Please help me - I'm absolutely desperate

Jumanji_2

Please help me, I'm desperate!!!!


Income:

My Partner - approx £400 a month, but he is self employed and Inland Revenue have advised us to put £100 a week away (including the £10 national insurance).

I get paid £1208, and clear about £958 a month however my doctor is signing me off sick for two months, possibly indefinately. With regards to being signed off for two months, as I'm in my probation period at work I'm likely to lose my job! Even before I lose my job I'm only going to be on £13 a day!


Outgoings:

Rent: £725
Council Tax: £130.00
Gas: £20.00
Electricity: £20.00
Water: £35.00
Contents insurance: £15.00
TV Licence: £10.00
Sky: £19.50
Internet: £18.00
Phone: £25.00
Tobaco: £40.00 (£10.00 a week)
Car Insurance: £75.00
Petrol: £30.00
Prescriptions: £12.80
Cat food: £25.00


Debt
Northern Rock Loan - £15,000 (£465 per month)
Lloyds Credit Card - £7,000 (£140 per month)
Lloyds Credit Card - £3,000 (£60 per month)
Lloyds Overdraft - £1,800
Lloyds Overdraft - £700
Lloyds Overdraft - £600
Lloyds Overdraft - £200
Goldfish Credit Card - £1,000 (£30 per month)
Barclays Credit Card - £800 (£50 per month)
Barclays Credit Card - £600 (£35.00 per month)
Capital One Credit Card - £200 (£5 per month)
Capital One Credit Card - £200 (£5 per month)
GE Capital Loan - £1,000 (£33 per month)
GE Capital Card - £465 (£10)
Barclays CDL Loan - £3,500 (£220 per month)

As you can see, even before buying groceries and paying the debt we're screwed!

loobyloo1980

First off, have you checked out what you will be entitled to when you are off sick? Incapacity benefit? DLA? Housing Benefit/Council Tax benefit. All these may be possible for you depending on your circumstances. I would recommend you make an appointment with CAB as soon as you get signed off by docs and know on what basis. They will then be able to advise you of your entitlements, which may also include free prescriptions. Then you would maybe be in a position to revise your outgoings in terms of rent etc.

Secondly, write to all your creditors and inform them of your predicament and see if they can freeze interest. I got the CAB to do this for me when I lost my job. All creditors agreed.

Thirdly, as I have been advised to, think about where to but back. Check gas and electricity suppliers, phone etc to make sure you are getting best deal. Think about cutting the smoking out of the monthly budget (is this you or hubby?). I have also been advised to look at my food bill and reduce that. What is your average weekly food bill?

Good luck and I'm sure you will get much better advice than I have given you. I'm new too, and just learning the tips.

loobyloo1980

Further to that, looking at the amount of debt and amount of repayments, then thinking of your situation if you do lose your job - seriously consider asking for advice about personal bankruptcy. It is an option - not a wonderful one or the nicest option - but you may find it the only sensible one. The CAB will be able to advise you on that too. Personally, if I were in your shoes I would be looking into that very carefully.

Becles

Could you cancel Sky?

The insurances seem high too. Could you get a cheaper deal by shopping around. Or perhaps change the car for a cheaper group model?

Jumanji_2

Thank you for all your advice loobyloo. I have to admit, my partner and I are looking very closely at bankruptcy. The only trouble we have is that my partner is self employed, and is also training to be a driving instructor (should be qualified within 4 months) which is also self employement. We're worried that the bankruptcy will have a bad effect on the business front. But I'm phoning the National Debtline in the morning to get some more help.

Yes it is my partner who smokes, he's a truck driver at the moment and is out from as early as 3am in the morning to all hours of an evening! Sometimes smoking is all that keeps him on the ball. I know it's not much of an excuse - but cutting the nicotine completely out of his system has caused really bad withdrawal problems previously. We have looked at getting him patches, but they cost £15 a week so it's actually cheaper for him to smoke!

We were looking into an IVA to begin with, but as some people have pointed out it just adds £3,000 to our debt, so maybe bankruptcy is the way to go. Like I say, calling the National Debtline tomorrow, just wanted to get some more advice!

Jumanji_2

Becles wrote:

Could you cancel Sky?

The insurances seem high too. Could you get a cheaper deal by shopping around. Or perhaps change the car for a cheaper group model?

I know this seems really stupid/pathetic/idiotic, but would it make sense if I said that the sky and internet are the only things we have for "us" otherwise I think we would both feel we were working for absolutely nothing. Like I say, I know it seems stupid, but that's how it feels to us. *shrugs* if it comes down to it it will be something for us to look at.

My partner is looking at selling his car, and buying us two cheap ones (mine has broken down). We both need cars to get to work us we live in a town just outside the city we work in. And we would get a lift intogether, but like the post above says in can start at 3am in the morning. However, if I do lose my job, and end up being off sick indefinately, there isn't any need for me to really have a car.

Am I making any sense or just babbling?

JasonW_2

I really feel for you, that is a terrible position you are in, but do not be too hard on yourself as it won't make things better and will just make you feel worse. There isn't anything more that I can add, other than definitely look into some sort of debt management and/or bankruptcy Im afraid. There are possibly things you could cut back on, but they would only make a tiny dent into the debt and possibly just make life more unbearable.

I wish you the very best of luck, and hope this starts to get sorted out for you.

JW

Sofa_Sogood

Jumanji?

I can't help either, but stay calm, because I know that as we type, someone who knows exactly about debts and credit cards etc, will be studying those figures and trying to work something out for you.

I'm sure more than one will be along anytime.

Good luck .....

JasonW_2

Just to check, is your partners £400 correct? It is just with you saying he has been advised to put £100 a week away... does this leave him with nothing, or is the £400 what he is left with?

edit:
Also, if you can post back with the credit limits you have on the cards and the APR and when any deals are due to end? Snowballing might be a small possibility, or balance transfers etc. Just an idea

JW

Sofa_Sogood

JasonW wrote:

Just to check, is your partners £400 correct? It is just with you saying he has been advised to put £100 a week away... does this leave him with nothing, or is the £400 what he is left with?

JW

Those figures do tend to stand out a bit don't they?

Becles

No, you're not babbling. It helps to get it all out, to see if you can make sense of it!

I'm not prying and don't wish to know the details, but how bad is the sickness? Could you maybe try a lighter job perhaps with part time hours at some point in the future, which may pay more than sickness benefits?

The NHS is making a big push at the moment to get people off tobacco. There should be someone in your GP's surgery who is trained in giving up smoking - usually the practice nurse. You can sign up for some sort of programme and you will be given free patches etc. Might be of use to your other half if he is really keen on quitting. Got to be his decision though. I keep nagging my other half to give up, but he keeps going back to them :rolleyes: