Help me my life sucks

Sofa_Sogood

tommyt wrote:

Thanks for all the feedback guys and gals !

Did you get any advice tommyt?

This is a 'bump' by the way

tommyt_3

No feedback. Looks like an IVA will be my best bet. Can anyone recommend who it is best to approach to set one up. Heard Payplan was good ?

skintchick

AS this is a sticky, maybe post a new thread specific to you? People may feel they've read this and don;t need to check in on it.
Just a thought.

Debt_Free_Chick

tommyt wrote:

I am currently 35 years of age. Three years ago I was debt free, had never possessed a credit card, but had no savings. I foolishly decided to apply for credit and take a few chances, which instead of generating an income has left me with £20,000 of debt. Although I have yet to default on any repayments, I am struggling to live. Of the £1000 net monthly salary, I am paying £300 on a 5yr loan (apr 6.9%), and another £210 just meeting the minimum repayments on two credit cards which I have taken to the max (£4000 and £3000). When you add the £215 keep I also pay, this is £725 out of the £1000 accounted for.

When I add the cost of running a car per month £95, the cost of food/drink £130 this takes me to £950, and with mobile phone/internet another £40, this leaves me with no money for things such as birthdays/christmas, dentists, clothes, papers, odd nights out, "sky", CD's, football etc. I realise I will have to make some sacrifices. I have not had a holiday for 4 years and am just about keeping my head above water at present. I appreciate that I will have to try and re-negotiate my repayments with my lenders to free-up some money for me to live on. Is it better doing this direct or somebody like the CCCS ?? Shall I prepare a statement of affairs and send them to my 3 creditors, and request they freeze the interest ? I read of a man with a £6000 debt having monthly repayments reduced from £150 to £5.

Any suggestions/advice would be welcomed. I do not have any dependants, and have been moved back with my parents to help save money. What is my best option(s) ?

Agreed - please put this in a new post. Some of us gave up on the stickies a long time ago. Anyway, the sticky refers to another poster's situation and your's may be different. Get some attention - post a new thread

trencherpilot

Have you applied for the 25% discount that single occupants can claim?

guidel

Hi, do you have an absolute need for your car?
Is your car on Hire Purchase or is it a loan?

This is the only big expense that you can get rid off!!

Sofa_Sogood

tommyt's new thread:

http://forums.moneysavingexpert.com/showthread.html?t=102256

Not sure if that helps anyone?

guidel

Try the Cityzen Advice Bureau as I did a few weeks ago.
They are terrific and should explain you that you have different options as ,going to a trust deed,making agreements with lenders, planning a real budget with you so that you can actually live properly!!

Do not do it yourself when you can get help.....They did it for me!
Also, it is true that if you go to a trustdeed you will actually pay around £170,£200/month for 3 years and after your debts would be cleared.

What I suggest is that you don't pay any of your lenders at all for the next few months and save some money. Lenders have insurance you know...
Get yourself a flat, ignore phone calls and letters fron lenders but do get an appointment as soon as you can to the Cityzen Advice Bureau!!!!
The CAB will deal with all your lenders...

Please, smile again, enjoy your life again...

The_Boss

I'm moving in with my girlfriend soon and looking at his monthly outgoings, that is going to be EXACTLY what I'm going to be paying.

I'd better start saving.....

shuwaz

Just a bit of personal advice...

I Used to be in the same situation whereby money comes in at the end of the month, and is gone within the following 10 days.

My solution was this.

I opened a new bank account, one that didnt have any card (for drawing out money). I had to go into the bank to draw money out and pay it in. As i had very little time to do this, i tended to pay money in, but not draw it out unless it was an emergency.

Next i started to take around half of my monthly wage (or a minimum of £400) and put it into the new bank account. Every month i would still be the same (waiting for the next wage to come in and spending it all within the first 10 days). However, the difference was after 3 months i was no better off with my normal account (always hitting the limit of my overdraft) but my savings account was booming. i had just over £2000 saved up.

Now you may say, "how can you get that much in only 3 months?" well the fact was that even though my wage money contributed to around 65% of the total saved, i actually started feeling happy about my saving and wanted to work harder to save more. So, i was putting in any money i could. I sold stuff on ebay, sold stuff to friends and colleagues, even if it was a fiver/tenner here and there (i would take smaller amounts of money i had earned and loaned it to family members and friends, knowing that by the time they gave me it back i would have more money to add to it). As soon as i reached £50 from the small change i stuck it in with the wage contribution.

Thankfully because of my saving i have managed to wind down my monthly outgoings - looking at what i spend on grocery shopping, telephone calls, clothing and eating out, etc.

Once you get on a roll, its quite a rewarding feeling and it should help to improve yourself. The hardest thing after that is being wise with what you have earned and not being tempted into blowing it on a fancy piece of kit, etc.