I'm struggling - please help

Zellyrs

Hi everyone,

First before I explain everything I've been trying to battle this debt for 2 years and just can't any more. Last couple of days this has been taking a big toll on me, to the pound I'm thinking of going the DRO route. 

Please don't judge me, I'm just looking for help now. I've been unemployed for last 2 years due to health issues, and I'm unsure when I will be returning to work. I'm currently on UC and PIP, where the shortfall that doesn't cover debts my father is helping me, and this changes monthly but I'm unsure how long this will last. 

All my credit cards, loans I'm only making the minimum payments. I've included a SOA sheet below, which I've filled in the best I could. 

I rent, live on my own, no friends or family. I just wish all this debt will go away. 

If anyone can help me, or if I've posted in the wrong section please point me in the right direction. Thank you in advance.

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 0

Number of cars owned.................... 1 (PCP)[b]

Monthly Income Details[/b]

Monthly income after tax................ 0

Partners monthly income after tax....... 0

Benefits................................ 891

Other income............................ 800[b]

Total monthly income.................... 1691[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 352

Rent.................................... 575

Management charge (leasehold property).. 0

Council tax............................. 25

Electricity............................. 25

Gas..................................... 25

Oil..................................... 0

Water rates............................. 14

Telephone (land line)................... 0

Mobile phone............................ 55

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 47

Groceries etc. ......................... 200

Clothing................................ 0

Petrol/diesel........................... 66

Road tax................................ 16

Car Insurance........................... 51

Car maintenance (including MOT)......... 100

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 130

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 0

Haircuts................................ 19

Entertainment........................... 50

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1750[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 0........(0)........0

Hire Purchase (HP) debt ...... 11930....(352)......10.09[b]

Total secured & HP debts...... 11930.....-.........- [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Halifax personal loan..........4651......159.......9.93

118118 credit card ............1547......102.......0

Zopa credit card...............513.......24........39.9

MrLender.......................500.......132.......0

Bamboo loan....................1658......138.......54.8

PayPal credit..................987.......49........29.9

Aqua...........................981.......83........43.3

Captail one card...............1589......57........30.3

Halifax credit card............3038......102.......33.2

Argos credit card..............597.......5.........39.9

Vanquis........................1241......57........0[b]

Total unsecured debts..........17302.....908.......- [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,691

Expenses (including HP & secured debts). 1,750

Available for debt repayments........... -59

Monthly UNsecured debt repayments....... 908[b]

Amount short for making debt repayments. -967[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -11,930

Total Unsecured debt.................... -17,302[b]

Net Assets.............................. -29,232[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

itsthelittlethings

Well done for taking the first step. Others who are more knowledgeable than me will be able to help with the debt - the first thing I wanted to highlight is that you’ve got a negative budget even without any debt repayments, you need to do something about that or the debt will build up again.

Zellyrs

Just to add to the above that I forgot. I got into this mess thinking I will get out of in time, and have been in a spiral to the point I need help. 

elsien

No-one on here will judge you. Many  have been where you are now.

I can’t help on the DRO side of things, but what I would say is just stop your dad paying any more towards your debt. He is throwing  his money away by doing that, and it’s not helping your situation in the long run. 

What is the HP debt for? If it’s your car, what is your car worth?

Grumpelstiltskin

What is the £800 other income you have?

Zellyrs

itsthelittlethings said:

Well done for taking the first step. Others who are more knowledgeable than me will be able to help with the debt - the first thing I wanted to highlight is that you’ve got a negative budget even without any debt repayments, you need to do something about that or the debt will build up again.

So the extra help that UC and PIP doesn't cover, so the shortfall my father helps, and this changes every month because the minimum payments changing monthly, . So  I don't know how long this will last though. 

Zellyrs

Grumpelstiltskin said:

What is the £800 other income you have?

So the extra help that UC and PIP doesn't cover, so the shortfall my father helps, and this changes every month because the minimum payments changing monthly, . So I don't know how long this will last though.

elsien

The world is not going to end if you stop paying the minimum payment on your unsecured debt. You have no emergency fund, and that should be prioritised over carrying on paying your debt. Otherwise, the next time an unexpected expense crops so you have nowhere to go.

Zellyrs

elsien said:

No-one on here will judge you. Many  have been where you are now.

I can’t help on the DRO side of things, but what I would say is just stop your dad paying any more towards your debt. He is throwing  his money away by doing that, and it’s not helping your situation in the long run. 

What is the HP debt for? If it’s your car, what is your car worth?

I have a car on PCP, which has 1 year left on the 4 year term. I'm not sure if I did it correctly in terms of the correct section. 

I live in a rural area where there is no public transport, so I do relay on a vehicle. 

elsien

So what is the car worth because that will affect whether you can go on a DRO or not.

Zellyrs

elsien said:

So what is the car worth because that will affect whether you can go on a DRO or not.

Car valued at around £10k. The 4 year term ends November 2026, with a balloon payment of £6110.