Slowly come round to debt

sam25

thanks for the posts guys,

giddy, well I never really owe anything for my phone. Its £30 per month + £2.50 non DD charge.

What happened was years back when everyones work hours were cut down to 8 it was just 8 hours per week I was getting. Every few weeks I may get overtime but mostly I was getting just my basic 8 hours, that meant I could take £200 1 month and then £240 the next and was quite short of funds.

What I noticed around that time on our "npower" electric bill is when they give you a bill, then even say on the payment form you dont have to pay all of it in 1 go but it will rollover to the next months bill.

So with orange I started doing it that way, 1 month when I got no overtime I would pay just £15, but then when I got overtime paid id pay the full whack for that months bill and the outstanding £15 from the previous bill, no problems happened, then when wages went up and I was getting overtime every week I would pay a massive chunk (3 or 4 months up front) into my account so it was as much as +£120 on my account, then not have to worry for it for a few months, with hard times recently I have had to revert to old ways and thats where the missed payment negatives on my credit report came from .

I might have to indeed cancel the DD's in the end for the month.

Im not to sure that my mum can wait, she said shes been waiting too long already for it and needs it asap. She would expect at least £100, but maybe I can tempt her into taking just £80. the £100 wasnt including money I needed for busses to work.

There isnt anything for me to sell here the only thing worth any cash that I own is my computer but thats not even worth much anymore .

Maybe as you say though tightening the belt could be the best idea, im trying to get any overtime I can get so hopefully the wage will be even better for me

getmore4less

It is not easy to identiy what your costs are what debts you have and what rates

You need to do a SOA and identify the spends and debts.
http://www.makesenseofcards.co.uk/soacalc.html

This will give a clear picture, of what comes in and goes out

You need to establish a lifestyle based on the low pay with no overtime

you cant have monthly commitments you can't afford every month

PAYDAY will not solve the problem.

You don't have the money someone will have to go without getting paid.

Look at each regular payments an look to make them smaller or stop them.

The phone is currently not affordable.
Cancel the contract ASAP, f that is not imediately se if you can go to a cheaper contract or see if you can suspend the contract.

Idealy with irregular income you do not want a monthly contract
PAYG is the way to go.(loads of options for that will be less than £30pm

£7.50pm for a small OD is way to expensive that needs reviewing.

Internet might have to go for a while.
Whats the £20pm for?

barbarawright

Are you a student? I can't work out why you aren't looking for full-time work. You really need to reconsider spending 10% of your income on your phone and 5% on internet access (and surely you could get that cheaper - I pay £13 for an all-you-can-eat O2 package). I no you care for your mother but in that case, you need to claim the carer's allowance. If someone else is claiming it, then you can't really be expected to turn down work in order to be constantly available. Certainly not until you get back on your feet. It does sound as if part of the spending is from having too much time on your hands - why not do some voluntary work as a way of imporving your cv?

sam25

The problem with full time work is there isnt any going in this town, all places with work going are giving part time 8 hour contracts so the only way I could make it to full time hours is to get another "part time" job as well as keep my current part time job, the problem with my current job of course is that its not set hours, 1 week I could work monday, tues, thursday fri n saturday, the next just weds thurs n fri, meaning I couldnt split another job around those hours.

Another issue was with personal life, troubles with home (unrelated to money) have made it a more difficult thing to get more working hours


Getmore4 less. I cant see it as possible to cancel my phone, in all fairness I have managed with the contract for the last 6 years, its just this specific time which is causing problems. If I cancelled the contract then its over £100 cancellation charge which would be more costly for me.

Internet would also be a problem with canceling, regarding the early end of contract fees, as mentioned I could be a bit better off by xmas so not much point in canceling things now to give myself massive cancellation charges to increase the debt. The £20 a year is for a beer festival style membership im a part of, could cancel it but its only £20 per year (takes 1x£20 payment) so isnt the problem really.

I will check out that calculator though, thanks

edit:Worse still, when I check my credit report today experian have added 3 of their own "searches" to my credit record list in the space of the last week, just because I looked for my credit report, so thats surely gonna have more negative impact (4 searches on my credit profile in the space of a month, 1 for the loan when it was declined and the 3 experian )

curlytop12

could you not cancel the beer festival money for now,and re-instate at a later date?you cannot afford it.
are you sure you cannot at least lower tariff on phone if not cancel it?PLEASE just ring and ask,they can only say no at worst.
it appears to me you want justification to borrow more and not make any sacrifices to pay back money you borrowed,sorry if that sounds harsh.you don't seem to have taken on any of the advice offered up to now.good luck.

getmore4less

Getmore4 less. I cant see it as possible to cancel my phone, in all fairness I have managed with the contract for the last 6 years, its just this specific time which is causing problems. If I cancelled the contract then its over £100 cancellation charge which would be more costly for me.

How many of your credit report late payments are your phone?
(even one means you have not been managing)

Talk to Orange about reducing the contract or suspending it to avoid any cancellation charges.

The real problem here is you took out a £30pm contract in the first place plenty of good contracts for much less.


You need to reduce your commited spending to the contractual min income.
you never know if you will get more in any month.


The £20 a year is for a beer festival style membership im a part of, could cancel it but its only £20 per year (takes 1x£20 payment) so isnt the problem really.


Delay the payment till you have the money.


you are better off defaulting payments than taking another payday at £60 fees per month.

getmore4less

If you are not working every day

use your holiday days to get more money.

Giddytimes

sam25 wrote: »

edit:Worse still, when I check my credit report today experian have added 3 of their own "searches" to my credit record list in the space of the last week, just because I looked for my credit report, so thats surely gonna have more negative impact (4 searches on my credit profile in the space of a month, 1 for the loan when it was declined and the 3 experian )

This won't effect your credit rating, Experian searches don't show up to potential creditors.

I really think your only option is to cancel your DD's this month, take the missed payment flags on your credit report, pay back the payday loan in full and struggle through the month without going over your OD.

Next month things will look a lot brighter, you can clear your overdraft and start paying your family the money you owe.

I would sit down and explain the situation with the payday loan to your mum though, she can only say no to delaying your payment to her for another month, it's worth asking, if she does you'll have no issues this month.

You say you've been with Orange for 6 years, do you have any old phones you could recycle for cash?

ETA- Now you know Orange don't work the same as Npower and you have to pay in full every month you need to make sure you have the money available, even if that means thinking ahead 6 months in the good times, when you come to working full time and wanting a property of your own (rent or mortgage) you'll find it much easier with a clean credit file.

getmore4less

I would sit down and explain the situation with the payday loan to your mum though, she can only say no to delaying your payment to her for another month, it's worth asking, if she does you'll have no issues this month.


Seems silly giving payday £60 when you can delay paying mum and give her the £60 extra

sam25

Thanks again,

I think maybe things are getting sorted, spoke to my mum, she said she wants some money at least, so it could be as little as £60. From my estimates that makes it £440 wages (from the extra overtime i have been doing), £250 payment back for payday loan = £190 left, £60 to my mum and £30 for rent = £100 left, then £46.50 for monthly overdraft bank charge, phone and internet,

Its a bit of a pain even in the future with my authorised overdraft though since they actually wont let me pay anymore of it back. It worked out very strange, had a £300 overdraft around xmas, then something like feb n march paid £50 each month to reduce it to £200, (was planning to pay £50 a month until its cleared), april I tried paying £50 more of it but got a refused error. Got a letter off them saying I couldnt pay anymore back until feb next year, I then tried to pay £100 back of it in june, and it went through to put my overdraft to £100, then in july I tried paying another £50 of it off but once again got the error and another letter saying I couldnt reduce it anymore until next year... strange