Drowning In Debt

rockm87

That sounds like a plan!

I think there are template letters here on the website, im sure someone else can post a link if they know where they are.

DMP charities can ask for interest to be frozen but it doesnt always happen, you can always try asking yourself, and making offer payments to them however much you can afford.

best of luck!

Dobbibill

Craig32 wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Hitachi Loan...................11000.....372.5.....34
Barclaycard CC.................5600......125.......0
RBS CC.........................1800......60........0
Bad Credit Loan 2..............1100......100.......71.58
Bad Credit Loan 1..............1000......73........55.24
Payday Loan 2..................300.......100.......292
Payday Loan 1..................400.......130.......292
RBS Overdraft..................4500......80........0
Natwest CC.....................3150......80........0[b]
Total unsecured debts..........28850.....1120.5....- [/b]

Whatever you decide to do if you decide to miss a payment for some of the debts - do not miss anything off the offers you have on 0%. This could cause the deal to be revoked and you will be in a worse mess.

Have you asked any of the lender for a payment holiday?
If it's only August that you will struggle to pay this may be the best option in your situation.

HTH

Craig32

Dobbibill wrote: »

Whatever you decide to do if you decide to miss a payment for some of the debts - do not miss anything off the offers you have on 0%. This could cause the deal to be revoked and you will be in a worse mess.

Have you asked any of the lender for a payment holiday?
If it's only August that you will struggle to pay this may be the best option in your situation.

HTH

I haven't asked any lender for a payment holiday, I never knew such things existed to be honest.

I will give each a call, explain my situation, and see what can be done.

Thanks again,

Craig32

Well folks, I have just had a spanner thrown in the works. A lot can happen in 2 days!! lol

Knowing I will have to be moving out early next year most likely due to a baby coming, and how badly affected the Oil & Gas Industry is in Aberdeen right now, I have been casually job hunting the past couple of months, with no much success. These have been long shot jobs around the world. I never expected much to develop from any, thinking it would at the very least keep my name in the mind of the agents.

Anyways, in the last 48 hours this has happened:-

Glasgow - Offered a job after an interview. £5K more a year, but unfortunately it is only a 4 month contract. I have had to reject this as I need something more long term.

London - Job interview Monday over Skype. £10k more a year, but accomodation/London costs come into play. Permanent role.

Iceland - Job Interview Wednesday over Skype. £8.5k more a year, but accomodation/Icelandic costs come into play (Done some reading and they have a 37% ish tax rate which isn't good). Permanent role.

Belgium - Job interview date to be confirmed. £63k more a year, but this is a contractor role meaning there is no security & I would have to set up my own LTD company. Again accomodation costs would come in to play.

Questions I have here now:

Obviously Belgium would be the job I would want purely for the salary as I could have my debt cleared in a matter of months. It's good to be in the running but I imagine there will be far better qualified people.

This leaves London & Iceland opportunities. If I was offered either of these jobs I don't think I would be able to go full steam ahead with the snowballing idea as my living costs would be far greater than they currently are, even with additional wage. Both locations are pretty high living costs to most as well.

So my thinking would be that a DMP would be the best idea here. Is there any restrictions to a DMP if I was to work abroad? Could I still follow this plan? Due to being international, I think doing it through StepChange rather than DIY would be best as there would be a lot less communication required, and it could cost a fortune in calls.

Anyone with experience of this?

From having nothing for a couple of months, to having several agencies contact me in a matter of days. Funny how things work. That old adage springs to mind 'you wait an age for a bus, before 2 show up at once'

thegreenone

Huge Congrats. on the interviews lined up. Amazing!


Firstly, London. It will cost you the 10k uplift to live in London so only consider what you are earning now.


Iceland. I have no idea but what an opportunity. Look at everything, please.


Belgium. 63k!!!!!!!! I want to insert of goggled-eyed smiley but I can't. My husband is a self-employed engineer in the oil and gas industry. He has an ltd through an umbrella company who do all his tax returns etc. You do pay for the service and you do need to submit some expense claims but they do all the leg work with HMRC. If you decide to go down that route, let me know and I can give you the details of the umbrella company.


My instinct: go for Belgium, Iceland then London. In that order. Yes, you can still pay off the debt, albeit slower but the life experience and the boost to your CV will be beyond words.

sanfrancisco

Hi,

Am v excited for you.

