Please help if you can

Marrs25

Looking for advice on what I can do if anything, I've currently got a personal loan which with interest in around £10,500 without interest it's £8307, I'm currently paying £188.75 per month with about 50 odd payments left, I took it out in a time of need to consolidate a few debts into one payment, since this 8ve split up with my wife and now live on my own so all the bills are 100% me not 50% anymore which is making it hard financially to survive, I want to somehow have lower monthly payments but no matter where I look I can't get approved for money transfer and I can't use 0% credit cards to cover it what if anything can I do as I'm seriously on the verge of financial ruin, I work but recently hours have been cut back a little so im working 6 days a week to break even with my bills some weeks not eating enough as I struggle to afford shopping, I wish I had never got the loan now, any help or advice is appreciated. Thank you 

RAS

Welcome, you are in the right place.

It would help if you could do an SOA, sure someone will come along with a link. This helps us understand your ability to pay off debts.

Meantime, please set up a new basic (doesn't need a credit check) bank account with a banking group to whom you owe nothing. Do not use the switch mechanism but get your income paid into it ASAP, and let us know.

Marrs25

Hi, sorry but what is an SOA and why would I need a new bank account, I don't owe the personal loan to the bank it's with another company, thanks

RAS

Please check banking groups, not just banks. If your loan and current account are in different groups, then it's OK to keep the current account.

Statement of Affairs, aka budget. It includes your monthly payments as well as capturing occasional or annual payments like Christmas, holidays and car maintenance. You make a monthly provision towards those, which means they don't turn up as a nasty surprise. 

Marrs25

Income

Work approx £1733 before tax, n.i and workplace pension so apoximatley £1500(average) paid weekly. 

Outgoings per month

Rent £550

Council tax £96

Water £26 on a meter trying to use less

Gas and electricity £80 trying to hardly use anything 

Internet £23.69 can't cancel already tried they wanted £490 cancellation fee

Car Insurance £62.25

Loan £188.75

GiffGaff £10

Tv licence £15

Fuel £108.33 bare minimum for work and school run

Child Maintenance agreed amount £260

RAC £12.13 cheapest breakdown I could find

DVLA £2.70 car tax

Then what's left for shopping sometimes nothing. 

Roughly £65.15 over the month 

I don't own any property or anything I don't/can't claim any benefit, I own my car out right it's worth probably £3000-£4000.

Andyjflet

Morning, didnt want to read and run, so just a couple of things.

This isnt the formatted SOA so we cant really see the net worth etc, Ive been through similar and rented a room for a while to get myself back on my feet.

The car insurance seems high, any reductions available in this? Do you have any other consumer debt now you did the consolidation loan?

fatbelly

If we allow £200 for food, you cannot afford the full loan payment.

This makes me wonder whether the loan was affordable in the first place and whether you could consider an affordability complaint.

As I said on your other thread, if you can't afford the loan, stop paying it

Marrs25

Andyjflet said:

Morning, didnt want to read and run, so just a couple of things.

This isnt the formatted SOA so we cant really see the net worth etc, Ive been through similar and rented a room for a while to get myself back on my feet.

The car insurance seems high, any reductions available in this? Do you have any other consumer debt now you did the consolidation loan?

No I've no other debt as it's all in this one now, and yes that's the cheapest car insurance I was able to get when I renewed in December 

Marrs25

fatbelly said:

If we allow £200 for food, you cannot afford the full loan payment.

This makes me wonder whether the loan was affordable in the first place and whether you could consider an affordability complaint.

As I said on your other thread, if you can't afford the loan, stop paying it

Yes the loan was affordable at the time of taking but since I've split with my wife the amount I pay for bills has basically doubled due to living alone now also I can't just stop paying it as I would end up with debt collectors or such I don't want it to get like that I just want to see if there's anything else I could try or do thank you

ManyWays

 I can't just stop paying it as I would end up with debt collectors or such I don't want it to get like that I just want to see if there's anything else I could try or do
It won't end up with debt collectors if you talk to the bank and make an arrangement to pay a lower amount.
You have the basis of an income & expenditure sheet to discuss with the bank, include £150 for groceries, £20 for clothes, £20 for entertainment, £20 for presents, £10 for dentists/prescriptions (those are all bare minimums)
So offer the bank £10 a month.

The only other option is to try to get your child maintenance reduced a bit. £50 off that and you could pay £50 more to the loan. 

Marrs25

OK thank you all I will see what I can do over the next couple of days I will talk to the loan provider