CJBear

How the fuck do you get outa debt? I started using a debt management company called payplan thinking right get myself sorted out but things are getting out of hand now with creditors hassling me for money adding extra interest, fees and charges ontop threats of debt collectors black listed all sorts of shit since joining payplan. Spent most of today calling the banks all turned round saying they not contacted or agreed anything with us

I had to sell many prized items from rare dubplates & records, tropheys to hifi, tv even pots an pans! All thats left is my car am heartbroken goto sell it as i worked bloody hard for it. How much do you think i can get for my 03 focus st170 in metallic grey with 68k on the clock ffs? very tempted to jump off a cliff tonight im at my wits end with this bullshit all this debt just coz i wanted better education to have a chance of earning more money, what a load of bollocks degrees are

ballin

iTrader: (1)

Before AJ says it

PLEASE NOTE THIS IS NOT A FOR SALE POST!



in seriousness i dont know how you get out of debt, but the car is worth about 7k

I'm in a similar position and really need to get rid of my BMW 318iS Coupe with 113k on the clock. It's a 1993 model not sure what to price it at, hmmmm.

Jonzy

Go see a solictor and get it sorted.

Graceland

I sold my E30cosworth to get me out of debt - best sale I ever made, my bank account has never been so healthy in the last 3 years - example

Paid off 1 loan - £3500
Paid off Overdraught - £1200
Paid off creditcard - £400

Now I am £450+ a month better off due to not having to pay for the loan, insurance, creditcard etc etc etc

I still have another loan and creditcard to pay, But they will be payed off in about 10 months time due to the fact I have no performance car to run, no silly outgoings and I am saving money too. I can now afford things that I never could before, And i'm also saving up for a new car

The best thing is my little fiesta diesel - it does 500 miles to a full tank of cooking oil (so thats about 40 litres at £10 for 20 litres) so its costing me buggerall to run and the insurance is only £450 with my other half on aswell as a provisional driver.


The long and short of it is this - make the saccrifice NOW and reap the benefits instantly and the long term benefits will be beneficial. My health has improved as I'm not worrying where my next loan payment is coming from too


Also, I was once in your situation about wanting to get out of it by doing something drastic, IE - I took an overdose a couple of years ago - believe me, it simply is NOT worth it. Mind you, the OD wasn't just because of debt, it was other factors coming back to haunt me from my childhood - it all got too much But now i'm extremely happy, my life is 100% fantastic, I have the man I love, the job I love and i'm feeling 100% ALL of the time. Just ask Alex Flower what I was like 2 years ago, he will tell you that I'm a changed man - and it only happened because I wanted to do something and get my life back on track

Rab

Pal, get youself down to your local citizens advice people. And the debt managment company will have to agree a plan with your creditors.

Once they've agree'd, providing you stick to the payments, all will be fine. And these debt managment places also add points to your credit score for evey payment you make.

Phone them and explain your concerns.


Also write to each and every one of your creditors and explain what you are doing. Give them the details of the Debt Managment people.

Once it's set up, and you are making payments life will get ALOT easier.

Clare

First thing you need to do is get down your local CAB (Citizens Advice) if you already have debt collectors contacting you, then you dont have time to sell your car for what its worth.

CAB will be very helpful and understanding, they will contact your creditors on your behalf and ask for a temporary breathing period which will allow the CAB to help you review your situation and draw up an action plan to move forward with.

Never bury your head in the sand when it comes to debt, there is help out there, you've just got to be brave enough to admit you need that help. Most of these debt consolidation companies are a con in themselves but CAB will advise and act in your best interests only.

