Close to the end :(

Gibbo93

Hi Guys,

This is my first post but have been browsing the forum for a few months now!

My name is Steve and I owe quite a bit of money I want some help or advice on paying it back! I am self employed, and I work a weekend job.

It all started last year when I used QuickQuid, used it 3 times and always paid back on time without problems. Then they started offering me more money, until yeah I couldn't afford to pay it back I then started getting emails, calls and texts from other pay day loan companies, and made the big mistake of taking 6 more out, which I couldn't afford. But that is the past and it was really stupid but it's too late now so please don't criticise!

In total I owe around £2k with the charges, and a few have been passed onto debt management companies now , I also have a £3.5k overdraft with Lloyds TSB and a £300 credit card with Cap1.

I am struggling with money at the best of times, which I guess is why I turned to them, so paying them back is a struggle. I just want time to be left alone but they won't leave me alone! Keep sending letters to my house, and I'm 19, if my Dad finds out ill be out on the streets

I am honestly at the point now where suicide could be an option, I have told a few people and they said its a small debt, so not to get too down because it could be worse but anyone here who is in debt all know it gets you down on a daily basis, I'm so depressed about it and don't want to be, I've always been a happy person, and can't take it much more.

Any advice/ideas will be appreciated, I'm crying out...

Tixy

Hi Steve

Don't despair - you have come to the right place.

First you need to protect what money you do have coming in. Are the payday loans trying to take money out the lloyds overdraft?
Have you tried cancelling the CPAs with the bank?

I would suggest you open a new basic bank account with a different bank and have any income paid in to that instead. You must not take out any new payday loans through that account.

Then I think you need help from one of the debt advice charities who will help you through this and help you work out a realistic repayment plan that you will be able to stick to.

There will be a way for this to be sorted and you can get on top of things with some help and advice.

Gibbo93

Thanks for your reply!

The answer is yes, they quite often take money that I need, bit of a pain! Here is a SOA:

Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 980
Monthly expenses (incl. HP & secured loans) 875
Available for debt repayments 105
UNsecured debt repayments 100
Amount left after debt repayments 5
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 1,400
Total Secured & HP Debt -0
Total Unsecured Debt -5,820
Net Assets -4,420
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 980
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 980
Expenses Amount(£)
Mortgage 0
Secured/HP loan payments 0
Rent 100
Management charge (leasehold property) 0
Council tax 0
Electricity 0
Gas 0
Oil 0
Water Rates 0
Telephone (land line) 0
Mobile phone 35
TV Licence 0
Satellite/Cable TV 0
Internet services 29
Groceries etc. 50
Clothing 20
Petrol/diesel 400
Road tax 20
Car Insurance 125
Car maintenance (including MOT) 50
Car Parking 20
Other travel 0
Childcare/nursery 0
Other child related expenses 0
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 0
Other Insurance 0
Presents (birthday, christmas etc.) 10
Haircuts 6
Entertainment 0
Holiday 0
Emergency Fund 10
Total monthly expenses 875

Vikipollard

First things first, welcome to the forum :T

Didn't want to read and run, but there is no debt that doesnt have a solution. Been there, done that with the not wanting to carry on thoughts, but always found a reason to keep going another day (from my signature you can see my debt was a tad higher than yours, but I fully understand how it feels when it seems hopeless).

Fill out an SOA using this link, then format it for MSE:

http://www.stoozing.com/msoc/soacalc.php

Then the goodly people on here will be able to offer some practical advice.

In any case, you would be best to open a bank account with a completely different bank for your wages to go in to; that way the PDLs will not strip you of every penny in a heartbeat. You are going to need to arrange repayment plans with them, but post up your SOA so the full detail can be looked at.

Sorry I have to dash just now...back later...:(

ETA: Bah..beaten to it!

poodlegal

Just wanted to say well done for taking the first step! Follow the advice given by all the wonderful people on here and in a couple of years you will be looking back and wondering what all the fuss was about. Its tough being 19, we have all been there and worse so nobody is going to judge you. You can get out of this mess and put it down to experience and come out a better person for it. :cool:

eyeopener2

Hi Steve, believe me you've come to the right place. If I can get sorted, then so can you.

Sometimes all it takes is to offload on someone else and the debt charities, as TIxy says,are brilliant.

Give national debtline or stepchange or payplan a ring and they will help you see the wood through the trees. They will help you plan and give you advice.

Your in a dark place but it's not anywhere near as bad as it seems (it's only bloody money) but I know at the moment it's suffocating you. You will get out of this, you just need a guiding hand..

Give the above a ring and let them help you.

It works, I know from experience,just look at my signature!

E2

Gibbo93

poodlegal wrote: »

Just wanted to say well done for taking the first step! Follow the advice given by all the wonderful people on here and in a couple of years you will be looking back and wondering what all the fuss was about. Its tough being 19, we have all been there and worse so nobody is going to judge you. You can get out of this mess and put it down to experience and come out a better person for it. :cool:

Thanks for your support I'm not even a bad person (well I hope not) I try my best. It's not even that I don't want to pay them back, I just want a bit of space to think about it rather than people ringing up asking me to pay a full balance of £9999999 :@

Willing2Learn

Hi Steve,

Wanted to post to say that you are not alone. Take the time to read through the many threads and posts written by others in similar positions. You will see the evidence that it is possible to put together a plan and move forward...lots of MSE members have been successful in making relatively quick progress.

Have look at the following:
Debt Problems - What to do and where to get help
Mental Health and Debt booklet
Struggling with debt? Ask a debt advisor a question

StepChange and National Debtline both offer professional, high quality and free support/guidance.

And there is loads of non-judgemental advice, empathy, encouragement and tips available from members on this forum. So don't be shy to ask.

And of course, don't forget to ask your GP for supporting you having difficulty coping with the pressure (and dial '999' if you feel particularly desperate.

Everything is resolveable. You are young. You have so many fun times ahead. You've taken that first step today!

Angry_Bear

Gibbo93 wrote: »

Here is a SOA:

The thing that stands out is this:

Petrol/diesel 400
Road tax 20
Car Insurance 125
Car maintenance (including MOT) 50
Car Parking 20

That's £615 out of a pay of £980 or 62.7% of your pay on your car.
Can you cut down the mileage you do? Maybe offer to car share on alternate days with someone you work with? How much of the mileage you do is essential?

I take it you've shopped around for insurance - have you added your mum or dad as a named driver, that can bring the cost down. I understand you're not in a position to do it just now, but saving up so you can pay your insurance in one lump sum makes a huge difference to the cost.

Tixy

Is the £980 your weekend job and self-employment income?

Is it the self-employment that involves a lot of travelling? Is there any mileage that could be reduced?

You obviously don't have a lot to spare a month, but your debts are not massive (although I know it feels insurmountable) so I think with a charity's help you should be able to put together a workable repayment plan to start getting on top of things.

Another thing to think about is where the money went from the loans, I expect a good chunk has been in rolling over the payday loans but worth having a think about whether whatever you have been spending on is anything else that should be included in your SoA.

Willing2Learn

In addition to the car-related costs referred to above, your mobile costs could be reduced.

Are you stuck in a contract at the moment? PAYG may be cheaper or if you need a lot of minutes for work etc then O2 do unlimited calls and texts (plus 1 gig data) for £20/month