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    • Mermaidspurse
    • By Mermaidspurse 3rd Jan 18, 7:50 AM
    • 2Posts
    • 0Thanks
    Please help me....
    • #1
    • 3rd Jan 18, 7:50 AM
    Please help me.... 3rd Jan 18 at 7:50 AM
    Hi Everyone

    Iíve read some really inspirational stuff on here and it seems thereís some great advice - Iím at my wits end and would appreciate some help - I have reached out to friends and family but get conflicting advice - it seems everyone here is more in tune with debt related issues

    I am so very tempted to declare myself bankrupt - not a decision I would take lightly I have been considering it for 6 months

    I am 36 years old - I live in a lovely rented property - house share
    I have recently returned from working in Florida and the Bahamas (lucky I know) I did three years in and out of there - I was doing it for the hopeof a better and debt free life
    I was earning a salary with house and car that amounted to around £30k and I paid off in a year £12,000 off my debt (which was around £20k )
    Heading towards debt free living in Florida things weíre looking great
    And then I got made redundant with no pay out
    I had to return to the UK and start all over again
    I currently earning £17k have a house and an old car to pay for and my debt has now spiralled back up to over £25k
    Iím heartbroken stressed and feel let down and defeated

    I am trying to find a better paid job - not easy ...
    I have for the last year been in an amazing and supportive relationship to the point where we have discussed having a family - I literally feel I canít even begin to think about having a baby with this amount of debt because I couldnít afford to stop working and canít see that ever changing

    Iíve looked at IVA -would reduce my payments but still stuff me over credit wise for 5 years ..... Iím currently paying around £450 a month to my credit cards

    Itís at the point now where my outgoings are more than my incomings
    Iím frustrated because if I could manage £450 a month Iíd have this debt cleared in 5 years - but itís keaving me no money for even essentials
    Last year my credit rating was 997
    Itís now below 300 because I owe more than I earn so I can no longer transfer balances or get a consolidation loan - Iím rapidly running out of options and faith

    Rent £450 - all in
    Credit cards £450
    Gym £30
    Tv £24
    Dentist £12
    Car tax and insurance £45
    Phone £23
    Thatís thats over £1000
    I earn around £1180 -
    Thatís before food and fuel - toiletries

    I have thoughts like what if I died tomorrow ? Or was diagnosed with an illness and couldnít work etc and it gives me anxiety

    Iím literally treading water and Iím either going to drown or need someone to offer me a lifeline

Page 1
    • Tahlullah
    • By Tahlullah 3rd Jan 18, 8:01 AM
    • 871 Posts
    • 4,876 Thanks
    • #2
    • 3rd Jan 18, 8:01 AM
    • #2
    • 3rd Jan 18, 8:01 AM
    Hi, sure someone will come along shortly who will be able to give more definitive advice. In the interim, you should look to stop paying for the gym. £30 a month is a lot for someone who has no money.

    You also say the house is £450 all in and then say food and fuel. Do you mean petrol/diesel?

    Good luck.
    Striving to be mortgage free.
    2018 MFW #135

    £600 of £2000
    • -taff
    • By -taff 3rd Jan 18, 8:09 AM
    • 7,420 Posts
    • 5,493 Thanks
    • #3
    • 3rd Jan 18, 8:09 AM
    • #3
    • 3rd Jan 18, 8:09 AM
    You know how it usually starts - fill in an SOA.
    Also, have you addressed the issues that caused you to get into debt? format for MSE.
    • Mermaidspurse
    • By Mermaidspurse 3rd Jan 18, 4:49 PM
    • 2 Posts
    • 0 Thanks
    • #4
    • 3rd Jan 18, 4:49 PM
    • #4
    • 3rd Jan 18, 4:49 PM
    The gym is the only thing that keeps me sane and Iím tied in for a year.....
    no £450 is just rent council tax and utilities

    Thanks for replying at least someoneís out there thatís listening
    • Missu
    • By Missu 3rd Jan 18, 5:14 PM
    • 477 Posts
    • 1,043 Thanks
    • #5
    • 3rd Jan 18, 5:14 PM
    • #5
    • 3rd Jan 18, 5:14 PM
    You'll get lots of great advice as folk read your thread but the SPA will help them understand your whole situation
    Mortgage at 26/9/12 £92000 :eek
    Balance at 1/5/18 £47600
    Saving for Xmas £200/£600
    • jaxsmar
    • By jaxsmar 3rd Jan 18, 5:14 PM
    • 385 Posts
    • 1,563 Thanks
    • #6
    • 3rd Jan 18, 5:14 PM
    • #6
    • 3rd Jan 18, 5:14 PM
    Hi there, have a look on the step change site, do the debt remedy tool. It will tell you what options you have. You need to speak to someone, I took the plunge myself last week. Good luck.
    Penny wise pound foolish #266 emergency fund £150/£1000.
    • enjoyyourshoes
    • By enjoyyourshoes 3rd Jan 18, 6:04 PM
    • 1,061 Posts
    • 1,302 Thanks
    • #7
    • 3rd Jan 18, 6:04 PM
    • #7
    • 3rd Jan 18, 6:04 PM
    Go walking instead of Gym

    Reduce phone costs (live without a mobile its free)

    Pay all insurances annually as they charge monthly credit fee

    Dont subscribe to TV just have £12.12 pm licence
    Debt is a symptom, solve the problem.
    • Gazzafatcityboy
    • By Gazzafatcityboy 4th Jan 18, 10:01 AM
    • 96 Posts
    • 90 Thanks
    • #8
    • 4th Jan 18, 10:01 AM
    • #8
    • 4th Jan 18, 10:01 AM
    hi there,

    You mentioned you were looking for a new job. what area do you work in and what location? Maybe someone here could give some advice in this area?

