Help Please

Energised

Hi everyone.

My name is Ash and I've gotten myself into a bit of a pickle thanks to stupid money mis management...

Basically, after tax I come out with £1100 a month. My outgoings are as follows

Rent £350
Loan £171 (approx £6000 o/s)
Phone £40
Loan2 £ £49 (only 3 month remaining)
CC1 (Min payment £5, remaining balance £198)
CC2 (Min payment £25, remaining balance £502)
Next (o/s balance £130)
Kays(o/s balance £600)
LX D (o/s balance £350)

So, you can see you'd have to be a real idiot to get yourself into the trouble I'm in.

I could easilly live off of £300 a month, including food, travel to work etc. Everything, . Which would leave £800 a month for debt repayment.

My problem is I've fallen into the payday advance thing. To cut a long story short, I get paid on the 24th of this month, when rent and pay day advance loan repayments have gone out. I will be left with £250.

I'm just really struggling and don't know what to do. I'm getting 10s of letters a week and under so much stress. I just wish I could say to my creditors "give me two months to sort out my stupid payday loans and I can start paying you again). I'm in serious areas with my big loan and all the catelogue companies listed.

My rent and credit card min payments always get paid as well as my small loan.

I just don't know how to go about anything. I'm so scared of speaking to people, I owe liverpool victoria almost £700 in arears and until I get up to date and stop the pay day loans I can't offer them anything.

I just feel so stupid and embarrassed. I really hate myself for letting myself get in this position, I just want it all to stop.

My small loan will be paid off shortly and I've got the money to be able to comfortably pay my creditors which is why I'm so angry with myself for letting things get in such a state.

I don't even know what I'm asking, I guess I just wanted to feel like I wasn't alone and to stop feeling in constant dispair.

I don't know what to do. I'm just sick of all of this. If I'm honest I wish I could go bankrupt and start again!

floss2

:hello:

Hello and welcome.

First of all, can you do a full SOA (statement of affairs) for us, so we can see where we can suggest savings to make things a bit easier? Take a look at MSE Andrea's sticky for first timers.

When we can see what's what, we'll be able to help you.

:wave:

Floss x

poorandindenial

Hi there

I know that it is easier said than done but try not to worry, you are in a pickle but we have seen lots of people dig themselves out of just as bad and much worse. There will be a solution that is right for you. It might not be easy but it is there and everyone on here is primed and ready to support you through it.

There is a tool to help you do your SOA if you follow this link:
http://www.makesenseofcards.com/soacalc.html

It will make sure that you don't forget to include everything.

You have admitted the problem to yourself and here on in it is all about how you go about sorting it out. As you start to get control back over the situation I promise you will start to feel better (you may have rough patches along the way but you will also realise that there is a way out and set off down it)

Oh and don't call yourself stupid, be fair to yourself, we all make mistakes or choices that we thing, in hindsight, are wrong - don't beat yourself up over it, no-one on here will judge you.

Energised

Well, after looking into things. They're not as bad as I though. I'd just let everything build up so massively! Thanks for the posts, it's much appreciated .

Well, I've spoken to all my minor creditors. Things are good! Luckily I work in a call centre so I know how to deal with them! They were all very good, I'd rate them highly were I doing a coaching session with them haha!

Anyway, here's the deal! Below is every debt I have, the o/s amount and the monthly payment. I have negiotiated repayments with all creditors except liverpool victoria. I'm still a bit too scared to phone them!

Item Amount o/s Bal Rent £350
Phone £40
Credit Card 1 £15 £195.15 Credit Card 2 £30 £512.47 Loan £49 £257.04 Loan £171 £6,357.67 Kays £30 £626.81 LX Direct £33 £405.95 Next £20 £127.12 Total Out £738

Total Debt £8,482.21


Left Over
£362

So, it would seem that after all payments, I have £362 remaining which is fine!

Now, Liverpool Victoria! What I was planning is to offer to make my minimum payment + £11, then when I have cleared my NW loan, add £49 to make it £60 per month loan repayments.

Does anyone think they'll go for this?

Oh my god. I'm so releieved. I don't know why I didn't just bloody do this in the first place. Silly man!

Thank you all so much

poorandindenial

I am glad that you feel so much better. But before you start resting on your laurels, put all the details of all your debts into the snowball calculators at https://www.whatsthecost.com that will show you which to pay first and the difference that paying a bit extra off each month makes to the date that you will eventually be debt free. This and your SOA complement each other because your SOA helps you to trim (and budget) by helping you understand where your money goes and this helps to motivate you to trim because you can see that £x extra per month will knock x months of your debt free date.

Warning - it is ludicrously addictive though.

Well done for facing up (and finding out it wasn't as bad as you thought)

Take care and all the best