I've hit complete rock bottom.

edited 16 October 2014 at 4:03PM in Debt free diaries
7 replies 1.8K views
lastresort_2lastresort_2 Forumite
2 Posts
edited 16 October 2014 at 4:03PM in Debt free diaries
Hi All,

I have actually read this forum anonymously for years, as some kind of inspiration whilst my financial situation fluctuated up and down, but now I've hit the point whereby I felt i had to finally register and create a thread, akin to my username this is my last resort - I don't know where else to turn.

I'll try to sum up my situation at present:
I am 26 years old, in a good job where I get paid to work full time and study university one day a week - paid for the by the company.

Over the past year or so, I seem to have spiralled into debts, and then componded by trying to get by on payday loans and credit cards each month with some grand plan of paying them all of - apart from stupidly it has all led to this moment. I have spent the best part of the whole of this year basically never being paid enough in wages to cover the bills I have to gout.

This all started with an 800 credit card, which became getting a 2500 with the aim of putting the 800 onto that, and then a 5000 credit card.

I am on salary and get paid £1557 a month,
My usual bills are as follows:
Car finance : 295.00 month.
Car insurance - due for renewal but will be 70-80 per month.
Gym - 21.00 month
Phone - 40ish month.

Now that would be fine if that was all it was but here are the debts I currently owe:
Barclaycard £863.36 - limit £800
TESCO Credit Card £2659.15 limit £2500
Natwest Credit card £6000 limit £5900
CapitalOne Credit card - £200
Overdraft - £200

Swift Sterling payday loan - £643.91 expected end of month
Lending stream - set up payment plan but payment was missed
Sunny - payment plan set up
Payday express - was in payment plan but missed this month
Peachy payday loan - missed payment
Satsuma loan - due to be £30 a week for 10 weeks, payment missed.
MRLender - 750 borrowed to pay back over 3 months.

When i get some more time I shall go into the finer details of the exact amounts of these, I am hiding at the moment.

As you can see I am stuck in a predicament whereby Ive lost count of what I owe or dont owe, because I have no way of sticking with all these debts or paying them when they should it seems to be circling out of control.

I don't want to be using these things, I just want to work out how I can begin to clear but I cannot see any way out of this.

All this may probably read a bit jumbled up but if Im honest my mind is very jumbled up and im sick of having this weighing over my every single day.

Thanks for listening whoever you may be


  • edited 16 October 2014 at 4:04PM
    lastresort_2lastresort_2 Forumite
    2 Posts
    edited 16 October 2014 at 4:04PM
    Further information I have managed to work together, its quite painful actually taking it all done and trying to face it but here is the situation of some of these debts heading towards the end of August.

    Swift Sterling - owe £643.91 which they are expecting on Oct 31.
    Payday Express - had a payment plan in place which was missed this month of 60 a month. £207.00 outstanding.

    Sunny - payment plan still in place with 3x 188.98 to pay to clear total of 566.94.

    Lending stream - a payment plan was in place of which some amount was paid this month, need to ring up and speak about this and try to work out an affordable payment plan.

    This month I also owe 295*2 to car finance for my car as I missed the payment this month. This coincided with me paying £800 to them as I had missed a couple of previous payments and that was last chance to pay or lose the car, and the amount of money ploughed into the car it would be stupid to lose it now.

  • maddiemaymaddiemay Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Just noticed your new diary, not even had time to read it properly, but just wanted to say well done for having the courage to face up to things and start posting, keep posting and hopefully people will soon find you and start offering support and advice.

    Hang on in there:)
    The best thing about the future is that it comes one day at a time. (Abraham Lincoln)
  • October_StarterOctober_Starter Forumite
    664 Posts
    Hi Lastresort :wave:

    I don't know much as I am learning too but I have read a lot of diaries and my best suggestion would be to get in touch with Stepchange and they will help you with a debt management plan (DMP). This will help you so much and take away some of the stresses. Just get in touch with them and they won't judge you at all.

    One of my close friends has just contacted them is also on a DMP and she cannot praise them enough.

    Take care and keep posting!

    October xx
  • monzmonz Forumite
    4.1K Posts
    Part of the Furniture 1,000 Posts Debt-free and Proud! Stoptober Survivor
    Hey have you done a SOA xx
    Debt (1/9/14) £6,702.11 Debt free (30/11/2016) mortgage port- £70,077.82 and mortgage £126,517.39 o/s currently
    Debt - £17,190.83 (29/7/22) now (19/8/22) £16,688.80
  • Hello Lastresort,

    Just popped over to say hi and quickly read your post. Feeling it a bit for you too.

    You did the right thing joining the forum and putting the debt down in black and white. You dont even need a huge plan initially but work out which you want to tackle first. Do you feel you want to seek a but of professional support? Or can you buckle up for the first few bumpy months?

    Feel free to pop to my diary it might help but you will definitely see someone else struggling with debt.

    Can you do a 0% transfers to credit cards and stop a bit of interest? Can you get a budget together, meal plan etc. That def helped me the first month or so.

    The best thing is getting out there, in black and white and become a bit obsessed with MSE for a while. It seems to work for me although admittedly I am far from on the MSE wagon all the time.

    Loads of handy information on here - go on you can do it.....keeping the MSE faith.x:money:
    LBM August 2014: £16430.26
    CC - £2300
    Loan - £2407
    Zopa - £6679
  • AegeanAegean Forumite
    91 Posts
    Hello and welcome to the start of the better times! I feel like we have very similar situations - same age, same complex debts, same bleak feeling every time we look at the bank statements but I have one thing to say that I hope will help you: Go to Payplan.

    About two years ago I was riddled with upaybackable debts, i was crying all day every day, starving and not sleeping. They managed to help me figure out my budget and I'm paying back my debts in a manageable way every month. It will take a few years (until 2019 apparently) to do, but I'm doing it, and that's the difference.

    The board here is an amazing resource of optimism and advice - I don't post that much but I read a lot and everyone here is so supportive.

    Good luck and don't worry, because the scariest part of accepting your situation is over. :)
    Goal: Debt-free by 01.12.16
    PAYDBX 2016 #120 £5,141.65 [STRIKE]£5,747.37 on 01.01.16[/STRIKE]
    £1 a Day #88 £80/£365
    Earnings from Quidco, surveys and found shrapnel: £21.36
  • heartbreak_starheartbreak_star Forumite
    8.3K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker Rampant Recycler
    Have a look at the stoozing.com site for a proper SOA where you can look at budgeting for groceries etc. There's a sticky on the DFW board :)

    Good luck!

    HBS x
    "I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."

    "It's easy to know what you're against, quite another to know what you're for."

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