I'm in debt but it's only going to get worse :(

looby75

To cut a long story short I lent money to a family member but they passed so away obviously I won't be getting it back. The money that I was getting in repayment paid off the loan I had taken out for them so now I've got £75 a month extra to find. I have a very very tight budget (I've posted a SOA here in the past and it left just about paying everyone on a good month, but since them my utilities costs have risen by £30 a month and the interest on some of my cc's has risen too so that has pushed the min payment up by about £30 a month too )

I phoned Halifax, who I have one of my credit cards with to advise them of the situation and the advisor told me I needed to go to the CAB to get them to do a SOA and then they would consider reduced payments from me, but in the mean time I need to make a token payment. I said ok I could pay £10 (min payment is £30) and was transferred through to payment section. I had to explain the situation to yet another person (like it isn't embarrassing enough already) and they told me that Halifax won't consider a DMP until I am at least 6 months in arrears and they will add 6 months worth of late/miss payments fees on to my account. After just a couple of months of interest and fees I will go over my credit limit and will occurred extra fees, so before I they even consider my request for help my balance will have risen by at least £436 minus any token payment I pay them.

And that's just one cc, never mind the other cc's I have or the load I took out.

What the hell am I going to do.

oops_a_daisy

awww Looby :grouphug: is there no way that you can get any of your money back ? what a difficult situation, I suppose you have already looked into balance transfers onto a LOB card or interest free card have you ? sorry cant offer much in the way of advice but hope you manage to get sorted

looby75

I'm the lowest of the low, a single mum on benefits at the moment so no one will touch me with a bargepole right now (a lot of my debt was built up before my ex husband left), no chance of getting any LOB or 0% cards...I did get some 0%'s after ex left but they have run out now.

Sadly my relative didn't have any money to speak of which is why I had to lend her it in the first place, she found herself in a situation where she owed £3000 through no fault of her own (long long story) and risked ending up in a very serious situation if she couldn't pay it, so I took out a loan to help her out.

moozie_2

What a dreadful situation looby75 I haven't got anything constructive to add I'm afraid. Just wanted to lend my support and wish you luck in getting it sorted xx

CLAPTON

probably worth posting an updated SoA

looby75

will do tomorrow, I'm not sleeping well at the moment and my head is done in so trying to be constructive and analytical isn't working well at the moment

I just feel like crying

Annie_Fanny

Have you got anything to Ebay?

Can you ring CCCS or Payplan for some proper advice?

How unhelpful of Halifax! Their response makes my blood boil! :mad:

Don't cry Looby - get on the phone to CCCS or Payplan and see what they have to say.

Post soon.

Annie
Xx

themaccas

Oh Looby, what an awful sitch for you to be in, please post an updated soa so we can maybe try and help you. I know I don't know the whole story but I feel a bit cross at the person you lent the money to as they were putting you in a really difficult situation - a single mum on benefits. I know I don't know the whole story but I just feel for you so much.
Post soon,
hugs

rarele

Really sorry to hear of your situation Looby. I'm sure people here will have some useful advice for you. Halifax's response to you is awful! How can they think that's going to make things better for anyone? Grrrrrrr

Good luck
R

looby75

Thanks everyone.

Things always seem so bad late at night

I'll post my new SOA later on, I need to find the most up to date info and it's going to take me a while to find everything.

I'll try phoning cccs as well but I doubt they will be able to help because I've got no disposable income and Halifax told me they only deal with CAB.

themaccas it was a really desperate situation, worse than mine is now believe it or not and as I had better credit rating than this person (it happened just after my ex left so I was still financially linked to him, which is why the load was approved I think) so I offered to get the loan to help out. There really wasn't another way out as far as we could see. Don't want to go into too many details because my dd reads the boards (trying to start her off money saving at a young age )

loveandlight

I'm the lowest of the low, a single mum on benefits at the moment so no one will touch me with a bargepole right now (a lot of my debt was built up before my ex husband left), no chance of getting any LOB or 0% cards...I did get some 0%'s after ex left but they have run out now.

Sadly my relative didn't have any money to speak of which is why I had to lend her it in the first place, she found herself in a situation where she owed £3000 through no fault of her own (long long story) and risked ending up in a very serious situation if she couldn't pay it, so I took out a loan to help her out.

You are definitely not the lowest of the low. In my book you are one of the kindest people imaginable. Do you know how many people would do what you did given the circumstances you are in? Very, very few. How lucky your children are to have a mum like you. By the laws of karma, you will be rewarded for your kind deed, I assure you of that!