nebie - be gentle !

rayday2

You seem to have an awful lot of loans, if you can manage the cards and stuff how come the loans?

I think your interest rates are high because you are accruing more debt, so you are acutally a very high risk no matter how many assets you have.

An asset is only an asset if it benefits you, also when you are passionate about things like boats and cars they may be worth a lot to you with all the hours in etc but are they really? Carry on like you are without an income and you could loose the lot.

If you sold some of them and paid some of your debts off and concentrated on just the one big boat you want in the future I think you would see a bit of light at the end of the tunnel.

Lord_Lardington

You might want to check out the thread by Robflh entitled “Oh My God, Amex Just Killed Me”

He, just like you, had big debts and was living on his credit cards. Then he, had his credit limit cut and then he, just like you, needed 5k to finish his project (house in his case) so that he could sell it for the required profit to achieve solvency.

Hmm, hang on … you’re not Robflh are you?

Anyway, it’s a really long thread so set plenty of time aside to read it, there's a ton of advice in it.

Cheers

Lardington

Robflh

Hi 135K

I would not bother looking at my thread, unless you would like to see how nasty people like Yant1 can be.

This one is a much better one and it is shorter.
http://forums.moneysavingexpert.com/showthread.html?t=502255

Post what the balances are on the loans and credit cards, min payments, credit limits and their APRs and I will see if I can see anything that you have may have missed.

135K

ok - I know I aint clever - I feel pretty stupid at the moment. I might try and put a brave face on it, but I know I am in a real mess, and its all down to me.

to answer a few questions - I took a 20k loan last year, to buy the boat , so I didn't max out my cards.

I took out the 13k loan - stupidly - earlier this year, thinking it would help out for a bit.

I am realising that my 'assets' are harder (take longer) to sell than I thought they would, so instead of selling one and paying off a debt, it its just paying the interest - then I'm back where I was , but with one less car......

I am racking my head to think how else to make money whilst I work to get the boat finished - an of coarse with hind sight - I am saying to my self I wont be stupid with debt, when I get clear !

from my other thread - I am going to paste it here, so some will be repeated

Hi again everyone.

I have 135k on cards and loans.

I was managing very well doing the shuffle unitl..

a few of my card lenders have slashed my credit limit to just above my balance.

Now I cant shuffle - and the interest is gonna kill me.

Debt avice line suggested contacting the credit card company's and asking them to freeze the interest whilst I try to pay the balances.

are there any snags to this ? obviously it flags up on my credit report that I am struggling .

how would I go about approaching the card companies ? how would I word any letters ?

anyone else done this ?

I have enough assets (classic cars) to cover alot of the debt, but the cash is not 'liquid' at the moment, I am getting a car ready for sale - advertising it, selling it, and starting the next one, but the time it takes means I am just about covering the interest.

So in a years time, I might have survived, paying all the min payments, but then I wont have any assets left - so I guess it means going bust

If I could freeze my interest, I could probable pull myself out of this hole I have dug for myself, and recover without having to sell the house.


Please help


Thank you all so far - (even those that arer 'blunt' about it) I know I have been VERY STUPID , but I am ready to work my !!! off to get it sorted - I am off to read that thread about amex that has was sujested by Lord Lardington

TTMCMschine

What exactly are your assets - how many cars, boats, or whatever, & how much is each worth now & realistically worth when finished?

135K

why ?

not being funny - but reading through some other posts , I am trying to work out who is who and if I am going to get slated for saying the 'wrong' thing.

At the moment , I am asking how to, or is it possible to reduce the interest from my creditors. What to ask for - what not to ask for - who not to ask etc etc

my cars are worth only what someone will pay for them. and I am going to try and make them as saleable as possible (ie get an MOT etc) to maximise their potential - whilst using my time in the most efficient way - IE no point spending 8 hours doing something that will add £15 to its final value. My time is the most valuable thing I have at the moment, and I intend to make the most of it.

I also have to figure into the equation the amount of time I spend as to the rate of interest increasing my debts at the rate of approx £100 a day. ie - If I cant increase the value of an item by more than £100 a day, then its better to sell it as is, as I would in effect be loosing money by working on it !

Basicly I am going to sell everything I own for as much as I can get for it, and as quickly as possible, whilst trying to get the boat finished in-between.

then see where I am at the end.

Priority at the mo is reducing the outgoings on debt interest, so that I can use more of my time (after selling enough to meet the mortgage and cards) to get the boat done and sold. At the moment I am struggling because all my time is taken up getting enough money to pay the interest.

135K

Ok , I have just finished reading that long thread about amex killing him.

it might be because I am too tired now - but I dont get it. I was waiting for the end and it seemed to be suggested that the thread is a fake ??


hopefully I will get more help than that in the future.

one thing I will say - I shuffled my cards too - and its come unstuck now the limits have been slashed off a few of my cards.

I definately have changed my ways and havent used my cards - even for petrol - for a while now.

I question everything I spend.


I am worried that I dont have enought money to pay the motgage this next week. I have 2 cars for sale, and if niether of them sell - I see my only option would be to borrow the money to pay it ?? !! from somewhere.

what would be the general advice for this situation ?

one car will see me through a month, the other two months, but at the moment - I'm skint

anyway - I'm really tired now , after reading this forum all night (I havent been sleeping anyway) so I'm off to bed for a bit.

azjh77

I do worry about people who say 'everything will be alright IF....'
What IF you can't sell any of your cars or the boat? Did you have a contingency plan?

I am in a similar place, in that IF we can sell our house and buy a cheaper one all our debts will be paid.

Personally, If is was you I would phone my mortgage lender/creditors. This may effect your credit rating, but to be honest in your position borrowing more money is the last thing you should be thinking about.

TTMCMschine

I wanted to know what you had, how much they were worth etc, to see if it made sense to sell some of them now to give you enough cash & time to finish "the big one" if that one would have cleared your debts.

However, don't bother answering because I think you are the other guy just wasting peoples time.

The same style of long winded posts that don't really say anything, except repeating the same story over & over "if only..", the style of writing, & the layout of the posts, & of course ignoring what everyone says & instead answering by repeating your same initial idea, oblivious to what people are saying - makes me wonder why you're here at all if you know so much better.

TTMCMschine

Oh - and this:

"Ok , I have just finished reading that long thread about amex killing him.

it might be because I am too tired now - but I dont get it. I was waiting for the end and it seemed to be suggested that the thread is a fake ??


hopefully I will get more help than that in the future."

A little Freudian slip perhaps? Not "I hope I will get more help than that," but "I will get more help than that in the future." Sounds like you're comparing your hopes to a previous experience, maybe a different thread under a different user name?