Close to the end :(

Gibbo93

Thanks Willing2Learn! I've had a look at the depression one before but doubt companies will write the debts off due to depression! I wouldn't have taken them out if I wasn't depressed I guess :A

Angry_Bear wrote: »

The thing that stands out is this:

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.

Thanks for your help! It's actually a van I use for my self employed job, which involves a lot of driving unfortunately! I don't work with anyone however I have started saving diesel and getting the bus as it works out cheaper!

Insurance - 2 years no claims on my van was £1200 fully comp, my first year on a 1.0 vauxhall corsa was £3500 cheapest quote, that's how I got into so much debt

Gibbo93

Tixy wrote: »

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.

See my post above for the first bit!

I will call one of the companies tomorrow at work and see what they say

And the money from the loans went on general things like tyres for my van, diesel! Nothing like drinking or gambling!

I am tied into a phone contract until October, I've gone £20 over the last two months phoning these companies to try and pull myself together, most of them I can't find on say no to 0870 or similar websites

Willing2Learn

Just checking. Most of the van expenses will be tax deductable. Are you keeping the receipts and doing the correct paperwork (I have nil knowledge on this but might be important)

Angry_Bear

Gibbo93 wrote: »

Thanks for your help! It's actually a van I use for my self employed job, which involves a lot of driving unfortunately! I don't work with anyone however I have started saving diesel and getting the bus as it works out cheaper!

Insurance - 2 years no claims on my van was £1200 fully comp, my first year on a 1.0 vauxhall corsa was £3500 cheapest quote, that's how I got into so much debt

Ah, in that case make sure you keep track of all mileage used for work purposes and claim back against tax when you fill in your self-assessment. It won't help right now but it'll make that tax bill much easier to take when it comes around .
It'd be worth calling HMRC and finding out if you can set off insurance costs against tax as well.

ETA: Beaten to it!

wildingb

Don't ever forget that your parents value you more than money. If you are a parent this is obvious, sometimes children don't realise how much parents care. Speak to them.

You have food, and shelter. You are in a good situation.

Now, with regards to your business.
615 for the car/van is needed to maintain your business. This is NOT income. This is a business expense.
Effectively, you are paid 365 a month. If you work 40 hours a week is 160 hours per month. Your business is paying you less than than minimum wage.
Are you sure you are charging enough in your business?

Willing2Learn

Angry_Bear wrote: »

ETA: Beaten to it!

All through this thread, everyone has beaten everyone else to every post.

It's great how supportive DFW people are when someone makes that step and asks for help.

[Deleted User]

What is the asset worth £1,400?

anxious_mum

Hi Gibbo, I can't add anything else to what the previous posters have said apart from this - I have a 19 year old son and I would be DEVASTATED beyond words if he did something silly all because of money. I know it looks insurmountable to you at the moment, but take heart from what everyone else has said, it can be sorted out

You said your dad would kick you out if he found out but are you really sure about this? If my son was in your situation I would be hugely peed off but I would be glad that he had told me. A problem shared and all that.

I'm sending you a big hug. Get rid of any thoughts of doing silly things, get a grip and take the great advice offered here. One day you'll look back and remember the big lesson you learned when you were 19, and hopefully it will stand you in good stead for the future xx

Mara_uk7

Hey Gibbo, Your life is worth wayyyy more than the debt you have. This is beatable, and with all the great advice youre getting here, you CAN do it.
Might take a bit of time, but hey, youre young, time is on your side.
Good Luck :cool:

Gibbo93

Thanks for all the support guys, it means a lot.

I have tried to tackle it myself many times but lost motivation! The asset is my van and it really sunk in to me when I tried to apply for finance for a newer van and it got declined, and the guy told me I was in too much debt :'( felt like the biggest ****head going!

To cut a long story short, I brought the van for work purposes in July, thought as I was new to it all and had just started up I would get a cheap used one off eBay (A LWB 2000MY Sprinter with 176,000 miles - Yes I need the 4 metres in the back) and have had to spend so much on it, I regret buying such an old one now knowing the I wasn't in this much debt back then!!

Will call the support company tomorrow and see how I get it, with a bit of luck I can get this paid off by the end of the year!

I know they make money with interest and all that, but I was reading earlier about a full and final settlement figure, sort of hoping if I tackle them one at a time, e.g. Making it look like I have less to pay the debt off, whilst actually saving as well so each month I can pay one company the full settlement? I get 420.00 a month for my weekend job so if I can use just that to pay it back, shouldnt take more than about 5 months! It's just a massive weight on my shoulder and I hate it, the Overdraft isn't such an issue at the moment as I have been negotiating with Lloyds TSB and they have been VERY helpful to be honest, all because I was the passenger in a fatal car accident (Still waiting for my compensation),

Sorry about the life story but just making sure people get the full picture!!