In a mess

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  • fannyadams
    fannyadams Posts: 1,741 Forumite
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    didn't want to read and run,
    Please head over here and plug in all your info, I am SURE they can come up with something that will help. xx

    https://www.stepchange.org/Debtremedy.aspx
    just in case you need to know:
    HWTHMBO - He Who Thinks He Must Be Obeyed
    DS#1 - my twenty-year-old son
    DS#2 - my teenaged son
    Barkin Things - my two rescued/retired greyhounds
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
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    Welcome back sara77.

    Like others have said - there's not really much you're going to be able to do to shave off much spending (although Dobbibill has given you some great pointers). You really should speak with someone about this - either the National Debtline folks, or Stepchange (if you don't want to contact Payplan). These people are there to help and will advise on the best course of action - which may well be bankruptcy or an IVA. Bite the bullet and make the call - what have you got to lose. You'll at least get some piece of mind and will know where you are headed.

    Good luck and don't beat yourself up about your situation - just get help :)
  • sara77
    sara77 Posts: 10 Forumite
    edited 2 January 2018 at 8:41PM
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    Thank you all for your replies, they've been a great help.


    I rent with the council, no-one I know would want to lodge and I wouldn't rent out to a stranger. No family to live with either. Think I've lumped a lot of things into the grocery shop (clothes etc) plus I have a dog and a cat.


    This all started early last year, my stepfather who lived with me was out of work so I ended up paying his share of everything, which led to me taking out loans to pay other stuff off, now I can't get any more credit.


    I'm definitely going to speak to stepchange.


    Would I need to miss payments first?
    Should I start building up an emergency fund?
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    Has no one else noticed the 4K in cash they have that they can throw at some of the debts to clear
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Mnd
    Mnd Posts: 1,699 Forumite
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    That's her car..no cash
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
  • sourcrates
    sourcrates Posts: 28,924 Ambassador
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    Hi,

    You have no property to protect, and few assets.

    With such a shortfall in disposable income, it’s likely a DMP would take a very long time, an IVA would not be possible for the same reason.

    What’s stopping you going bankrupt ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
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    Have you spoken to your stepfather for support? After all, you were kind and there for him.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • datlex
    datlex Posts: 2,239 Forumite
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    Hey Sara77, who are your loans with? Rather than an IVA or going bankrupt there may be another solution.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • sara77
    sara77 Posts: 10 Forumite
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    zippygeorgeandben wrote: »
    Have you spoken to your stepfather for support? After all, you were kind and there for him.

    He's still not in work, didn't claim benefits etc up until now, he has an appointment with jobcentre next week so I'm sure he will help out some -

    I'm not good with confrontation so tend to just leave things. I wouldn't see him on the streets so can't throw him out as he wouldn't have anywhere else to go
  • sara77
    sara77 Posts: 10 Forumite
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    datlex wrote: »
    Hey Sara77, who are your loans with? Rather than an IVA or going bankrupt there may be another solution.
    Tesco and Creation finance
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