I do feel for you as I was in a very similar situation a few years ago, I had to sell my Cossie to get out of the situation and it was one of the hardest decisions I ever had to make. I loved that car

CJBear

Early on this year i made the positive step after hearing about it on news or something i did contact CAB an they reffered me to Payplan as they do not take commision, fees or charges unlike other debt management companies, great i thought! Went through set up a repayment plan with all parties now they on my case and claiming they never spoke to payplan and have no agreement even though the money i send to payplan is being distributed amongst the banks showing up on my statements

Life sucks living in a house share, no family to help me or prospects of a better job now im forced to sell my last pride and joy if its worth 7k an advert is going in the back window. So fucking angry and pissed off

Anonymous

Gracey, thats the best advert for taking it up the wrong'un ive ever read


Seriously though, pleased for you mate, especially as sounds like its all your own doing to turn things round

Mike Rainbird

iTrader: (3)

Write to the companies that are giving you grief sending a copy of your statement showing that you are paying the amount agreed....

Graceland

Cheers Chippolata

Mike Rainbird

iTrader: (3)

You like giving it up the wrong'un, so you'd make a lovely couple .

Physio

As if i'd say that

scottbrown

mate, I used payplan a couple of years ago, as you say they are free, funded by the finance industry and can only be refereed through CAB. speak to payplan mate, you should receive no mail or calls from any creditors they should all go through pay plan. as long as you are paying what you have agreed with pay plan then they can do nothing. Payplan are fair and would have worked your fianancial statement out on what you can afford to live on not what your creditors want.

as for charges etc mate, its bullshit, once you have an agreement in place, as long as you continue paying every week/month then they can add no extra charges and quiet often payplan can get previous charges taken off your total debt.

seriously mate speak to your case officer and if you get any hassling phone calls/letters just forward them to your payplan team.

hope you get things sorted mate, they certainly did help me out massively and I aint ever getting into that situation again. everything that I own now is bought and paid for, the only exception being the house.

goodluck mate

Porkie

iTrader: (1)

Sell the expensive car for a start. Then get a bar job or Pizza Delivery job in the evenings. You will earn money AND not be spending it. May meet some new people and cheer yourself up as well.

Thats what I would do if I was in debt. When I left University I was doing 36 hour straight shifts. Driving from a Security job, then a Sports shop and then back to the security job. Doing lots of other side jobs as well. I worked 7 day weeks for 3 years!

I would not be ashamed of doing ANY job if I needed to either in the future.

You have your health and thats the important part. So stop whinging, cheer the fcuk up and dig yourself out of the debt hole! you could even have fun doing it!!!

Anonymous

Thats always been my attitude as well, i know people who say stuff like "i would never lower myself to doing that for a living, i would sooner be on the dole"

But to me not paying your own way is far worse.

If it was a choice between doing loads of shit jobs, or no job, i would do the shit jobs too.

Mike Rainbird

iTrader: (3)

I'm the same, I stacked shelves at Safeway whilst at college to pay for going out and worked 10 hour days 6-7 days a week in the summer holidays. At 18 I bought an almost brand new RG250 and my first car was a 2-seater mid-engined sports car......






















.....okay, so it was a Fiat X1/9, but back in the 80's it was .

Porkie

iTrader: (1)

I really would mate. I am not proud whatsoever. I washed up dishes in America for 2 months once!

and I would do it again if I had to or needed to!

I'd even sell my Helicopter if push came to shove!!!

Porkie

iTrader: (1)

Mike those Fiats were cool as fook back then. I am very jealous!

I had a brown and Gold mk1 Fiesta Sandpiper II....

Anonymous

When you say "i'd even....."
surely you mean "i would instruct my butler to...."

Rab

I have done every and any job too. I delivered hire cars, I washed cars for a Jag dealer I've dug ditches and carried bricks and cement.

It's all money at the end of the day.


