Feeling lost and overwhelmed...

Need_A_Map

I don't know where to start. Got myself into a bit of a mess...

I take home about £1100 a month after tax.

I've got

£2000 overdraft - charging me £20 a month plus unpaid fees,
£3000 credit union loan (paid at £250 a month before I get my pay check)
Am due to pay £350 and £150 in payday loans this month (stupid I know)
Owe thousands on catalogue accounts (£700 simply be, £1089 very, £260 littlewoods) which are in arrears.

Plus I have to pay

£525 rent
£50 electric and gas
£30 water
£57 council tax
£26 internet - can't cancel until Christmas
£26 gym - can cancel until April

Meaning

1100 minus
0525
0050
0030
0057
0026
0026
0386

386 Minus
350
150
-114

And that's basic payments - no food, no mobile credit, before I start paying anything off my accounts...

Where do I start?

This is all going to hit the fan next week.

Tixy

Hi and welcome to the forum.

It sounds like you are going to need some sort of debt management solution - I would definitely suggest that you speak to one of the debt advice charities, see this link - IMPORTANT - Where to seek professional impartial advice about your debts.

When do you next get paid? can you start by speaking to your credit union/employer and ask if you can reduce what you pay back to them (at least for this month).

What date are your payday loans due to go out your bank account? realistically you need to default on these payments whilst you find a way forward. To do that you need to contact your bank to cancel the CPA to each of the payday lenders - see the bottom part of this link "what should you do" http://moneyaware.co.uk/2012/07/how-to-cancel-a-continuous-payment-authority-cpa-on-a-payday-loan/

Once you have done that it should give you some breathing space to seek some advice.

Need_A_Map

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 57
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 26
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 778


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................250.......8.........29
Simply be......................700.......50........0
Little woods...................260.......138.......0
Very...........................1090......80........0
Total unsecured debts..........2300......276.......-


Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 778
Available for debt repayments........... 322
Monthly UNsecured debt repayments....... 276
Amount left after debt repayments....... 46

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,300
Net Assets.............................. -2,300

Need_A_Map

My soa without the payday loans is tight but doable.

Just need to get through this month.

Get paid the last day of the month. Loans go the same day

Everything else ( except the catalogues) go on the 1st.

Thankyou. Feeling so stupid and backed into a corner.

Gonna have to get my finger out and do something sharpish.

McKneff

See if you have things to sell, google for local selling sites, pretty quick turnover and instant cash, like ebay but no posting, people just come to your door, pick up and pay you.


Any chance of you looking for a part time job or extra hours at your present job.

Need_A_Map

I'd be happy to either sell things or get a second job.

I can look into that today.

Problem might be that where I live is dead at the moment - it's a university town and the students that haven't left for the summer are doing most of the part time jobs.

I'm an admin with no special skills and no personal transport.

And I need to find this money in the next week...

Sorry - being negative is one of my worst habits.

Tixy

If your budget really is manageable without the payday loans then you need to think about why you ended up taking out the payday loans.

Whilst your statement of affairs may be manageable for a month or 2 I think it is probably unrealistic over any period of time.

Don't forget you need to include your overdraft in your list of debts and the amount it is costing you each month and you've missed out your gym membership. And realistically you need to budget something for sundry costs (clothes/medical costs/presents/entertainment/haircuts etc) so that you don't need to rely on reusing credit.

If you don't stop the payday loans being taken out then you are going to end up in a position where you cannot pay a priority debt, or cannot afford to buy food this month. If they are not going out until next week then you have time to cancel the CPAs.

ViolaLass

Is a short-term loan from the bank of Mum and Dad an option? It could allow you to get through this month and then pay them back over, say, the next three months.

Need_A_Map

Mostly I lost 5 stone :j and went a little crazy buying new clothes.

I've realised what a mess I got into, but I comfortably managed on this income for 3 years before getting into this mess.

I had no loans or debts last October, then everything in my life just went sideways.

I meant that I could clear my catalogues and the like ( just about) if I didn't have the loans.

If I can get rid of the loans this month, I can work out a payment plan for the accounts and tighten my belt to get out from under this mess.

Hopefully.

Need_A_Map

ViolaLass wrote: »

Is a short-term loan from the bank of Mum and Dad an option? It could allow you to get through this month and then pay them back over, say, the next three months.

No mum or dad unfortunately. And recently no partner either - just me and the cat.

Sounds pathetic, but swapping the ex for the cat was a fantastic decision - should have made it years ago :beer:

On_my_way

Firstly, welcome.

You WILL be able to sort this out and quickly. Plus, people on here will help you really sort out your spending and expenses. There's so much to learn.

One thing that I have noticed, your rent, if you live on your own do you need to rent somewhere that expensive? Is there anything smaller and cheaper? (possibly not)

Good luck,

You can do this