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Debt has become unmanageable?

(14 Posts)
ChubbyKitty Mon 13-May-13 12:49:46

May get laughed at for this as such a small amount. BUT. My debt has amounted to 600-700 on my catalogue(stupid mistake) and then a £600 payday loan(even stupider I know). Recently lost a well paying job and had to go back to my previous job in a takeaway which is currently not doing well, my hours have rapidly gone from 30 a week to about 12 and its minimum wage. I was doing another work from home position but it has completely flopped or various reasons, so now I have these to pay off with a crap wage of roughly £500 a month. DP working full time and half his wages go into joint account for the bills/rent/food shopping, and he uses the rest for his phone bill, etc. ideally we both need to put £500 in the joint account every month to be able to pay everything.

Not 100% sure what I'm after here just wondered if anyone had any advice?

I feel silly with it being such a small amount of debt, when there's people out there with crippling debts of 10k+ but for me this has become unmanageable and I feel like I've failed at life. blush

LadyKooKoo Mon 13-May-13 13:56:33

Call the catalogue and offer them what you can afford to clear the debt. Ask them to put a stop on the account so you can't order anything else.

The payday loan needs to be sorted, interest on those things is insane. I would sell stuff to get rid of it if it were me, ebay, car boot sales, game consoles/ipads/dvd/blurays to cash converters or similar.

CogitoErgoSometimes Mon 13-May-13 14:54:44

As well as the above, do you or DP have any generous relatives that could lend you that amount of money and let you pay it back at your own speed? As you say, it's not an enormous amount but the interest will get daft if you let it drag on. You could offer a relative 5% interest on their loan and it would be far better than they could get from a savings account.

ChubbyKitty Mon 13-May-13 15:34:49

Thank you both for replies.

Neither of us have overly wealthy relatives sadly, and as childish as it sounds I really don't want my parents to find out that I've got into difficulty iyswim? My dad has helped me out before and I couldn't face the shame of admitting I'd done it again.

Have gone through my stuff with a friend and figured out things I will be able to sell, got lots of barely worn office clothes from my old job that should sell hopefully.

Hoping to ask the bank if they can offer some financial advice, but I'm not sure if I'd have to pay for things like that?

CogitoErgoSometimes Mon 13-May-13 15:36:40

If your Dad has £700 it's far better to swallow your pride and take the loan rather than end up owing a payday lender £1000. Salvage your pride by paying him back promptly and making plans not to get in trouble again. There's no shame in making a mistake but it's foolish to be too proud to ask for help.

iheartdusty Mon 13-May-13 15:37:35

contact stepchange, they are a debt management advice charity, their advice is good and it is free.

LeBoob Mon 13-May-13 15:50:34

Speak to cab then call up the payday loan lenders and tell them you can't afford the repayments, depending on the company or any worth it's salt they should come to an arrangement for a payment plan! Hope it gets better pm me I you need any advice on the payday loan lenders used to be one

ChubbyKitty Mon 13-May-13 20:23:48

It's wonga so they should be pretty good about it, they must have got their good reputation one way or another fingers crossed thank you!

Have come to arrangement with DP that I will use his laptop for the things I need and sell mine, anything I get will be extra as I got it free with a phone contract couple of years ago.

Also had a word with my boss and he's having me close the store one night a week until I get used to the late nights, which is cool of him right?

ChubbyKitty Mon 13-May-13 20:25:03

And iheart that website looks great - thank you!

leaderscorp Tue 14-May-13 06:30:47

In applying for a certain loan or mortgage, you should think about the stability of your job first, losing the job while having a mortgage is unfortunate. However, there are other government programs that tend to help the people in paying debts.

Mumtobe2013 Thu 16-May-13 17:47:19

Maybe with all this debt you are not ready for having a child yet, speaking from experience it is best to pay off all the debts before trying, babies are expensive and if you do not have a stable home and finial situation if will feel like a ton of bricks all coming down at once, you really need to look after yourself before looking after a child

TheMrs04 Thu 16-May-13 17:53:56

I agree with the lady above. my partner and I had built up a lot of debt from jumping place to place now that we are settled money is still tight though we are physically ready for childern we've both agreed thats its clear debts first then childern because a baby is a huge financial burden. if money is short now just think what it will be like with a child wanting and needed all the time. its not fair to the child and yourself. im sorry if I sound harsh but speaking from experience with a very close friend. you'd be better of furthering your career and maybe thinking about children later on in life.

ChubbyKitty Fri 17-May-13 00:13:27

Thanks again everyone.

Don't worry about sounding harsh. You're right. The debt needs to go first.

Slight update, have been doing more hours this week, which doesn't give me a fortune but it all adds up.

Have also sat and done a bit of maths and think I can get on top of this in a few months if I don't let it wear me down and make me ill and unable to work as much as I need to if that makes sense?

Is it okay to keep updating you guys when things progress?blush

TheMrs04 Fri 17-May-13 00:20:48

Of course.
dont forget that there are plenty of other people in your shoes and your not on your own.
heres wishing you the best wink

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