downward spiral...time to fix it

jen007

Hi guys.

Not been here in a while but I've came in search of advice and help.
I have already posted on the consumer action forum, but hoping for assistance here.

For the back story to save me copying and pasting it all into a massive post please see HERE - link to consumer action thread


The loan store are refusing my proposed repayment plan without a income/expenditure and 24/7 money box have not replied to my email at all.

Going into work today to change my bank details for my wage. CPA cancelled with bank, TLS acknowledged cancellation of this via email also, and as I've said 24/7 moneybox not even replied despite forwarding the email to customer service email 3 times yesterday and once to their collections email address.


Please do not hound me for taking PDL's. Started off with 1, ended up with 4. Repaying 2 in full this month but the above two companies are the bigger amounts which I need to spread out.

I also have other debt to repay with other companies but to do this I need to stop the PDL spiral of paying back and taking a loan again to be able to meet my basic needs and priority debt


Thanks all


(moved from Loans)

wiseshark

Sorry to hear about your troubles Jen007. These PDL are a scourge from hell. Please post a statement of affairs as we need more info.

Glad you have already cancelled the CPA's.

jen007

wiseshark wrote: »

Sorry to hear about your troubles Jen007. These PDL are a scourge from hell. Please post a statement of affairs as we need more info.

Glad you have already cancelled the CPA's.

Hi wiseshark,

I shall do once I get home. Have just changed bank details with work. Tonight the payroll is being sent out, I count myself very lucky! Hopefully the NSS will change it today as a priority.

jen007

wiseshark wrote: »

Sorry to hear about your troubles Jen007. These PDL are a scourge from hell. Please post a statement of affairs as we need more info.

Glad you have already cancelled the CPA's.

Work have updated bank details, salary is secured!

SOA

I only wish to sort out the pld first, then I'll deal with other debts.
No water bill as its included in council tax. Sky package for tv, phone and broadband.



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household...........
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1247
Partners monthly income after tax....... 0 (currently not working, not on benefits, he's living off his savings, doesn't know of my debts. We're not linked financially)
Benefits................................ 80.80
Other income............................ 195
Total monthly income.................... 1442

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 295
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 12.12
Satellite/Cable TV...................... 57
Internet Services....................... 0
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 16.25
Car Insurance........................... 86
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 235
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 13
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 35
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1379.37


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 950
Other assets............................ 0
Total Assets............................ 950

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
pdl 1..........................120.......120.......0
pdl 2..........................267.......68........0
pdl 3 .........................196.......0.........0
d/c 5..........................316.......0.........0
d/c 4..........................278.......0.........0
d/c 3..........................172.......0.........0
d/c 2..........................482.......0.........0
deft collection 1..............140.......0.........0
pdl 4..........................259.......0.........0
Total unsecured debts..........2230......188.......-


Monthly Budget Summary
Total monthly income.................... 1,442
Expenses (including HP & secured debts). 1,379.37
Available for debt repayments........... 62.63
Monthly UNsecured debt repayments....... 188
Amount short for making debt repayments. -125.37

Personal Balance Sheet Summary
Total assets (things you own)........... 950
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,230
Net Assets.............................. -1,280

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

jen007

The loan store have accepted my repayment plan,

24/7 moneybox ignoring all email correspondence.

wiseshark

Thanks Jen007 for posting your statement of affairs.

It is not a large debt really although I appreciate your anxiety and these PDL must be cleared ASAP.

I urge you to tell your partner about these debts. He may be able to help and at the least will be support for you. Perhaps he can save you on the child care costs by looking after the children. I don't know if this practical as he may be going for interviews.

So you have a shortfall each month of £125.

I would immediately cancel the Satelite/Cable saving you £57 and watch freeview.( Expect they will require 30 days notice)

Cut your grocery bill back to £200, saving £80 and still eat well. Shop in Lidl, Aldi, Iceland, Market and BOGOF and check out MYsupermarket.com.

Your car insurance does seem high at £86. Can this be cut? Maybe it's high because you are young.

Are you locked into a mobile phone contract? If not cut it back. I currently give Vodafone just £10.50 a month and it's a great deal.

Can you sell anything of any value on ebay to raise extra cash? Can family members help out? Can you get a loan from work? Can you get a budgeting loan from the DWP?

Please keep us informed and try to keep this thread on the first couple of pages. Hopefully others will be along with better advise. All the very best.

wiseshark

I note that you live in Glasgow. There are a few large credit unions there and 34 in total, more than in any part of the UK. Some credit unions allow you to borrow immediately without having the normal 3 months savings beforehand and is usually just £5 to join.

They may be willing to lend you up to £500 if you can prove it will save you money on the PDL. There has been a lot of publicity in the past 24 months about credit unions helping people to pay off PDL.

I feel confident that they could help you out particularly in your circumstances and in your employment status. Please give them a try, they are extremely approachable.