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

bouncydog1

Living in Walter Mitty land is how it could look but to help you, you need to do the budget as it exists now and people will help you find a way forward.

Regardless of what you think and blame on circumstances and the banks, at the end of the day you are in this mess because you could not budget and manage your money. When you had £47k in the bank what did you do with it? Spent on holidays or gadgets? You should have been putting some aside for a rainy day (and it is now pouring)!

Do what others have suggested and get over to the DFW board - that is the way forward - not living beyond your means and trying to match colleagues etc with your lifestyle.

Your credit record is shot to pieces so you really do not have a choice. You cannot continue as you are.

chalkie99

If only we knew the HBOS branch, we could e-mail them this thread so they could lock the doors before he got there. save them loads of grief.

cally6008

ciscokid wrote: »

If I only had one repayment per month to take care of and no constant overdraft fees/bank charges etc. then i might have a clue about the state of my finances. It is impossible to predict my outgoings at this stage because it changes every month.

It's called pen, lots of paper and organisation.

See here - https://forums.moneysavingexpert.com/discussion/2860498

JulieGeorgiana

From what I can tell you are a family of 4... Food/Shopping £350.00 is extreemly high. I would reduce that to £200 and shop around and use the OS Board to be more frugal and that leaves an extra £150 to throw at your debts!

ciscokid

bouncyd!!! wrote: »

When you had £47k in the bank what did you do with it? Spent on holidays or gadgets? You should have been putting some aside for a rainy day (and it is now pouring)!

Our family have never had a holiday in our 11 years.

I spent 25k on the deposit for a house

We bought 2 cars as we were now going to have to travel a lot further. (2 cars = £4000)

We had to start from scratch as far as furniture and home essentials went as we had NOTHING.

I had 10k of debt to clear. I had just been out of work for 4 months. I gained about 4 stone due to the anti depressants I was on. I had to buy new clothes for a new job. Same happened to my girlfriend. Kids grow all the time.

It all trickled away very fast which is why it overspilled onto credit cards and overdrafts, both of which I tried to tell my bank i did not want because I know the trouble this would get me into if it was available (this is the same bank who would not loan me a pen just months before, but as soon as I deposited 50k their attitude towards me changed, funny that!)....but banks are very persuasive people and when you have lost all your confidence and self belief these people can walk all over you and convince you to take on all this stuff you don't need. Not everyone has the power to say no, this seems strange to 99% of the population I'd imagine...but for some of us, sometimes its easier to say "ok" to save the hassle of trying to defend ourselves against people who are far more experienced in the art of persuasion that we are. Yes I'm an adult, yes I should be able to take responsibility for these things...but I do a lot of things I don't understand....I don't understand why I habitually deposit £10 here and there to an online casino every day when I am in as much financial danger as I am in just now...more than one person has stated here I clearly have problems that go beyond the norm...but in person I can assure you I come across a lot more intelligent than I obviously am so can never get help with this side of my life....

cally6008

Utter Tosh ....

You're keeping me entertained (along with other folk) so do feel free to carry on with your make believe stories

SaverT

ciscokid wrote: »

If I only had one repayment per month to take care of and no constant overdraft fees/bank charges etc. then i might have a clue about the state of my finances. That was the whole point for enquiring about a loan in the first place. It is impossible to predict my outgoings at this stage because it changes every month. It really is useless trying to summarise it, the ONLY thing I can do is summarise how it COULD look if I was just given the loan to clear the existing debt in one go and concentrate on one repayment over the next 4-5 years...in that scenario, my disposable income would be around £600, which would mean I have plenty of money to overpay my debt many months and really work on reducing the new debt in a much shorter than could ever be possible just now.

Here is how it COULD look....not my partners income is 1200 here as this is the MINIMUM she earns...it will vary from month to month. We live completely seperate lives right now due to the barrier this has created and the fact I can't afford to commute home everyday.

Income 1 1907.30
income 2 1200.00
Total  3107.30
 
Mortgage 750.00
Council Tax 180.00
Home Insurance 35.00
Electric 70.00
Cenral Heating 50.00
Phone  50.00
Internet 20.00
Sky  25.00
TV License 12.00
TOTAL  1192.00
 
Car Insurance 45.00
Petrol  250.00
Breakdown Cover 15.00
Road Tax 15.00
TOTAL  325.00
 
Food/Shopping 350.00
Mobile Phone 35.00
Child Care 100.00
School Meals 60.00
Misc.  100.00
TOTAL  645.00
 
 
Total Cost of Living 2162.00
 
Propsed Card Repayment 450.00
 
Total Outgoings  2612.00
 
Disposable Income 495.30
 
 

Thanks!

Ok, I'll leave the bits about where you could cut back to others as i'm no expert. For me, it looks like your shopping bill is very high, and phone bill is high (£85 inc mobile), I would have thought you could save £200pm between these quite easily. I'm sure there are lots of other areas you could cut back if you really wanted.

Based on what you've said and assuming you can cut back by £200 somewhere (or your OH gets an additional £200 above the minimum you are showing), then you have approx £1150 you can use to repay debts. If she averages £1600 as your £3500 monthly income suggests then this will all be much easier and quicker.

Some will probably disagree with me, but in your shoes I would do the following:

Month 1 Pay £500 as normal to cc, pay £170 as normal for od, pay off payday express £385 pay off £100 of wonga then roll over the rest and roll over mem

assuming it will cost you 25% on each, then for the following month you will have mem £230 (£185+25%) and wonga £625 (£600-£100 +25%)

Month 2 Pay £500 as normal to cc, pay £170 as normal for od, pay off mem £230 pay £250 towards wonga

Then just wonga left at (£625-£250)+25% = £470

Month 3 Pay £500 as normal to cc, pay £170 as normal fro od, pay off wonga £470

So in 3 paydays time you are out of the payday loan trap and have £1150 per month to hit your overdraft and credit card with.

Going by your own comments, these can't be more than £12k or so?

Even allowing for huge charges and interest on these, i would have thought £1150 per month would knock that down by at least £600pm so 20months to clear or allowing for the fact that interest/charges will go down as the balance does, probably more like 15months or even a year if you take on board the advise you will get on here.

So by Easter 2012 you can be debt free with £1,150 cash each month to do with as you wish! All it will take is a bit of self discipline.

The question is are you willing to do it?

If any of my assumptions are way out, give me the right info and I'll rework it.

All I'm really trying to do is show you that there is a simple solution without getting more credit which by the sounds of things you won't get anyway. BUT it will take some (small) sacrifices from you for a few months

Apples2

ciscokid wrote: »

so can never get help with this side of my life....

Does 8 pages of replies from complete strangers all prepared to go out of their way to help you not count??

ciscokid

Any savings that can be made do not get away from the most worrying fact however....

It is 16th December. I have not purchased anything for xmas (we don't even have a tree).

I have two bank accounts. The balance of these are -£999.99 and £0.00

Saving money next month is not going to provide the money I need right now. I need to be able to pay £600 for a tank of oil to heat my house. This isn't a want, this is a need.

I would LIKE to be able to at least provide some sort of enjoyment to my kids in the way of some presents.

telboyo

Cisco
In one post you say you have only spennt £900 on cars in your life. in the next yousays you bought 2 cars for £4000.

In your budget you say you are spending £[STRIKE]400 [/STRIKE] £250 on petrol-but you are working away from home where in your budget is thec ost of your "digs"?

I think your problem is you are not sure what al your outgoings are.