Financial Advice...

[MadManMike]

Right,

Here's the short story: I'm f**ked.

Here's the slightly extended version: I took out two credit cards a while ago and maxed them out. I have aldo borrowed off friends and family. The repayments to all debtors is now more than I earn and cannot afford my rent.

As you can understand i'm slightly concerned.

I did calculations, meaning that if I got a 7,000 loan I could pay off all my debts and buy a car & insure it. The repayments on this would be £250 - As it stands now I pay back £580 plus I have to pay £40 phone bill, £60 on food for the month AND £200 rent. I don't earn that.

Problem being I can't get a loan because they saw how f**king silly I was with the cards.

I have looked for bad credit rating loans but they all seem like scams - send us £50 and we'll find you a loan... blah blah blah...

Does anyone know of bad credit loan companies that aren't a rip off?

Or does anyone have any ideas?

PLEASE NO STUPID ANSWERS LIKE ROB A BANK. THIS IS A SERIOUS POST.

Thanks in advance.

[Mark W]

Maybe you just need to prioritise? Instead of trying to pay off the debts AND get a car and stuff, just pay off the debts? Food and a place to live is more important than a car, unless it's necessary for whatever job you're doing?

[Lawnmowerman]

Move back in with your parents and sell stuff you dont need

[MadManMike]

Trialsboy - Done and done mate...

Mark - The car isn't a priority, what i'm saying is my outgoings are more than incomings so no matter what I do i'm getting more skint every month. I can't afford to pay my rent

I know what everyones thinking: "Shouldn't be such a twat" and yeah you're right, but I knew better at the time

[tipsy Jock]

Ebay is your friend, sell anything and everything that isn't bolted down. Oh and don't forget the obligatory excessive postage charges

[Extreme_biker0]

I don't have much first hand experience with this kind of finance, but, what about these companies that promise to consolidate your monthly payments and lower them so you pay them off over a longer period, regardless of your low credit rating? Your debts are on credit cards you say, so they will lap you up, because the debt is repayable on demand. Therefore they don't have to pay any more interest because they will pay them all off in one go and let you pay them instead.

Ocean finance springs to mind as one such company. But anyone who watches TV will know that there are 10's of them advertising, so I wouldn't worry too much either mate, as you are obviously not alone.

And once you're operating in the green again, LIVE TO YOUR MEANS! Can't afford a car? Don't get one. Shop at Aldi, etc. I'm sure you've had the lectures many a time before!

Good luck

Mark

Edited March 28, 2006 by Extreme_biker0

[MadManMike]

Plenty of lectures believe me.

Worst thing? I haven't told my partner or parents how f**ked I am... They are gonna screw when they find out - I feel like a complete c**t.

Pardon my language but it's that or throw myself off a cliff.

If anyone is free to talk to add me to MSN: dirtyhastings @ hotmail.co.uk

I could do with cheering up

Edited March 28, 2006 by MadManMike

[tipsy Jock]

Plenty of lectures believe me.

Worst thing? I haven't told my partner or parents how f**ked I am... They are gonna screw when they find out - I feel like a complete c**t.

Pardon my language but it's that or throw myself off a cliff.

If anyone is free to talk to add me to MSN: dirtyhastings @ hotmail.co.uk

I could do with cheering up

How about just going to your rents and saying " look i'm out of money and have to pay this off, yadayadayada. can i borrow ££££ so i can get rid of the interest gathering debts and then pay you back?"

[MadManMike]

In theory that's great, but believe me, we aren't like a family. More like housemates or "houseenemies".

If I told them that they'd probably give me the boot.

[PaRtZ]

I suggest dont buy/sell the car. then your bike. then a few organs. Just sell as much as you can, that way your partner will be proud of you for clearing out AND you'll be getting some vital cash

Take up a second job?

Try doing odd jobs for neighbours/family/friends?

