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Oh Boy

Discussion in 'The Lounge - Off Topic' started by wizard, Jun 22, 2007.

  1. wizard

    wizard Petabyte Poster

    Just when I thought I had my finances under control I have now been hit by one of my banks with a default notice on my loan and overdraft and my mcdonald level wage isn't going to cover anything, oh what a joy it is to be me at the moment :dry
    Certifications: SIA DS Licence
    WIP: A+ 2009
  2. Fergal1982

    Fergal1982 Petabyte Poster

    dont worry about it too much Wizard. I've been hit with defaults in the past. Infact, there was a time where I got hit with one from a bank every month for six months (my screw up. I moved house and changed jobs. they expected the monthly amount on one date, didnt get it and issued a default notice, I then paid it automatically on the payday a few days later and they were happy - lasted six months before I realised and called them).

    Just call them up, explain your situation, and offer to pay as much as you can afford every month. just make sure you can afford it.

    alternatively, take a trip to citizens advice, fill out a debt pack and they will help to arrange repayment plans with all your debtors.
    Certifications: ITIL Foundation; MCTS: Visual Studio Team Foundation Server 2010, Administration
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  3. Bambino1506

    Bambino1506 Megabyte Poster

    Sorry to hear that wizard, I know how it feels not being able to make ends meet and working ur ass off just to be getting gradually into debt.....things will get better mate just keep working hard, thats all u can do.

    take care.
    Certifications: MCP,MCDST,MCSA
    WIP: CCA
  4. Colin1

    Colin1 Byte Poster

    Hy wizard listen fella.. it's tough sometimes I know but at times we have to just take what is thrown at us! keep your head up m8 and dont forget you have got loads of shoulders to cry on with us the forum.

    C :)
    Certifications: Cisco IT Essentials,
    WIP: IT degree, CIW (Web), A+, N+
  5. noelg24

    noelg24 Terabyte Poster

    i know the feeling mate...just when you think all is getting sorted...something comes along and ruins it.

    In my case a letter arrived saying I owed one credit card money over £2K :eek: (my bad on that one).

    Im due to move flat in July and when this is done then im going to ring the people who will be sorting out my debt management and add this credit card bill to it and just let them deal with paying it off for me when I pay the amount I pay them...

    In the end we just have to grin and bear it...get on with things as normal...hopefully it will turn out ok mate :biggrin
    Certifications: A+
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  6. wizard

    wizard Petabyte Poster

    Thanks for the encouragement guys :D

    I'm going to write a grovelling letter to the bank, I don't expect them to be very sympathetic as I should have dealt with this a lot sooner :eek:
    Certifications: SIA DS Licence
    WIP: A+ 2009
  7. wizard

    wizard Petabyte Poster

    Well it looks like the second bank have now got in on the act with a termination notice, I'm going to fire a couple of letters off to them with my outgoings and see what they say, at the moment I cannot afford to pay them anything.
    Certifications: SIA DS Licence
    WIP: A+ 2009
  8. wizard

    wizard Petabyte Poster

    Answered the phone 10 minutes ago and lo and behold it was one of the banks wanting their overdraft repaying, ended up having to pay £80 off it on one of my credit cards!! They're calling back tomorrow to arrange a payment plan.
    Certifications: SIA DS Licence
    WIP: A+ 2009
    Honorary Member

    UCHEEKYMONKEY R.I.P - gone but never forgotten. Gold Member

    What about using debt busters or any of those companies you see advertised on the telly about Debt problems?
    Certifications: Comptia A+
    WIP: Comptia N+
  10. wizard

    wizard Petabyte Poster

    The last thing I want right now is to take out another loan to pay another off. I cannot afford the repayments on my current loan hence the letter from of my banks.
    Certifications: SIA DS Licence
    WIP: A+ 2009
  11. Mr.Cheeks

    Mr.Cheeks 1st ever Gold Member! Gold Member

    I wouldn't look at those credit companies, i see them as the sme thing as distance learning providers but in another thing. Hard f**king word is required to clear the debt off
  12. Spilly

    Spilly Kilobyte Poster

    Think you need a £15K debt for that!

    Are you in that deep?:eek:

    Been down this a couple of years ago when I my boss died owing me about £5k in wages/ expences/bonus.

    Workout your normal living out goings, offer them all a slice of whats left. Keep copies of all your letters you send. You will find if offered a payment regardless of what they threaten you with there ain't a lot they can do!

    Do go to your local citizens advice though it will take the worry of your mind!
  13. Jakamoko
    Honorary Member

    Jakamoko On the move again ...

    With entire due respects, UCM, but .... FOOK OFF MAN !!!!!!! These are no more than SHARKS !!!!!!

    From experience of our work using debt collectors, they don't really want to get heavy on you if they can come to some kind of arrangement. Have a chat and see if that's what they're aiming for.

