I'M in desperate need of help

sourcrates

neerdowell wrote: »

okay my apologies,

£9,000 bank personal loan monthly repayments of £232 over 5 years

4 pay day loans,

1 with 4 monthly payments of £132
2 with one lump sum of £520 at the end of the month
1 with 4 monthly payments of £112

a savings account i need to put £4,000 back in.

i take home £1300 a month

Outgoings are roughly £700 a month

Sounds stupid i know because I know anyone can live off the remaining £600 a month. Obviously with whats happened I'm stuck in a rut with it all.

Hi,

OP, i think your been a bit over dramatic here, on your income, you can easily solve this situation by been proactive, and taking control of who you pay, and when.

With regard to the payday loans, the ones you are paying monthly, i would continue to pay, the two that require a lump sum payment at the month end, i would not pay.

I would contact those two lenders, explain you are struggling (under new rules they are obliged to treat you fairly, and you cant now be charged more than twice what you have borrowed) arrange to re-pay these two loans at a lesser monthly rate, contact them now, so they have time to put the arrangement in place, as a precaution, don't leave too much money in your account, so they cant take the full amount, just leave enough for the payments you agree.

Once an arrangement is in place, they should now stick to it, which lenders are they by the way ?

Your savings can be replenished as and when, thats not a priority.

In the meantime, stop smoking, try and save as much as possible, this situation is easily salvageable, talk to your folks if you need a sub till payday, but it is important you contact the payday lenders and do as i have indicated.

Good luck.

neerdowell

sourcrates wrote: »

Hi,

OP, i think your been a bit over dramatic here, on your income, you can easily solve this situation by been proactive, and taking control of who you pay, and when.

With regard to the payday loans, the ones you are paying monthly, i would continue to pay, the two that require a lump sum payment at the month end, i would not pay.

I would contact those two lenders, explain you are struggling (under new rules they are obliged to treat you fairly, and you cant now be charged more than twice what you have borrowed) arrange to re-pay these two loans at a lesser monthly rate, contact them now, so they have time to put the arrangement in place, as a precaution, don't leave too much money in your account, so they cant take the full amount, just leave enough for the payments you agree.

Once an arrangement is in place, they should now stick to it, which lenders are they by the way ?

Your savings can be replenished as and when, thats not a priority.

In the meantime, stop smoking, try and save as much as possible, this situation is easily salvageable, talk to your folks if you need a sub till payday, but it is important you contact the payday lenders and do as i have indicated.

Good luck.

they are wonga, quick quid, different money, and sunny.

Thank you kindly

[Deleted User]

This isn't a direct lending site!!

Sunny, hmmmm - well they charge no fee's on late paying as the massive attraction to the product, as a former customer you'll have no problems sunshine, although they intimated me of having another payday loan out as the same time as theirs which was completely untrue so I struggle with how you managed to get one really with 3 others under the new rules..


As I'm past getting the point of thread, I'm out.
It was obvious you didn't want help but someone to give you money

Angry_Bear

neerdowell wrote: »

£9,000 bank personal loan monthly repayments of £232 over 5 years

1 with 4 monthly payments of £132
2 with one lump sum of £520 at the end of the month
1 with 4 monthly payments of £112
<snip>
i take home £1300 a month ....

neerdowell wrote: »

Outgoings,

phonebill £56
Transport to work monthly £100+
Dinners and food for work £100+
Board to my parents £300
Luxury (i.e smoking) £60
other small regular outgoings such as Spotify, Netflix and things £50

You still haven't given any detail about what you still have to cover in the last 2 weeks until you get paid again (but I'm guessing about £50 for transport to work?).

Call the two payday loans and tell them you can't afford the lump sum and need to agree a payment plan. It wouldn't be a bad idea to get your wages paid into a different account!
Your phonebill is HUGE - what contract terms are you tied into? You should be able to cut this to about £20. Could you switch to e-cig or roll-ups to save money?

"£100+" isn't specific. You need to work out exactly how much you spend, and how much is "necessary" (travel to work, groceries) and how much is "extra" (travel for pleasure, sandwiches/convenience food). Then you can work out where you can cut back.

If you cut to the bone you could probably be clear of everything except the personal loan in 4 or 5 months. If you still leave some money budgeted for fun then it will take a little longer. However, if you keep spending more than you have and don't get a handle on it at all, you'll probably be in trouble for years.

theoretica

I think you need two plans - one for now until payday, showing every penny in and out, and one for about the next 6 months. If it isn't in the plan don't spend it! (and yes for the next fortnight I would be drawing up a chart with every single day on it and money needed.) If you can get to payday the things others have suggested should help sort you out over the next few months.

For the next couple of weeks can you save money by taking lunch to work, even if they are only bread, cheese and a carrot? What to you NEED to spend other than transport? Can you make anything by selling stuff, even a handful of DVDs will pay for a bit of transport. Books, clothes, electronics...

patman99

Op, first-off, as you suffer from mental health issues, you are classed as a 'vulnerable adult'. You have a lot of protection under a load of various Laws and Acts.

As you need money to pay to get to work, now would be a good time to clear-out your account in order to stop the PDL companies getting any more of your money. If you have online banking, log in and cancel all the direct debits.

