................. 514

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Payday Loan....................757.......0.........0
HFC Personal Loan..............993.......0.........0
A&L Overdraft..................332.......0.........0
Total unsecured debts..........2082......0.........-

Monthly Budget Summary
Total monthly income.................... 881
Expenses (including HP & secured debts). 514
Available for debt repayments........... 367
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 367
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,082
Net Assets.............................. -2,082
Created using the SOA calculator at

Your budget doesn't look to bad at all if you can stick to it. Hope you hear back from your creditors soon, how long have you had the debts? and how long since you paid towards them. Did you use a template letter from here or somewhere that says it needs to be in full & final settlement?

Good luck

DarkConvict

You haven't put up the APRs on the loans, but i would assume the PayDay loan has the highest APR, concentrate on getting that one cleared first.
Local creidit unions sometimes help with payday loans.

AppleMatt

Hey Tixy and DarkConvict,

Thanks for your replies! In terms of my budget, it may look good - but somehow, somewhere, it all goes. Quick! It will all be tighter paying them lump sums but I just want this done with..!

I'm not sure of the APRs, if I'm honest. No interest seems to have been added to my HFC loan since defaulting. I took this out in 2006, and went down hill from there. I now work which I am happy about! The only reason I picked this first is that it has been a major headache for so long..

In some ways i am glad i took them out and didnt pay.. because no one will give me any more now

Anyway, I'm rambling.. I have a couple of questions if I may? How likely do you think HFC would be to take 300 as a settlement on a 993 outstanding? They offered to do it for 500 full and final last year but when I was only getting 50 pounds a week...

I don't like using illness as an excuse, but if i explained to them my mental state at the time, do you think this can work in my favour and they would be more willing to accept?

I have looked up Wonga / Barker and Lowe (who they are apparantly trading as, and calling themselves their "clients" - can they do that??? ) and they dont seem friendly... i am worried about them.

Rent is not there because it is my dads flat and he kindly lets me just pay bills only. Thank you for helping and listening to my rubbish :T