Please help me....

Mermaidspurse · 3 January 2018 at 8:50AM

Hi Everyone

I’ve read some really inspirational stuff on here and it seems there’s some great advice - I’m 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 we’re 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
I’m 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 can’t even begin to think about having a baby with this amount of debt because I couldn’t afford to stop working and can’t see that ever changing

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

It’s at the point now where my outgoings are more than my incomings
I’m frustrated because if I could manage £450 a month I’d have this debt cleared in 5 years - but it’s keaving me no money for even essentials
Last year my credit rating was 997
It’s now below 300 because I owe more than I earn so I can no longer transfer balances or get a consolidation loan - I’m 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
That’s thats over £1000
I earn around £1180 -
That’s before food and fuel - toiletries

I have thoughts like what if I died tomorrow ? Or was diagnosed with an illness and couldn’t work etc and it gives me anxiety

I’m literally treading water and I’m either going to drown or need someone to offer me a lifeline

Anyone?

Tahlullah · 3 January 2018 at 9:01AM

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.

-taff · 3 January 2018 at 9:09AM

You know how it usually starts - fill in an SOA.
Also, have you addressed the issues that caused you to get into debt?
http://www.stoozing.com/calculator/soa.php format for MSE.

Mermaidspurse · 3 January 2018 at 5:49PM

The gym is the only thing that keeps me sane and I’m tied in for a year.....
no £450 is just rent council tax and utilities

Thanks for replying at least someone’s out there that’s listening

[Deleted User] · 3 January 2018 at 6:14PM

You'll get lots of great advice as folk read your thread but the SPA will help them understand your whole situation

jaxsmar · 3 January 2018 at 6:14PM

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.

enjoyyourshoes · 3 January 2018 at 7:04PM

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

Gazzafatcityboy · 4 January 2018 at 11:01AM

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?

Gaz

thriftylass · 4 January 2018 at 11:09AM

Hi!

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 · 4 January 2018 at 11:16AM

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 year...so 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?

kb_soma · 4 January 2018 at 11:24AM

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: http://forums.moneysavingexpert.com/showthread.php?t=5623951

They're a really friendly bunch with great advice.

Good luck. Xxx

Please help me....

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