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PostPosted: Wed May 28, 2008 11:20 am
by Sara_platermen112
I am in so much debt i feel like crying!

Although £3000 may not sound alot to be worried about to some - to me its a lot and im getting deper an deper.

i have a 2 credit cards £1000 on one £800 on the other. I have a loan £500 nearly over in Sept - this was orginally £1000 something.

I have £800 overdraft that im always in as its nearly my monthly wage and £1100 on my littlewoods.

This month its my sisters hen night and we are staying over in a really expensive hotel/spa, i have already paid for this but the cost of fuel and dinner an drinks is worring me i dont have this money i have £100 left for this month this next payday (25/06/08) £90 of this is to still yet to come out for my loan.

Littlewoods monthly bill was £300 this month i cried lastnite coz i didnt have this i dont have this - i called an they managed to lower it to £170 after explaining to her that i cant pay it i was willing to not pay an get charged an it effect my credit history coz i cudnt do it. she was so nasty to me in the end i paid the £170 an im so lost with bills comin out if i can afford this.

What options do ihave? Im so frightend an angry i have got myself in this mess! xxx

PostPosted: Wed May 28, 2008 11:29 am
by Bel Bel
Ring the National Debt Helpline 0808 808 4000 (it's free) and they will tell you how to get an agreement with each company to pay back the debts in smaller sums
If you have no way to pay I don't think you have any option but to have your credit affected.
The thing is if you do it properly it is better than having baliffs knocking on the door and you may be able to do it so your credit is not affected long term.
You have to cut up your credit cards and throw away any catalogues that arrive so you can't spend anymore
If you really worried about the Hen Doo you will have to drink soft drinks. I know it's not ideal but we have to live with the consequences of our actions and this is one of them.
Can you get a lift with someone else to save on petrol or can you offer to take others if they share the petrol costs with you
The quicker you get this sorted the better so ring them asap

PostPosted: Wed May 28, 2008 11:31 am
by misskrystal
You should look into finding a low-rate loan which consolidates all of your debts. This way, you will have one lower payment each month, but you will be paying over a longer period of time. My friend recently had to do this (and with the same amount of debt as you) as he found himself unable to keep up with his monthly payments. You just have to be very careful about buying things on credit while you pay off this loan, or you'll find yourself in the same situation again.

Have a look at the rates different banks are offering and make an appointment as soon as you can. In the mean time, could you ask a good friend or relative for a small loan on the understanding that you won't be able to pay them back immediately?

PostPosted: Wed May 28, 2008 11:47 am
by Sara_platermen112
Thank you so much for your Immediate responses. I feel that i cant ask my close relatives becuase its the run up to my sisters wedding i know my mums secretly struggling as it is. My dad is self employed and we all struggle with money as it is so i dont want to borrow money from them if its only going to make them struggle. My brother never has money as soon as he gets it its in the pub!!!!!! My boyfriend - hes my last option. but i feel cheaky i dont want him to think any less off me.

I have no credit coz i am new, they treat me with bad credit. My virgin credit card started of at a decent apr an now its 30%!! all my apr are always 28 and above. its unfair how they do this i dont have bad credit i have never missed a payment and im getting treated as though i have bad credit.

Im going to go to the bank in a min on my lunch see if i can get a meeting with the manager. but most likely i wont get accepted for a laon coz i already have one out or coz i have no credit in there eyes bad credit arh so its frustrating.

Its all my fault !!! i know it. :( xxx

PostPosted: Wed May 28, 2008 7:46 pm
by brfc
i know what its like i have 2 credit cards one with 2200 on and the other with 1800. numourous store accounts keep increasing my credit with them but thankfully ive never been tempted to bother with them. banks and stores just chuck credit at you and it so easy to use. think the best way would be to get a loan at a lower rate and pay of the cards. think eventually thats what ill do. just in the process of sorting my finances out at the mo. hope things go ok for you. take care brfc x

