No way out....

Rochdale_Guy

About £15,500.

I get £1,034 paid into my account every month on the 15th.

I've lived in this town for 15 years, and have worked for the same amount of time, the last 7 years permanent, full time employment.

I can't understand why I was refused this Halifax fixed low-rate life of balance card, unless they just saw "he owes £15k so we wont touch him"

Valli

*bless*

Nett monthly

I make your outgoings £962.50 pcm...

If I were in that position I would be WRITING to the four card creditors, asking to reduce payments as much as possible.

Rochdale_Guy

Valli wrote: »

*bless*

Nett monthly

I make your outgoings £962.50 pcm...

...and isn't about £180 of that interest alone?

My outgoings don't include my weekly food remember
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Rochdale_Guy

Valli wrote: »

If I were in that position I would be WRITING to the four card creditors, asking to reduce payments as much as possible.

How?

What do I do?

They won't believe me when I keep spending on them, like the £325 I had to put on a card to pay for my car etc.

I still owe 2 weeks rent remember, if I go overdrawn over my £200 limit thats another £20 charge and me withdrawing cash on a credit card to pay my rent.

I am in such doggy doo

there is NO way out, and it is on my mind from when I wake up (not that I sleep much) to when I go to bed, dreading the next day... groundhog day all over

£1,034 coming in each month MINUS £962 outgoings = £72 a month or £18 a week to live off, and dont forget I'm always overdrawn each month so I don't really have that.

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MFWannabe

There is a way out; believe me there's lots of people on here who know there is always a way out. You need to post a full soa using the soa calculator on here; this is the format that shows us everything and then we know all the details and can advise appropriately

katebl

Hi Rochdale_Guy,

I don't pretend to know much about your options and apologies if this has already been mentioned but could you not look into a DMP? (Have seen you saying BR wasn't an option but that's obviously more severe)

Also with regard to this month - do you have anything to ebay/car boot/loose change to cash in? If you have a cex shop or similar to you do you have any games or anything you could take in and get cash for? (Have spotted a few times recently that you can make a profit for selling a game to them that could be bought elsewhere for cheaper - bit of trawling but could be an easy £5 profit or so per game!). I do hope you can get sorted somehow.

Hax

Rochdale_Guy - I'd advise you to talk to the Consumer Credit Counselling Service (this board won't let me post a link as I'm a "new" user - but google CCCS and you'll find them!) - they're a charity and they will be able to offer you FREE advice on how to get out of this. Essentially, they'll mediate with your creditors and try to make an arrangement for interest charges to be stopped on your accounts and for you to make nominal payments until the debt is cleared - with annual reviews of your income and expenditures. It's not and IVA or bankruptcy.

Essentially, they take your income and subtract your outgoings (including food, clothing, etc) and then allocate all remaining money to clearing the debt. You make a single payment to them and they distribute it to your creditors.

You won't be living the high-life, but it's a lifeline - and you will probably find it a great relief to know you are getting out of debt.

Definitely worth looking into. Try not to let it get you down - I now that's not an easy thing to do - I've been there myself (£35K debt and £17.5K salary) - but these people can help both with the financial side of things as well as relieving some of the stress and pressure you're feeling.

Good luck!

P9uma

Rochdale Guy, would you like to tell us why Bankruptcy is not an option?

21castlehill

Rochdale Guy,

Good on you trying to sort out your affairs and boy do you have a tight budget but are you sure your SOA is correct?

You have a car but there is no mention of Car insurance, what does your road tax cost per year, servicing & MOT costs.

A car is a luxury that you need to look long and hard at, is it really essential to your life. If you are only using £36 a month in petrol you are hardly using it anyway, what do you use it for. If commuting would cycling not offer an alternative healthy cheap option.

My thoughts are
Sell the car, saving £106 in loan payments & probably some cash back. £36 pounds saved in petrol and would you need the garage then another £28 saving, and probably another £75 for servicing, road tax & insurance.

So all in £245 a month, potential saving though you'd need to look at what alternative transport arrangements for those essential journeys will cost.

Rochdale_Guy

Statement of Affairs and Personal Balance Sheet
DELETED: Sorry, ignore that one, see explanation below.

A more comprehensive one has been posted a few posts down, thanks.

The above does NOT include my spend on food, magazines, clothes, birthday presents, enterainment, holidays and car stuff.

I spend £500 on two weeks holiday in the UK each year.

My road tax is £130 (?) usually put on c/card.

My car insurance was around £600 a year - again put on c/card, but after a minor head on prang and I was found to be at blame, the AA put my insurance up 3x times to £1,800. I managed to get this down to £1,200 which had to go on my c/card, plus my car breakdown at £130 a year is missing off the SOA, this again goes onto a c/card

The car loan is £106 a month with Northern Rock fixed I think for 7 years at 8.5%, 3 and a half years have already been paid off.

Sorry if I haven't completed it fully?


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