Running out of time, needing to borrow in time for xmas...

moderngirl

Ok, this is the last post advising cisco,

6 tins of Heinz Baked Beans £1 @ Asda

hur575

ciscokid wrote: »

My daughter is 6 and has a lot of friends. We live in area full of rich snobs so she will never live up to her peers, and i have no intention of her ever doing so.... but I have been the one at school trying to change the topic after the holidays when everyone is bragging about what they got for christmas..its not nice. the difference is my dad was an unemployed alcoholic and my mum worked a part time job, so money was tight/non existant.

We probably earn 10 times more than my parents ever did, yet my kids are getting the same rough ride I got, and that just doesn't sit right with me.

Op you clearly made up your mind, you think by nagging the bank you might get your loan, then good luck !!!but please give your kids a better chance in life not by spending money you do not have, as this not going to help them later in life, when they realise money does not grow in tree and starts to live beyond their means, and follow in your foot step.

If you can find £1000 from your OH to pay the payday loans, you should have £1000 every month after that, and do not need the £15k !but what do I know with one shared brain cell?!

SaverT

Hi cisco,

I have read this during the day. I realise you may well not answer, however, I wanted to ask anyway.

You have a joint income of £3500pm.

You have personal debt payments of £1860pm of which the breakdown appears to be something like

Credit card min payments(hbos/mbna/barclay) £500
Overdraft fees/charges £190
Payday loans £1170.

So in a month (this month?) you have £1640 left from joint income (I'm assuming here that your OH is fully onboard and willing to do whatever is needed to help)

What does this £1640 go on? No need to be specific if you don't want, just a very rough breakdown.

To take a complete stab in the dark maybe

Rent/mortgage £800
Utilities £100
Council Tax £120
Phone/broadband/TV £50
Insurance £50
Car expenses £200 (assuming high insurance?)
Food £250
Misc £70

I appreciate this may be a million miles out or your OH may have further debts to service or,or,or...

However, if the above is even remotely close, then getting by for one month like this (or more frugally as I'm sure the helpful people on here could point out how to cut these) then the following month you wouldn't have the £1170 in payday loans to pay so would immediately be able to throw this at the overdraft/credit cards etc.

Like I say, I may be a million miles away from the truth and if so feel free to ignore/throw back in my face, I don't mind, I'm just trying to help get to the bottom of your problem. Without further info (SOA) which has been requested many times and not provided, there is nothing I can offer.

I ask these questions as not so long ago, I was in a similar situation - all sorts of regular debts to service and an ever increasing mountain of payday loans (I think I peaked at 5 of them for £2k+). I finally got it under control by just taking a deep breath and laying everything out in the open. About 4 yrs on, I'm almost in the clear

Anyway, please provide the info needed for people to try to help. Otherwise, I wish you good luck.

ViolaLass

hur575 wrote: »

!but what do I know with one shared brain cell?!

Yeah, and stop hogging it!

drew2k9

not even trying to be funny, but the beanz suggestion hold a bit of weight, not in that you should live off beans, but that it is mad the amount of food you can actually buy in the supermarkets for well under £1, a friend and i used to go to lunch and go to a tesco and do the "£1 lunch challenge" as i called it at least once a week. we could get:

Bread roll 28p
small drink 25p
jelly 7p (i know it was still in cube form, but it tasted great!

and with the 40p left we both put it together (80p) and shared a tub of reduced organic hummus for 75p and had 2.5p each after it!

so in summary you can eat enough food for very little money if you are really stuck in a rut, it may not be the most nutritional, but you wouldnt be hungry, and that could be one way of cutting your outgoings by a lot.

buying cheap versions of supernoodles etc
cheap beans
cheap pasta and sauces
lots of other reduced and cheap items and there you are on your way to no more payday loans!

wotsthat

So I am not blaming the person who stole a car and crashed into my uninsured car for the amount of money I had to pay the rightful owner of the car and the court, I am blaming the bank for being too short sighted to help me when I needed it

You don't blame the person who stole a car and you don't blame yourself for driving an uninsured car but you blame the bank?

Can you see a developing theme i.e nothing's your fault.

Like I said google "stages of grief" - anger is in there and so is denial. Look a bit further forward and there might be acceptance and hope.

Your choice move on or keep playing the blame game. I'd suggest the former as the latter doesn't appear to have been a successful strategy.

I wish you the best of luck.

Malky

ciscokid wrote: »

My daughter is 6 and has a lot of friends. We live in area full of rich snobs......

And there lies part of the problem. I'm guessing you may have been trying to keep up with the Jones's for too long and have now become stuck. Borrowing more money to pay back debt is not a great solution. You're effectively shifting your debt rather than getting rid. This then leads you to believe you have loads of disposable income every month and start spending again on the credit cards, payday loans etc etc.

ViolaLass

moderngirl wrote: »

Ok, this is the last post advising cisco,

6 tins of Heinz Baked Beans £1 @ Asda

I promise I'll let Santa know.

HappyMJ

LOL..I feel so minted reading this thread even though I don't earn much and have what is compared to almost no income huge debts. Compared to my normal income of at least £32k my debts are very manageable. My SOA----> Income £1300 Less expenses £1290 Surplus £10. My debts total £110,000 including mortgage. The normal repayment on the £50,000 of loans and CC's is around £1,250 but right now all unsecured creditors are accepting no payments until I can get that well paying full time job. They have frozen all interest and charges until that occurs. It is more important for me to go to the shops and buy food and pay the heating bill than worry about an unsecured lender. There is equity in my house so they will all be paid back eventually.

whatyadoinsucka

well reading through all this i'd just give up.., no seriously sort it out before it becomes too much
its clear that income is income and not for paying bills. why don't you go to nightclass and take a course in personal finance, understanding the relationship between cash inflows and outflows.

I have a second bank that gives me an overdraft of £2,200 which costs me £5 a month if i choose to use it (50 pence a day 10 days max charge) and i only transfer £500 into the account monthly, its amazing what banks will give you if you avoid being over agreed overdraft limits and ensure you meet payments when due.
and before you ask no.. your Risk/Reward is too high for me ;0(