asked a thousand times I am sure - I am a newbie and in the ***t

depressed_of_lincolnshire

Like in Alcoholics Anonymous
"My Names XXXX and I am a financial waster"

Forever waiting for it to get better and managing to survive, I have built up debts. not from gambling or being flash just day to day living with a few treats. I dont drink or smoke or have a 1000inch flat screen tv. I have a wife, two teenagers, a Labrador and an average house that I have lived in for 20 years.

I owe 8k on one credit card (RBS) £3.5k (Goldfish) £2.2K (First Direct)

an overdraft I am always into for £2.5k. A business Overdraft of £12k A loan of £11k

I have read this site and realise what a prize prat I have been (Hindsight is 20/20) I have worked out I have assets of approx £150k with my property and other assets. So I am not poor.

Last week I tried to get a loan to settle all these things over 10 years, I Bank with First Direct. They dont want to know. RBS are happy to increase my credit card limit knowing I cant pay it but won't let me have a loan to pay it off.

My mortgage has 4 years to run (72k) and I am one of the endowment losers. I tried to get some back but they said I was too late. The original endowment of £36k in 1987 now is set to be £19k short - I pay £42 month.


so as they say what should I do apart from drive over a cliff (Not many of those in Lincolnshire and I cant afford the petrol) put a gun to my head (Probably get fine for an illegal firearm) or sell my body (only worth something if sold by the pound)


Fortunately I can still smile but the pressure is getting me down. Cant seem to see a way out.

I commend my stupidity to your mercy oh learned tanktoppers!

sparky0107

depressed_of_lincolnshire wrote: »

Like in Alcoholics Anonymous
"My Names XXXX and I am a financial waster"

Forever waiting for it to get better and managing to survive, I have built up debts. not from gambling or being flash just day to day living with a few treats. I dont drink or smoke or have a 1000inch flat screen tv. I have a wife, two teenagers, a Labrador and an average house that I have lived in for 20 years.

I owe 8k on one credit card (RBS) £3.5k (Goldfish) £2.2K (First Direct)

an overdraft I am always into for £2.5k. A business Overdraft of £12k A loan of £11k

I have read this site and realise what a prize prat I have been (Hindsight is 20/20) I have worked out I have assets of approx £150k with my property and other assets. So I am not poor.

Last week I tried to get a loan to settle all these things over 10 years, I Bank with First Direct. They dont want to know. RBS are happy to increase my credit card limit knowing I cant pay it but won't let me have a loan to pay it off.

My mortgage has 4 years to run (72k) and I am one of the endowment losers. I tried to get some back but they said I was too late. The original endowment of £36k in 1987 now is set to be £19k short - I pay £42 month.


so as they say what should I do apart from drive over a cliff (Not many of those in Lincolnshire and I cant afford the petrol) put a gun to my head (Probably get fine for an illegal firearm) or sell my body (only worth something if sold by the pound)


Fortunately I can still smile but the pressure is getting me down. Cant seem to see a way out.

I commend my stupidity to your mercy oh learned tanktoppers!

Hi
And welcome, can you post your SOA 9Statment of Affairs on here with outstanding balances & APR all your incoming & outgoings, the we can help you to start sorting your debt out, and don't beat yourself up, the reason we're here is because we have debt too, so you're not alone OK

http://www.makesenseofcards.com/soacalc.html

poorandindenial

Hello there and welcome

We have all hit financial rock bottom (or the vague vicinity) and are clawing our way back up so you are very welcome

The easiest way to help you is if you post an SOA. It is a ststement of affairs and details everything that you have coming in and going out. There is a nifty online tool that will help you with this - link to follow.

This will help you find ways to spend less each month and ways to maximise what money you do have available.

I'll be back in a sec with the link to the SOA tool...

poorandindenial

Here it is: LINK

Very handy SOA calculator that helps you not to forget things that you need to include (very easily done)

MissKJ

Welcome.

By the way,I don't wear a tank top, nor do I spot trains. Most people here are "normal" family people who have just got into debt? No shame in that. After all, it's only money right? Not worth beating yourself up or thinking the worst? Your first job, is to forgive yourself. THEN we can help you get out of it.

depressed_of_lincolnshire

I will go and do an SOA(?) tomorrow - stuck in the middle of a late vat return at the moment!!!

Tank top was a joke- no offence meant!

I have cut a lot of things down already after using this site. We have a full clamp down on expense whihc has been operating for 6 weeks now- and yes it works but by God its boring!! Take the nasty medicine I suppose!!

Will be back.

Bismarck

Welcome to the Pleasure Dome....OK, maybe not.....you're in very good company....I would say some of the best people are here because they've made mistakes or had mishaps and the type of people who can stand and say enough is enough and sort it out....however long or hard it is. We are learning to appreciate the things we used to take for granted when we were spending money that wasn't actually ours.

One thing is to forgive yourself - I've done similar stuff to you with business accounts and thought bad stuff but it really was a feeling of despair and we are better than that. You've got the will and the wit to sort this although it won't be easy...the folks on here will help in more ways than you believed possible..

Snafflepants

Hiya - congrats on your LBM - thats the first very important step. I had mine last month and now I am chomping at the bit!

Looking forward to reading your SOA

Snafflepants

EdInvestor

depressed_of_lincolnshire wrote: »

My mortgage has 4 years to run (72k) and I am one of the endowment losers. I tried to get some back but they said I was too late. The original endowment of £36k in 1987 now is set to be £19k short - I pay £42 month.

The likely solution will be to ultilise the endowment to get rid of the debt and then use the monthly payments released to overpay the existing mortgage.

Post some info about the endowment:

Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage.

Send me a PM when you've got the info as I don't visit this forum very often.

depressed_of_lincolnshire

I havent done SOA yet, Bank of Scotland who I owe 8k credit card, and paying silly monthly for - I phoned them to see if they would loan me the amount to stop the interest. No was the answer but they offered me more credit. That should be illegal.

just thought I would mention it.

waddy80

From what you mentioned, one thing I can see is that you are going to have a shortfall on your mortgage. You need to see a mortgage adviser and organise your mortgage. You may be able to borrow more money on your mortgage (over a flexible/short term?) and pay off your urgent debts. Really you need to do an SOA.