Introduction to me

Thriftkitten

I just wanted to introduce myself, I have posted the same story in the BR forum but I think here may be more apt.
My story..... Ok, like so many others I have shamefully not managed my finances and have taken my head out of the sand and realized that this isn't going away....
I have written down all of my debts priority and non-priority and done the whole national debtline budget sheet which shows that I am minus about £250 a month to pay every debtor per month.... hence why I don't have any defaults YET but nerves frayed from juggling who gets what and who has to wait...
I am paying the minimum repayment on most of my debts, so there is no light at the end of the tunnel as far as repaying what I owe as 95% is just interest yadda yadda yadda!!!
I'd say my biggest debt is the car which is a 5 yr finance, I haven't missed a payment as this one is always a priority as I need a car for work (work different shifts and finish late etc, work 50 mile round trip from home)
I think for this reason I have continued to juggle rather than accept defeat and look at BR seriously.
I don't have a question as such, but, I feel I need someone to tell me that this really is the only option, I cant clear the debt even in 15 years I will still be paying just above minimum repayment per month.
I'd say my total debt is close to 20k including the car finance
I'm just so scared about what to do the whole process is really scarey, I don't have any assets except furniture oh and a computer... obviously but that is my daughters and I use it when she is out! I worry how I will get to work to support my family if my car is sent back etc.
Any advice would be welcome from those who have walked the path before me
I have never even been to court before and would panic that they would lock me up for being bad hahahah just ridiculous but a half true worry!

QuietOne

You should look into DMP, It will destroy your credit file for a few years but the way you are going now, it will happen sooner or later. Though I'm not sure if DMP will help if you're -£250 every month and they won't touch your car finance as it's a secured loan.

I was in the same boat years ago but I had about £100 a month to live on and back then it wasn't enough for me and just thought to myself that I can miss a couple of payments on certain things. I was stupid, if they can help you and leave you enough money to keep paying the car off and get the essentials then it is worth a shot.

Thriftkitten

QuietOne wrote: »

You should look into DMP, It will destroy your credit file for a few years but the way you are going now, it will happen sooner or later. Though I'm not sure if DMP will help if you're -£250 every month and they won't touch your car finance as it's a secured loan.

I was in the same boat years ago but I had about £100 a month to live on and back then it wasn't enough for me and just thought to myself that I can miss a couple of payments on certain things. I was stupid, if they can help you and leave you enough money to keep paying the car off and get the essentials then it is worth a shot.

Hi and thanks for your reply, I assumed because of the amount, BR was the only option, but I have as yet to sit down with a CAB advisor so who knows. I have had all sorts running through my mind... should I tighten my belt on un necessaries so much as to save about 500-1k for a cheap car incase they take my car, which obviously they would, but I need a car for work so something has to be done.... Harrrumph, I feel like I have worked a whole month just thinking things over!

in_need_of_direction

Why not do a soa and post it here and people will advise where they think savings are possible?

Thriftkitten

in_need_of_direction wrote: »

Why not do a soa and post it here and people will advise where they think savings are possible?

Is that where I post all my incoming money and all my monthly repayments??? Oh the shame... Yes good idea... but first I need sleep, I promise its not procrastination...:D

Monkeyballs

Morning,

Totally agree, don't go thinking that BR is your only option! I think a DMP is the better way tto go but do post an SOA first; http://www.stoozing.com/calculator/soa.php

I went through BR 10 years ago and while it felt great and my outgoings went from about £500pcm to cover minimum on debts (which is even worse when you consider I was only earning about £650 but was living with parents) to £100 I never learned anything from it so years later I have managed to rack up close to £20k again (a fair whack due to gambling)

But this time I was told about something called a DMP through this great website and put in touch with Step Change

You fill in an I&E form and then they contact your creditors with a copy and an offer of payment and then after maybe a few tense weeks you'll breath a HUGE sigh of relief basically you pay what you can afford as opposed to what they tell you!

Seriously don't do anything until you've checked out a DMP as it's free unlike BR which is something like £700...

MB