no where left to go

eyeopener2

Ok, we have a starting point.

First things first. Do they have your mum n dad's phone number?

secondly, you can ring your bank tomorrow or go in and cancel all they recurring payment authorities. You are allowed to do this. If the bank plays numb, close your account, open a new one, move all your direct debits , wages, benefits to the New account.

Then work out how much you can offer each lender and then contact them and tell them how much you will pay them out of the £400 you have available.

THIS IS SORTABLE (is that a word?) it just takes a little strength and organisation.

They may moan and whinge and call you names but they are under scrutiny at the moment and bullying a mother if a 3 year old makes bad press.

curlywurly1010

Yeah I'm pretty sure I put down the home tell number (prob not the smartest thing to do)

Thanks :-) will the bank let me do that as I have such a large of (£1250) that I Max out every month on that account? What I mean is could I really cancel that account with the overdraf on it?

Shelski_2

From the little I know, you're not cancelling your account, just the permission you gave the payday loans to take money out of your account. You will definitely not be alone in taking on more debt for our children at Christmas. The hardest thing is not dwelling on 'if only' and thinking about what you should have done. Draw a line underneath it all and focus on the future - one step at a time.

savingmummy

Well done for coming here - Thats an amazing start so many are too scared to post here BUT you will get sorted out quicker then you would going it alone!

I have no solid advice other then what others have mentioned, AND of course no more payday loans!


Do you have anything you can sell to help in the meantime (however small)?
Anything you are paying for that you don`t use or need right now ie, gym membership, mobile phone, subscriptions etc?

WantToBeSE

Hi again curlywurly.
Well done for starting to sort through it all. Its hard, and its scary, i know, but it is (as others have said already) definitely sortable.

I know it seems upsetting and hard work right now, but filling out the SOA properly will really help everyone here to help you more, by seeing what cuts you can make elsewhere in your budget.
Please dont be embarassed about putting it all down here, we wont bite (and if someone does, the others will defend you anyway).

but honestly, the SOA will help so so much. Maybe if you cant manage it this evening, you could to it tomorrow?

As far as i remember, the PDL (Payday loans) go right at the bottom of the SOA.

scottish_stresshead

well done for taking a massive step!! no debt is impossible to get out of so you've done the right thing

i've just started a DMP ..i was quite bad with catalogues which were my downfall..and a couple of payday loans...im debt free end end of this year and after that will never touch payday loans again..they are lethal and pray on vulnerable targets

you've done the worst thing which is writing them all down!!! keep us updated with what the lenders say

LinkBlue

EDIT - Wrong thread.

dancingfairy

O.k so today you need to get that new bank application sorted. Try Co-op or Barclays (they do good basica bank accounts). Make sure you get a basic account and there is then no need for a credit check. I think you can apply for the co-op one online as well
Secondly I would log on to online banking for any of the payday loans/etc and delete all your homephone numbers now whilst you still can.
Thirdly you have 400 odd pounds a month to split between your creditors. So let's say you owe 3500 . 712 of that is for quick quid which is 20% (712/3500 *100) so they would get20% of your 'spare' 400 which is 80 a month. Work out the same for the others. They won't like it. They will huff and puff and send you letter after letter but hey. That's all you've got so they'll haveto lump it. They may start with the telephone calls but there is a letter on here telling them you don't want to be contacted by phone (never, ever, ever speak to any of the banks/payday loan people etc on the phone. This just gives them an excuse to bully/cajoule/threaten etc etc and it's soooo much easier for them to frighten you and for you to be bullied into payments youcan't afford). If they keep phoning then you a) ignore them and b) write to them and tell them that they are harassing you, you livewith vulnerable peopleand that you will be reporting them (andthen do so).
Eventually your creditors will get bored of sending you letters andwill just accept the payment each month untilthe debt is paid off. They maywell stop interest and charges and may well sell the debt on to a debt collector(who is morelikely toaccept a payment plan and stop interest and charges).
df
P.S you arenot likely to be best off going bankrupt a) because you are unlikely to have the money to go bankrupt about 500 odd pounds? b) because it will damage your credit rating and possibly career c) because it would be like using a sledge hammer to crack a nut ( a DRO may be moresuitable andthat's for debtsunder 15k but even that is probably not necessary to be honest). d) if you had a car and went bankrupt you run the risk of it being taken off you etc etc.
By the end of the year you should have all this well under control and most of it paid off I would have thought.

curlywurly1010

Thank you so much everyone I can't believe how supportive everyone is on here I don't feel as desparate as I did so thank you. I have made the first steps and contacted the Co op for an application to open a basic account with them and I'm going to sit down over the next couple of days and try and write out a plan I will post back and see what you all think. I'm going to go and try and delete my contact numbers just now

Really can't thank you all enough xx

savingmummy

You need to do a SOA aswell http://www.stoozing.com/msoc/soacalc.php

I remember doing mine and putting it up and within an hour MSE users hacked away at it and saved me over £300 a month by cutting back on things i didnt need during my bad times!!
I sold a lot of unwanted things on ebay and car boots aswell which helped me declutter and pay off some debts sooner.