    • thriftylass
    • By thriftylass 4th Jan 18, 10:09 AM
    • 3,329 Posts
    • 27,277 Thanks
    • #9
    • 4th Jan 18, 10:09 AM
    • #9
    • 4th Jan 18, 10:09 AM

    I would also recommend posting a SOA. How do you pay for food and fuel now?

    Could you get a second job/ weekend job etc while looking for a better job. What area do you work in, could you gain extra qualifications to help find a better job.

    Good luck
    • EssexHebridean
    • By EssexHebridean 4th Jan 18, 10:16 AM
    • 8,710 Posts
    • 45,922 Thanks
    Taff is correct - SOA is the first step as that really shows you the full picture AND gives you a proper working budget as well. If you are spending more than you earn you need to make sure you address that obviously - think about any ways you might be able to increase your income as well, even surveys etc will help to a degree.

    One question on the gym - you say you're tied in for a when did you sign up to the contract? If you've signed up recently to spend out that money monthly knowing you're in that level of debt then I'd be inclined to say that perhaps your "LightBulb Moment" hasn't "quite" happened yet...?

    I'll agree that you should ditch paid for TV at the moment - does the amount you're saying you pay for that include the license fee (£12.37 Per month) or is that additional? Or is the license covered by your rent, perhaps?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£954.19 (04/06/18)
    SOA Calculator for DFW newbies: SOA Calculator
    • kb_soma
    • By kb_soma 4th Jan 18, 10:24 AM
    • 261 Posts
    • 2,039 Thanks
    Hey there, welcome to the forums and well done for getting here.

    Recognising debt is a huge achievement and you will get some fantastic advice on the threads here.

    You could consider looking into a debt management plan, I took mine out with step change and they were fab. They allow you to budget for your needs. Take a look here if you're considering a dmp:

    They're a really friendly bunch with great advice.

    Good luck. Xxx
    LBM: NOVEMBER 2011 || debt free date:30/06/15 || The Fighting Debt Army: #442 || Frugal Living Challenge 2018 || January 2018 Grocery £1.22/£100 ||
  • National Debtline
    Hi Mermaidspurse

    Welcome to the forum. It can be a big first step acknowledging that you need to take action on your debts, so well done for doing that. To reiterate the advice above you need to start with an accurate SOA. This is going to determine how much money you have spare before paying any debts. And that in turn helps decide your best debt option.

    You may have enough money to clear your debt in a reasonable period of time if everyone agreed to freeze interest, in which case you could self negotiate or enter into a free debt management plan. If it's not feasible to do that then you could consider an IVA or bankruptcy. If you don't have assets of high value there's usually no benefit in choosing an IVA over bankruptcy.

    I'd recommend getting in touch with one of the free debt advice agencies who can talk you through the best option for your situation. Good luck with it all.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • AlwaysWorking
    • By AlwaysWorking 5th Jan 18, 1:37 PM
    • 569 Posts
    • 827 Thanks
    Could you have a look to see if there are any part time jobs in your area that you could work around a full time job? When I got made redundant a few years ago and had to take a lower paid job I also got a job three evenings a week in Sainsburys working 6-10pm and worked 1-6 on a Sunday. It wasn't easy but the money REALLY helped.
    "I believe that everything happens for a reason. People change so that you can learn to let go, things go wrong so that you appreciate them when they're right, you believe lies so you eventually learn to trust no one but yourself, and sometimes good things fall apart so better things can fall together." Marilyn Monroe
    • Candyapple
    • By Candyapple 9th Jan 18, 4:20 PM
    • 2,891 Posts
    • 2,228 Thanks
    Iíve looked at IVA -would reduce my payments but still stuff me over credit wise for 5 years ....

    Last year my credit rating was 997
    Itís now below 300 because I owe more than I earn so I can no longer transfer balances or get a consolidation loan - Iím rapidly running out of options and faith
    Originally posted by Mermaidspurse
    Your credit history is already trashed. IVA seems like your best option.

    If I read your opening post correctly, you originally had £20k debt and cleared £12k of it, then you were made redundant and had to come back to the UK (with £8k of debt I presume). How did you rack up £17k worth of debt in that space of time?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of
    • knightstyle
    • By knightstyle 9th Jan 18, 6:07 PM
    • 4,732 Posts
    • 1,757 Thanks
    Looking from the outside by someone who faced and conquered huge debt I would say that you need to strip your life down to essentials, You do not need TV, gym, car etc. You can probably get cheaper accommodation and mobile phone can cost a lot less than £23.
    OK is that sounds harsh then sorry but you do not have the income to keep going at that level.
    So just a quick look around here and a decent room with all bills is from £65 to £80 a week, TV free, mobile, well most of my friends and family are on Gifgaf so free calls between us, we have two phones, one on £7.50 and the other PAYG, £5 every few months. Car is probably one big expense you could do without? Look at a scooter or cycle perhaps.
    Whatever you decide remember your goal, NO DEBT, keep this in mind and things will get better.
    • chevalier
    • By chevalier 9th Jan 18, 6:18 PM
    • 7,762 Posts
    • 18,045 Thanks
    have a look at the up your income thread for ideas to do just that.
    But things such as mystery shopping, and doing surveys might be the way forward to get a bit of spare cash. What about a bar job on the weekends? Do lots of walking in that sort of job so won't need the gym? Ask if you can suspend your membership for a bit. Can you look for a cheaper place to rent? Would the landlord allow you to sublet a room to half the rental cost?
    good luck
    I want a job that is less than an hour driving away from my house! Are you listening universe?
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