[anzo]

Right. Rule number one as some have suggested on here. Don't expect ANYTHING off ANYONE. The relationship with your partner/parents isn't worth f**king up over money.

Secondly, its just money mate. Its f**k all, I'm going threw a lot of shit at the minute with my girlfriend I don't mean 'ohh, we're arguing a lot' I mean serious f**king problems, I'd love to be in your shoes now, remember, grass isn't always greener on the otherside, be thankful you have a girl by your side all the time.

Thirdly, tell your missus, she won't go mental at you, shes your girlfriend, girlfriends don't do that, she'll help you out and comfort you, you obviously need it. Make sure you tell her you feel like shit, not only will it be a weight off your mind, but she'll also help sort things out.

Its up to you if you tell your parents or not, its ok to get a helping hand from then, but DO NOT take it for granted at all. Although it depends what you're parents are like, if its just going to make things worse, then obviously dont bother.

Right...

Get a pen, get some paper. Write down everything on your mind, everything you plan to do.

Prioritise them all, sorting out the things you cant escape, the things you can do without, the things you need and the things you want.

You WANT a car, you don't need it.

You NEED to pay pay rent, but can you do without it? (eg. hitch with a mate at half the rent for a few weeks, or with the parents)

You CANNOT escape paying back what you owe, thats first on your list.

I would advise that you tell your missus though, I remember reading a post from you a while ago about the same problem, and its obviously got worse, you sound a f**king wreak mate, tell your missus, explain whats happening and tell her what you're going to do about it. She'll support you and give you a lot more motivation to get it sorted out.

Remember mate, its only money, its not the end of the world.

[MadManMike]

Thanks for the advice everyone, i've got a little plan sorted now - It's gonna mean not doing much for about 2 years amd almost emptying my lounge but it's worth it

Cheers everyone

[Lunja]

I've got a little deal with Orange that gives me 3000 free evening and weekend texts as long as I top up by £15 a month. If you use messages a lot then that might be good, and then you can dump the £40 contract.

All the best mate- it must be a difficult thing to handle.

[T-BAD]

i was watching a documentry a while back on people claiming bankrupcy, if you do get into a real bad situation u could do that?

[Synergy]

in scotland dno about england if ur a student you pay 20 quid a month 400 mins and unlimited txts. with vodaphone.

[anzo]

i was watching a documentry a while back on people claiming bankrupcy, if you do get into a real bad situation u could do that?

Last thing you ever, ever want to do with money. Once you claim bankrupcy you're knackered for the rest of your lift. Poor credit history can hold you back a lot, no car on finance, picky mortage lenders, picky credit card lenders, no one will accept your cheques, you won't be able to have much on credit ect.

There is no way he can be in enough debt to claim bankrupcy, plus its not as easy as that. You have to prove that you are actually buggered full stop, and even then its difficult.

[trials_pimp]

I know how you feel man.

I got a £5k Loan to get me out of the shit, and I had to re-issue it at the begining of the year, so I got another 3 years of payments on it.

Money is the easyest thing to blow, you find something you like, thats needs something else, you want to do that.

It can get stupid.

I was in your boat last year.

I took a few days off work, got a pen, paper and sat and worked everything out.

As I said, I ended up having to incease my loan to sort shit out (It started as a £500 loan 3 years ago, then went to £1k, then £3k, you get the picture)

I found that after I had worked a plan, and forced myself to stick to it, I got myself together, and things statred to take shape.

Only downside is im stuck at my parents home for a while, until I can afford to get out.

Keep with it, and it will all be fine.

Feel free to add me on MSN if you like

[pinky]

Last thing you ever, ever want to do with money. Once you claim bankrupcy you're knackered for the rest of your lift. Poor credit history can hold you back a lot, no car on finance, picky mortage lenders, picky credit card lenders, no one will accept your cheques, you won't be able to have much on credit ect.

