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

hur575

ciscokid wrote: »

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).

.

lol a tree??:D

ciscokid

SaverT wrote: »

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

I will be honest....I can't understand anything you have written. I will try, but I would need someone else to read this and explain this to me. This isn't me being funny btw, and I appreciate that you have written what looks to be a good plan. The only problem I can see is that just paying x amount of a payday loan doesn't work...they grab the full whack as soon as they can, and if they don't get it, the APR keeps ticking...

ciscokid

telboyo wrote: »

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 £400 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.

You're right, I have no idea what my outgoings are!!! And I have no idea what my partners outgoings are, she is just as useless as me. This is why I can only make sense of what my outgoings would be with just ONE monthly repayment for all debt

I have owned 4 cars yes... Rover 200 £400, Ford Escort £0, Renault Clio £100 Ford Mondeo £400

My partner has owned one car (peugeot 307) which cost £3800.

telboyo

Why do you need £600 for heating oil if you are paying £50 per month for central heating?

SaverT

ciscokid wrote: »

. 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....

OK, 2 things here

1. £10 here and there to an online casino everyday - how long for? That's £300 per month! That's nearly twice as much as the overdraft fees and charges that you are so bitter about.
Again, I've been there and done it. A significant amount of my debt (and 'need' to resort to PDL came from gambling). I know it is easier to be angry, but if this is true you have to stop! Deep down when you are thinking clearly you can see this is contributing hugely to the financial issues. It won't be easy in amongst all the other things going on but if you don't stop this asap, then in a few months your problems will be 10times worse. There is a support thread here as well as many other sites to help stop gambling - do it!

2. In person I can assure you I come accross a lot more intelligent than I obviously am

Sorry, I am trying to keep to the constructive and avoid anything negative but that's pure self pity. I read this as in reality you are an intelligent person but are currently stuck in a rapidly downward spiral. For as long as you think in the manner displayed above, this will continue. You really have to step back, realise that whatever you've been doing for the last few months/years hasn't worked - you've ****ed up. Now you have to change. Your situation isn't great, but it's not bad either, you just need to bite the bullet and get on with it. Whether it's your fault, the bank's fault or the fairy godmothers fault, the situation is as it is but you can be out of it in a few months if you try.

Stop creating this situation in your head that it's all someone elses fault and therefore not doing anything to resolve it. Life sucks, bad stuff has happened, now deal with it.

ciscokid

telboyo wrote: »

Why do you need £600 for heating oil if you are paying £50 per month for central heating?

That SOA was hypothetical. Only after an initial payment of £600 to my fuel suppliers can they provide me an account on which I can make monthly payments. I phoned up to ask about pricing once and they sent the lorry around to fill up my tank full to the brim then sent me an invoice which I couldn't afford. I appreciated the oil but it took me months until I could pay it off....after that they will no longer provide oil without payment in full.

bouncydog1

I think the £50 per month is once he can get it under control. Ciscokid, why do you need a full tank of oil? Surely you would be better to get 1/2 tank or less for now to get you through the next month. Do the oil company run a monthly payment scheme you could join?

The crux of the matter is, as you have said, you have no idea what your outoings are and neither does your partner. You have to address this - don't think the bank will entertain a loan without having every item set out - it doesn't seem as if you have even prepared for your meeting, which is going to lessen your chances of getting a loan.

Do a proper, full statement of affairs - make sure you include everything - and get all of the info from your partner. How do you know she isn't spending money on manicures, handbags and WAG stuff to keep up with the Jones's - you have said you have no idea.

You have to get a grip and stop thinking that a loan will solve your problems - it will not as you have not yet accepted that you have to budget so that your outgoings are less than your income. Until you have your lightbulb moment and recognise that it is not the bank's or anyone else's fault you are in the mess, we cannot help you.

If you are not going to recognise that, may I suggest you stop posting and leave people to help those who want to accept it.

JulieGeorgiana

ciscokid wrote: »

It is 16th December. I have not purchased anything for xmas (we don't even have a tree). I would LIKE to be able to at least provide some sort of enjoyment to my kids in the way of some presents.

You don't read! Buy a £10 heater instead of gambling and heat your living room this Christmas! That's all they need!

SaverT

ciscokid wrote: »

I will be honest....I can't understand anything you have written. I will try, but I would need someone else to read this and explain this to me. This isn't me being funny btw, and I appreciate that you have written what looks to be a good plan. The only problem I can see is that just paying x amount of a payday loan doesn't work...they grab the full whack as soon as they can, and if they don't get it, the APR keeps ticking...

OK so you don't actualy only pay x amount, you either arrange to roll it over (if you're rolling the whole lot over) then I believe you will only pay the interest, or you pay the whole lot then the same day take out another one for whatever reduced amount you need until the next month. This isn't ideal but will get you out of it within 3 months

If you are willing to share all the details, people will be able to offer solutions. Seemingly you don't know all the details yourself at the moment. Please get all your paperwork together (loan/OD/credit card/PDL agreements and bank statements) and sit down calmly and go through what's coming in, what's going out and when, then come back and give us all the info, you might be surprised at how much help you get...

bouncydog1

And may I suggest that you move over and read the thread from Sim is on the Up on the DFW Board. That is somebody who is really trying to help himself and doesn't have the income that you do.