Im working for nothing and dont know what to do

lanceneoman

hi all,

okay, the past 5 years i have gotten into serious debt fr my age. i am 24.

currently i would think im in excess of £13000 of debt, probably more.

the past 6 months i have been living off payday loans, but now they have spiraled out of control, and my credit rating is rock bottom.
i do not even know what i owe and to who anymore.

basically i split up from my partner and a lot of things are in my name, she wont pay for them. with all my debts on the lowest payments they will accept they come to £600 per month. thats not including pay day loans because they wont accept any offer i make.

it may not sounds that bad, but i only earn £900 per month net and thats working 50 hours a week so im left with £300, out of that i have to spend around £180 on fuel, and the rest on food etc...then i find myself completley broke and i have to have time off work as sometimes i cant afford to get there.

at this current rate it will take me over 20 years to pay off everything, i wish i could get a single loan and pay everything off but no one will even look twice, my dad went bankkrupt etc so he cant help.

i just dont know what to do anymore, i work for nothing and its killing me. im getting into more debt because i cant live, and i just feel suicidal.

what can i do.

the cccs just say to lower payments but i cant lower them anymore.

lanceneoman

guess theres nothing anyone can do

mogsi80

Didn't want to read and run, some far more knowledgeable people will come along. Might be an idea to put up a SOA.

Well done on making the first step x

charlyze2

Hi
didn't want to read and run.
Cant offer too much help but someone more knowledgeable will be along shortly
but first thing anyone will advise is to fill out an SOA,
Also i would double check your salary
if you were working 50 hours per week at NMW you should bring in approx £1,106 per month (if you are not paying a pension)

Charlyze2

elsien

I'm sorry, this isn't my field so I can't help.
Just didn't want you to think that you were being ignored - I'm sure someone who knows a bit more about it will be along soon, just give it a bit of time. And don't panic, everythings sortable one way or another.
Why can't you do as cccs suggest?

Hovel_lady

Hello and welcome to MSE :hello:

There's always a way to deal with debt.

Have a look here...

http://www.moneysavingexpert.com/loans/debt-help-plan

This might be helpful too.

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

And do post a SOA (statement of affairs) link here:

http://makesenseofcards.com/soacalc.html

Format for MSE at the end and remove any links before posting.

Blue_Elephant

Do an SOA, as the others have suggested. Add up all the loans/debts etc. CCCS shouldn't just be saying "lower your payments", are you sure you called the right people? its just that other people who like to make money on the back of this stuff make their names sound similar.

See if CAB can help too.

Where are you living at the mo? is it possible to move in with family?

lanceneoman

CCCS have said to offer minimum payments, which i have done. most of them accepting, except the pay day loans which refuse and most dont reply.

another thing is a loan we had for a wedding with my ex, her father got us the loan and we paid it back, now we have split up so the loan still must be paid so i am paying him £156 per month, which obivously cannot be reduced.

the other biggy is my phone, which i need , but i have to 2 contracts, one from ex which i paying £100 per month,

and the other is £140 per month, for a loan i had from pillvale as i needed to pay final two months of rent when i split up from ex.

and then theres my car £130 per month for another 3 years, which i need for work

i earn £7.20 per hour for my job, 48 hours a week 4 days on 4 days off but its 40miles there 40 back.

i just cant live any more and feel theres no way out. im single and my parents cant help what so ever.

if i had a consolidation loan i could pay £300 per month and be debt free in 4 years but they wont think twice as my credit is severely bad and gets worse every day

lanceneoman

lanceneoman wrote: »

CCCS have said to offer minimum payments, which i have done. most of them accepting, except the pay day loans which refuse and most dont reply.

another thing is a loan we had for a wedding with my ex, her father got us the loan and we paid it back, now we have split up so the loan still must be paid so i am paying him £156 per month, which obivously cannot be reduced.

the other biggy is my phone, which i need , but i have to 2 contracts, one from ex which i paying £100 per month,

and the other is £140 per month, for a loan i had from pillvale as i needed to pay final two months of rent when i split up from ex.

and then theres my car £130 per month for another 3 years, which i need for work

i earn £7.20 per hour for my job, 48 hours a week 4 days on 4 days off but its 40miles there 40 back.

i just cant live any more and feel theres no way out. im single and my parents cant help what so ever.

if i had a consolidation loan i could pay £300 per month and be debt free in 4 years but they wont think twice as my credit is severely bad and gets worse every day

also you cant input info like that on the cccs, theres so many things that cant be lowered and i dont want to be in debt for 10 years or more.

lanceneoman

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1000

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 380
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 100
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 60
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 20
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 740


Assets
Cash.................................... 20
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 20


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 9000.....(250)......0
Hire Purchase (HP) debt ...... 4000.....(130)......0
Total secured & HP debts...... 13000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
others.........................5000......200.......0
Total unsecured debts..........5000......200.......-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 740
Available for debt repayments........... 260
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 60

Personal Balance Sheet Summary
Total assets (things you own)........... 20
Total HP & Secured debt................. -13,000
Total Unsecured debt.................... -5,000
Net Assets.............................. -17,980


quick and brief estimate

katsu

What is your car worth? Do you own it or is it HP? Could you sell it and get a cheaper one for a while? £130 a month means you are paying £1560 a year for the car and you can buy a very reasonable car outright for one year's payments.

Cut the mobiles - call and see if you can drop a tarrif. Can you sell a handset if you have 2 contracts - get some money against a debt.

Can you find some extra casual work on a couple of the 4 days off? Even one day of agency casual work would help you clear your debts. Even window cleaning or mowing lawns would be something.

Hope some of this helps.