Not quite as successful as Porkie right enough

MikeR

Lol at the above replys,

I am much the shame as a few eople above at 12 i was working on a market stand setting it up and selling stuff generl goffer then i would go striaght to an Injection moulding plastics factory and work a 12 hours night shift, for 4 years i helped my mum work from home puttng rubber bits on the end of coat hangers sad job but i was the only 15 year old that had 70 quid a week in my pocket and most importantly i had earnt it myself,

I have that being said also found myself in debt, i just sat back looked at it all made a plan a stuck to it, if you have everything in writing and agreed then they really should not be bothering you , take on as many extra jobs as you can and just throw cash at your debts you will be amazed how quick it will go, but keep telling yourself when you have paid it all of you will be debt free, then try not to get your self there again,

Chin up there are alot more worse of people then you mate,

best of luck Mike

Clare

Fair play for saying that, as most people are so concerned about what others think. Hell, I looked a complete tit dressed in my Dominoes Pizza uniform but I didnt care, I was earning money rather than spending it, having a right laugh driving my brothers battered Escort like a twat

ScottBrown has given you some good advice there too, hope you manage to get it sorted

diesel2000

To be honest mate there isnt an 'Easy Fix'. I know, when I was 20 I was in 18 grands worth of debt. I used a company called Debt Free Direct (were called Lathams at the time though). They do everything for you but you do pay a little to them as an admin fee. They will contact all your creditors and send you the paperwork out to take to the courts to stop any further charges being incurred while you go through the processes of sorting it out.

THIS ISNT BANKRUPTCY, its called an Individual Voluntary Arrangement (IVA) and for 5 year you pay a percentage each month of what you owe depending on what you can afford (unsecured debts only, I paid 70p in the pound). However, after the 5 years are up its still a fuck on getting credit, as the companies who you used to owe to will piss fart around and delay clearing your credit file. They are meant to do this as soon as the IVA is complete and you have the Certificate of Satisfaction, but in truth they just drag there feet as a way of payback.

Best advice mate is to graft your balls off and try to pay it back without going down this road, but if thats not a possibility then the IVA is better than going Bankrupt as certain lenders look favourably on people who have completed IVA's (apparantly they see that you have dug in and got yourself out of the shit as proof you are an honest type person).

If you need any advice mate PM me, im no expert but ive been there and done that so you are welcome to pick my brains, im not shy so dont be afraid to ask whatever u like.

Paul

Anonymous

Clare, i want to see pics of you in that uniform


worst job i had was making cheese, fooking unpleasant environment a cheese factory, used to sweat so much i had to pour my wellys out at the end of the day and i stunk like fuck (some would say there is little difference now of course, LOL)

CJBear

I already have 3 jobs main full time job working in investments basically data entry/clerk, work weekends in a warehouse then in evening temp through agency doing cleaning or whatever comes up. Still i get tax raped an barely taking home enough to live on. Trust me i have no shame, i do whatever needs to be done inc cleaning bogs @ min wage

The problem got worse when i was really sick an couldnt work for months, the interest mounted up charges followed and all sorts by the time i got back into work i could barely make min payment or cover the interest charges so the amount was ever increasing. I aint 100% fit an never took enough time to recover from my op ever since worked myself to the bone doing me in.

Rsailor

Mate, I'm in the same boat and I sold my rs2000 mk6, mint, low mileage, great alarm and worth about £6k. I sold it and cried. But I managed to pay off some dept.
I bought a mk5 rs2k with high miles and rough body work but it was cheap.
If your serious about getting rid of the debt and don't mind talking about how much you owe to me. I can help you set up a prorater aggrement based on your expendable income.
It works on the total debt turned into 100% and working out the percentage of debt that you owe to each creditor.
IVA work's on over 15K of debt
carl

Ginge !

