Idiotic amount of debt. Please help

Turtle

I've seen quite a few people on here who have mystery shopped at restaurants, but I'm not sure how common it is to be honest. You can register for free, then they send you emails and you can pick the ones you want to do.

This is the website for Grass Roots who are one of the most commonly mentioned on here. https://www.grgresearch.com/default.htm

Not sure how to do links so you'll need to paste it in if you're interested in having a look.

Money_mark

Even if they are girls. If I get a decent result in my first exam my employer will pay the rest of the fees. So fingers crossed.

Thanks for the help everyone. I will contact the CAB tomorrow.

I guess it's now or never.

Turtle

Oh. It did it for me.

Catseyez

Ditto about the bank charges. I managed to get charges back on two credit cards. But it's important that you follow this advice given on Consumeraction. They guide you through the process step-by-step.

So she's a colleague...she must know you quite well then as you must spend a lot of time together at work?! You could drop a few hints about being broke and see what her reaction is...

Oh...if you haven't already done so, get a credit check through Experian and Equifax. You might be able to remove things that are having an adverse affect on your credit rating.

oops_a_daisy

Money_mark wrote:

Even if they are girls. If I get a decent result in my first exam my employer will pay the rest of the fees. So fingers crossed.

Thanks for the help everyone. I will contact the CAB tomorrow.

I guess it's now or never.

you have been given a lot if information tonight and I hope you are feeling a bit more positive - it is not the end of the world.......think of it as a new start as a new you. Print off this thread and keep going through all of the suggestions, it will take time but it will get better.

All the best and good luck - OOPS

richardvc

Mark - first things first is that you have done the hardest thing and worked out where you stand financially and spoken to someone ie us on this forum so congrats for that. Don't forget too that we are all on this site because of some money problem or other !!!

Secondly, buy Martin's book. It has loads of great advice about dealing with debt, loans, credit cards etc etc It is called the Money Diet and is full of sound advice to help you deal with your problems and to prioritise your debts. You can get it cheap on Amazon, ebay etc etc

Thirdly, take this girl up on her date. This could be the lift you need and will give you the motivation to get your affairs in order.

Finally let me tell you a little about my situation which has some similarities to yours.

18 months ago I had approx £36k worth of debt and life was looking bleak. The Inland Revenue were into me for £14500 and made me sell my house to pay this off. I didn't speak to anyone about it and shut myself away from my friends and family. I was made redundant and at the same time my sister lost her battle against cancer, life couldn't get any worse.

I confessed it all to my partner and she could not have been more supportive. She suggested that I move in with her which gave me the stable home that I needed. She knew something had been wrong and guessed it was a money problem. So much for my secret !!

My house was sold and I was able to pay off £21k of debt which left £15k to sort.

June 25th last year I took the brave step of opening all the envelopes that were in a massive box and had gone unopened for approx 12 months.

In these envelopes I found that I owed 16 companies money ranging from £29.99 to £6600. With the little cash I had I settled the small debts and then wrote to the larger ones explaining that I was unemployed and offerred a small payment by direct debit in exchange for them freezing interest.

Now 16 months later I am on top of my debt. I owe less than £10k and am on my way to being debt free. I am working again and feel in control of my life and destiny.

That day in June last year was the beginning of a new start for me. I faced up to my demons and never left the computer until I had written to every company that I owed money. I apologised and took full responsibility for my debts.

They were very good and wrote back quickly and positively.

The conclusion is that now all my debt is 0% interest free and being paid off bit by bit each month.

I hope this helps you to see that there is a way out of the woods even in the darkest of days.

You have taken that first step. Good luck with the rest of your journey and any help you need you can get on this forum.

Catseyez

Money_mark wrote:

Wow, thanks everyone.

Well here goes. It's brutal trying to be honest with yourself here. I could honestly hit myself round the head with a cricket bat.

My actual income is £1722 per month.

Out of this I have to pay £177 directly to my employer for a car loan. I have to keep the car as I do a lot of driving for work. I have 27 months left to pay.

That leaves 1545.

