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

ciscokid

wotsthat wrote: »

I think this about says it all.

2004, I am in my bank, the director of the company I am working with is at my side to back me up. Whilst listing my debts that I need help with I state "car insurance" (my car insurance at the time was £300 per month) and i wanted the remainder of my car insurance to be included in the loan I was applying for. My bank tell me "thats a normal expense, we wouldn't help you out with that. In other words, they thought they knew better. They didn't give me the loan, and I was payinga fortune at that time (and earning less than I do now, but I knew it only onwards and upwards from there, the director of the company I worked for being there to back that up). 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. Every year something happens to me that screws me up, and it happened this year, I managed to go 2 months without any pay due to a lack of money in reserve. That two months of bad repayment was enough to completely void almost the past year of repayment...every year the clock just resets itself...please stop insinuating that my experiences are the same are yours...anyone who makes matters worse witha debt consolidation loan clearly didnt need a consolidation loan...it is mathematically impossible to make things worse when you are reducing monthly costs and overall costs.

ViolaLass

Hang on, if you bring in £1900 a month, which pays off the debts and leaves £40 from which you need to pay the mortgage, buy food etc, does your partner not contribute? What does their salary get spent on?

ciscokid

Peelerfart wrote: »

What's the point - the guy's in denial !

No, when I phone up someone and say "look we earn £3500 a month, can we just you pay you £1 per month" then you will be told to eff off and laughed at if you even try to suggest you might be in the slightest bit of financial difficulty. DUCY???

iolanthe07

However high your income is (and, believe me, £3,500 a month is not that great these days), if your debt repayment is two thirds of your income, then you are in financial difficulty. You've had some excellent advice here - prove that you've got more than one brain cell and follow that advice.

the_insider

But you are increasing available credit. That's what you refuse to understand!! And until you deal with your attitude to spending then you may fall back into the credit trap, only this time you're in twice as deep!!

ciscokid

ViolaLass wrote: »

Hang on, if you bring in £1900 a month, which pays off the debts and leaves £40 from which you need to pay the mortgage, buy food etc, does your partner not contribute? What does their salary get spent on?

I haven't once suggested that my salary pays for food or that my partner doesn't have any expenses of her own.

drew2k9

ciscokid wrote: »

We take home £3500 between the two of us each month, we are not in financial difficulty.

10 years ago we used to take home £850 between us and we were much better off, even with having a new baby to care for at that time.

where is all your money going then?

you could be taking home £35,000 a month, but owe £36,000 a month in debts, you would still be in financial difficulty regardles sof having a £420000 yearly wage. but you get what i mean, or at least i hope you get it, otherwise you will be in more trouble.

if you have to borrow every month to live then borrow to cover your borrowing, then borrow to cover the borrowing you got to cover your borrowing that covered your living costs, then you are going nowhere, so adding another borrowing (the loan) will not help, but the people on the DFW section will. go there, get sorted, and possible also seek some counselling, you could have badly affected your own mental health through all the stressing out you have been doing about all this.

Svenena

Since the OP is clearly not listening to everyone's advice and would rather complain about the past than move on with the future, I wanted to say thanks to everyone (OP certainly won't). There's some really good advice on this thread, people are clearly trying to help as much as possible, and hopefully someone else who is a bit more open-minded than the OP will read it and benefit from it. Well done all!

cgk1

ciscokid wrote: »

We take home £3500 between the two of us each month, we are not in financial difficulty.

10 years ago we used to take home £850 between us and we were much better off, even with having a new baby to care for at that time.

Income alone is one side of the equation, outgoings are the other - In your own words, you have to take out pay-day loans and your children sit in a cold house, you are in financial difficulties because your outcomes are too much for income.

You are beyond the help of anyone here because you seem to in complete denial about your situation.

ViolaLass

ciscokid wrote: »

No, when I phone up someone and say "look we earn £3500 a month, can we just you pay you £1 per month" then you will be told to eff off and laughed at if you even try to suggest you might be in the slightest bit of financial difficulty. DUCY???

Isn't it strange that so many people with experience of debt and getting out of it can be so wrong when you, who haven't even tried this approach, know all about it and can be so sure that a certain method won't work.

You're quite right to not even try it. And you're definitely right to say that being in financial difficulty is judged by what you earn, rather than how much debt you are in relative to your income.