Money Shop Loan - Sick with worry;

SimIsOnTheUp

Good Morning Toe-Jam.

Thanks.

It's been a hell of a week, and even an hour ago I was craving a drink after trying to work out a budget, and working out how on earth to clear this Moneyshop debt.

The madness of addiction.

I took a few breaths, had a cuppa and decided against drinking, just for today and all that

You're spot on, in that the pressure is off a bit now I've paid my priority bills.

Regarding the Moneyshop debt, I am going to endeavour to pay it off, rather than just let it default.

The first cheque is due on Monday (for £100) and then, each subsequent £100 cheque on the following four days.

Thanks for the heads up on their tactics, re clearing out people's bank accounts.

I really need to sort this.

See what you mean re getting new debit cards, but I'm going to try my damnedest to pay it off asap.

Moneyshop are wanting £80 just to roll over these 5 £100 cheques for one more month :-/

My stupidity in not paying it off when I had the money 2 weeks back, is galling.

What did you do when you had to deal with Moneyshop?

Did you try and negotiate with them, or did you just pay it off?

Thanks again,

Sim.

SimIsOnTheUp

Watalie wrote: »

Sim - Just wanted to say Good Luck -

My Dad is a recovering Alcoholic and has been dry for about 25 years now, since I was 9. As the AA book says - One Day at a Time... my Dad still lives by that every day.

Many Thanks Watalie.

Huge Congrats to your Dad

Sim.

SimIsOnTheUp

Toe-Jam

I just called Moneyshop for clarification on the dates.

They are to present the first cheque of £100 on Monday 25th October, and then the second on Wednesday 27th, the third on Thursday 28th, the fourth on Friday 29th October, and the fifth on Monday 1st November.

:-/

£80 to defer them all for 1 month.

I'm typing this on my iMac, which I could sell on Ebay.

However, I really don't want to do that for three reasons -

1 / I'd miss it, and it's one of my few 'fun' things left!

2 / I'll need it for some home - based work I've found. However, I could do this work on my ancient PC (it'd just be easier on the Mac).

3 / I think it would only fetch about £400 anyway :-/

Never thought I'd say it, but I'm seriously considering it, and I LOVE my iMac!!

Cheers,

Sim :-/

DEBTMONKEY1A

Hey Sim-remember me (!)...Glad you're making headway with the ale (!)....Ok....broken record time (you may have paid them off already)-take ALL money from a/c the cheques will come from & put in the co-op a/c. So...you'll owe the bank more money-SO WHAT! DEBT IS NOT A CRIMINAL OFFENCE-YOUR HEALTH IS MORE IMPORTANT. Why pay it? They've made their money out of you 10 times over I guess....give yourself a break & let ban a/c become overdrawn. Whats the worst thing the bank can do/ get a county court judgement? Big deal! That'd be set at a rate YOU CAN AFFORD. honestly mate.....not worth your health!

SimIsOnTheUp

DEBTMONKEY1A wrote: »

Hey Sim-remember me (!)...Glad you're making headway with the ale (!)....Ok....broken record time (you may have paid them off already)-take ALL money from a/c the cheques will come from & put in the co-op a/c. So...you'll owe the bank more money-SO WHAT! DEBT IS NOT A CRIMINAL OFFENCE-YOUR HEALTH IS MORE IMPORTANT. Why pay it? They've made their money out of you 10 times over I guess....give yourself a break & let ban a/c become overdrawn. Whats the worst thing the bank can do/ get a county court judgement? Big deal! That'd be set at a rate YOU CAN AFFORD. honestly mate.....not worth your health!

Hiya DEBTMONKEY1A,

Hope you're well.

Thanks.

I wish I could do as you've suggested.

It's not as straightforward as that though!

1 / A&L / Santander bank might not honour *all* of the cheques, and it's quite possible that they will honour *some* of them. That then leaves me in a worse position, where I will owe both the bank AND Money Shop.

2 / I'm 99% certain that Money Shop took my Co - op bank card details, when I took out the loan back in July.

3 / Most importantly of all, I started training for a new job last Monday, and they are in the process of doing an 'Experian Background Check'. I haven't yet had back confirmation that I've passed. This is a big worry, but I'm probably / hopefully going to be ok, having (at the moment) only defaults and no CCJ's / any record of insolvency or fraud.