You are young, you will get out of this. I can tell from your posts that you are motivated.

Please don't gamble again, what a waste. Choose life, and a girlfriend (or boyfriend), marathons, and fun.

Anyhow, with the dmp your credit rating is trashed totally. I am unclear is yours good now? I am not an expert but if you have only missed one or two payments then it is still intact I think. Have you gone to experience yet? I know it seems like a long time, but once you get the debt free bug you could become debt free in under two years. Then you could start saving and in 4 years you might be having a baby, want a house, and your credit rating will be perfect, meaning good mortgage rates and freedom and you being in charge of your own life.

Don't make the choice of job purely money. Your going to sort this out now, whatever job you choose. Iceland would be amazing for example.

Get moneysaving friend!

sanfrancisco

I meant experien.

Craig32

thegreenone wrote: »

Huge Congrats. on the interviews lined up. Amazing!


Firstly, London. It will cost you the 10k uplift to live in London so only consider what you are earning now.


Iceland. I have no idea but what an opportunity. Look at everything, please.


Belgium. 63k!!!!!!!! I want to insert of goggled-eyed smiley but I can't. My husband is a self-employed engineer in the oil and gas industry. He has an ltd through an umbrella company who do all his tax returns etc. You do pay for the service and you do need to submit some expense claims but they do all the leg work with HMRC. If you decide to go down that route, let me know and I can give you the details of the umbrella company.


My instinct: go for Belgium, Iceland then London. In that order. Yes, you can still pay off the debt, albeit slower but the life experience and the boost to your CV will be beyond words.

Thank you!

London is a slight concern with regards to the costs. I have grown to live on a very tight budget this last couple of months, so I could make it work. I can cross the bridge if I was to be offered it, crunching numbers etc.

Iceland looks an incredibly exciting opportunity. I applied like a month ago, so completely forgot about it. I done some research and found the following figures:

Consumer prices in Reykjavik are 5.99% lower than in London.
Consumer prices including rent in Reykjavik are 32.14% lower than in London.
Rent prices in Reykjavik are 62.51% lower than in London

The only concern would be they have a high tax rate (around 37%). Again, I will cross the bridge if it comes.

Thanks for the offer on further information on the umbrella company. If needed I will definitely be in touch regarding that.

A few years back I got to work for 1 year in Holland, just outside Rotterdam. It was an incredible experience, arguably the best year of my life. Getting to integrate into another culture was a wonderful experience, and I would love to go to another country and do the same again.

Craig32

sanfrancisco wrote: »

Hi,

Am v excited for you.

You are young, you will get out of this. I can tell from your posts that you are motivated.

Please don't gamble again, what a waste. Choose life, and a girlfriend (or boyfriend), marathons, and fun.

Anyhow, with the dmp your credit rating is trashed totally. I am unclear is yours good now? I am not an expert but if you have only missed one or two payments then it is still intact I think. Have you gone to experience yet? I know it seems like a long time, but once you get the debt free bug you could become debt free in under two years. Then you could start saving and in 4 years you might be having a baby, want a house, and your credit rating will be perfect, meaning good mortgage rates and freedom and you being in charge of your own life.

Don't make the choice of job purely money. Your going to sort this out now, whatever job you choose. Iceland would be amazing for example.

Get moneysaving friend!

Thank you!

You guys here, and my GA classes have given me great hope, and I never thought it would be possible to feel so positive when I am in such a horrible place debt wise.

I don't fully understand the credit system. My noodle report gives me a 1/5 score rating just now. But I have never missed a payment. I have 3 credit card payments due for a total of £270 ish due the middle of August. I was going to default on these, but I think I am going to speak to my dad and ask for a loan borrow to pay this. I believe my poor credit rating comes from making so many applications for loans.

If I got that money from my dad, I could pay my 3 payments, and then it would give me some time (next payments all due 25th ish August) to do these interviews, and see what is going to come in a couple of weeks time, allowing me to make the best decision for my situation.

As proven, I have an addictive personality, so I am certain as soon as I start seeing debt dropping I would get the bug and invest all money into clearing as fast as possible.

Dobbibill

Take no notice of your credit rating of 1/5 although I suspect you would not get any further credit due to the income/debt ratio as you only earn approx 74% pa of your overall debt. This will soon reduce as you pay off your debt each month and I think, as you say, you will become addicted to reducing the debt more and more each month.

Good luck with the interviews and your future.