Help! Smothered

Fiddlestick

DC34 wrote: »

But i am in real trouble at the mo, i am now about to out another payday loan as i have £20 for the rest of the month and them i am going to switch accounts.

Someone suggested asking your mother if she can give you some of the money back that you gave her.

Have you asked her?

curlytop12

DC34 wrote: »

Thanks for all your advice on the food, i will most certainly follow it.

But i am in real trouble at the mo, i am now about to out another payday loan as i have £20 for the rest of the month and them i am going to switch accounts.

Has anyone done this on this site, will they take me to court etc

DC

Please listen to the advice given and talk it over with your wife to at least see if there is a way of sorting out your problems, by just wriggling out of your debt you arn't going to learn anything or give your wife a reason to respect you,don't give up yet,just try some of the strategies given.
you sound like you are really down on yourself,good luck,keep asking for the advice,it will keep coming.if you think you need help from a dr,there is no shame in that.

bluejeans53

I have £31.67p in my purse to last me 12 days, that is for food, petrol and anything that comes up in between. I have decided to cart off to cash generator.

My Ipod and docking station
sat nav
digital camera
camcorder
and laptop if i have to

To get me through without getting out another payday loan. I already have two.

Can you do anything like this.

saltnvinegar

Hi DC34

If you are serious about clearing your debt then you (and you partner) need to make some serious lifestyle adjustments.

I feed 2 adults and four children on a budget of £70 per week (including household stuff like toiletries, nappies etc).

So for sure you can halve your food bill overnight. This will free you up £200 per month straight away, which, with the pub job should see you paying back the payday loans in approx 6 months (or sooner) not including other savings you could make.

I've given my thoughts on your SOA below where you could make more savings.

DC34 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 2200
Partners monthly income after tax....... 0
Benefits................................ 110
Other income............................ 0
Total monthly income.................... 2310

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 900
Ok so you live in London but you can get 2 bed flats cheaper. Can you move to an area a couple of stops up the tube that is cheaper? If you want to be debt free this is a sacrifice you may have to make.
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 8
Satellite/Cable TV...................... 40
You don't need Satellite TV at all. This is a luxury. If you are not in contract ditch it. If you are in contract drop to the lowest package possible and when the contract finishes ditch it.
Internet Services....................... 13.5
Your internet and phone come to £43.5 per month. There are better deals out there. I pay approx £32 per month inc line rental and calls.
Groceries etc. ......................... 400
This is REALLY high. You can halve this overnight.
Clothing................................ 30
If you can go without buying clothes for 6 months
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 130
Assuming as you live in London this is for Tube/Bus?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7.5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
You have no contents insurance at all?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
You don't buy presents for your child?
Haircuts................................ 0
Are you sure you never pay for haircuts?
Entertainment........................... 50
Cut this right back to £10 per month. One night in treat per month is all you can afford right now!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1629


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
Credit Card....................780.......40........39.9
Payday Loan....................300.......52.5......1737
Payday Loan....................425.......552.......2618
Friend.........................1000......500.......0
Payday Loan....................450.......130.......2338
Payday Loan....................330.......82.5......1737
Payday Loan....................250.......83........2278
Total unsecured debts..........3535......1440......-


Monthly Budget Summary
Total monthly income.................... 2,310
Expenses (including HP & secured debts). 1,629
Available for debt repayments........... 681
Monthly UNsecured debt repayments....... 1,440
Amount short for making debt repayments. -759

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,535
Net Assets.............................. -3,535

saltnvinegar

DC34 wrote: »

Thanks for all your advice on the food, i will most certainly follow it.

But i am in real trouble at the mo, i am now about to out another payday loan as i have £20 for the rest of the month and them i am going to switch accounts.

Has anyone done this on this site, will they take me to court etc

DC

Hi DC34

Have a look at a thread I started - Dealing with Payday Loan Companies

HOWEVER - This is for desperate measures only for people trying to break out of the payday loan cycle.

I do not condone debt avoidance.

Be advised that it is likely to mess up your credit record, it is possible the payday loan companies will take you to court (though not likely), you will most definately be hounded and hassled (as will your partner who will be at home receiving the phone calls).

But you will break the cycle of debt.

Best

SnV

katsu

DC34 wrote: »

But i am in real trouble at the mo, i am now about to out another payday loan as i have £20 for the rest of the month and them i am going to switch accounts.

But you are getting £70 p/w from the pub. Do they pay weekly?

What do you need to spend money on this month? Not want but really, really need to.

Make a real list of all the food in the house then get help from people on the old style forum.

Sort out some stuff to sell and do a car boot sale at the weekend to get some quick cash - or try the cash generator type suggestion.

In the medium term get some stuff on ebay - the money went somewhere - especially if you've done this twice.

eyeopener2

DC34 wrote: »

If i switch bank accounts my credit file will be destroyed for 6 years i think?

Mind you my credit score is sitting at 513 at the moment and is dreadful anyway.

Stuff the credit rating mate you've got a marriage to save and a five year old to think of (and believe me I know exactly how that feels).

Cut, cut and cut again until your down to the absolute minimum you can live on.

Close your bank account, open a new one with no overdraft and let the PayDays squeal.

Next payday you could pay two of the smaller ones in full and then make arrangements with the rest. They will !!!!!, they will send scary letters, they may take you to court. So what?

I managed to save my mariage (just) by doing the above and as you can see I am in a pretty bad state but i'd prefer to live on nothing for a few years and still be able to come home to my wife and child every night.

themull1

how often do you work in the pub? could your wife work there when you dont?

themull1

or your wife could become a self employed cleaner.

themull1

or you could get the 500 pounds back this month to tide you over, and re jig your finances.