Ashley park

Cartman69

I think your going ott, but i apologize for any anger i may have caused as that really is the last thing i wanted to do.. i can understand your frustration, course i can.. sorry if my panic/nerves may have come across in the wrong way towards any of you.. i appreciate any replies that i get, this forum is pretty great tbh.. in terms of advice etc.. its one of the best i have come across, hence me keep coming back here.. like ive said.. i dont wanna carry any potential argument on, i hold my hand up, and im genuinely sorry for being a pain..

Im just a 'noob' to all this stuff, and ive been doing my best and still nowhere.. i have contacted payplan.. but my debt has to be 8k minimum.. and now im waiting to hear from csss. Thanks for your replies Hannah, i appreciate any help, as always.. as im not an ungrateful person, infact.. far from it..

pepe2008

Still don't believe a word. Sorry. It'll be telling us how unhelpful cccs and payplan are next.. i'll apologise if I'm proved wrong .

Cartman69

The debt i owe is spiraling its over £1500, and to someone like me who aint even 20.. thats pretty bad..as i need some sort of plan.. now and interest every day.. i still need to act, payplan contacted me, the woman sounded very helpful indeed and seemed very nice.. but my debt had to be minimum 8 thousand for me to have dmp with them Im not saying theyre bad as they sound far from it.. the exact opposite? Where have i said they're unhelpful?

DVardysShadow

Cartman69 wrote: »

The debt i owe is spiraling its over £1500, and to someone like me who aint even 20.. thats pretty bad..as i need some sort of plan.. now and interest every day.. i still need to act,

OK, you are 19. And you are in a flat spin panic. You have 'debt management' companies out there who seem 'nice' and debt management agencies and then there is us lot who are a bit gruff and you cannot tell who is who.

Fortunately, I have never been in debt, but most posters here have been and between them, they have experience which has cost them millions of pounds to gain. And they would all rather that you learned what they have discovered by listening to them for free than by finding out through bitter experience.

Now, do you understand your own money situation? You seem to have fallen through the cracks and either no one has asked for a 'Statement of Affairs' from you or you have not done one. Can I suggest you help everyone to get your discussion back on track by going to http://makesenseofcards.com/soacalc.html and filling out a Statement of Affairs - when you are done, select the MSE format and post a copy here.

If you have done this already, then sorry and would you give us a link? If you haven't done one, please just do it. It may take you some effort, but with £1500 at stake, there are no quick fixes.

Hannah_10

DVardysShadow wrote: »

You seem to have fallen through the cracks and either no one has asked for a 'Statement of Affairs' from you or you have not done one.

We asked for one, several times. He doesn't listen.

pepe2008

Cartman, if you're genuine and serious about getting rid of your debt but haven't got the confidence to go about it by yourself ( even with the assistance of many on these Boards) then get yourself an appointment at your local Citizens Advice Bureau.
They will listen to you, understand your situation and write to your Creditors for you if needed.
Talking isn't doing......get something done!

NorthernLas

Cartman - Just to keep simple, these are the steps you should be following - can you copy and paste the list and tell us what you have done, or which ones you need more explanation on?

1. Close account that payday loans people have info about
2. Open new co-op cashminder account
3. Write a letter to payday loan companies telling them you are taking advice (this is pretty much the same as sending a token payment letter which was mentioned previously) [To do this you need to find the addresses for each of the loans, then use the national debtline website to do a letter http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6. The letter is called 'Ask creditors to hold action on your account']
4. Work out how much you can afford to pay back each month [To do this you need to do an SOA, or an income/exp from National Debtline and you need to know roughly what you spend]
5. Then you sort out paying them back (This could be via a free DMP, a fee paying DMP, with help from CAB, with help from people on MSE)

The first 4 YOU have to do, sorry no-one else can do them (because you are in charge of YOUR money and how you spend it). So, what have you done and what is stopping you doing any that you haven't??

Cartman69

DVardysShadow wrote: »

OK, you are 19. And you are in a flat spin panic. You have 'debt management' companies out there who seem 'nice' and debt management agencies and then there is us lot who are a bit gruff and you cannot tell who is who.

Fortunately, I have never been in debt, but most posters here have been and between them, they have experience which has cost them millions of pounds to gain. And they would all rather that you learned what they have discovered by listening to them for free than by finding out through bitter experience.

Now, do you understand your own money situation? You seem to have fallen through the cracks and either no one has asked for a 'Statement of Affairs' from you or you have not done one. Can I suggest you help everyone to get your discussion back on track by going to http://makesenseofcards.com/soacalc.html and filling out a Statement of Affairs - when you are done, select the MSE format and post a copy here.

If you have done this already, then sorry and would you give us a link? If you haven't done one, please just do it. It may take you some effort, but with £1500 at stake, there are no quick fixes.

I just filled the form out, its all roughly right..

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 50
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 385


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....................550.......0.........0
Payday Loan....................350.......0.........0
Payday Loan....................250.......0.........0
Payday Loan....................350.......0.........0
Total unsecured debts..........1500......0.........-


Monthly Budget Summary
Total monthly income.................... 600
Expenses (including HP & secured debts). 385
Available for debt repayments........... 215
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 215

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,500
Net Assets.............................. -1,500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Cartman69

That is approx..

NorthernLas wrote: »

Cartman - Just to keep simple, these are the steps you should be following - can you copy and paste the list and tell us what you have done, or which ones you need more explanation on?

1. Close account that payday loans people have info about
2. Open new co-op cashminder account
3. Write a letter to payday loan companies telling them you are taking advice (this is pretty much the same as sending a token payment letter which was mentioned previously) [To do this you need to find the addresses for each of the loans, then use the national debtline website to do a letter http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6. The letter is called 'Ask creditors to hold action on your account']
4. Work out how much you can afford to pay back each month [To do this you need to do an SOA, or an income/exp from National Debtline and you need to know roughly what you spend]
5. Then you sort out paying them back (This could be via a free DMP, a fee paying DMP, with help from CAB, with help from people on MSE)

The first 4 YOU have to do, sorry no-one else can do them (because you are in charge of YOUR money and how you spend it). So, what have you done and what is stopping you doing any that you haven't??

1-Yes.
2-Yes, i have the cashminder visa debit card now in my wallet
Rest i will get onto asap tomorrow, straight after work

NorthernLas

Brilliant!

Once you have done the letters, have a think as to whether your SOA is accurate. By this I mean, do you actually have the £215 to pay towards your debts. Obviously, if you can increase your income, then you can pay your debts quicker, but you also need to make sure that you can pay what you agree every month.

Then come back on here and people will show you how you can work out how much to pay to each debt.