    EDIT: Woops - slow off the mark. no offence, UCM :)
    Certifications: MCP, A+, Network+
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  14. Sparky
    Highly Decorated Member Award

    Sparky Zettabyte Poster Moderator

    If possible try and assess how much debt you are in and talk to the bank. Hopefully they will be able to give you a loan and you can pay it off over a longer time period. This should give some spare cash each month.

    I wouldn’t go near any of the companies advertised on the TV, high interest on the loans.

    I assume the loan you have is based on a previous jobs income hence why you are struggling to pay it back. Again if you talk to the bank they should be able to change the payments based on your current income.
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  15. wizard

    wizard Petabyte Poster

    I've already said, I cannot even afford repayments on another loan, did that already and got into this mess. There is no way I'm taking out another loan.
    Certifications: SIA DS Licence
    WIP: A+ 2009
  16. Mr.Cheeks

    Mr.Cheeks 1st ever Gold Member! Gold Member

    good idea - have you considered going bankrupt? i know it seems harsh but there is always that route, but you will totally f up your credit history
  17. twizzle

    twizzle Gigabyte Poster

    Me and my ex partner got into bad debt when we were married. We had something like £25k debt betwen us when we got divorced and that didnt include the mortgage arrears!

    At one point we used a debt consolidation agency, but they charged us (even though they stated no fees!) and the repayments they worked out only reduced the outgoings by around £100 a month.

    Then we found a government or charity organisation (unfortunatley i cant remember the name of it). They sorted the repayments for us and managed to get it redyced by around £300 and there was definatley no fees involved with them.

    What i did learn is that, if you offer to pay a reasonable amount to each creditor (say £10 a month) Then apparently, even if they take you to court, so long as its proven you couldnt afford to pay more and that you had tried your best to satisfy all debts, then they won't get very far. Most companies will hassle you every month with threatening letters and phone calls to wear you down and force you to pay more, but so long as you made the offer and make regular payments of that amount, they can't really touch you.
    Best advice is contact the people you owe money to by letter (so yo have a record!), offer to make token payments and that they should stop the interest (I think they have to legally once an offer is made) and then start making the payments. You could even offer to pay, say 3/4 of the total amount (if you could) asking that if you did would they then right the rest off. Some companies will accept this as at least they get some money and in fact if you make the right payment they get thier initial amount loaned back and just lose out on the interest.

    Worse thing about all this is the stress it causes you with the worry about what will happen. All i can say to that is, don't worry, take it easy and slow. relax and let things take thier course while doing your best.

    Take alook here to see for more advice http://www.nationaldebtline.co.uk/england_wales/

    http://www.cccs.co.uk/ Found this one.. This is the one i used when i was married / getting divorced!
    Certifications: Comptia A+, N+, MS 70-271, 70-272
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  18. wizard

    wizard Petabyte Poster

    I already have payment plans in place for all the other debt, it's just the 2 banks that have the lions share of the debt.

    Even if I did file for bankruptcy it isn't cheap and it isn't guaranteed to be given as the judge can turn round say negotiate with the banks.
    Certifications: SIA DS Licence
    WIP: A+ 2009
  19. Phoenix
    Honorary Member

    Phoenix 53656e696f7220 4d6f64

    there are a few good personal finance blogs I read, they have plenty of relevant information on debt and asset management
    they are primarily US centric but the guidance is useful wherever you are from
    I use them more for the investment and asset management side so can't say I have read all the debt management posts in that much detail

    is there anyway you can lower your monthly expenditure to increase the amount you can pay off on loans?
    also you say loans plural? if you had consolidated all this debt (credit cards, loans etc) into one loan you could get a preferential rate and a lower payment per month on just a single loan
    you should immediately have a meeting with your bank to discuss your options, i know it seems from your perspective they are out to get you, but speaking to your bank can do wonders

    When i was growing up i paid loads of 20 quid fines for this that or the other late payment, realising that calling the bank and saying i will have it in two days was a perfectly acceptable solution
    the same goes for large arrears, talk to them, they want the money and your continued business, they will negotiate with you if you speak to them about your issues

    The first bit of advice is to obviously destroy your credit cards and don't take out any other loans, CDLs, finance plans for goods or services, nadda, zilch, the key to getting debt free is to not get in further debt


    Good luck mate!
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  20. wizard

    wizard Petabyte Poster

    There is no way I can lower my expenditure anymore, I signed this contract with Argos and they're still leaving me on 26 hours a week on a low wage, at the time I thought better to safe then sorry, but now starting to think that it wasn't a brilliant idea.

    I have applied to have my hours increased, but not holding out much hope.

    I have started applying for other jobs, just sent an application off for a 1st line support job in Birmingham.
    Certifications: SIA DS Licence
    WIP: A+ 2009

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