OK so what should I do?

RoastUK

I have somebody calling me on Friday from Payplan and CSSS are calling me on Weds, but as far as im aware they are both similar (and from what ive read better then Baines and Ernst) so i'll hopefully have a decision on Friday)?

p1tse

if you're living at home and bringing home £920, what's your disposable income?

seriously though, i wouldn't advise going for a bigger loan, unless the natwest and halifax has to be paid.

just budget and pay both of them month by month.
say £200 to each place/month, that still leaves £520 a month, depending on what else you have to pay for monthly?

rent, mobile phone bill, insurance etc.
just sacrifice for 12 months and it will pay off

poorandindenial

RoastUK wrote: »

I have somebody calling me on Friday from Payplan and CSSS are calling me on Weds, but as far as im aware they are both similar (and from what ive read better then Baines and Ernst) so i'll hopefully have a decision on Friday)?

And CCCS is free and I can't remember if Payplan is free or whether they make a small charge to cover costs but no more (someone will know who is on in a bit), they also know their stuff and will give advice even if you don't get them to act on your behalf.

Hang on, today is Wednesday?? Or is the CCCS call next week?

Poosmate

Hi Roast and welcome to DFW on MSE.

Here's a link for you to use:-

http://www.whatsthecost.com/snowball.aspx

You can enter your debt totals in there and it will let you know which debt to tackle first.

The other thing you could maybe do is quit the gym (if you can).

Is there any way you can reduce your petrol costs?

And maybe you could even get a second job?

Just a few thoughts

Poo

nimbo

RoastUK wrote: »

Hi everybody,

I also have 2 student overdrafts at £2000 for Natwest and £2500 for Halifax, both maxed out so to say.

Many thanks

you need to make sure that money is at least going through both of these accounts.

i had two overdrafts when still at Uni, and left one 'untouched' but maxed and they called and demanded the money back by the end of the week... it's in the T&C that you have to pay your income into the student account...

sorry i know it's not what you want to hear, but i just don't want that to rear it's ugly head and bite you in the !!!! in a few days/weeks/months time...

tallyhoh

It may be only a drop but do you have anything to sell? You may be able to raise enough to cover some payments.

Clothes & stuff sell well on ebay as well as sports gear etc. How about a part time job? Your local pub or eating house may need a few shifts covering & you can always do weekends. Or do you have any skill that you could sell, like a tutor or sports lessons. Are you tied into a contract for the gym? can you do without for a while.

Did the £10,000 loan go on anything that could be sold or used to make cash?

Bargin_Betty79

I was in a similar situtation to you and contacting Payplan was the best thing I've done, they've been a real help and unlike some similar companies about they don't charge you anything for their services, if your anything like me my credit rating was 'screwed' anyway so making agreed smaller repayments didn't have any effect on it.
One thing I've learned from this is Banks and Credit card companies do resort to bully tactics and endless phonecalls, don't give into them and don't take out any consolidation loans, thats what got me in my mess in the first place!
Hope things work out well for you

MinniMe_2

I know its sounds like a scary amount but you can get through this, and your doing the right things trying to sort it.

Have you spoken to your parents, let them know your trying to sort it and maybe agree a lower board payment even halfing it would giveyou so much more to throw at the debt

RoastUK

Hey everybody,

Just a quick update on the situation. I spoke to Payplan and they told me that there is no way I should of been told to go on an IVA. So a slap is coming Baines and Ernst' way.

Anyway they said that I could go onto a DMP. They suggest that if I pay £420 per month off then I should be clear of all debts in 3 and a bit years, which is really good. Cant thank you guys enough for making sure I steered away from B+E.

Anyway this should start on 1st July. I shall be setting up a new Bank Account soon and be given my creditors the bad news shortly.

I think the best bit of all this is finally tackling my problem and get something sorted about it. I wasn't worried to the point of been sick but it was playing on my mind a bit and im glad I took the decision to sort it out. Thanks everyone for the help.