hey the BEST thing about being in debt at a young age is that you get to pay it back before you are totally stuff and morgaged up,,,,, then for the next 3 to 6 years you can not get another loan and it teaches you to save for stuff or do without rather than get loans


by the time i was 21 in was about 12k in debt and fuck all to show for it and also a fucking morgage of 700 quid a month


i got screwed on my old place and lost that and still had to pay the morgage, i defaulted on it ( personal reason why) and then was hoping that the cash i got back from the sale would leave something to clear the debt,,,,, the bank fucked me over and sold it for the debt ONLY


anyway i then got a job that was fucking wank but paid alot of money for very little work but it was long hours though, done that for 3 years and i payed off all my debts and then at the age of 23 i wanted a car and couldnt get a loan so i had to save for it ( ok i lied, the missus heard and so she bought me a erst with her money she had in the bank,,, shes not all that bad i guess )


anyway i learned from my mistakes and the ONLY loan ive ever taken out since was to have a boiler fitted when i bought this flat i live in now

we STILL have no debts as such ( actually i got a few mates who i owe quite a bit of cash to i guess for friendship but a few people also owe me cash,,,,, its not that much that i cant afford to pay it off this week, which im doing might i add)


so by wasting cash on drugs and nights out taught me to respect money and think before i spend,,,, i was in a bad way then too as i used to be the poor kid with all my mates when i was younger then when i got loans ect i used to get paied a shite wage and hide it by getting cash i never had ect and act all "jack the lad"



the main thing is though the feeling yiou get when its all payed back knowing your are out of the shite,,,, seriously the feeling is soooo nice and you will not have them nights where your lying in bed and cant sleep due to thinking of the bills you are gonna be paying the following day to avoid yet more late payment fines



good luck mate, if theres any way i can help feel free to ask,,,,, btw im still poor and have no money so its just moral support i can offer

Anonymous

Are you saying that you think you get taxed more for two jobs than one if the income total is the same?

Thats nonsense, makes no difference how many jobs you have, its only your total pay that counts.

Thrush

iTrader: (1)

You should listen to this man - he KNOWS what he is talking about, and has gone from one end to the other, and done "pretty well" for himself along the way. When it comes to money, finances, and sorting your shit out, Porkie is a WISE bet to listen to.

I also agree with him. I got in debt due to cars. The first mistake I made was to take a loan to buy a car - will never do that again, simply not worth it. Second mistake tho, and bigger than the first, was to include the cost of the first years insurance on the car in the same loan Great, paid my insurance off in one go, not in installments. Wicked. NOT. I was paying the repayments on that insurance policy for the next couples of years, not the one year it would be by going installment plan on the insurance!!! Will not do that again either!

Thankfully, I am debt free now. This has to do with two things. 1) positive attitude and weighing up what is important and what is not. Having three cars was NOT important, so I sold em all. Okay, so I am lucky as I have a works van I can use for (most) private use, but even when I didn't have it, I had a clapped out £300 L-reg Orion that cost £350 to insure and naff all to run. Sure I wanted an Escort Cos, or another RS Turbo, but it wasn't financially viable!

The other major factor in coming debt free for me tho was my grandad dying. He left me enough money to pay off my debts and start a savings fund, which I now contirbute religiously to, as I am adding to this for my future, for a house deposit.

Ok, so I was lucky with the inheritance, but you CAN get yourself out of debt by doing things the right way. I know it's easy for me to say this when I am debt free, but honestly, it is true.

Sell the car. Sure you will be gutted, and yes you worked hard for it. But in your present state of affairs it's doing you no favours. Sell it for top dollar, and along with that lump sum, you will also effectively "make" money (which is a good way to look at it, positive attitude and all that) by not having to pay the running costs : fuel, tax, MoT, insurance, etc...

Next, get onto the CAB!!!! And PayPlan - as said, you should NOT be being hassled by the creditors or having more penalties etc attatched to you since signing up with this scheme.

It sounds to me like you have a level head on your shoulders and have started going down this route the correct way (doing by the book) and this is a good thing. You are just a bit down, and looking at it the wrong way at the moment. There is ALWAYS a light at the end of the tunnel. Sometimes you just need to search it out yourself

As Lee (Porkie) said tho, look for better paid work - even if it means doing something you didn't want to originally do. I work for autoglass fitting windscreens etc. I don't WANT to do it, would rather go back to loafing about in a music shop playing drums and generally doing fuck all, but I was getitng paid fuck all there, and I couldn't afford that. AG isn't great, but it has the potential to pay me a lot of cash.