Obviously, if I just let the cheques go through, my credit rating will become worse still and that could cost me my job.

I'd like to go for a DRO once and for all, however again that could cost me my job

I've just got off the phone to Money Shop, having paid £16.99 (they even have the cheek to charge an extra £1 for paying over the phone..) to extend one of the cheques (the rest I'll be extending next week).

While it pains me to do this, I've bitten the bullet and am giving myself until next February to pay all of the loan off (starting with me paying off £100 - 200 of it by Christmas).

If, within the next couple of weeks, it turns out that my job can't go ahead anyway due to me having failed the Experian Background Check, then I will probably just go bust, have everything written off and start over.

It's immensely worrying that even though I've started my training, they could still revoke my contract if I don't pass the check.

However it is out of my hands, and I'm just trying to make the best of things while I'm training and earning money

One last thing -

Money Shop also have details of my employer, so if they contacted them, things could get very embarrassing indeed

My priority now *has* to be staying sober (coming up two weeks).

Thanks again,

Sim :cool:

DEBTMONKEY1A

Hey Sim-nice to speak to you again! The 'background' check is in my opinion just an 'identity' verification thingy....I shouldn't worry about it!

If you let the cheques go through it won't make your credit rating WORSE if you already have defaults....

Well done with the job as well! Good news! Staying off the ale too is fab!!!!!! I think you know my view on the debt situ-go bust whenever you can -ASAP. Honestly it'll be a weight off your mind!!! There are very few jobs that will fire you over being bankrupt OR for having a bad credit rating.

Anyway-as you say it's the health aspect thats the main thing (& no booze!). If/when you decide to go BR I'm always around (even if I reply a day late!) & can help if you want-only a PM away! Have you looked on the CCCS web-site at thier 'debt remedy' tool-totaly on-line & confidential....it also 'auto-adds' all sorts of outgoing figures you never knew were allowed (!)...worth a look.

Keep up the good work mate! Sorry if i sound like a nagging wife at times (!)

SimIsOnTheUp

DEBTMONKEY1A wrote: »

Hey Sim-nice to speak to you again! The 'background' check is in my opinion just an 'identity' verification thingy....I shouldn't worry about it!

I think the check is more like a credit check than an ID check, as they've asked for a certified copy of my Passport for ID. It's bound to check my finances, as I'll be dealing with peoples account balances / occasional debit card payments

If you let the cheques go through it won't make your credit rating WORSE if you already have defaults....

I partly agree with you. However, it will hardly help matters if my prospective employers see a huge overdraft on there / any inkling from the Money Shop on my credit file / any record of fraud - Santander / Money Shop *could* put a CIFAS marker on my file too. Unlikely, but certainly a possibility I don't want to risk happening.


Well done with the job as well! Good news! Staying off the ale too is fab!!!!!! I think you know my view on the debt situ-go bust whenever you can -ASAP. Honestly it'll be a weight off your mind!!! There are very few jobs that will fire you over being bankrupt OR for having a bad credit rating.

I don't think they'd sack me, but it's just bad timing doing anything extreme right now, as I've just started training. It's more a case of 'damage limitation'!

Anyway-as you say it's the health aspect thats the main thing (& no booze!). If/when you decide to go BR I'm always around (even if I reply a day late!) & can help if you want-only a PM away! Have you looked on the CCCS web-site at thier 'debt remedy' tool-totaly on-line & confidential....it also 'auto-adds' all sorts of outgoing figures you never knew were allowed (!)...worth a look.

I don't owe enough money to go BR (about £10K) A DRO is far more suitable.

However, I am in two minds about this, if I can negotiate 'full and final settlements' with the creditors (which I think I can) now I'm earning.

As much as it pains me to be paying so much money to Money Shop, I'd rather repay them and not risk any fraud markers on my credit file / extra headaches. I'd also rather not lose my A&L / Santander account.

I am seriously considering just cancelling the card / cheques though and letting Money Shop go whistle, as £85 per month just to extend the loan is not sustainable


Keep up the good work mate! Sorry if i sound like a nagging wife at times (!)

Thanks mate! It has got me quite down tonight, woking out that I would've paid Money Shop £320.00 since August just in 'extension fee's alone. That's without even paying any of it off. Cringeworthy. I've got £90 left in my account, and Money Shop will be wanting a further £68.00 just to extend the remaining 4 cheques next week. Really can't afford this, as I need to eat.. No money then until 3rd December

Looks like I might have to reconsider letting this debt transfer to A&L bank.

