So stressed :-/

SimIsOnTheUp

Hiya ladies and gents,

I'm sat here, with all of my paperwork organised on the floor, and I'm feeling so angry with myself for having got into such massive debt due to my alcoholism and depression.

I owe about £13,000 (all unsecured), and I've been in two minds as to whether or not to go for a Debt Relief Order since the Summer.

As I wanted to get back to work, I couldn't go for a DRO until now as my job involved an 'Experian Background Check' which surprisingly I passed so I'm now working.

My biggest stress is a Money Shop 'PayDay Loan' debt of £500, which I've been extending every month since August at a cost of £85 per month.. That's without even paying off the loan

My other worry is my A&L / Santander bank account - I'm overdrawn by £15 (unauthorised, at a cost of £5 per day x 6 days by the time I get paid next Friday).

Santander are also due to debit £90 in charges (from last month) this Tuesday, even though the money is not in there.

Am I looking at being charged for them paying the charges? Jesus. I can't see how to sort this out.

I am even considering changing my bank details with work (cutting it fine, as they'll put pay through overnight Tuesday / Wednesday), so that next week's wages are not swallowed up by the charges, and instead go into my 'Basic HBOS Cardcash account.

However I would rather not lose the account / normal Visa Debit / CGC Card and am trying to not let my credit rating get any worse than it already is (about 6 Defaults).

Regarding the Money Shop debt, I am in two minds about this too. The cheques are due to be presented on the 22nd, 29th, 30th, 31st of December, and 4th of January (£100 each).

As much as I want to pay them back, I just can't afford to pay this off / keep extending them so I've even considered letting the cheques (hopefully go through from my Santander a/c) and then treating the bank o/d as a seperate debt.

Am then considering a DRO, as my wages (£6.00 per hour) are just not going to get me of this mess.

I'm a relatively intelligent 37 year old bloke, but due to my addiction to booze over the years, I'm now really in it.

No food in the fridge either, and I've fallen behind with my NPower Electric debt (£750) repayment plan too. Also owe £10 in rent arrears, and £64 to the Water company.

Have just had my so - called best mate (own business and Merc, and no debt.. lovely bloke, self employed, loaded and binge drinks but just about has a handle on it) texting me, begging me to go out even though he knows how much trouble drink has got me in.

I can't even afford a Christmas tree! Will probably work Christmas Day and Boxing Day (from home - double time) which should raise £100 - 200 depending on the hours. No family, and single so it'll keep me busy and will bring in the dosh

The very thought of Christmas is getting me down. Anyone else get like this? I've been invited to a mate's, but her bloke will be there and I'll feel a bit of a gooseberry.. Aside from that, her and I were 'together' at one stage, so it'd be all wrong :-/

Sorry for wittering on.

Need to offload a bit!

Cheers,

Sim x

PS - Extra £14K of Student Loans as well :-/ SOA as below. Any advice from any of you who've 'been there', as to whether or not I should go for a DRO / BR would be most appreciated.

PPS - Seeing this in black and white is both terrifying and a relief, as I can see where I stand.

SimIsOnTheUp

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 480
Partners monthly income after tax....... 0
Benefits................................ 372
Other income............................ 0
Total monthly income.................... 852

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 295.48
Management charge (leasehold property).. 0
Council tax............................. 85
Electricity............................. 44
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30.28
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 23.75
Satellite/Cable TV...................... 0
Internet Services....................... 22
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 715.51


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
Rent Arrears / Costs...........110.......21.52.....0
Council Tax Arrears............459.31....0.........0
Water Arrears..................64........30.28.....0
Ex - Girlfriend................2000......0.........0
Student Loans Company..........14000.....0.........0
BT Final Bill .................27.32.....0.........0
TV License ....................145.5.....0.........0
PayDay Loan-MoneyShop..........500.......85........0
Next (DCA).....................109.......0.........0
Vodafone (DCA).................950.......0.........0
O2 Mobile 3 (DCA)..............1055......0.........0
O2 Mobile 2 (DCA)..............588.......0.........0
O2 Mobile 1 (DCA)..............488.......0.........0
Shop Direct (DCA)..............1069......0.........0
Vanquis Visa (DCA).............358.......0.........0
Capital 1 Visa (DCA)...........688.......0.........0
Housing Benefit O/Pay..........2500......20........0
DWP Social Fund................649.......18........0
Electric Arrears ..............750.......44........0
Total unsecured debts..........26510.13..218.8.....-


Monthly Budget Summary
Total monthly income.................... 852
Expenses (including HP & secured debts). 715.51
Available for debt repayments........... 136.49
Monthly UNsecured debt repayments....... 218.8
Amount short for making debt repayments. -82.31

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -26,510.13
Net Assets.............................. -26,510.13

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Happytogetdebtfree

Hi didn't want to read and run. Well done for posting and hopefully someone will be along soon to offer advice x

SimIsOnTheUp

Thanks. Am really at the end of my tether with money :-/ x

dundeedoll_2

Just want to say hello Sim................it's no wonder it all gets too much to cope with and 'drives you to the dreaded alcohol'.

