Just done something I so didn't want to do

cherrypie556

Posted on here a few months ago about money problems. Contacted the national debt helpline and because on paper we are 'ok' money wise, we have to struggle through. Each month we live in our £2k overdraft and we have £5 left of it as of today. We are due £187 on sat but owe £50 back out and the rest will help pay for essentials. I have 2 CC and 3 Catalogue bills due that we cannot afford. I have phone the catalogues and told them.

Went to open a new bank ac as advised to do so and got refused, so still with my current bank. Went into my bank today to ask about speaking to someone regarding my finances and found out that we are with the debt managent team at the bank (or name to that effect) without us knowing, due to a default on a loan payment form Sep 2009, that we have never received any correnspondance from. Anyway, I have had to take another loan out to cover the current loan, 2x CC and the OD. But, we're on a pilot sceme where we have to pay the 'loan' payment of £244.61 a month for 4 months AND our CC min payments for 4 months BEFORE the loan is approved to show we are finaincially able to do this. It is more £ than we pay now, on our current loan and CC's combined and we have defaulted with that so don't see how this will work.

I don't really know what im saying, or in fact what i expect to get advise wise from this thread, but we have nothing left. I couldn't even buy my daughter a birthday present for her birthday yesterday and feel like such a crap mother. I really really don't know what to do. I can't eat or sleep. Have no money for food or petrol.

Broken_hearted

Find and apply for another basic account. If the load has not been approved and you have this in writing tell them you do not want it, you want a payment plan. Name and shame the bank.

Smallfries

First of all Cherrypie, dont feel like a crap mother, this could happen to the best of us, i know i cant offer much help but i just wanted to say that your doing one thing right and thats admitting something is wrong and that you want to sort it. is there nowhere you can trim back your outgoings? are you claiming, if anything, all your entitled to?

sorry i cant be much help

Tixy

Providing you make sure its a basic bank account then you should be accepted (as there is no credit check) - maybe they applied for a full account instead of a basic one.

Have you signed anything about this new agreement? have you got some paperwork? this seems really underhand to me and just might be against OFT guidelines so you may be able to get out of it.

*zippy*

Cherrypie ((hugs)) I noticed you posted an SOA about a month ago, has that changed at all, it might help if you update or repost it here.

Try the co-op or similar basic account with no overdraft facility.

cherrypie556

*zippy* wrote: »

Cherrypie ((hugs)) I noticed you posted an SOA about a month ago, has that changed at all, it might help if you update or repost it here.

Try the co-op or similar basic account with no overdraft facility.

No everythings the same. I applied for a current account, no OD but able to pay direct debits. If I get a 'bog standard' AC, how do I set up DD or pay my bills? As DD is easier and cheaper.

Thanks

NorthernLas

Cherrypie - Well done for posting!

First of all you should not have to do anything you don't want to do. If you cannot afford the loan, you need to speak with the bank urgently and tell them that you have changed your mind about the loan.

I am not sure if the national debt helpline is a charity. For help on debt contact any of the charities listed in this link: https://forums.moneysavingexpert.com/discussion/2077631

The National Debtline has really useful information that shows you how to work out a budget and which debts to pay first. Have a look: http://www.nationaldebtline.co.uk/england_wales/debt_advice.php

NorthernLas

Info on bank accounts

http://www.moneymadeclear.org.uk/HTML/en/products/bank_accounts/basic_bank_accounts_popup.htm

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/BankAccountsAndBankingProducts/DG_10035164

*zippy*

Cherry If i've read correctly and tell me if i'm wrong, the charities you rang wouldn't help you as on paper you have enough to service your debts and should be managing ok? Have you managed to work out where that extra money is going hun, have you tried a spending diary and going through past bank statements to spot things not on your SOA

I think this is the type of accounts, its says DD's are ok on both

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

http://www.bank.barclays.co.uk/Currentaccounts/Keepitsimple/CashCardAccount/P1242557963900

Do you have any money for food until payday and long is that? How full are your cupboards?

cherrypie556

NorthernLas wrote: »

Info on bank accounts

http://www.moneymadeclear.org.uk/HTML/en/products/bank_accounts/basic_bank_accounts_popup.htm

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/BankAccountsAndBankingProducts/DG_10035164

Thanks thats really useful. With a basic bank ac that allows DD's, do they accept BACS aswell?

cherrypie556

*zippy* wrote: »

Cherry If i've read correctly and tell me if i'm wrong, the charities you rang wouldn't help you as on paper you have enough to service your debts and should be managing ok? Have you managed to work out where that extra money is going hun, have you tried a spending diary and going through past bank statements to spot things not on your SOA

I think this is the type of accounts, its says DD's are ok on both

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

http://www.bank.barclays.co.uk/Currentaccounts/Keepitsimple/CashCardAccount/P1242557963900

Do you have any money for food until payday and long is that? How full are your cupboards?

We have nothing, £5 left of a £2k OD with 7 of us to feed. Payday for me is 16th and hubby is the 25th. On paper we should have £600 left but as the money goes into the acc in dribs and drabs and not all at once we are constantly in the OD. The £600 we 'have' left pays for the bills, food etc until payday again. Vicious cycle.