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Advice and money woes

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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 01:53 - 08 Apr 2009    Post subject: Advice and money woes Reply with quote
Basically im a student nurse at the University of Central Lancashire and have been intercalated (put back) till October barring a Occupational Health Review and that i finish the work i missed off due to illness.

Now i have had my bursary stopped now till i go back in October, and i have outgoings of the following per month.

£45 - insurance
£86 Loan
£40 Mobile.

Im currently over my overdraft limit of £500 and have currently got a debt collector harassing me for £48!!!!!!
Now im just wondering is there anyway of dealing with the above issues, like suspending payments till i find employment?

Also would it be worthwhile me claiming JSA till October?
I haven't been sat on my arse these past two weeks, i've applied for everyjob i can think of in the local area and had a few interviews, however i still haven't got anything.

Just in need of some advice really.
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kysumu
Two Stroke Sniffer



Joined: 25 Dec 2008
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PostPosted: 03:14 - 08 Apr 2009    Post subject: Reply with quote
oct is a long way away so yeah go claim JSA untill u need to,that should take care of most of ur bills for now.
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The Shaggy D.A.
Super Spammer



Joined: 12 Sep 2008
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PostPosted: 08:32 - 08 Apr 2009    Post subject: Reply with quote
Claim JSA, and do it ASAP (apply online) as you only get paid from the date you make the claim, rather than the date you last worked.

https://www.dwp.gov.uk/eservice/
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Tonka
World Chat Champion



Joined: 11 Jun 2008
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PostPosted: 08:47 - 08 Apr 2009    Post subject: Reply with quote
The Shaggy D.A. wrote:
Claim JSA, and do it ASAP (apply online) as you only get paid from the date you make the claim, rather than the date you last worked.

https://www.dwp.gov.uk/eservice/


+1 Thumbs Up

Plus write to the people chasing you for money and offer to pay in smaller manageable amounts. Make sure that you are paying the amount you owe and not heaps of interest and charges. For example, I'd see if you can reduce the payments to £10-£15 and that way try and clear them before you start back. Get into the bank to discuss your overdraft, but try all you can not to get involved in consolidating anything into a new loan with a silly high interest rate.

Try this LINK for some good, basic financial advice and further links to free debt advice.

Keep your chin up and keep talking to people like us on 'ere, don't get yourself in a panic and worry in silence! Wink
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LustyLew
World Chat Champion



Joined: 19 Apr 2004
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PostPosted: 08:49 - 08 Apr 2009    Post subject: Reply with quote
£40 mobile?! That must be a hefty contract! Can you cut that back a little?

I got a new phone and only pay £20 a month on 3.

Reduce your insurance to TPO if that makes it cheaper?

Bank of mum & dad?

The loan and insurance will be screwing you for interest. Insurance policies charge up to 29.9% apr for spreading on monthly insurance!
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 15:19 - 08 Apr 2009    Post subject: Reply with quote
Cheers, i'll start putting the claim into motion, hopefully i wont be on it long. As im hoping to get a 20 -35 hour Care assistant job between now and October, as it will keep my skills up also. Worked since i left school as well as being at college, so i should think im entitled to scrounge for a couple of months Laughing

Unfortunatly i don't have any savings so cant pay this months bills and Mum's currently got financial problems of her own so cant afford to take money off her really.

Apparently i owe Little woods catalogue or rather their debt monkeys £243, now i ordered an Xbox 360 console off them for £179 and i paid them two payments of £50 so i paid them £100 and then got ill and it kinda was the last thing on my mind.

However they are claiming i owe them £243 now, and most of this will be charges, so i've told them i will pay for the price of an xbox 360 console in full when i get the money and im not paying anymore. Thumbs Up

Hopefully get sorted with JSA or a part time job within the next couple of weeks Smile
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iooi
Super Spammer



Joined: 14 Jan 2007
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PostPosted: 20:08 - 08 Apr 2009    Post subject: Reply with quote
Get shot of the mobile contract.... You do not need to be spending that much on a phone....

Talk to the bank, NOW......
Be honest with them and they will try to help you all they can. The last thing they want is people defaulting on monies owed.

As to the debt collection, as it unsecured, they can hassel all they like. For that amount they will not go to court. But will keep ramping up the fee's all they can.
So offer them a token payment.
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chrisjacks
Nova Slayer



Joined: 01 Aug 2008
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PostPosted: 21:46 - 08 Apr 2009    Post subject: Reply with quote
scrap the mobile to be honest either get shot of it or get a cheaper contract, or just go PAYG.
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 22:53 - 08 Apr 2009    Post subject: Reply with quote
How do i stop the contract tho, its a dolphin 35 with Orange with insurance added on.

18 month contract i got in september.
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Phil_G
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Joined: 28 Mar 2006
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PostPosted: 00:29 - 09 Apr 2009    Post subject: Reply with quote
bwfc4eva86 wrote:
How do i stop the contract tho, its a dolphin 35 with Orange with insurance added on.

18 month contract i got in september.


ring them up and ask to downgrade to the minimum tarrif permissable. Who is the insurance with?
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 01:02 - 09 Apr 2009    Post subject: Reply with quote
Phone insurance or Bike insurance?

Bike insurance is nearly paid off and its with MCE.
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MattHirst
World Chat Champion



Joined: 25 Jun 2006
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PostPosted: 06:21 - 09 Apr 2009    Post subject: Reply with quote
LH-ER5 wrote:

The loan and insurance will be screwing you for interest. Insurance policies charge up to 29.9% apr for spreading on monthly insurance!


I wish it was 29.9%, my cage insurance is 39% iirc Shocked . I would of paid in full but it was £1680 TPFT Crying or Very sad

How far are you into your phone contract? I recently 'down tarrifed' from O2 45 to O2 35 (the 45 was costing me £40 a month, so guessing the 35 will cost me £30). I am past 9 months into the contract, in an 18 month contract so i am eligible to downgrade once a month upto the £15 a month or something.

Cancelling your contract could (or most likely will) cost you a lot of money, generally the rest of the line rental until your contract is due to end (so if its £10 a month and there is 10 months left, it would be £100. Probably some daft charges on top of that). So in your current financial position (don't mean that in a bad way), you would probably be better off lowering your tarrif if possible, it would even work out cheaper that way aswell. I was going to cancel mine as i don't really use my phone much anymore but it would cost me more to end it early (pay the line rental) than it would to down-grade the tarriff and pay it until september.

Also, do you need your bike at the moment? Could you get the bus/train/push iron into the city to go to work (when you find a job) and to uni. If so you could SORN the bike and cash in the tax (well, not even worth it as its only £15 a year i'm guessing) but you could ring up the insurance company and postpone the insurance, or get them to cancel the policy (as you are paying monthly, it should be a fairly simple procedure).

I typed all that and then decided to read the thread properly (in the preview box thingy underneath), decided that its 6:40, not been to sleep yet and it took a lot of effort to write it so i aren't going to delete it Laughing .

Anyway, as for the mobile phone insurance. I took out insurance with my contract and one of the thingies on that was if a certain something happened to your phone (lost your phone and sim or something) they would pay off the existing amount of line rental off for you, in effect cancelling the contract. Not sure how it is with different companies (mine was with 'Policy Admin Services', i did it through phones 4 u) but there was only a £50 excess or something.

Obviously there wil be certain clauses that restrict you from claiming in certain scenarios but i'm pretty sure they paid off the existing amount (mine would of been £1100 or something daft, including the cost of a replacement phone as that is roughly the figure that was on the documents)
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 09:44 - 09 Apr 2009    Post subject: Reply with quote
I'll ring Orange up see what they say later on, im 6 months into a 18 month contract at the moment. And i need my bike unfortunately as the train to Uni is £8.80 a day whereas the bike is £10 a week in petrol.
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JonB
Afraid of Mileage



Joined: 03 Jun 2004
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PostPosted: 10:04 - 09 Apr 2009    Post subject: Reply with quote
You wont be able to reduce your contract until month 9 of your contract.

Cancel the phone insurance, you don't need it.
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Marcg868
World Chat Champion



Joined: 20 Jan 2005
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PostPosted: 10:10 - 09 Apr 2009    Post subject: Reply with quote
Will do got a spare phone now so don't need the insurance.
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