Fight / Pay / Consolidate my debt? Help needed urgently

FU510N

Hi all, fingers crossed someone may be able to advise me on the next best step considering my complicated situation.

To cut a rather long story short I currently owe £2500 on a Credit Card to HSBC @ 21.9% APR, £1050 to my HSBC overdraft which accrues its own unknown interest. Add to this some smaller personal debts, a lemon of an old car which is partly responsible for some of the current debt (and is currently out of action at the mechanics working up even more debt), no stable job or income in sight, nor a permanent roof over my head (staying with a friend temporarily). I cant turn to anyone to help financially and my family lives hundreds of miles away.

This current situation has largely unfolded over the past 6 months since I decided to take a stand against the company I worked at for 2 years (due to a rather long list of inequalities and injustices), the end result was me out of a job (and where I lived) and having to give up the fight as it was causing serious stress.

Around the same time I was promised a seemingly great job with massive potential by a friend of a friend, which would "guarantee" £x each month if I could dedicate myself to them and the required work as it came in and the business grew. Now nearly 6 months of being continually screwed around for one reason or another and my financial situation has hit rock bottom, not to mention my health as I've now been diagnosed with major depression by my doctor and I'm taking anti-depressants. Ive not got a penny left and im faced with either an attempt at somehow steering things around whilst still not having a stable home (or anything else) - OR - retreating back home hundreds of miles to my parents and trying to start again.

Either way I still have £3550 that HSBC are milking me for each month and it still needs dealing with ASAP as the interest is ridiculous. Ive seen and heard some promising things about "getoutofdebtfree.org" and fighting the money owed but I'm still unconvinced it will definitely work. Other than that I have the option of declaring bankrupcy or struggling with this debt somehow.

My only outgoings that I'm concerned about maintaining are for my car insurance and mobile phone contract as they give me the ability to find work wherever in the country, so I have considered opening a new basic bank account to cover for these.

Apologies for the long post, any thoughts?

Many thanks for looking

FireWyrm

Hmmm, we really need an SOA for a clear understanding of your true debts. For instance, you don't mention council tax, but you must be paying this. You don't mention any benefits that you should be claiming since you are out if a job. However, my first thought would be to swallow your pride and go home. I know it sucks, but right now, you need to get yourself stable and then worry about the rest. You can't get a job if youre sleeping rough and I'm sorry, but a mates' sofa is Kipling rough. Youre in no frame of mind for job hunting. What are your job prospects otherwise? In the meantime, write standard letters to you creditors outlining the situation and offering token payments. Start with that and work up one step at a time.

FU510N

Thankyou for responding :-)

1) what's an SOA?
2) I'm not paying council tact as I'm technically homeless, staying with friends temporarily
3) I don't claim any benefits

Thanks again

FU510N

Bumpety bump :-)

Googlewhacker

Statement of affairs

Ie income and outgoings

Someone will be along with the link for the site that gives you the best one but for the life of me I can't remember it.

Whats there to keep you were you are now? I'd seriously look at moving back tot he folks

DVardysShadow

http://www.makesenseofcards.co.uk/soacalc.html

When you have filled it in, click 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted text including all formatting codes. Paste the copied text into a post for other posters to comment