Last hope

daniellejayne

Hello

Thank you for reading this and I hope you can help. I'm 23 years old and have stupidly managed to get myself in a big big mess I have several short terms loans where I have been making monthly payment but it's now got out of control yes I still have money to just about pay them off but leaves me with no money to pay my rent. I have been taking out more just to try and get through the month but it's now become a big mess that I'm beginning to not be able to handle. The last few days I have been trying to look for a big loans to pay off all the other loans to have just one monthly payment but keep getting declined. I know it's my own stupid self for getting into this situation and have tried getting myself out but I can't see no light at the end of the tunnel so to speak. If anyone has any experience or help they could offer I would be truly grateful. Thank you again got taking the time to read my message

thomathy

Hi Danielle,

First thing, if you've been reading this forum you'll know that thousands of people get into this situation - and then out again.

Different people have different approaches, but for me the basics are:

- Remember, however much debt there is, there is always a tomorrow. And this stress level will not last forever! You will get along and get through it, even if you can't see how right now.

- Be specific and get it all down on paper - or even better, on this board. You're feeling stressed and you've expressed that in your message. The next step is, write down what those debts are, and what your income and outgoings are. If you can post that, people can help you make a plan.

- Don't be afraid of confronting it head-on. Many people (including me) do go the head in the sand approach and it doesn't work. If you can't cover everything this month or next month - better to know now, feel the stress now, and know which items you aren't going to pay. Then at least you are in control, and have got off that rollercoaster of trying to manage one day at a time and always reacting.

So, I think best starting point is put all your details down - debt amounts and dates, and your own income and outgoings. Then someone wiser than I will be along to help.

nolongerindenial

I cant really comment better than what has been said before, I am in a touch situation and the first step to being debt free is to realise why you are in debt and work out a plan to get you out of debt...

National_Debtline

Hi Danielle

Thanks for making the effort to share your situation - it can be easier said than done. Take it from me that you are not the only person in this kind of situation - far from it.

I suspect you will end up being grateful that you were unable to take out any further loans - it has stopped things snowballing.

Can I suggest you use the following template to list your ins and outs, as it's easy to then post the results in this thread:

http://stoozing.com/calculator/soa.php

In the meantime, please make sure that you are the only person in control of your income. That means cancelling any loan repayments that are unaffordable. It may also mean having to open a different bank account elsewhere if you are overdrawn with your current provider:

https://www.moneyadviceservice.org.uk/en/articles/basic-bank-accounts

Look forward to hearing back from you soon!

Regards

Dennis
Twitter: @natdebtline

Lensman_2

Dennis offers good advice.

You look like you are in financial meltdown. As you prepare to reorganise your finances you need to take a few fairly swift actions.

1. Prioritise. You must pay rent, food and gas/electric/water first. Plus the costs of getting to work and back. If that means loans etc miss out then that is fine (for now).
2. Move your bank account (maybe). If you have any credit or accounts linked with your bank you must move to one that is not connected. Despite what you might think, this should be possible even if your credit file is toast.
3. Cancel all direct debits and continuous payment authorities for non priority debt if you are not moving your account.
4. Breathe.

Ignore the non priority debts for a few weeks until you can get your statement of affairs (SOA) done. Consider changing your phone number before the non priority creditors get going on you.

Kate_fixing_it

You sound so desperate I couldn't read and run.

This is entirely fixable. It's not going to be fixed tomorrow but it can be fixed. There is some great advice above. Please follow it.

For now, deep breath, fill in the SOA and read some other threads here. You are far from alone and a long long way from your last hope. By finding this forum you are a keystroke away from a world of support and advice. The more information you can provide, the more specific the advice will be.

There's no debt situation that's hopeless (I promise!) in fact there is a debt free roll of honour thread - take a look at that and you'll see that ANYTHING is possible.

Well done for posting. The hardest step to any solution is the first and you've done that by posting here.

Kate x

daniellejayne

SOA Help
Statement of Affairs
understand your financial position

Enter your income, expenditure, debts and assets, then click "Calculate". Your SOA results can be formatted for printing or for posting on a discussion board to seek comment from others. The format for print option can also be used to share your SOA with advisors such as the Citizens Advice Bureau (CAB) or CCCS. Your SOA data can also be saved for future use.



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Enter SECURED debts and Hire Purchase (HP) debts
Enter ALL your mortgage, secured and HP debt details here.

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Debt description Debt (£) Min Pay (£) Annual Rate (%)












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* You have entered nothing for groceries. Don't starve!

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Summary of Monthly Income, expense and surplus
Total monthly income: £


Expenses (incl. HP & secured debts): £


Available for debt repayments: £


Unsecured debt repayments: £


Surplus (shortfall if negative) £


Personal Balance Sheet Summary
Assets: £


Secured & HP Debt £


Unsecured Debt £


Net Assets £




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Ilona

I don't see any figures. Please try again.
Ilona

daniellejayne

Wages-920
Rent- 370
Tv liscence- 12
Mobile- 42
Quick quid- £761 275pm
Lending stream _£670 270pm
Sunny- £202 67pm
Pounds to pocket- £645.53 97pm
118 loans- 120pm
Vanquis- 1500 79pm
Aqua- £550 40pm
Capital one- £200 6.47pm
Littlewoods 643 161pm
Wonga 450pm

I'm up to date on all these except vanquis I'm behind this month and last month same with aqua and the wonga is due next week but have no money to pay them!!!! I'm panicking to say the least

Please help

Danielle xx

[Deleted User]

You need to enter your figures into the boxes on the calculator, then click calculate.

Once you've done that, click the MSE button, and Copy and Paste the contents from the text window on the new page, into a reply window on here.

daniellejayne

\
Household Information[/b]\
Number of adults in household........... 4\
Number of children in household......... \
Number of cars owned.................... \
\
Monthly Income Details\
Monthly income after tax................ 920\
Partners monthly income after tax....... 0\
Benefits................................ 0\
Other income............................ 0\
Total monthly income.................... 920\
\
Monthly Expense Details\
Mortgage................................ 0\
Secured/HP loan repayments.............. 0\
Rent.................................... 370\
Management charge (leasehold property).. 0\
Council tax............................. 0\
Electricity............................. 0\
Gas..................................... 0\
Oil..................................... 0\
Water rates............................. 0\
Telephone (land line)................... 0\
Mobile phone............................ 38\
TV Licence.............................. 12.12\
Satellite/Cable TV...................... 0\
Internet Services....................... 0\
Groceries etc. ......................... 0\
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.................. 420.12\
\
\
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\
Quick quid ....................1684......277.......0\
Lending stream ................670.......270.......0\
Sunny..........................202.......67.24.....0\
Wonga .........................450.......450.......0\
Littlewoods ...................542.......161.......0\
Luma...........................200.......16........0\
Capital one ...................200.......6.7.......0\
Aqua card......................550.......40........0\
Vanquis .......................1500......79........0\
118 money .....................982.......120.......0\
Pounds to pocket...............645.......97........0\
Total unsecured debts..........7625......1583.94...- \
\
\
Monthly Budget Summary\
Total monthly income.................... 920\
Expenses (including HP & secured debts). 420.12\
Available for debt repayments........... 499.88\
Monthly UNsecured debt repayments....... 1,583.94\
Amount short for making debt repayments. -1,084.06\
\
Personal Balance Sheet Summary\
Total assets (things you own)........... 0\
Total HP & Secured debt................. -0\
Total Unsecured debt.................... -7,625\
Net Assets.............................. -7,625\