Time to face up to the facts...

Stouffer

Hello all. I've decided it's time to take stock now and make a start, and boy am I scared.

Basically, I've been in the spiral of debt for a long time. Overdraft, loans, payday loans. I've exhausted credit, and have no assets, or money, so I need help.

Debt is

About 2500 in payday loans (including interest), 1500 mbna, 1000 Santander loan, 3000 co op loan, 250 on a store card, 600 overdraft at its limit. The main problem is the payday loans, it's literally pay them with all wages, then take another one leaving me short, so the cycle continues.

I suppose I have a few advantages. Low outgoings can be achieved, stable job which will offer overtime occasionally. So that might be a help, but where do I start? I'm scared to death to ring anyone, I currently have 2 payments totalling 250 I need to make, about a tenner to my name if lucky, and no cash till lwd this month.

I just want to run away, I'm so stressed. I live at home and suffer severe depression and low self esteem, probably due to this, so it's not ideal. I'm worried once family find out they'll kill me, they will not be happy with this situation. But calls are starting on the land line, only so much I can hide from them.

Where to begin?

Outgoings are currently

200 board at home, although they're pushing me for an increase.
50 a month work travel
I smoke (I know, will have to stop but I'm not good with this due to above stress) can get this down to what? 25 a month with rolling tobacco?
Phone bill(can reduce in a few months to sub 30) but 39 minimum at the mo.

I'd list other expenses, but they've been long missing a long time. I can't even afford dentist work, have 2 missing teeth, and 3 broken. Cost to fix my dentist says is 700 (broken will be nhs, missing he says cosmetic despite being at the front. I even tried my pct, but they agreed). Clothes are wearing out, but I'll have to wait till charity or Xmas, haha. Toiletries I can scrape by with stuff at home.

So my reckoning is minimum 300 home (rent bills and food) 200 others.

I earn a grand total of 1090 after tax, overtime is unlikely till November time but it should be constant then, and the odd small increase while deputising.

Where should I begin? I'm gonna be broke before payday, I'm worried about fines hitting me soon, and I need probably 500 just to pay creditors off before wages even come in.

I've seen people with dmps on here, would that be a good start for me? Should I call cccs or cab, bearing in mind privacy is a luxury with my current living arrangement? Or should I bite the bullet and confess to family, perhaps if I let them take charge of my finance they'll help as guarantors? I admit, that last step might see me punched, or thrown put of here.

Sorry to rant and probably be incoherent, but I'm at a loss.

sistafromanothermista

:wave: Welcome to the board and well done taking the hardest step!!
If you click HERE It will take you to the SOA which will help us see if there is any bills you can reduce on to free up a little more ££.....

determined_new_ms

Hi Stouffer - just wanted to offer you some cyber support. Firstly I think it would be a good idea to draw up a SOA (statement of affairs) there is a link at the top of the board and then you need to format for MSE that way people can give you some advice about cutting back and the best ways forward.

Yes give cccs/cab/paypal a call and talk it through

lastly its easy for me to say this, but it really has nothing to do with your family. If you are old enough to get credit you are old enough to make your own decisions and mistakes! I would suggest changing your bank and getting your wages stopped from going into your account so the payday loans don't clear you out. Chin up - it'll all be ok x

Stouffer

Sorry, having trouble with the soa. No pc here, and my phone wont accept it. Not that I understand it anyway, lol. Like the interest rates, all my debts are pre calculated except the cc, so would I whack the full amount in? And how does it calculate the pd loans?

Stouffer

Right, I'll sort the soa later (have access to a proper computer then).

How to fill out? My only real debt that changes is the cc. The rest are fixed term things. How do I input pd loans and the like?

Sorry, just me being useless.

sistafromanothermista

:wave: it should become clear once you start inputting the data, you can leave out the apr and put how much you pay each month.

tallyhoh

Sorry about your teeth. Cant you have a bridge or plate on NHS. You wouldnt be able to get implants.

Stouffer

Sista, the thing is they're not monthly payments barring lending stream. The rest are one offs that have been extende or retaken. If I add them up, I need 3 months wages in 1 go to sort it.

Teeth sucks. No nhs help available. I have a weak mouth, crowns last less than 2 years each (and I have 7 at the mo) but nothing else is available, and he's now saying crowns are cosmetic unless it's pain or trouble eating, which I can just manage. The depression, low self esteem and almost suicidal thoughts im just used to.

I want to be debt free, then I can go private and hopefully feel good again.

debtfreewannabe321

Hi there, if i were you I would call the cccs or payplan. They are free and if nothing else will give you fantastic advice. I initially called the national debtline when i found myself in a similar situation with no more credit and all income just about covering outgoings. You need to work out a budget & stick to it. I think the best way forward though would be a dmp.

If however you are wanting to get credit in the near future -i.e mortgage etc it may not be for you. My dmp has trashed my credit file and noone would give me credit now.

Lots of people on here have got rid of debts without a dmp, you will find it much easier though if you fill out the SOA when you can & even if noone on here can help reduce it you yourself can see where all your spends are and where they need to be cut.

tallyhoh

Stouffer wrote: »

Sista, the thing is they're not monthly payments barring lending stream. The rest are one offs that have been extende or retaken. If I add them up, I need 3 months wages in 1 go to sort it.

Teeth sucks. No nhs help available. I have a weak mouth, crowns last less than 2 years each (and I have 7 at the mo) but nothing else is available, and he's now saying crowns are cosmetic unless it's pain or trouble eating, which I can just manage. The depression, low self esteem and almost suicidal thoughts im just used to.

I want to be debt free, then I can go private and hopefully feel good again.

Can you not wear a plate? I had to for years but now got implants.