Need help

dancingfairy

So you took your eye off the ball temporarily - don't beat yourself up about it. Have you spoken to your bank? are they able to offer you an extension to the overdraft to enable you to deal with the payday loans at all?
Please do chat to one of the debt charities about things but you probably need a new bank account first and then I really do think a dmp or DRO would suit you best at the moment.
Credit union finder here:
http://www.abcul.org/home -click on the bit that says search for a credit union.
Sadly there may not be one in your area - there aren't in a lot of places but it's worth a look.
df

katsu

What is your credit limit on these two cards?:

C/Card.........................100.......5.........39.9
C/Card.........................500.......20........59.9

Could you do balance transfers of the Vanquis card onto these to reduce the interest rate at all?

How much longer do you need to pay the arrears on the utilities? How many more of the 6 months remain on the £300 debt?

Also - over what period of time have you got into all this debt? Do you know where the money went? I'm not asking to be nosey, and you don't need to tell us all the details. The reason I am asking is that some people have asked if you have run these debts up on the family. If so, rather than say spending the money down the pub on the weekend, then your partner needs to understand the situation and share in putting it right. Maybe think about it and see if you understand where the money all went?

Have you got stuff you could ebay or sell some other way to help you clear the smallest payday loan and free up money to go towards other monthly payments on your debts?

Good luck.

Jaystag

The money I have spent is probably not that much. The main problem lies in not dealing with my original debts from when I was younger properly. So the debt has probably accumulated over ten years. The cost of running my family has worsened my situation obviously but this has only been over the last few years as I have two very young children.

There is no way I have anything to sell that is going to help me clear either payday loan. They are just too much.

I was also shafted by Financial Plus (spit) who offered me a consolidation loan that would have solved most of my issues, but on the previso that I pay off my outstanding debt to them first. I did this on my next payday and then, lo and behold, no loan was forthcoming. They left me penniless, and disappeared off the face of the earth a few days later.

I then had to take a loan out with Everyday to cover the shortfall and to be honest I should never have touched it, but I was desperate. Therefore I'm left paying £189 a month for the next 30 months on a £2500 loan. I can't afford this so have then been sucked into the payday loan hell that I'm in.

The worst of my problems have come over the last few years and it's come thick and fast and left me deep in the mire.

All credit cards are at the max limit and minimum payments are being met only.

My partner is not to blame in any way for this lot. It's all on my shoulders. And God is it lying heavy. I don't know how I haven't lost it by now.

The utilities arrears are ridiculous. I don't know how they have come to the totals that they have but they actually wanted me to put my payments up from £97 to £120 for my Gas alone the other day when I called & changed my tariff apparently for the better. I would guess that by the end of the summer I will be better off with this.

Hire purchase has 5 months left on it.

Dancing Fairy - I have looked into my local credit union and there is one in the area but surely they won't consider someone with such a poor credit record who hasn't even saved anything with them in the first place?

NeverAgain_2

Jaystag,

You seem to be countering every helpful suggestion on here, which suggests to me you are on the point of giving up.

That is not a criticism, but I think it is an important point when considering the best way forward.

You have fast mounting debts of £12,000, no assets, but a reasonable income of £1,500.

Ordinarily, that situation might be deemed solvable, were you prepared to go in for the long haul.

Your apparent mental state alone suggests to me bankruptcy could be a good option.

Done carefully, this could leave you debt free and your partner's 'separate finances' could help enable you to stay in the same house and maintain your current standard of living.

Jaystag

Never again - I don't see that I am countering every suggestion. I have simply answered any questions fired at me honestly.

I AM in this for the long haul and you're suggestion of bankruptcy seems a bit over the top to me. Surely there's a better option that that?

Having said that clearly I'm not the best financial brain in the world

NeverAgain_2

...I don't see that I am countering every suggestion. I have simply answered any questions fired at me honestly...

There you go, you're at it again. (That was a joke).

I think most of the other options have already been put to you.

But just as you are not the best financial brain in the world, I do not claim to have the best brain for coming up with all the answers.

Hopefully others will be along with more ideas, but it might be worth you re-reading the earlier posts.

It's easy to miss things first time around, particularly when you are stressed.

pmf63

Jaystag ... As much as you don't want to, I think the best thing you can do right now is tell your wife. At least you will have half the stress lifted. At the moment you are not able to think straight because you fear her finding out. Tell her then you can both brainstorm what options are best for you.

Neveragain is right, there have been lots of good advice but at the moment you can't see the wood for the tree's. Tell your wife and speak to one of the FREE advice centres.

Speaking as someone who has been there, this time next year, or sooner, you will look back and think what on earth was I so worried about.

The only person who is judging you at the moment is you. I don't know anybody who has NEVER been in debt. Sometimes through no fault of our own we lose control. Now that you recognise that you have lost control you can start to regain it ... starting by getting the support of your wife.

dancingfairy

You do appear to be dismissing everything I've said:
1) I said contact a debt helpline - you said they wouldn't help because of the payday loans - whether they told you this or whether you just thought it I don't know.
2) I suggested asking your bank for an overdraft extension - have you tried this?
3) I suggested a credit union - again you looked and said there was one but haven't looked further as you have assumed a) they won't touch you because of your poor credit status -well that's generally the type of person they do help to be honest and b) you haven't saved anything with them? again you are basing this on what? have you actually asked them? some credit uninons require you to save with them admittedly but not all.
4) you've been advised to open a new bank account and get your wages/benefits paid into their asap - you could have got that done by now - co-op you can get a basic bank account sorted really quickly. Therefore when the payday loans people take their money you will at least have protected your wages/benefits to be able to prioritise payments.

Please please do get some help - there is help out there for you and you can sort this - don't just give up.
df

dancingfairy

pmf63 wrote: »

At the moment you are not able to think straight because you fear her finding out. Tell her then you can both brainstorm what options are best for you.

Neveragain is right, there have been lots of good advice but at the moment you can't see the wood for the tree's.

The only person who is judging you at the moment is you. I don't know anybody who has NEVER been in debt. Sometimes through no fault of our own we lose control. Now that you recognise that you have lost control you can start to regain it ... starting by getting the support of your wife.

Totally agree - the OP is so lost/overwhelmed that they can't see straight right now - ps I only quoted part of your reply to highlight the most important bits
df

pmf63

dancingfairy wrote: »

- ps I only quoted part of your reply to highlight the most important bits
df

MOST IMPORTANT BITS?????? All of my post was important! LOL ... only joking. Please don't beat me up. :rotfl: