Looking for advice on Financial Mess please

[Rois]

No partner involved. I am classed as a casual worker and do claim for the days I don't work. However, as my 10 hours employment is often spread over 3 days (late night openings), I don't get very much. I would probably be financially better off not working at all in that job, but I need the social aspect of it and enjoy it. I have asked for extra hours, but business is very slow, so nothing definite yet.

 

[Pacman]

What interest rates are you paying on all your debt inc the Credit Union loan ?

I would start using cash. Take control of the bank account i.e. cancel ALL direct debits and standing orders (as you are probably getting stung twice - once for missed payments , again for late fees etc, plus the damage it can do to your credit record) ,
Cut up all the credit cards and write a short letter to each creditor explaining your situation, and that you will pay off the balance over time and ask that no further charges be added to the account. Also ask them to switch you to their lowest interest rate possible(no harm in asking).

Then send them some money every 1 or 2 months - with a brief update on your situation/plan to clear the remaining debt.

This should give you some breathing space - finally rather than a mortgage, how about a personal loan e.g. Tesco loan 30K at 6.9% over 6 years EUR590 per month, or see if Credit Union can match it or better it.
Use it to clear most of your debt.

 

[Rois]

Thanks for advice Pacman, have to go to work shortly, but will write to cc companies over the weekend.

Got a little bit of breathing space also, as received a refund of pension payments (€1,100) yesterday. Already posted cheque to one of credit card companies, transferred 500 STG to UK bank account to fund other payments, can pay off some money owed to family and accountant with the rest. Phew.

Will talk to the CU next week about increasing my loan.

 

[Sarah W]

I find it repulsive and offensive to even compare children with dogs. I hope you meant this tongue in cheek but to be honest its gross.

Quite right. Dogs are loving, friendly, honest and always pleased to see you. They go to bed on time, don't take drugs and if they do throw up it's not because they're ****ed. Yes, there are some similarities - they will eat anything and everything not locked away, they will bring flea-ridden friends home and they will copulate given the slightest opportunity but all in all, give me dogs any day.

Sorry for the hi-jack.

Sarah W.

 

[jhegarty]

I find it repulsive and offensive to even compare children with dogs. I hope you meant this tongue in cheek but to be honest its gross.

i think the op should sell the dogs and get out of debt.

Well I find your suggestion of selling his dogs just as repulsive...

 

[jimjim972]

Pay off debts with highest interest rates first once minimum payments have been made to all and especially those who will issue a judgement on your mortgage or issue legal proceedings. Ask yourself how long you are spending on the internet building online business that is yielding no profit - you need to work for payment at this time.

 

[Rois]

Pay off debts with highest interest rates first once minimum payments have been made to all and especially those who will issue a judgement on your mortgage or issue legal proceedings. Ask yourself how long you are spending on the internet building online business that is yielding no profit - you need to work for payment at this time.

Thanks Jimjim, more sound advice. I have also been given extra hours at work for a few weeks so that will help a lot, especially Sunday and Bank Holiday work, as the pay is higher.

I think it is worth spending time developing the internet business - it's actually doing very well, considering it only went live in mid-July. It has already won a very prestigious award and I see it as a way out of this "poverty trap" all going well in the next year or two. Many of the start up expenses (financed by credit cards - maybe not the best idea in retrospect) are now gone, and should cost a lot less in the future.