I'm sinking now....can't manage the debt now...

debtCollector_3

livinginhope wrote:

If you sell the car you would use the money to pay off the loan,then you could buy a very cheap car ie £350,you cannot afford to be choosy,this would also reduce the cost of the insurance.
You say your son paid the car insurance,I am then assuming he is too old for child benefit? is that right? as he is older,is he working? could he help towards the bills?
I really feel the car would be the easiest way for you to save money.
LIH

The car story....

Got a small car on credit, then traded it in for bigger car, which turned out to expensive to run, traded that car in for smaller car, that car got wrote off after someone ran me off the road, cos I had credit outstanding on larger car, I got my mum to take out loan and bought smaller car outright, so when car was wrote off I got insurance money and bought the car I have now, so if I sell car I still have the loan to pay.

debtCollector_3

livinginhope wrote:

Don't cry DC,it is very frightening seeing your situation in black and white,I know exactly how you feel and we all want to help you.
Call it a night now,but come back in the morning,things might seem better tomorrow after you have slept.
LIH

My debts are taking over my life, I will come back tomorrow with realistic budget........

When I posted here this evening, I didn't expect so many replies, I actually thought to myself, I'll check tomorrow and see if anyone had replied, just shows me that I'm not the only one that is thinking about debt.

I'm now thinking that I should open a new bank account get all my essiental bills setup and then see what I have left...... and contact Payplan on Monday...

Thanks so much to everyone that has replied

livinginhope

debtCollector wrote:

The car story....

Got a small car on credit, then traded it in for bigger car, which turned out to expensive to run, traded that car in for smaller car, that car got wrote off after someone ran me off the road, cos I had credit outstanding on larger car, I got my mum to take out loan and bought smaller car outright, so when car was wrote off I got insurance money and bought the car I have now, so if I sell car I still have the loan to pay.

,please excuse me,it's getting late ,does that mean the finance for the car is not on your current car?
Easier way of doing this,what is your car worth?
Sorry for being a bit dim here,I am very tired.
LIH

debtCollector_3

roxorx wrote:

hey, the people on here give some great advice so hope you get stuff sorted soon

the only advice i cna give is talk to your parents about it. i hid my debts from my mum for years, but would still be borrowing between 100 and 700 per month from her :eek: i finally came clean earlier this year and told her what i owed and to who, she wasn't best pleased to start with, but she knows i am trying to sort things out so offers help when i need it now, and for specic reasons instead of throwing money at me.

Oh no..... my mum has enough to worry about with other sibblings.... and she isn't too well just now and me landing this with her would only make her condition worse....... that's why I posted here.... to share and chat..

I do understand what you are saying, but right now it isn't an option for me.... thanks

Mum knows why I'm so broke, and that I'm trying to fix things, i just don't want to give her figure...

DC :shhh:

debtCollector_3

livinginhope wrote:

,please excuse me,it's getting late ,does that mean the finance for the car is not on your current car?
Easier way of doing this,what is your car worth?
Sorry for being a bit dim here,I am very tired.
LIH

That's ok..... My neighbour asked me if Arnold Clark was my father cos I've had so many cars......

Bottom line, cos I've switched finance so many times, to cover finance it cost £8000, I then got a car worth £5000, that's the one that got wrote off, and with the insurance money £4750 I bought my current car, the car I have just now is worth £4500.

Mum got loan to cover finance on car which is now written off, so I pay £168 into her account each month, which is silly as she gives it and more back to me each month......

livinginhope

If you sell your car it would probably cover the loan,so with the money pay the loan off and buy a cheap car,this will free up more money for repayments and reduce insurance costs.
I am sorry to hear about your mum,but remember we are always here to help if you need us.
Keep at it,but try not to worry,things soon become clearer and you will be able to get on with life.

roxorx

debtCollector wrote:

Oh no..... my mum has enough to worry about with other sibblings.... and she isn't too well just now and me landing this with her would only make her condition worse....... that's why I posted here.... to share and chat..

I do understand what you are saying, but right now it isn't an option for me.... thanks

Mum knows why I'm so broke, and that I'm trying to fix things, i just don't want to give her figure...

DC :shhh:

ah am sorry to hear that. only you know if it's right to tell her or not and as you say, it may not be the best time

cathybird

debtCollector wrote:

Thanks.......

CIS INSURANCE £11.76 - Contents
CIS INSURANCE !£3.20 - Saving plan, had it for years, not worth much
CORNHILL INSURANCE - mortgage insurance £23.98
SOURCE INS SCHEME £7.64 -Buldings
CORNHILL Insurance £5.99 - not sure what this one is???

Hi debtcollector, hope this post finds you refreshed in the morning after a good sleep ... sounds like it was tough for you posting last night & facing up to the options - honestly, don't panic, there will be a way out. my only thought (and this may seem incredibly minor) that it might be worth your ringing cornhill to find out what the £5.99 insurance is about - if you don't know what it is you probably don't need it. It might feel like a drop in the ocean but it's another £6 you could throw at your debts, which given that money's so tight for you is something, at least. What's the saving plan, too? - is that insurance? I don't understand that one, sorry

cathybird

well, when I say you probably don't need it, you might do!! certainly worth finding out what it is tho

ifonlyiknewthen

re Cornhill Ins £5.99 sounds like mobile phone insurance to me!
Had the same with my new mobile. You get a month or two free then it starts up cos you`ve agreeded to it when you start contract.

Just phone bank and cancel DD if it is this. Have never even heard back from them and have done this each time i`ve had a new phone!