If you have time (and there is always time to be made) get a second/weekend job - go see your local delivery place (kebab, pizza etc.) Don't be ashamed either - I'd do it if I needed to! You make extra money (sometimes cash in hand too ) and you are out so not SPENDING money. As said, look at it positively, any money you would normally spend that your aren't is like "making" more money

Get down your local pub - get a cash in hand bar job for a Friday/Sat night, and day shifts on Sat/Sun - gotta be worth it. As said, you meet new people, who could be new friends, so you have a social life, plus you are earning - and not sitting indoors feeling sorry for yourself cos you think you can't go out cos you have no money...

It's all doable chap - cheer up and look on the bright/positive side. You CAN do it if you WANT to do it

Lee Reynolds

take out a good life insurance plan and fake your death

Or do as Porkie says. I know you have 3 jobs now but isnt there anything better you can do??? 3 jobs must be getting you over 600 a week? Surely ya not in that much debt?

pau1rs

there always a way out....

i was in over £25k debt a year ago....

but i realised that cars are not the be all and end all,, and cars were the reason for my debts...

so sold the cars i had at the time... s1 amd zetec s....

i may now drive a t reg ka but i`ve got a light at the end of the tunnel..

through workin a good deal of OT and looking after my money i`ve managed to cut my debt to £15k in about 8 months,,

also now got the littlen on the way sorting this out was mega important...

now after putting this in 1 loan i will be debt free in 4 years,,,

a big relief now.. and so much to look forward to now!!!!

Thrush

iTrader: (1)

First off, fair play - thats a considerable acheivement there pal

But I am confused - if you paid off over £10k in 8 months, why go for an option where it will take your 4yrs to pay off the remaining £15k?

If you carried on how you were doing, you would clear the remaining £15k in 12-ish months? Call it 2yrs if you like.

Surely thats better than 4yrs?

Ginge !

when i was 18 i got a job in abowling alley workign friday, saturday and sundays JUST to stop me spending money as i could NEVER stay in at the weekends


i had enough money made in 4 months that i bought a personal plate, a orion that i turboed and never went out the house with less that 500 quid in cash, i once bought a ring for 350 quid cause i lost my door keys and my parents wernt home

then after 6months i came to the concusion i had so much of a income i didnt need 2 jobs,,, quit the bowling alley and went out and spent like i always did


infact thats how i came into debt by having a second job

Anonymous

Pay attention Cyril, he told two cars to help him knock that much off so quickly, and he doesnt have more cars to keep selling to carry on at the same rate.

Anonymous

Fair enough, ive just seen lots of people sy before that you pay more tax on a second job, hence asking for clarity if thats what you meant.

Yes its pointless have a poor paid job IF you have the option of well paid overtime, but i would imagine its a pretty safe bet he doesnt have that option or he would probably already be doign it.

Ginge !

also thrush the bloke may also be thinking that 4 years on a small loan and he wont have to buy a second hand cot for his first child on ebay


congrats to your missus and you on the baby,,,, they cost loads but in reality they only cost what you choose to waste so dont listen when people say kids cost a fortune,,,,,, they dont



WOMEN on the other hand

pau1rs

most of it was due to selling the cars... about 7k

BUT i had to cut my monthly payments so that we can look at renting a property in the next few months before the babys due

this way ( been working it out today) i`m paying about £415 a month instead of the £ 700 odd i`ve been paying out a month..

i`d ive love to carry on the way i have, but i wanted to make sure i can afford to rent aswell as pay of my debts...

i so wish i`d done this years ago, as i`d be able to look at a mortgage and be in so much a better permission.. but needs must now and this is the best way for me, the g/f and the bump...

pau1rs

very true.... well the old man bought the cot!!!!

still got almost all the stuff we need!!! that was budgeted for...

now just need a roof over our heads!!!!