PostPosted: Thu May 29, 2008 12:26 pm
by Sara_platermen112
Do u thik its a bad idea? i have got a meeting with the ban kanager today at half 1 i told my boyfriend about it an he said its not so much a good idea but its up to me. hes got me thinking now. getting another loan out to cover the credit cards - is it really a good idea? is that what people do? xx

PostPosted: Thu May 29, 2008 2:22 pm
by Bel Bel
Some people do this but it only works if you NEVER take out another credit/store card or you back in a worse position than you started in.
You will pay less interest than on the credit cards with a loan but you will be committed for a set period of time and cannot miss or be late on a single payment without having your credit affected.
You will need to be sure you can afford the repayments and that assumes the bank are happy to lend you the money
The calculation the bank usually uses is all your outgoings (less the credit cards becasue you won't have them anymore) like rent,the new loan amount, car payments etc. After all these you need to have a third of your wage left or they don't usually lend you the money

Let us know how you get on

PostPosted: Thu May 29, 2008 2:43 pm
by Sara_platermen112
I cudnt get accepted :(

think its coz i have been applying for too many credit cards lately an with them all coming back as no or maybe then apparently for some stupid reason it affects your credit rating gggggggggggodddddddddddd feel like crying im so stook! it wud be ok if it wasnt my sisters hen weekend. oh well :( xxx

PostPosted: Thu May 29, 2008 4:37 pm
by Bel Bel
ring the national debt helpline as I mentioned in my first post
don't give up yet

PostPosted: Thu May 29, 2008 5:46 pm
by spacegirl
I'm in a very similar situation to you, £1200 on one credit card, £800 on the other, £1200 in overdraft (not even my monthly wage) and i've just managed to get rid of store cards that i had. i was really wary of getting a loan to cover, i just knuckled down and paid off huge sums of everything every month, until i got rid of the store cards. it's the credit cards that are the problem. i do think i have a major spending problem, i just can't resist buying stuff, i know it sounds stupid but i honestly think it's an addiction. as soon as i clear something off my credit card then i know i have money to spare, and EVERY single month, not matter how much i try to resist i end up filling them up again! it's so frustrating!

the worst thing i did was to get a secong credit card with 0% interest for 12 months, i did a balance transfer, then filled up both credit cards! grr.

PostPosted: Fri May 30, 2008 10:04 am
by Bel Bel
If you know you can't trust yourself then cut up the cards
That way you can't spend on them
Use cash for petrol and other items
The problem is if you know you have a problem you will just end up in a worse situation if you don't do something to stop the cycle

PostPosted: Tue Jun 03, 2008 7:45 pm
by spacegirl
hey, i did just that today when i opened a letter from halifax saying "GOOD NEWS!!!! WE'VE INCREASED YOUR CREDIT LIMIT!!!" Nooooo! as if that's a good thing lol... so i just took the scissors to them.

PostPosted: Wed Jun 04, 2008 9:43 am
by Bel Bel
=D> well done I think that is a really smart move - now you will feel more in control of your cash
It's weird but you will find yourself thinking twice about spending when it's real money that you have to part with :D

Re: debt

PostPosted: Mon Nov 17, 2008 1:26 pm
by Jo
Can't resist adding a couple of helpful links!

Money Saving Expert - the website of Martin Lewis who is a well known money expert on TV. His site is brilliant, full of advice about all sorts of money issues.

Citizens Advice Bureau can give expert advice and support with debt problems - you probably have a local branch near you.

Re: debt

PostPosted: Wed Jun 10, 2009 5:54 pm
by pinkroses
I can really relate to this, I never used to use credit cards at all and I just got to a point in life where because I was really upset I went out buying stuff to cheer myself up and just ended up in a load of debt, mainly credit cards although I do have 1 store card as well, and now still trying to get myself out of it. I can't really advise how to completely get out of this but it did help getting in contact with a debt counsellor because he started contacting companies and they made it in to more manageable amounts, although not all cards were on this. I always make sure I pay more than the minimum per month, but it does mean that you miss out on luxuries, I just think of how great it will be not to have that debt hanging over me