Drowning in debt

wheezy57

PippaGirl wrote: »

If you do decide BR you need to put down a reasonable amount for food as groceries, what is seen as a normal amount. This needs to include loo rolls, cleaning things, toiletries etc. as well as food. I know it is possible to cope on little or cheap bulky foods, my (alcoholic) brother used to eat £2.50 of his benefit money a week on food so he had enough left over to drink but ultimately that is not healthy to eat like that.

But you have such a lot of equity in your house I doubt bankruptcy is your best option, do phone one of the organisations in the posts above and let us know how you get on with that.

I only buy what I need. Pound shops are brilliant. So the cheaper the loo paper the better. A bit hard on the old bum but hey cheap so what the hell!! I am not good with some value food (like processed meat etc) but I dont eat that kind of food anyway.

I listen to the girls at work and hear all about their hair do's, their holidays, their trips, all their money guzzling everyday stuff, their clothes. I am not jealous at all. But I do wonder if recession has hit some people.

I cant get any help from the place where I work as you need to be earning at least £25k and above to get concessions. As you know I do not earn anything remotely like that so that got knocked on the head.

dorisday

Hi how about taking in a lodger? this will give you some added income and up to £80 a week is tax free. It isnt as scary as you think ive had one in the past and helped me get through a very tough time and im older than you x

[Deleted User]

Maybe I'm missing something, but having £170 a month left, doesn't seem too bad?

PippaGirl_2

Bedsit_Bob wrote: »

Maybe I'm missing something, but having £170 a month left, doesn't seem too bad?

That money is left after only paying many creditors token payments and they are hounding the OP for far more causing stress and fear. A debt management plan might be an option but this is usually only accepted by creditors as a short term solution if they think things might pick up in the future.

thelem

First of all I'd say do speak to the people linked to above, they will be able to give you much better advice than people on an internet forum. From what you've written you look like you're actually doing a fairly good job managing your finances and I'd be more concerned about your health - are you getting enough nutrition from £1 of food per day, and are you suffering from depression or similar?

It looks like you're already doing good things about your debt, for example:

• Work out which debt has the highest APR - this should be your priority for debt repayment. Make the minimum payments on your other debts, and as much as you can afford on this debt. Once that's paid off, move on to the next debt. Payday loans are notoriously expensive, so you're doing the right thing by paying more on this.
• Reducing APR - can you move any of your debt around? If you've got any credit available on your credit cards then you could use that for your *everyday* spending so you can afford to pay off your payday loan sooner. The key thing here is that you don't use it for extra spending. It sounds like you're good at controlling your spending, but if not you could keep a note of what you spend on it and make sure you use the same amount to repay more expensive debt.

Your SOA shows £170 left at the end of the month. What happens to that?


Your SOA also shows that you've got significant net assets, so it doesn't look like bankrupcy would be a good option at the moment. You're only paying £96/month in mortgage repayments, which is almost certainly less than you would pay renting, but could you reduce that by downsizing? What could you get in your area for say £140-150k? That might allow you to repay all your non-mortgage debt.


Disclaimer again - I don't know you and you don't know me or if what I'm saying is good advice or not, but they are things to think about and discuss with a qualified advisor.

wheezy57

All of you have given me fantastic advice and thank you all for that. I have had lodgers before - 2 chinese lads. They ate like lions, didnt speak one word of English (going to college to learn but didnt) and had peculiar personal hygiene issues (dirty fingernail clippings everywhere!!). I live in a very small house and anyone over a certain height bangs their head on the door frames. I would feel that they were invading my space a little. (I know, beggars cant be choosers!!).

I do not have a good credit rating at all and I am not able to chop and change with my credit cards. I am not a bad person but one is treated as such if you have money problems.

The money left over (ha ha) each month goes on things like car maintenance (the cat converter packed in last week), I dont actually say 'oh, now then I have £150 left to spend this month'. It just gets gobbled up with day to day stuff - cant always pin it down on where it goes. Sometimes it goes on the next month but then a bill will land (like car or washing machine say) and then back to square one.

Sometimes its quite refreshing knowing that I have done the absolute best I can do under the circumstances. That feeling doesnt ever last long!!!

On reading all your posts I think that BR is possibly not the way forward. But selling up is. I am going to give myself a good talking to over the next few months and put it on the market next spring.

Thank you all once again for all your input to my problems..

wheezy57

Bedsit_Bob wrote: »

Maybe I'm missing something, but having £170 a month left, doesn't seem too bad?

Oh, if only!! That money doesnt ever sit long I can assure you. Sometimes, there is payments on stuff that may not be regular outgoings but nevertheless has to be paid. I live on a small road with a communal 'cesspit' thing. That has to be maintained by all of us on the road. If that conks out we all have to shell out.

The car had a major repair done last week just to keep me going back and forth from work. Still sounds a bit dodgy!!.

I have a small log fire (so I dont have to use the heating) and I get my logs delivered once or twice a year. Coal is too expensive - a true luxury.

Candles are good too!! I get them when there is an offer and turn the lights off and watch telly like that. Bleak House was wonderful for that atmosphere. Downton will get that treatment too!!

I ramble on. Apologies.

PippaGirl_2

wheezy I would think you only have that money seemingly left over each month because you have under estimated what you do actually pay for things - I bet if you went through your bank statement and checked all receipts things would be different than your SOA and your expenses would be higher.

saterkey

Hi there, i feel sad reading your story, it would be nice to think any person would be comfortable coming up to 60 and having worked etc, so just wanted to send my best wishes really.

Could you add a little/remortgage your property to get a bigger mortgage and pay off some of your most urgent debts or all if you could.

Have a chat with your exwife? and kids about your situation and see if they could help you out for a little while if only food wise to get you a stock cupboard filled up and freezer full.

Work on the small stuff, maybe freecycle, and ebay to make a few pounds to build up some house supplies.

Rent a driveway, you can get money also for having adverts put on your car, leaflet delivering,

have a word with citizens advice to see if theres anything they can suggest.

do you have any other family that you could call on?

i do lots and lots of competitions, surveys, tesco home panel, reviews, all will give you samples chances of winning food etc. Write to a few food companies and ask if by any chance they could send any samples or money off coupons, i got quite a few this way that helps with the shopping.

I know none of this is easy when your feeling down, im sorry that we cant be of more help.
wishing you well

Julie
x

Jox

Sorry if I've missed this but do you need to drive to work or can you get public transport?

Do you need to have TV license? Maybe you can watch films from the library on your computer and things on youtube?? Sorry, I know that can take the frugal aspect of money saving too far and we need to have entertainment as well!

Is your elec and gas quite high, can you call the providers and check if these payments can be reduced, I called on my parent's behalf and got their direct debits reduced.

Your telephone is 35 a month and satellite / tv is 23 a month, if you keep the tv licence can you watch freeview? How can you reduce the telephone bill, can you call them to ask if there is a better package you could be on?

Could your children give you 50 each a month, I give my mum a couple hundred a month.

Sorry you are feeling bad about this situation but a problem shared is a problem halved and you are not alone