The only worry then, is if some of the cheques stay with Money Shop / all of them bounce..

Am so annoyed I made such a stupid mistake a second time this Summer, and all due to my alcoholism :mad:

Thanks,

Sim.

PS - The other tricky part of this, is that if I do go for a DRO, the OR will see a 'preference' as I've made payments to Money Shop and not to other creditors :-/

KPR11

Hey Sim,

Just came across your thread, didn't want to read and run.

Though am not a recovering alcoholic, I have been through something similar (was a gambling addict) thus I know it must be a really difficult time for you, don't beat yourself up and try not to keep thinking what you could have done, the key is to look forward (I know it's easier said than done).

As far as the debt is concerned, if you can stay sober the debt will clear (may take longer than you would like but it will clear and certainly a lot quicker than if you were to start drinking) - I am an example of it, owed c20k all gambling related and now owe less than £3.5k in just over 2 and a half years so it can be done.

I had a MS loan too, the tactic I used to clear it was to clear at least 1 cheque at a time so for example if I had 5 cheques due I would roll a max of 4 and make sure I clear 1. It may make things a bit tight but at least you are clearing it (but make sure you leave yourself with enough money for priority debts, food and travel to work)

I believe there is a thread on DFW Diaries for recovering alcoholics (don't have the link handy, will try to find it), this thread will be an invaluable support (if this thread is anything like the one for gamblers).

I hope things work out for you, if there is anything I can help with just PM me.

Keep strong and remember one day at a time

KPR

SimIsOnTheUp

KPR11 wrote: »

Hey Sim,

Just came across your thread, didn't want to read and run.

Though am not a recovering alcoholic, I have been through something similar (was a gambling addict) thus I know it must be a really difficult time for you, don't beat yourself up and try not to keep thinking what you could have done, the key is to look forward (I know it's easier said than done).

As far as the debt is concerned, if you can stay sober the debt will clear (may take longer than you would like but it will clear and certainly a lot quicker than if you were to start drinking) - I am an example of it, owed c20k all gambling related and now owe less than £3.5k in just over 2 and a half years so it can be done.

I had a MS loan too, the tactic I used to clear it was to clear at least 1 cheque at a time so for example if I had 5 cheques due I would roll a max of 4 and make sure I clear 1. It may make things a bit tight but at least you are clearing it (but make sure you leave yourself with enough money for priority debts, food and travel to work)

I believe there is a thread on DFW Diaries for recovering alcoholics (don't have the link handy, will try to find it), this thread will be an invaluable support (if this thread is anything like the one for gamblers).

I hope things work out for you, if there is anything I can help with just PM me.

Keep strong and remember one day at a time

KPR

Hiya KPR,

Thank You so much for your kind, supportive help and practical advice.

HUGE Congrats to you for overcoming your gambling addiction, and for getting those debts down!

Money Shop are a nightmare aren't they? I have started to take responsibility for the fact that it was me who took out the loan though..

Your tactic is a sound one. This is my plan too - to clear one £100 cheque per month (starting December) until I've cleared the £500. Next week is going to be very tough though, as I have £85 in my account, have hardly any food in, and MS want another £67 to roll the 4 cheques for another month (I've already paid £16.99 to roll one of them on Friday).

I can sell my iPod Nano to 'CeX' and raise £40 on Monday though, but talk about desperate..

It's a vicious cycle isn't it? Looking back, I'd feel I couldn't cope with the stress / feelings of guilt / regret etc, end up drinking, and then be in even more debt etc etc..

Two weeks sober tomorrow though, which I should be proud of!

Off for a brisk walk to the shop, as need some grub

Thanks again,

Sim.

SimIsOnTheUp

PS - Re your point regarding 'Priority Bills' - I have paid my Rent already last Friday, as well as my Broadband and Phone bill, so am on top of those.

Need to catch up with the Electric though, as it's not long since they took out my Prepayment Meter (they didn't have to given my current debt to them of £740, and it was more a gesture of goodwill), and the last thing I need is the Prepay Meter back in over the Winter months.

Will have to give NPower a call on Monday, and pray that they can reinstate the £22.00 per fortnight payment plan.

Water - I also have to call them too.

Thanks again KPR,

Sim.