There is no way he can be in enough debt to claim bankrupcy, plus its not as easy as that. You have to prove that you are actually buggered full stop, and even then its difficult.

Someones talking alot of bollocks,

My dad had a gun shop in the 80's it wasnt going to well he didnt have enough money to renew his firearm shop license (or whatever it is that they need) and got arrested he got bailed and then filed for bankrupcy, it only lasts for a certain a amount of years. He know has his own business in funerals he has fleet of limo's and hearses, a lander rover discovery T5 and two large shops in london I would hardly call that knackered ( it isnt a boast it just makes me angry when people say your life is ruined after bankruptcy when they know f**k all)

Theres plenty of people/organisations willing to help, message me on msn if you want to talk and I can point you in the right direction of some good advce.

[anzo]

Someones talking alot of bollocks,

My dad had a gun shop in the 80's it wasnt going to well he didnt have enough money to renew his firearm shop license (or whatever it is that they need) and got arrested he got bailed and then filed for bankrupcy, it only lasts for a certain a amount of years. He know has his own business in funerals he has fleet of limo's and hearses, a lander rover discovery T5 and two large shops in london I would hardly call that knackered ( it isnt a boast it just makes me angry when people say your life is ruined after bankruptcy when they know f**k all)

Theres plenty of people/organisations willing to help, message me on msn if you want to talk and I can point you in the right direction of some good advce.

Business accounts are different from personal accounts, if you declaire yourself bankcrupt PERSONALLY. It shows you don't have the required funds to support yourself on excessive payments, like a car. Would you give a £7000 finance to someone who couldn't afford a £900 Tv? No.

How can you say that if you declaire yourself bankcrupt everything will be ok, because everyone would be doing it.

[Extreme_biker0]

The law has changed in recent years way in favor of the bankruptee. In order for your dad to have started up his new business he will have had to wait I think 3 years under current legislation, and then had to have got permission from the courts. He will have found it harder to get credit no doubt about it, but that didn't stop him from succeeding. In the funerals business also, he does not need much credit with his suppliers becasue he wont have many inputs.

The worst thing about bankruptcy from a personal point of view is if you fail to get the credit that everyone needs... A mortguage. Unless you wanna rent for the rest of your life (think of all that money wasted ) then avoid bankruptcy. £100,000 for a house doesn't come easy, and if you want to borrow it, you gotta look trustworthy.

Renting may be cheaper in the short term, but if you get a 25 year mortgage, and keep moving it around to get the best introductory rates, you can pay it off in 19 years, so it's definately the better option.

Edited March 31, 2006 by Extreme_biker0

[pinky]

He will have found it harder to get credit no doubt about it, but that didn't stop him from succeeding. In the funerals business also, he does not need much credit with his suppliers becasue he wont have many inputs.

He had a loan of 400,000 well around there to start it,

Also surely personal and business bankrupcy cant be any different

the point im trying to put across bankrupcy isnt the end of the world, I thankfully have a decent paying job no real outgoings except my 200 pound rent/food/ a month

[biketrialler]

Also surely personal and business bankrupcy cant be any different

If you believe that you probably should stop offering financial advice right now.

[pinky]

If you believe that you probably should stop offering financial advice right now.

ok example

"ok mr jones you want to set up a business and need a loan for this.."

"yes mr bank manager that is correct"

"mr jones I see you went bankrupt last year"

"that is correct"

bank manager " good shit do you want it in cash or will a cheque do?"

[biketrialler]

Again, to make this crystal clear, before, his gun BUSINESS went bankrupt. Now he has a new BUSINESS. At what stage has he applied for a PERSONAL bankrupcy?

[pinky]

Again, to make this crystal clear, before, his gun BUSINESS went bankrupt. Now he has a new BUSINESS. At what stage has he applied for a PERSONAL bankrupcy?

He didnt declare bankrupcy when the gun business went down otherwise he wouldnt of got arrested...

anyway im not dragging up the past its something I want to forget