My rent is £420 (It's huge but there is very little cheaper here)
£90 car insurance This really is quite high. Is it possible to change/downgrade your car whilst you're still paying back the loan to your employer?
£100+ on petrol (now that I have thought about it)check out https://www.petrolprices.com to find the cheapest petrol station in your area. Even if you can claim for petrol from your employer, this might still be beneficial whilst you're waiting for the refund.
£40+ on my phone Is this just for your mobile? You don't seem to mention landline/internet access anywhere? Would you be able to claim back some of the mobile costs from your employer for essential work-related calls?
£35 Council tax
£30 Gas Have you looked at different providers to see if you can get it cheaper elsewhere?
£30 Electric ditto
£120 0n food If you don't already do so, take your own sandwiches, drinks etc in to work. You'd be surprised at how much you save per week! Do you buy economy-priced items? Most of them time, you can't taste the difference!
£26 sports fees (football team)
£50 Open University fees Is this a long-term or short-term course? Have you been paying for this for long?
£15 Road tax
£10 servicing

I owe

£3768 to Barclaycard (Paying a minimum of £80 Per month) 12% APR
£483 to Moorcroft
£9546 to HSBC (Paying £270 per month) Is a managed loan on 16% APR
£11534 to Cahoot (Paying 221 per month) 8.9% APR
£14378 to Egg (Paying £253 per month) 14% APR
With your credit cards, it's worth phoning up the companies to ask if they will reduce the APR for you! Certainly worth doing this and you'd be surprised at how many people have done this successfully. Check out the credit card board to speak to the 'experts'!

So I'm paying back £824 per month.

I hardly spend anything on clothes etc, but obviously have to sometimes. I try to keep going out to a minimum but probably spend 300+ on that (I absolutely know this has to be slashed).

I'm paying this huge amount of money but my debts increase.

I feel like such a clichéd idiot. I owe my father £3000. He doesn’t ask for any of it back but I would dearly love to start paying him.

Money Mark,

I've had a closer look at your SOA and have added a few comments. I hope this helps!

Catseyez

chevalier

My actual income is £1722 per month.

Out of this I have to pay £177 directly to my employer for a car loan. I have to keep the car as I do a lot of driving for work. I have 27 months left to pay.

That leaves 1545.

My rent is £420 (It's huge but there is very little cheaper here)
£90 car insurance Is your insurance high due to your age, or due to your car being high powered? Have you checked (via quidco of course), whether this is the cheapest insurance.
£100+ on petrol (now that I have thought about it)
£40+ on my phoneIs this a mobile? Can you do Pay as you Go for less?
£35 Council taxIs this your share of the council tax. If you are all separate entities in the house, can you get a single persons reduction?
£30 GasAre you all on low incomes? Could you get an insulation grant? I don't believe you have to be the owner of the property.
£30 Electric How many of you in the house. Have you checked the meter recently to see if you have been overpaying. Can you switch to a cheaper provider
£120 0n food Is this all pre packed food? Eating that way is very expensive. Are you and the others in your house friends. Could you bulk buy basics eg toilet roll, rice, pasta, tea, coffee etc? This would save you money. Do you buy your dinner at work? If you do packed lunches will save you loads (and probably be healthier)
£26 sports fees (football team)
£50 Open University fees
£15 Road tax
£10 servicing

I owe

£3768 to Barclaycard (Paying a minimum of £80 Per month) 12% APR
£483 to Moorcroft
£9546 to HSBC (Paying £270 per month) Is a managed loan on 16% APR
£11534 to Cahoot (Paying 221 per month) 8.9% APR
£14378 to Egg (Paying £253 per month) 14% APR

The other things to do is to right to the lenders above and explain that you don't have the money, but that once you have retrained you will have more. But in the mean time could they please agree to you paying them less. Alternatively you could contact CCCS or Payplan to talk about setting up a DMP (Debt Management Plan). The offer their services for FREE so don't be taken in by other who charge fees.

As regards the girl, if you look around the freebies forums, there are often BOGOF vouchers for restaurants, or else could you cook her something at home?

The very best of luck with your battle with debt. And sorry for the long post:D

jobelle

hi mark you are not alone in having the ridiculous amounts of debts. i posted mine today and like you its in the 30k's, most spent stupidly, and i also split up with my boyf because i was too embarrassed to admit how excessive my problem is. ive had some good feedback from here so far and im doing the whole budget thing tonight.

good luck and dont worry you have taken the first of many steps to help yourself
jobelle