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

spugzbunny

ciscokid wrote: »

hbos 200
mbna 200
barclay 100
wonga 600
mem 185
pay day express 385
bank overdraft charge 155
bank overdraft fee 35
TOAL: £1860
.

I'm sorry but this just doesn't make sense! Earlier you said £15k would cover all your existing debt. Well If I assume that the bank charge and overdraft fee are because you are in debt and therefore don't count towards your actual debt then you are paying £1670 towards debt each month. Divide £15K by £1670 and you get near enough 9 months. Obviously there is extremely simplified and not cumulative intertest is taken into account but it paints an odd picture. Why are you paying such high amounts each month for a relatively low debt. If you can afford to pay high amounts off then great but don't do it if you are getting yourself in debt elsewhere.

You would be far better reducing your payments where you can so that you don't end up in debt to pay off your debt.

katsu

cisco,

We aren't telling you to tell your kids there is no santa. We are trying to tell you that as you will not get a bank loan, you need to find another way to solve your debt problems. If you can't pay all the bills at the moment then you have a couple of options:

1 - you and your wife increase your household income - more hours, second jobs, third jobs, lodgers (when the heating works obviously) - so that you can pay more than the minimums and start clearing the debts
2 - you and your wife reduce your living expenses so that you can pay all the minimums (or overpay some) and in time you clear the debts
3 - you enter into a debt management plan - you pay off the debts over Xyrs
4 - you enter into an IVA
5 - You get a DRO (a sort of scaled back version of bankruptcy)
6 - you go bankrupt.

You need professional advice to enter into 4-6 and would benefit from it to get 3 to work for you.

I'm not commenting on how hard or possible these are for you, but more borrowing just doesn't sound possible, so these are the options that remain.

Please get some advice - CAB, CCCS, Payplan or Christians Against Poverty, maybe even via your Trade Union if you are a member, or your employer's Employee Assistance Programme if they offer one with financial advice (usually a confidential call centre).

Good luck.

ciscokid

spugzbunny wrote: »

I'm sorry but this just doesn't make sense! Earlier you said £15k would cover all your existing debt. Well If I assume that the bank charge and overdraft fee are because you are in debt and therefore don't count towards your actual debt then you are paying £1670 towards debt each month. Divide £15K by £1670 and you get near enough 9 months. Obviously there is extremely simplified and not cumulative intertest is taken into account but it paints an odd picture. Why are you paying such high amounts each month for a relatively low debt. If you can afford to pay high amounts off then great but don't do it if you are getting yourself in debt elsewhere.

You would be far better reducing your payments where you can so that you don't end up in debt to pay off your debt.

No one can afford to pay 1670 a month in debt..so what happens...i go to bs like wonga and payday express so i can survive to the next month...but my accounts are always in the red and payments get missed here and there....just the other month i paid 900 to wonga for a 400 loan....exactly..it doesn't make sense....

oh and the bank chagres occur EVERY month...

ciscokid

geoffky wrote: »

you are like a lot of people..you are not prepared to work hard to pay off your debt and you believe in magic fairy's,,,

grow up for all your family's sake..

oh pi55 off...if i didnt want to work hard to pay off my debt i would go bankrupt, quit my job, become a junkie, and live off the state.

i do work hard, but for the past five years i have worked hard to pay all my hard earned cash into the banks pockets...

Saving

ciscokid wrote: »

i do work hard, but for the past five years i have worked hard to pay all my hard earned cash into the banks pockets...

That's cos you're a !!!!.

andy.m_2

Something has gone fundamentally wrong in the past to get you from a good income to a spiral of debt.
Regardless of anything else, you have to admit this, it is debt 101.

Until you address this, you will continue to suffer the spiral.

Not judging you in any way, I have no reason to as (to be blunt) I have cares and worries of my own.
So take the boards advice or do one it's neither here nor there.

BUT
Make your family warm and feed them, nothing else matters as much.

HAYLEY8005

Honestly do as has been suggested come over to debt free wanna be board they are fab for advise in this situation.

open a basic bank account
move mortgage council tax etc all priority debts
move wages
then write to each creditor enclosing £1 a month while you seek help from ccs (saved you £1500 already here)
Then write up a soa in dfw with all living expenses.
Dont pay pay day anymore this month instead pay your heating once the new account is up and running
The companys wont like it but tough luck if you havent got it

Hax

ciscokid wrote: »

oh pi55 off...if i didnt want to work hard to pay off my debt i would go bankrupt, quit my job, become a junkie, and live off the state.

i do work hard, but for the past five years i have worked hard to pay all my hard earned cash into the banks pockets...

People aren't saying that you don't work hard (in your job) - the problem is that you are unwilling to take onboard the advice that people are offering you. The ONLY options you have are:

1. Enter into a Debt Management Plan through the likes of CCCS/PayPlan
2. IVA
3. Go Bankrupt

That is it. You have no other choices. You are NOT going to get a loan and a loan is certainly NOT the solution to your problems.

I have been there myself with over £35K of debt at it's peak, when my OH was unable to work due to poor health - she is still unable to work now - but I am now out of the spiral and have been for a few years. That's not to say that I don't have any debt, I still have a few - car loan, new PC on BNPL and a few other minor odds and ends - but it's now under control.

My way out was to seek help from a debt management company - initially a fee charging one until I discovered CCCS. I urge you to talk to CCCS about getting yourself out of this situation.

You are NOT going to get an immediate fix and it WILL take time. As for Christmas this year - how about offering your kids something a bit later next year - maybe a trip to a theme park or something (I'm not talking DisneyLand Florida!) - it'll give you chance to save for it.

You have to realise that you cannot afford to continue the way you are. You owe it to your family to try and find a solution to the problem.

Good luck!

ciscokid

The bottom line is that I have been in this mess for 5 years now....if I had just gotten the loan the first time I asked, it would have been repaid by now and I would be completely debt free for life.....there is no way I want to live another 5 years...give me convenience or give me death...

the_insider

ciscokid wrote: »

give me convenience or give me death...

the other option is to get your head out of the sand, accept that you have a problem with controlling your spending and ask for help. please accept the advice that you have been given on here.