Get an account set up with another Bank with which you have no other financial links.
Give your new acount details to your employer's accounts department so they can pay in your wages to the new account.
Make sure that if you have an overdraft on the account that you were making payments from, you cancel it.
Your Bank loan provider and phone provider can then be contacted to update them with the new bank account details.

When the PDLs come after you, just tell them you can only afford £x per month, so that is what they will be getting.

I would suggest contacting one of the debt charaities, but they will suggest a temp. payment plan, DMP or DRO. Unfortuanately, they will have to include all of your creditors in any such plans (I believe that they run a CRA check to see what debts you actually have), so you won't be able to exclude the bank loan or the Sunny loan from any such arrangements.

Another option is to go for a credit card (I know I will get shot for suggesting this) and paying-off all the PDL debt with this. You can then look at making affordable payments back to the cc (rather than just the minimum payment).
Of course, if you decide to go for a cc, you really need to be disciplined and not be tempted to spend on it. It is there purely to enable you to control your finances and once cleared, needs to be cancelled.

I will just end by saying that it is a pity you left it so late before coming on here and asking for help.

jaxsmar

ring stepchange for advice you probably will feel better speaking to them. You are not alone. tele 0800 138 1111 you can email them or request a call back. let us know how you proceed. trying to get an appointment with CAB isnt always quick but they will help.good luck.

andyfromotley

You also need to get yourself to Gamblers Anonymous. You will find a warm welcome and a friendly ear waiting for you.

I know the temptation is to keep this secret, this would be a huge mistake. Trust me. Compulsive gambling goes hand in hand with compulsive lying. It is very hard to eradicate one without tackling the other, this requires 100% honesty and the support of those closest to you. I'm guessing you took the 4k from savings that werent yours or were joint with your partner. This will almost certainly come to light.

There is no magic answer to your problems, although your problems seem overwhelming right now, they're not. They can be solved relatively easily and quickly. But unless you ensure that you tackle the gambling and lying you will almost certainly find yourself in this position (or worse) again.

I hope you get yourself sorted, follow the sound advice given by others above and i hope you find the courage to go to a GA meeting.

Pixie5740

neerdowell wrote: »

okay my apologies,

£9,000 bank personal loan monthly repayments of £232 over 5 years


4 pay day loans,

1 with 4 monthly payments of £132
2 with one lump sum of £520 at the end of the month
1 with 4 monthly payments of £112

Contact the PDL companies and explain to them that you can't afford to meet the repayments. Set up a payment plan and get them to freeze the interest

a savings account i need to put £4,000 back in. Not a priority debt so forget about it just now

i take home £1300 a month Can you increase this? Overtime? A second job? Ask for a pay rise?

Outgoings are roughly £700 a month

Sounds stupid i know because I know anyone can live off the remaining £600 a month. Obviously with whats happened I'm stuck in a rut with it all.
What are you spending the £600 on?

neerdowell wrote: »

Outgoings,

phonebill £56 This is incredibly high. See if you can reduce your tariff
Transport to work monthly £100+ Need to be more specific. How do you travel to work? Could this be reduced by purchasing a monthly travel card? Some companies loan employees money to buy an annual season ticket and deduct the money from their salary each month.
Dinners and food for work £100+ Too high. Start making packed lunches.
Board to my parents £300
Luxury (i.e smoking) £60 You can't really afford this. My brother quit smoking by reading Allen Carr's "Easy Way to Stop Smoking." It might be worth a shot
other small regular outgoings such as Spotify, Netflix and things £50 You can't afford these so cancel your subscriptions

Just my tuppence worth in red above.

You really need to complete a full statement of affairs though to find out exactly how much you are spending. It might help to keep a spending diary too.

What is the £4000 saving for? just general savings or are you saving up to buy a house with your OH? If it's the latter then perhaps you should speak with your OH.

Do you have any money in your account at all? If so this should be used on getting transportation to/from work rather than repaying debts. Could you get a lift from someone to get to work or cycle?

As someone else has suggested, open a new bank account (a different bank to where your loan is from) and get your salary paid in there from now on.

Your could be debt free relatively soon if you just knuckle down and cut out all the waste.

Sazzie23

jaxsmar wrote: »

ring stepchange for advice you probably will feel better speaking to them. You are not alone. tele 0800 138 1111 you can email them or request a call back. let us know how you proceed. trying to get an appointment with CAB isnt always quick but they will help.good luck.

Try the stepchange on line debt remedy, it's free and anonymous if you want it to be, I'm not saying all their solutions are perfect but it's a good place to start to get control back. Make sure you download AND READ the new Mental health booklet by Martin Lewis and Mind.

Don't worry about paying lenders, if you can't, you can't end of, they can wait a month, if they call tell, them you are trying to sort it, they should give you a 30. Day pause to fix it.

Step 1. Take all your money out of bank account.
Step 2 open a new bank account not connected with any debts. Tell work to pay wages to new account. If the don't do it in time, take it out in cash and pay into new account.
Step 3. Do the SC debt remedy or ring them or Christians Against Poverty.
Step 4. Come back here and see where we can go with this.
Oh and tell the folks you are phasing money troubles as you've made some bad decisions, saves the getting a shock if you get any phone calls.

Good luck, chin up, don't give up.