Discussion in 'I Have a Question...' started by wheresmysheep, Apr 20, 2009.

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  1. wheresmysheep

    wheresmysheep Staff Alumni

    ok, so i;m sure theres people who are in worse debt than this but i'm freaking out atm.
    I have roughly 2000 worth of debt still over my head.
    and i havent got a clue what to do.
    I have recieved letters recently from one bank saying i needed to get in touch with them about paying back a 650 over draft and i didnt. i have a credit card which has disapeared from my nline bank account details with another bank.
    i dont know what to do its fucked. i dont want to get intouch and get bollox for it. which i know i will.
    i hate all this crap
  2. Anime-Zodiac

    Anime-Zodiac Well-Known Member

    You should seriously get in touch with them. That way you can explain things to them and then they should be able to co-ordinate a plan with you.
  3. Acy

    Acy Mama Bear - TLC, Common Sense Staff Member Safety & Support

    Heya, I can relate to having too many bills and not enough money...

    Where I live, there are non-profit agencies that provide debt counseling. Debt counseling includes a review of your present monthly expenses and income, present outstanding debts, current bank account balances. Then the agency negotiates with the creditors (e.g., VISA, MasterCard) to establish a smaller, but manageable, monthly payment you will make. I think they ask you to cut up/NOT USE your credit cards until your debt is cleared. The agency also helps you establish a new budget to live on. The new budget usually means that you pare down your expenses as much as possible, often by making some lifestyle changes (e.g., if you've been spending on dinners out or the latest DVD movies, or fancy Starbucks coffees, those things stop). This sort of plan is intended to help people clear their debts and avoid accruing more debt, with interest, which generates a bigger debt each month.

    Perhaps you've got similar agencies where you are, and maybe they can advise you if their services would be useful to you.

    Thinking of you! :hug:

  4. Stranger1

    Stranger1 Forum Buddy & Antiquities Friend

    You definitley need to get ahold of the bank you have an overdraft with becuase they are steady adding interest to it.. They aren't forgiving either.I was over on mine and they took $750.00 out of my disability in one lump sum..That put a serious hurting on me that month..
  5. wheresmysheep

    wheresmysheep Staff Alumni

    thank you acy, i may bring this up with my therapist as well, she may know of a few places over here that could help me.
    i know i should get intouch with them asap, but its been so long i look at it as i get intouch whenever its going to be a bitch, so i dont know. i suppose i'm just being weak. but i cant go to them
  6. Scum

    Scum Well-Known Member

    Unfortunately its not something that if you ignore it, it will go away, if you do ignore it, it will actually get worse and worse and cause you far more stress.

    Do you have Citizens Advice Bureaus where you are? If you do, they should be really helpful for you, so it would be worth contacting them.

    If not then I agree that any sort of financial support place would be worthwhile contacting. Maybe sit with the yellow pages and call places?
  7. Scum

    Scum Well-Known Member

    Sheep, you're not being weak, you're absolutely terrified, from the sounds of it.

    Raising it with your therapist is a good idea. Could you maybe call them while in the session with her or something? It might provide you with additional support while you are doing something so scary
  8. wheresmysheep

    wheresmysheep Staff Alumni

    terrified is a good word foe how this makes me feel. i'm just over my head now, feel like this will be with me forever and i wont be free of it.

    i may see if i can call a helpline while in therapy, see if she'll let me, iot sounds like a good idea, i dont see her till tomorrow week though. she's on a training course.

    feels like i'm going to be swallowed by all this
  9. emma

    everything will be fine hun, what you need to do is open communication with the bank and those you owe and explain whats going on and come up with a repayment plan that suits you or what you can comfortably afford.
    i know its scary and very stressful but if you meet this head on then it will be sorted out and you will feel that you have done something about it.
    i myself have a 22k debt, bank account closed and i really am fucked lol, but i have been honest and open with these people and i have it under as much control as i can.

    be strong sheep
  10. mdmefontaine

    mdmefontaine Antiquities Friend

    hey sheep: )

    it's all ok sweetie.
    it is better if you do not avoid them. but go ahead, work with the people you are in debt to, and work things out.

    it is SO tempting to hide. i understand. and i HATE money issues, they scare me.
    i feel overwhelmed. (((not good at math :rolleyes:)))

    but your advice, previous, was right on. you have to meet it head on. . . work out a plan honey and then you will sleep peacefully.
    pm if you want to talk - i think you are a great person and i want things to work out for you honey ; ) xx
  11. Aurora Gory Alice

    Aurora Gory Alice Well-Known Member

    Hey Sheep,
    I had just over £2,000 worth of debt a few years ago, which has now accumulated to 4k because I left it and the interest just went up up and up.

    These people can actually be really understanding if you just get back in touch with them - that's the best advice anybody ever gave me, the longer you leave it, the less understanding they become.

    I'm now on Job Seekers Allowance and in debt to THREE different credit cards (and also have an overdraft to pay back) that I maxxed out that are at about £1,000 each.
    I only pay £40 a month, but they have been accepting that for about 6 months now.

    The best thing you can do is:

    A) Call your bank about the £650 overdraft and ask if you can pay it back in installments of about £?? a month (whatever you can afford)

    B) Do the same with the credit card people. They might ask you to write a list of your income and your expenditure, so basically how much you're making and how much and to whom you're paying out each month and then they'll come to some sort of monthly agreement with you.

    Honestly, I know it seems scary now but it's actually really simple and once you have sorted out a couple of monthly direct debits you will feel like a weight has been lifted!
  12. gentlelady

    gentlelady Staff Alumni

    I can definitely vouch for what the others have said. It gets worse all the time if you ignore it. You will end up owing more and more because of late charges and interest. Sonn they will start taking it from you involuntarily. Better to start a rapport with them and pay an amount that is managable even though uncomfortable. they take 25% of my pay currently to pay medical debts i tried to ignore while I caught up elsewhere. Now i barely have enough to pay for food and shelter.
  13. wheresmysheep

    wheresmysheep Staff Alumni

    i went into 2 of the three banks i owe money to, and i deposited 25 in each. i was expecting to gte hauled into a managers office or something but no that didnt happen. i then got a letter about the 650 i owe one of the banks and i called them, i was shitting it, but they just told me not to let the account go without any transactions that one transaction would be enough per year :blink:
    but i havent apraoched the third bank, i owe them 500 over draft, and 1200 credit card i want to see if i can get a loan fro a different establishment so i can consolidate my debt and just pay them 20 a week for how ever long it takes.
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