High income but deep deep in debt-any advice?

debthelp100830

Hi- I am in massive debt including an overdraft, personal loans, credit cards and more recently to make my life worse payday loans. I got in the mess a couple of years back when i lost my job. ended up accumulating debt in the hope that will be able to pay back when i find on. took me almost 2 years to find a job by which i was deep in debt on personal loans that i promised to pay back moment i find a job. did find a decent job with a high income (100k+) but monthly loan repayments that i am on promise to pay back plus the pay day loans means am back to zero in the first week of the month.

I have a family with a kid, and i am really really struggling every single month- this is even affecting my family and job due to constant stress and depression. bankruptcy or debt plan etc are not an option as i dont want to risk my job. on +ve side, all i need is 6 mths or so debt relief and i would be ok. but each day survival is tough - i know if i survived the next 6 mths, my job would take care of me so i dont want to risk my job at all by either stop paying whosoever i owe or with sort of plan that let my employer find out about my situation.

I am really on edge with my situation and each day sounds like a month in itself without no cash so dunno how i will survive 6 mths- it seems credit scores only look at one side of the equation ie. current debt rather than also looking at the income and earnings situation. can anyone help and advise pls- else am spoiling my credit score further by applying to random companies. my bank (natwest) is useless, my salary has been going there for last 6 mths, and before that for 7+ years apart from the 2-yr jobless period but they just keep on saying that my credit score is bad and i should wait for 6 mths to apply for a loan. the point is i wont need a loan in 6 mths- i need it now. and if they have salary coming into the account, they know the ability to pay. but it seems they are more interested in the overdraft fees they can charge every time i keep missing a payment here and there than genuinely helping me.

Savvy_Spender_South

In a heavy situation like this, i would advise speaking to the bank to make a sizeable consolidation loan up to £25000, use it to pay off loads of trivia which frees up some monthly outgoings, take it over 7 years to minimise monthly repayment. two years in you can re-work it to reduce the term/cost. Do not just look to NATWEST, there are emerging players trying to get hold but if NAWEST are being difficult i appreciate your options are limited.

Then look what is left and do the usual of highest APR first.

Other outgoings of rent etc require a lot of work but there are always savings we can make, right up to 8p showergell!

CLAPTON

post some details

http://www.makesenseofcards.com/soacalc.html

MFWannabe

Hi Debthelp
Welcome to the board; you've made the first step
Please can you fill in an soa; that clapton has given you a link to. There are lots of lovely people on here who can give you some great advise once you've posted an soa. Lots of these people have and still are going through exactly the same situation; you are not alone and you can get through this

debthelp100830

Thanks sss- i have asked natwest for exaclty that- give me a loan for any period longer than 1 year. i dont probably need 7 yrs to pay back. but i need to pay back all payday and credit cards which are just killing me every month/ i had a loan from them (overdraft converted to loan when i lost my job 2 years), that one was for 10k - i have paid it without missing.delaying any payments and now only 4 more payments are left.. around 400/mth. they wont give me another loan for 6 mths. i am saying if i can get a consolidated loan for 20-25k from them, pay off that 1.5k loan, all the payday loans and credit cards then the problem is gone. but i have tried 3-4 times, they just refuse referring to my credit score. am just hitting a brick wall here... feel like giving up some time but have survived for 2 yrs without and 6 mths already, its now the last 6 mths so cant give up now. but each day is so tough and sometimes its annoying to know that how easy it is for someone like bank to help. the whole system seems irrational and more geared towards driving someone to ruin when they are down rather than helping the situation out. in summary, i think the credit scoring system is the main issue here- everyone seems to use it so no wonder i get declined by everyone apart from ppl who want 2300% apr etc. its just beats me why these credit scoring systems dont have my annual income as one of he inputs.

CLAPTON

debthelp100830 wrote: »

Thanks sss- i have asked natwest for exaclty that- give me a loan for any period longer than 1 year. i dont probably need 7 yrs to pay back. but i need to pay back all payday and credit cards which are just killing me every month/ i had a loan from them (overdraft converted to loan when i lost my job 2 years), that one was for 10k - i have paid it without missing.delaying any payments and now only 4 more payments are left.. around 400/mth. they wont give me another loan for 6 mths. i am saying if i can get a consolidated loan for 20-25k from them, pay off that 1.5k loan, all the payday loans and credit cards then the problem is gone. but i have tried 3-4 times, they just refuse referring to my credit score. am just hitting a brick wall here... feel like giving up some time but have survived for 2 yrs without and 6 mths already, its now the last 6 mths so cant give up now. but each day is so tough and sometimes its annoying to know that how easy it is for someone like bank to help. the whole system seems irrational and more geared towards driving someone to ruin when they are down rather than helping the situation out. in summary, i think the credit scoring system is the main issue here- everyone seems to use it so no wonder i get declined by everyone apart from ppl who want 2300% apr etc. its just beats me why these credit scoring systems dont have my annual income as one of he inputs.

impossible to say without any real facts and figures

Savvy_Spender_South

try taking it over 7 years 2 reasons:

banks like long tern income
Banks see lower repayments are more likely to be acheivable

Your advisor gets incrementally more, the higher value and longer term so its in their interest to work with you for a commission return.

MFWannabe

It's impossible to provide proper advise or reasons to why you have been refused until we have full details; income and expenditure
You may well have a huge amount of debt already and the bank don't want to add to that; how do they know you will pay off other loans and credit cards?
You may also have access to a lot of credit already and they don't want to add to it
You really need to post an soa so we have a better picture

debthelp100830

tried posting but getting this error message:

Sorry as a new user you are not allowed to post with links. This is done to stop spammers clogging up the site. Please edit your message below to continue.

debthelp100830

that was for posting SOA

Soubrette

debthelp100830 wrote: »

that was for posting SOA

Can you copy and paste it?