Debt has ended my relationship :(

Buffythedebtslayer

Hi San


Just wanted to say how sorry I am about everything XX Tough times but you will certainly get the debt sorted. I would also (as another poster had suggested) look into a personal loan with low interest to cover the payday loans, they are entirely evil and I am sure it is cheaper and less stressful then having them rollover every month.


Keep posting, this site is brilliant


XX

san1_2

So my plan for today was..

"Tomorrow, I will call the council about where I will be working as of next week- I am entitled to at least 2 days work. I will then cancel my phone and arrange for the final direct debit to come from my old unused bank account. Then I will drop off the letter to ask for my wages to be paid into this old bank account."

1. So I called the council supply/personnel department as school starts back next week. I was told that "everyone with employment rights has been placed". Well I haven't!!!??? Anyway, after getting a little frantic on the phone I received a call back offering me fulltime to cover the end of a mat leave until the October half term. I was certain that a friend of mine was covering this mat leave.. however a quick text later revealed that she has changed councils so a little bit of luck for me!

2. Phoned and cancelled phone contract and new direct debit set up. Was able to use end of relationship as my reason for cancellation/change of direct debit so got no sales pitch trying to make me stay which was good!

3. Dropped off letter asking for change of bank account for wages to personnel department and also signed my contract for the supply until October. I always moan about the council supply/personnel department and their incompetence but the girl today was lovely and really on the ball.

Also collected £300 that my mum is giving me from her holiday spending money savings. I need to get this back to her by December. I paid this into the account I will now be using along with the money I raised yesterday.

Ninno820

Doesn't it feel good to at least be able to do something positive! I'm sorry about your relationship but at least you are moving forward financially and its good news to have two months of full time pay coming in. please make sure that you put a sum aside to repay your mum - you don't want that guilt as well.

san1_2

hieveryone wrote: »

Just a thought - and maybe not a popular one, but maybe worth a try.

Can you apply for a personal loan through Sainsbury's/Tesco/your bank to consolidate the pay day ones? These will have a lower interest rate and sometimes do 'payment holidays' for the first two months. This would give you a bit of breathing space?

Even a loan of about £5000 would be enough to get me back on track. I might try today and see how I get on. I have been with Smile/Co-op for about 10 years now. Maybe I should have used the money I raised/borrowed from my mum to pay off my overdraft. This might have made my account look better.

hieveryone

san1 wrote: »

Even a loan of about £5000 would be enough to get me back on track. I might try today and see how I get on. I have been with Smile/Co-op for about 10 years now. Maybe I should have used the money I raised/borrowed from my mum to pay off my overdraft. This might have made my account look better.

I may be wrong, but an overdraft looks better than a Payday loan?

I would definitely try for the loan, if you can with a company that does instant results. I know Tesco/Sains do as we tried them for car loan recently. We also took a 2-month payment break at the start and the money was in account within a couple of days.

san1_2

tlc678910 wrote: »

I'm very sorry to hear things seem to have ended with your other half. If you love him keep in touch, get yourself straight and you can see what happens.

I see there is divided opinion on your best plan of action. I am also of the opinion that your financial situation can be somewhat salvaged.

You mentioned a car buying site quoting 4.5K for your Fiat 500 (although they are notorious for pushing you to accept a lower offer when you go). Fiat 500 are supposed to be great little cars that hold their value really well. Why not visit several local garages and tell them you want to settle your car finance of x and get a cheap runaround too or the money for one out of the deal. Visit several and get the best deal. You can get a good understanding of the appropriate price of your car looking at private and trade sales on the autotrader or Parkers guide. They are desirable and economical and a garage will shift it straight away at the right price.

If your finance is settled and you still have a car then you only have the pay day loans and other cards and I actually agree that if you can get a loan of 6/7k (and perhaps you will be living cheaply with your folks) you have good earning potential and could pay it back in no time.

Try to get a loan that allows overpayments. We recently took a loan with Sainsburys that allows overpayments but I am sure there are loads of them that do.

If you can't get a loan I still think living with your folks you can pay that off pretty quickly.

Best of luck with everything. Do let us know how you get on and how you are.

Thank you TLC, the car is an option and as much as I would be sad to see it go, I only drive about 7000 miles a year so I could get by with no car for a while. The school I will be in until October is a 20minute walk from my parents. I would walk in the morning and run home in the evening.

san1_2

gik wrote: »

Can I ask you where your money went? How did you get into this position? I'm trying to understand how this happens. I'm so debt adverse since losing my job and it worries me sh1tless that it could happen to me.

Gik, my money went on bills, careless spending (food, magazines, lunches), a holiday and three or four weddings all in quick succession. I dont have all that much to show for it apart from some nice memories and clothes/shoes I wont wear again.

san1_2

Buffythedebtslayer wrote: »

Hi San


Just wanted to say how sorry I am about everything XX Tough times but you will certainly get the debt sorted. I would also (as another poster had suggested) look into a personal loan with low interest to cover the payday loans, they are entirely evil and I am sure it is cheaper and less stressful then having them rollover every month.


Keep posting, this site is brilliant


XX

Thanks Buffy, I will apply for a loan from my bank to start. Not sure how good a shape Co-op are in but they are advertising loans on their website and you can login to your account and apply. Fingers crossed!

san1_2

Ninno820 wrote: »

Doesn't it feel good to at least be able to do something positive! I'm sorry about your relationship but at least you are moving forward financially and its good news to have two months of full time pay coming in. please make sure that you put a sum aside to repay your mum - you don't want that guilt as well.

Thanks Ninno, will repay my mum as a soon as possible. They work hard for their holidays and would not do that to them!

san1_2

hieveryone wrote: »

I may be wrong, but an overdraft looks better than a Payday loan?

I would definitely try for the loan, if you can with a company that does instant results. I know Tesco/Sains do as we tried them for car loan recently. We also took a 2-month payment break at the start and the money was in account within a couple of days.

Yeah payday loans are not great are they on a credit report. Apparently my bank sends a secure email to your online account with a decision in a few minutes.