No help I know, but a BIG (((((HUG))))) anyway!
DD x

dundeedoll_2

Oh and :T for posting all that!

SimIsOnTheUp

Thanks DD!

I've been trying to turn my thinking around, in that 'no matter what happens' I will not pick up a drink today

Big Hugs right back at ya!

Sim x

PS - HUGE CONGRATS for giving up the fags!

dundeedoll_2

Thank you. I remember 'that' weekend in August very well when you got the payday loan and went AWOL.
My heart has always gone out to you.............you obviously have a horrendous time struggling with the demon drink BUT it's also so very obvious that you want to turn things around and you really do try.
Funnily enough, I had a friend ring me last night - she has finally admitted to her case worker at the hospital just how much of a problem she actually has with alcohol. (She was afraid to because of the fear of losing her kids) I told her about the alcohol thread and read her 1 of your posts.

k30lly

Hi,
I'm not sure if this is a great idea or not, but its an idea anyhow!
When I had a lot of charges on my account about 6 years ago resulting in an unplanned overdraft of £1,080, I got my wages changed to go into my saving (cashcard only) account for about a year and made an agreement with my bank to reduce my overdraft by £80 per month - they reduced it on the same date each month so I just put the £80 in the day before. It was annoying that they changed my account back to a cashcard but once it was paid I got a debit card back again, and continued to run the account again as normal
Good luck

Frankie231

Congrats for posting. Didn't want to read and run, especially as this tugged a cord with me and thinking about my mum who is in a similar situation with drink.

In regards to a DRO, I don't think you would be eligible as you have to have under 15,000 of debt. But I really can't see anywhere you could make big cuts on your SoA so I personally would be thinking about bankruptcy, if it were me. Mainly because it would wipe the slate clean in terms of the debt and allow you to focus yourself completely on the drink problem.

Will certainly be keeping an eye on this thread, I'm really rooting for you.

NorthernLas

Sim - I too have been reading your posts all year and remember the payday loan back in the summer.

Unfortunately, Frankie is right for a DRO you have to have less than £15k debt, no pension and less than £50 a month spare after expenses.

Here is the fact sheet from National Debtline on DRO http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=37_debt_relief_orders.

So now the positives ...
1. Well done on working, you need to keep this going and doing Christmas Day and Boxing Day is a very good idea.
2. You have an SOA and now it is all in black and white and there will be an answer to your money problems, it is a case of servicing priority needs first and staying strong with those who shout loudest and threaten all sorts of stuff.
3. Priorities - There are some of those debts that you can ignore for the moment (e.g. Student loan), but there are some that you really need to make progress with. As you are -£82 you cannot do them all. Again the national debtline has a self help pack that makes clear which debts are priority and which are not.
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php

Rent Arrears / Costs...........110.......21.52.....0
Council Tax Arrears............459.31....0.........0
Water Arrears..................64........30.28.....0
Ex - Girlfriend................2000......0.........0
Student Loans Company..........14000.....0.........0
BT Final Bill .................27.32.....0.........0
TV License ....................145.5.....0.........0
PayDay Loan-MoneyShop..........500.......85........0
Next (DCA).....................109.......0.........0
Vodafone (DCA).................950.......0.........0
O2 Mobile 3 (DCA)..............1055......0.........0
O2 Mobile 2 (DCA)..............588.......0.........0
O2 Mobile 1 (DCA)..............488.......0.........0
Shop Direct (DCA)..............1069......0.........0
Vanquis Visa (DCA).............358.......0.........0
Capital 1 Visa (DCA)...........688.......0.........0
Housing Benefit O/Pay..........2500......20........0
DWP Social Fund................649.......18........0
Electric Arrears ..............750.......44........0

The ones I've highlighted in red need payment plans in place, particularly the TV licence and rent/council tax arrears. Then ex-GF if you are still on speaking terms and feel moraly bad about it.
With 6 defaults, I would have thought your financial history is pretty much shot, so I wouldn't hang on to your normal bank account. Frankly I think they are 'taking the michael' with charges. Apply by phone for 2 co-op cashminder accounts.

Use one account to pay bills, and the other for spends. Put the card for the bill account in a plastic bag and then in a tupperware box filled with water. Then put it in your freezer or icebox.

4. The extending of the payday loan MUST stop. The only thing that can happen if you do not pay is that they take you to court and apply for a CCJ. They cannot turn up and take your possessions, but they can shout loud. Have a read of SaltnVinegars thread to see how you can deal with PDL companies. If they have your bank details, you must phone the bank and tell them your card has been STOLEN. This will make them stop all payments. It is inconvenient and you need to make sure you have some cash until the new card is issued, but it is a neccessity.
5. Only you can decide whether you should go out with your binge drinking buddy. He may be self-employed but will have tax to pay come January (or a £100 fine). If you are self-employed you need a third cashminder account where you put money for your tax and NI contributions.

Keep going, you are getting there mate!

NL