Dealing with depression

antsea

I've found out my options for debt, and the last couple of days a depression has really kicked in. I'm not saying I'm so special or whatever I know everyone's got problems, but just feeling awful and seeing if you've got any advice on how to deal with it.

It seems like my quickest option will be bankruptcy which will last at least four years from now and they will control my income, so it's like whatever I do to earn for that time is for nothing it's just feeding the bankruptcy.

And the other thing would be to make a debt management plan. As things stand they say it will take 15 years, so I guess I may be able to get that down if things change but I don't know how that could happen at the moment.

Either way it's just the length of the sentence that's getting me down, like I lose years of my life that are all about debt.

Sorry this is negative, I know everyone is in the same boat but I just feel insanely depressed about it and hard to motivate myself to do anything productive.

Hannah_10

It's alright, most of us (if not practically all of us) have felt like you do now at some time. Dealing with debts is not one of lifes delights, but ahhh the results when you start getting somewhere are huge. It's probably hard to believe but there is a light at the end of the tunnel and you will start feeling more positive once you get rolling and can start to feel like you're getting somewhere, rather than right now looking at that tunnel from the outside thinking how dark it looks.

Where did you get this advice? I ask because many places that say they give "free" debt advice are actually not impartial at all and will advise you to do what suits them rather than what suits you. Practically all the DMP providers out there will make money from you. We can also look at your situation too if you like. Because of the nature of MSE and that people who post here are just individuals with a common interest rather than companies or organisations we can often offer more creative and individual ideas. For example some debts are not actually enforcable by law, and so you can just not pay them if you like and nothing bad can happen- you wouldn't get advice on that from the CCCS for example, because their funding would be pulled. You wouldn't get advice on that from a debt company either- it doesn't make them a profit. It's just one of the many creative solutions that some people here have used. If you have nothing to lose why not let us see your SOA (statement of affairs) and see what we can do. We might not be able to help, but you have nothing to lose eh.

Best wishes~ Hannah

secretshopper75

Antsea, sorry to hear that you're struggling

This might help http://www.moneysavingexpert.com/cards/mental-health-guide

Hope that you're ok and I'm sure that we'll all be here to offer advice and strength.

ceejaydee23

Antsea, we are just entering into a DMP with payplan, and beleive me if anything the weight has lifted off my shoulders, knowing not only will we have money left in the bank for day to day living, but our debts are being negotiated by someone else! and we arent paying them the priveledge either so all we pay monthly, will go straight to our debts x

GeorgieFTB

Antsea

Sticking with the prison analogy, you do get time off for good behaviour... thats why there are so many challenges on this board, and so many nutters are part of them (NSDs are lovely but insane), its much more fun to challenge yourself and try to knock time off your sentence creatively.

You're at the beginning (?) and its overwhelming, boring, scary and the rest. Give it a while and once everything is sorted the pure joy from having some money left in your account at the end of the month is worth it!

Good luck
Gx

antsea

Thanks a lot for the kind thoughts. I'm feeling a bit better now.

Hannah_10 or anyone if you have any thoughts about my SOA and best option, it would be appreciated. I posted it already on the bankrupt board.

I will post it below.

My situation briefly is that I was on benefit for a couple of years due to illness, and now have a professional job part-time. My hours are scattered which makes it quite hard to get another job. I have been applying for weekend work, casual etc but seems to be a lot of competition.

I'm with an agency and my hours may also be reduced at short notice, for example over the summer there may not be any work. National Debtline seemed to think this was a reason not to get a DMP. So that left a voluntary arrangement between me and the bank and bankruptcy as options.

I don't want to give up this job as the hourly rate is above average, and it's experience for a career I can do in future.

Thanks.

antsea

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 951.46
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 951.46

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 262.86
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 13
Gas..................................... 6
Oil..................................... 0
Water rates............................. 7
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 14
Groceries etc. ......................... 180
Clothing................................ 22
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 74.96
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 26.31
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0
Sundries and Emergencies................ 12
Total monthly expenses.................. 776.13


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Overdraft..................920.......46........22.2
Barclays Overdraft.............3016......165.......19.35
Barclaycard....................1714.83...38.58.....27.9
Capital One CC.................151.67....5.........30.34

antsea

This is quite close to my accurate SOA as far as I can make out. I know they may vary slightly for different purposes.

The entertainment is nearly all martial arts which I want to keep going if I can.

antsea

I was just wondering if anyone had any thoughts? Don't want to hassle you if you don't, but just saw that it's a fast moving forum!

xLucyLoux

Hi Antsea

Just getting back into this myself so not sure I'm the best to comment on your SOA, but I can relate to your depression.

I suffered really badly with depression when I last used this site a few years ago and I can safely say I found some wonderful people here, one has become my closest friend. talking to people about the way you feel will help.

Debt is a horrible thing, but this website is amazing and the people here, helpful and caring. They will laugh with you, cry with you and hold your hand through every trial and tribulation you will face.

By coming here you are no longer facing this alone

BIG hugs to you :grouphug:

katsu

antsea wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 951.46
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 951.46

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 262.86
Management charge (leasehold property).. 0
Council tax............................. 101 This seems very high compared to your rent? Are you getting the single person discount if you live alone?
Electricity............................. 13 Well done, amazingly low. Are you sure this and gas are accurate? Are you in a shared house?
Gas..................................... 6
Oil..................................... 0
Water rates............................. 7
Telephone (land line)................... 10
Mobile phone............................ 20 Can you get a better sim only deal?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 14 there are cheaper deals - look at Martin's articles and the relevant forum here.
Groceries etc. ......................... 180 Look at the old style forum here for cheap recipes and see how you can reduce this.
Clothing................................ 22 shop in charity shops or wear what you have for a while
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 74.96 assume this is to get to work. Could you cycle?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 26.31 can you get a pre-payment certificate for prescriptions/what else is this?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 go to a local FE college hair salon. Should be able to save a little on that?
Entertainment........................... 17
Holiday................................. 0
Emergency fund.......................... 0
Sundries and Emergencies................ 12 what sundries and emergencies? Only a small amount but this is nearly £150 a year - it could clear your Cap1 card instead!
Total monthly expenses.................. 776.13


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
A&L Overdraft..................920.......46........22.2
Barclays Overdraft.............3016......165.......19.35
Barclaycard....................1714.83...38.58.....27.9
Capital One CC.................151.67....5.........30.34

What are your credit limits? Can you shift any of the debt to the lower interest rate overdrafts (need to be sure you manage your monthly outgoings carefully to avoid going over your limits.

Have you any stuff you can sell on ebay etc to go towards the debt clearing?