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

andymc29

What would you do with £1510 extra a month!?!

I would overpay my existing debts, which is what I'm doing now.

Taking out a loan over a long period is fine in principal, but in the long run, you need to focus on cutting every day spending as much as possible and overpaying debts as much as possible. Only when you are debt free are you able to enjoy your salary.

Do you have any family members who may be able to assist with this problem? Another option would be a website like www.zopa.com you can put a listing on there to request to borrow 15k, then people are free to offer you the money and it's up to you whether you accept the offer. You are also given a public platform to say your full situation as this seems to be the bit the banks won't listen to.

ViolaLass

ciscokid wrote: »

Im sure there are lots I can do which will take time before any savings can be realised, but I have been trying that option for the past 2 years....and getting nowwhere.

Do you really believe that? Do you not see the contradiction? You're sure it can be done but you've tried and you couldn't - and yet, at the same time you were getting payday loans to pay for birthday presents.

This is your life, take it seriously. Put up an SOA and let people here help you.

Apples2

It's no good getting defensive, there is nobody here out to poke fun. We are simply trying to get across the very real position you are in.

Ask yourself seriously, were ANY of these previous loans applied for because "If I get this loan I will finally have a way out of this mess?"

Was it the HBOS one, the MBNA, Barlays, Wonga, MEM, Payday Express or just dipping into the Overdraft???

Isn't this consolidation loan fuelled by the same desire as previous loans/CC/OD's, To get this lump and never look back?

To get out of it, you need to find the root cause and address that, if not, then you simply end up with more debt and less chance of a way out.

All of that money has been spent in excess of your income. Until you can identify why the outgoings are more than the income there is little hope of a way out.

Please don't kid yourself this has all been caused by the greedy lenders with their sky high interest rates. You've simply been spending too much for a very long time now.

Somerset

cisco

I've read all the thread. You're angry, at your circumstances, the lack of heating, the fact good money comes in but all immediately goes out in debt financing. I get that. You have to get three things :

1) Nobody but sharks will touch you. You're borrowed up to the hilt. You're defaulting. You're dead in the water.
2) Your bank won't 'help' or 'do the right thing' for you - because it's totally the wrong thing for them.
3) Rather than look for further borrowing/consolidation loan - you need to change your mindset. For two years you've been trying to borrow your way out of trouble. It hasn't worked and it won't work.

You need to say ''ok I'm in deep !!!!''. Rather than pay X, pay Y, pay Z, pay this charge, that charge ............ say it's stops here. Change bank accounts, get salaries paid into the new one. Pay the essentials from that - mortgage, water, council tax, living etc. Make a list of every creditor, APR, agreement, arrears, dca, and get yourself down to the CAB. Use their support to contact each of the above to work out a manageable repayment schedule.

Good Luck

NouveauRiche

...............and BREATHE!

You may feel like this is the end of the world. That simply is not true. I feel for you, I really do.....but.........

No-one is dead.

The posters on this thread are genuinely trying to help you. You already know that you are unable to borrow your way out of this, so please take their advice.

First of all...........

Do as one of the helpful posters said - stop all direct debits to your unsecured creditors and send each £1 token payment and explain that you are in the process of sorting out your financial difficulties. This will give you the breathing space you need to look at your situation honestly and seek the help of the CCCS. (This organisation is there to help you and is a free service.)

You need to take action as soon as possible. The banks will not help you. You need to grab this problem by the scruff of the neck. It WILL NOT go away.

Don't look back as to the "whys" and "wherefores". It doesn't matter how this spiral of debt happened. It HAS happened, that is not under your control. What you CAN control is how you are now going to deal with it.

I will say again............

NOBODY IS DEAD.

I will be thinking of you, but you MUST do something constructive today.

Remember we are all trying to help and support you.

hur575

The OP I wish you the best getting out of this, it can be done but not with more loan, yes more will sounds like good idea but banks will not lend you so you have to work with what you have.

I can share my experience but as long you admit you have a problem , your problem will not get away or magically get fixed, I was paying similar amounts to my debts that get out of hand.

The first few loans were needed to fund my studies but not the rest of credit cards, and payday loans that I took to just maintain minimum payments. Like you I tried to get a loan to pay everything else , and have spare cash, as my salary was taken by debts every month, I was not accepted for loan and I didn’t have any defaults just missed payment, and using my overdraft every month.

I got passed to debt management company who explained to me I will pay less but my credit file will be messed up for few years, I was not happy to go down that route, and decided to sort my mess myself, I knew it would be hard, the debt management agent told me, I doubt you will survive longer with that amount of debts, I said I will ,I have done it for few years, I will manage. She laughed and said, speak to you soon, I felt patronised but guess what? I maintained paying the minimum until one of my loan finished, which was for 350, as soon it did, I paid the payday company because it was hanging over my head, after that I used every spare cash on my debt.

After living so long on little I now have a habit of automatically saving 70% of my wage. Every now and then I enjoy nice stuff, and life seem to be much fun. I now have 0% credit card which I get offered when I was doing mystery shopping, it was bank job with full credit check, wanted to see how bank see me, and my own bank now offering me a guaranteed loan which I don’t need!!

So my two pence worth if you don’t want to go down the debt management route, you know it can be done ONLY after realising xmas and birthdays are not essential. When I was paying my debts, I asked my friends not to get me anything, as I will not accept them, for family I really got them cheap stuff, even from pound shop, only thoughts that counts.
As I said I didn’t do debt management because my credit file was not messed up and with their calculation, I was not better off, it is up to you what you want to do but like everyone said, debt management companies can offer free advice, take it or leave it.

Goood Luck

johnderby09

Please follow the advice on here.

Also, you really need to stop gambling if you haven't already. Seek help if you have to, but don't fall into the mindset of "if I win £XXX then I can pay such a bill" etc.

The bookie always wins

Pee

I think that most of us who are saying that you need to sort things out and a consolidation loan is not the answer are saying this because we have made pretty much the same mistakes that you have, we have had our lightbulb moment and are clawing our way back. Just like you will be in three months or so time.

fozmcfc

Done the consolidation thing myself twice and twice ended up in the poo deeper.

Frustrating to see the OP ignoring great advice, but hopefully if they start to sort themselves out without taking on more debt, they can look back and realise the advice given by large was 100% spot on.

geoffky

ciscokid..you do realise where this is heading don't you..if you do not get a grip of your lifestyle and start being responsible for all your debt you will end up a bankrupt as all it needs is one of those loans to be called in and you will go under,,,your answer is not more loans but i fear a bit of growing up is needed as you still thing you do not have a problem....you do..