Drowning in debt - Breaking point!

KiKi

Hi Tarka

It's a statement of affairs - ALL your incomings and outgoings. There's a link to it at the top of the Debt-Free Wannabe board.

A question for you (and it's a genuine question!) - are you still applying for jobs now? Apply for anything and everything that you can do - sounds obvious but oddly it can be easy to forget when you're in despair about money. People here can help you get your costs down and deal with debtors, but ultimately you need to get back into employment! Ironing, cleaning - whatever it takes. Unfortunately with the economy the way it is, people in particular industries (such as events management) have had to step out of that and take whatever's going (as you did with the retail work).

Can you make some money at home, too? Sell stuff on Ebay? Advertise to babysit?

Post your SOA and people will be along with comments.
KiKi

Tarka1981

Oh, sorry.

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 0
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 145
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 140
Clothing................................ 0
Petrol/diesel........................... 30
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 6
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1161

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 250

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................6700......165.......29.9
Amex...........................1002......26........27.9
EGG............................440.28....13.49.....26.9
Total unsecured debts..........8142.28...204.49....-

Monthly Budget Summary
Total monthly income.................... 0
Expenses (including HP & secured debts). 1,161
Available for debt repayments........... -1,161
Monthly UNsecured debt repayments....... 204.49
Amount short for making debt repayments. -1,365.49
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,142.28
Net Assets.............................. -7,892.28

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I also have an overdraft of £1,700 which is maxed out and imminently due to go over. (Any day now infact...) Which will, in turn generate more fees.

And yes, I have been looking for work outside my usual experience boundaries. (No offence taken.) Especially in the last few weeks as I became increasingly desperate to save my relationship. To no avail however. No wanting to sound 'woe is me' but I am decidedly cursed when it comes to job hunting!

Tarka1981

Also, I completed my JSA assesment last night so that is awaiting feedback. I went to the bank to open an account but they had no free slots so I'm going back tomorrow.

Plus my bank called me today saying that I owed them £300+!!! My last payment was 28th Dec (and the first of the payments that I had started making my token payments). They are now demanding two month's worth of payments!! I tried to explain that I had written to my branch and asked the manager to pass to the necessary department (I did this as after searching online and all my documentation at home, I could find NO correspondence address for credit card issues). I wrote at the beginning of the month. A little close Im sure, but in advance none the less.

We got cut off part way through the call however and they never called back. I now have no idea as to what trouble I am in or what is going on! Any ideas???

dancingfairy

Hi Tarka - glad you've got the JSA application underway. Have a look on the entitledto website to see what else you can get - you should be able to get housing benefit and council tax benefit etc which will help.
With regards to the bank thing you need to get your new account set up as soon as possible - you might need to go for a basic bank account with no credit check.
Hopefully the bank won't do anything at the moment - you owe 300 pounds - so what? some people owe much , much more than that. At the moment you have no income but are taking steps to remedy this and until you've done that you have no money to repay them so no matter how much they squeak and squel they can't have it can they? What I would do is go to a cash machine and withdraw as much money as you can from your account - if they close your account then tough - cos you're getting your new one sorted out and whilst it may be increasing your debt in the short term you might need that money to buy food for example or to make a small token payment towards your rent etc whilst all the benefits are being sorted out.
What bills have you got due in the near future? I'm thinking in terms of feeding yourself and getting the priority bills paid? You may need a crisis loan from the jobcentre as well.
df

dancingfairy

Oh and don't worry about the debts for now- you can begin to address them when you have some form of income coming in - even if it's only benefits.
df

tallyhoh

Have you checked about debt relief orders?

nerak_y

Hello Tarka,

Just wanted to send you a hug, chin up and keep fighting!!

nerak_y xx

Tarka1981

Well I've just put myself past my overdraft limit paying the electicity bill. But it was going to happen anyway when they charged me for being overdrawn last month so at least I got there first with something productive I suppose.

Still not happy about what I'm supposed to do with the credit card payments and the fact that I'm now imminently homeless!! (I can't sleep on friend's floors and don't see me getting housing benefit without popping out a few kids rapidly first...) Not that I want housing benefit. I'd much rather have a job, get my life back on track and start putting this all behind me!

Does anyone know about DRO from experience?

dreamdreamer

Is the £250 of assets what your car is worth? If so you probably qualify for a debt relief order. Start looking into that (CCCS will help with this). Not too many people have personal experience because it's very new.

The credit card and overdraft can wait, trust me they're not going anywhere and if you don't have the money, you don't have it. They'll have no choice but to accept the token payments. Try and pay priority debts first (council tax, utilities etc).

Once you've been and got the benefits, things WILL look better. I'm no expert on benefits but someone may be able to advise as to whether you qualify for council tax and housing benefit etc. That'll be a couple less bills to worry about.

Lastly, stay strong. You've been incredibly strong to post on here.:T I won't say "stay positive" because I'd want to kick me were the situations reversed, but you WILL get through this. If you think the depression is getting on top of you, see your GP. Keep posting on here, there are so many helpful people that know SO much about all this (sadly not me!). They're invaluable.

Dreamer

Tarka1981

Thanks for all the positive feedback. I'm looking into DRO's more now to see if it's something I can do. (Fingers crossed.)

I was doing ok until my partner called things off last night. I don't really blame him, it's just a tough blow when you're struggling with so much stress. (Though that's what got to him in the end and I can hardly blame him for it as he's been a saint to put up with it for this long.) It doesn't make it any easier though, losing someone over something as ugly as money... I hate myself for us getting to this stage.