45k in debt and frustrated!!!!!

justinlotsofdebt

Hi everyone I have just stumbled across this site as I am very frustrated and angry with my situation and was looking for advice and found this site, I have had a little look on here but need to spend a good few hours to really get some good help.

My situation is I am 33 and live with my fiance just outside london, I have only recently decided that after being in debt most of my adult life now is the time to sort it out before its to late, I work for my own company and earn between 35-40k a year, I also have another business which has been costing me between £1000-1500 a month, it is a franchise which I am now trying to sell or even give away so I am not liable for the lease any more!
I currently have the following personal debts

abbey loan £6500 left
barclay loan £14000 left
Barclay select loan £13000 (this works like an overdraft)
Personal overdraft £4000
abbey Credit card £6000
Barclaycard £700

I am currently paying £269 off abbey loan, £353-00 off barclay loan, £347 off barclay select loan, £110 off abey card all by direct debit and my barclay card I pay bits here and there but have stopped using it and I am always in my overdraft near the limit.I also have a car on finance which i need for work which is £315 a month with just over 2 years to go.

This week I worked out that I am paying about £400-00 a month in interest alone! I feel like a man posessed with a huge determination to clear my debts, I think it will take me about 4 years to clear them all as some will be clear before others, I would like to know what people think I should do, Barclays offered me a £45,000 loan over 5 years but that just increases my debt term, I live on a tight budget and dont waste money as it all goes on my debts, my other business has been draining me financially which is why I am always on my overdraft limit!

I am not depressed or sad just frustrated and determined!

any help or advice will be greatly appreciated

thanks Justinlotsofdebt

SpongeBobSP

Hi there,
Welcome to the site. Please post you SOA (statement of affairs), and I am sure ppl will help you out.
Thanks

Rgc_3

justinlotsofdebt wrote:

Hi everyone I have just stumbled across this site as I am very frustrated and angry with my situation and was looking for advice and found this site, I have had a little look on here but need to spend a good few hours to really get some good help.

My situation is I am 33 and live with my fiance just outside london, I have only recently decided that after being in debt most of my adult life now is the time to sort it out before its to late, I work for my own company and earn between 35-40k a year, I also have another business which has been costing me between £1000-1500 a month, it is a franchise which I am now trying to sell or even give away so I am not liable for the lease any more!
I currently have the following personal debts

abbey loan £6500 left
barclay loan £14000 left
Barclay select loan £13000 (this works like an overdraft)
Personal overdraft £4000
abbey Credit card £6000
Barclaycard £700

I am currently paying £269 off abbey loan, £353-00 off barclay loan, £347 off barclay select loan, £110 off abey card all by direct debit and my barclay card I pay bits here and there but have stopped using it and I am always in my overdraft near the limit.I also have a car on finance which i need for work which is £315 a month with just over 2 years to go.

This week I worked out that I am paying about £400-00 a month in interest alone! I feel like a man posessed with a huge determination to clear my debts, I think it will take me about 4 years to clear them all as some will be clear before others, I would like to know what people think I should do, Barclays offered me a £45,000 loan over 5 years but that just increases my debt term, I live on a tight budget and dont waste money as it all goes on my debts, my other business has been draining me financially which is why I am always on my overdraft limit!

I am not depressed or sad just frustrated and determined!

any help or advice will be greatly appreciated

thanks Justinlotsofdebt

Hi and welcome
Firstly id just like to say what a cracking attitude you have to this ....you ve seen the problem and are ready to deal with it head on...well done:T

1)dont touch the cons loan for now

2)post your soa for it to be cannibilised:j dont worry its not as bad as all that i just get a,mazed everytime i see an soa being worked on by the forum

3)get your apr s together

4)how longs the lease for(any way you can end it early??)

5)has the franchise company you bought from met all their promises(leads etc)

good luck:beer:

richardvc

Welcome to MSE - as all the others say, post your SOA (ie all your income and outgoings with APRs and monthly payments) and then you will find the advice really starts.

There are some fantastic people on here who will help - as the name implies we are all 'debt-free wannabees' and encourage eachother so you're in the right place.

justinlotsofdebt

hi there just want to say thanks for the replies, I will sort out my statement of affairs and post it in the next day or so, it will take me a few hours to organise!!!

thank you