Hello from a fool!!

[Tomfool]

Got into difficulty, luckily found this site. I have been such a fool. Got too much credit as they kept offering and now after a horrendous 2 yrs where I lost my son aged 42 to bowel cancer & my daughter had a heart attack at 39 I think i need to ask for jelp to sort it out.

[Tomfool]

So I have nearly £24000 worth of debt, personal loan, 4 credit cards and an overdraft. I have been having to support my daughter and her family through the pandemic as they are self employed and were unable to claim help. I live with them but have had to pay everything out of my wages which didnt go as far as needed. I was robbing peter to pay paul and now Its hit me I CANNOT GO ON LIKE THIS. I pay out more than i have come in. I have asked for some breathing space, they have given me 30 days to sort it out. HELP

[Timewilltell]

Welcome Tom to the home of many tomfooleries ! So you are in good company.

best to lay out each debt in the diary format as seen in Debt diaries, I’m sure The Tech Clerk will be along shortly with format layout so we can start you on your road to recovery.
life is too short to waste it on worry and debts.

[The Tech Clerk]

• Type of account -
• Date commenced -
• Approx balance -
• Date last 'full' payment -
• Arrangement -
• Status - defaulted
• Account owner -

hello:- please use the formula above for each debt separately and keep record of all correspondence by date / etc
do not give personal details/ or account numbers.

[Tomfool]

Thank you I will make a start and then may have to come back to it with more information once i look it up. Just to add I am in full time employment but only 3yrs to retirement

• Type of account -Barclaycard
• Date commenced -2019
• Approx balance -£7540
• Date last 'full' payment -may 21
• Arrangement - 30day breather
• Status - defaulted
• Account owner -

• Type of account - virgin money credit card
• Date commenced -2018
• Approx balance -£4700
• Date last 'full' payment - may 21
• Arrangement - letter sent not heard
• Status - defaulted
• Account owner -

• Type of account -lloyds credit card
• Date commenced - 2007
• Approx balance -3900
• Date last 'full' payment -may 21
• Arrangement - 30 day breather
• Status - defaulted -

• Type of account - lloyds credit card
• Date commenced -2011
• Approx balance - 4000
• Date last 'full' payment - may 21
• Arrangement - 30 day breather
• Status - defaulted
• Account owner -

• Type of account - lloyds personal loan
• Date commenced - 18/09/2020
• Approx balance - 4200
• Date last 'full' payment - may 21
• Arrangement - 30 day breather
• Status - defaulted
• Account owner -

• Type of account - overdraft
• Date commenced -
• Approx balance -1200
• Date last 'full' payment -
• Arrangement -
• Status - defaulted
• Account owner -

[PlanB]

So I have nearly £24000 worth of debt, personal loan, 4 credit cards and an overdraft. I have been having to support my daughter and her family through the pandemic as they are self employed and were unable to claim help. I live with them but have had to pay everything out of my wages which didnt go as far as needed. I was robbing peter to pay paul and now Its hit me I CANNOT GO ON LIKE THIS. I pay out more than i have come in. I have asked for some breathing space, they have given me 30 days to sort it out. HELP

Hello

You have had a lot to deal with in the last couple of years so you've come to the right place for help and support. Almost all of the forum members have first hand experience of being in debt so know what it's like. Join the club.

A couple of quick questions from me before I make any suggestions:

Have you got the 30 days breaching space under the Government's Debt Respite Scheme which I posted about here >https://all-about-debt.co.uk/forum/d...reathing-space

I look forward to helping you for the same reason that you've spent a lot of your time helping your family - I have been doing the same for my daughter who is self-employed and went from £40k pa to Universal Credit overnight when Covid-19 hit. Can your daughter claim the Government's self-employed grant > https://www.gov.uk/guidance/claim-a-...support-scheme ?

Di

[Tomfool]

I just wrote letters saying my budget showed i was not able to pay, followed a template i found, asking for a time to sort something out and to stop interest etc. I am considering bankruptcy as i cannot see a way out. Do not own anything of value, We had to move out of private rented accommodation last month and needed deposit and moving costs etc. My daughter was not able to claim anything that didn't need paying back, she spent 2 weeks in hospital. Her partner is a **** with no clue and wont do anything to help. I told him to claim while he could not work due to covid and he wouldn't. I had no choice but to support them, my grandchild means everything to me.

[Warwick65]

Don't jump into anything and certainly not BR. If that is a route you decide on a DRO is much better and cheaper https://debtcamel.co.uk/debt-options/dro/

But don't act in haste , find out what your options are and as planB says look at all possibilities.

You are not a fool, few people get into debt deliberately or with malice aforethought

[Tomfool]

Thank you I will happily take any advice people have to offer.

[Tomfool]

So my overdraft of had for about a year and now Lloyds have received the letter re. Cards & personal loan they are now asking me to ring them regarding overdraft. Not sure what to do as I do need it at the moment although wirh the breather I'm hoping it will go down some what. Advice please!!! Can they just take it away?

[Timewilltell]

They may want to consolidate into a loan? If you are not in a position to pay these debts then it might be wise to see if you can change to a new bank away from Lloyds, this may give you more control going forward, not sure if that is totally possible, others may have a bit more knowledge/experience than I on this. I think the OD may be a sticky point?

[Tomfool]

Trying to get a bank account now just waiting on my driving licence to return as they want id. I think I need to get some help from a debt company but where to go? Any suggestions?

[Timewilltell]

A debt company? Not likely they will not give you the help you need but what they think is best for you. Be patient and this forum had great knowledge and experience that is far better wisdom than any debt company.

[Timewilltell]

Tom I have been where you are and at first it is very overwhelming, not knowing what y to o do for the best and feeling fear of what might happen. All I can say is that by following the advice that I have received from here I am now in control of my debt and more importantly my life, the fear has gone as I now understand the game and that is all that it is.
so don’t do anything in haste, ask on here and wait for the advice, you will be guided and whilst you may not understand why sometimes, you will grow and see that it isn’t as terrifying as you think.

[Roger]

As far as I can see these are still with their original Creditor.
Its early days BUT opening a account with another Bank is important.
I started by creating a income expenditure statement to show any surplus monies which could be used towards debt repayments.
That surplus money is apportioned between each creditor as a % of each debt/overall debt against that surplus money!
I did that before finding AAD.

So for your own peace of mind and to take control of your money these are the simple rules.
These debts are at the bottom of your priority. Other Debts and especially Home, Food, Heating, Water, Rates Health plus some saving contingency these take priority.

Do this first