Don't know what to do ?

[wendy67]

Things are getting worse, we've used all our overdraft and leant money so when the next months salary is paid in the bank we're worse off every month. This month by the time the bills and mortgage are paid we have £189 pounds, out of that we need £280 for petrol to travel to his job and food money? Don't know how we are going to do it. The bills are ones we need to pay like the mortgage, electric ,gas ect...so we can't stop any of them, we are not paying any of the creditors as we have nothing to give them....what do you do if you don't have any money left ?

[BankFodder]

You have to start talking to your creditors and working our income/expenditure schedules.

Whatever you do, don't start borrowing more because that will be the end.

 

The cost of petrol is very serious but is there not public transport route - even if it means taking longer to go to work? Car's are terribly expensive by the time you have kept them going, paid insurance, tax etc. Anyone living in a town should consider giving up the car and try to accept a different kind of lifestyle.

It is actually very relaxing - no parking problems, repair problems, vandalism problems, no expenses.

 

Talk to the bank about your overdraft. Better that you reach out to them, than they start causing trouble for you.

 

The Overdraft is expensive and if you could convert it into a loan, it might become manageable. However, beware - when banks offer you a consolidation loan, they sometimes say - that now you can afford it, why not have a thousand or two on top to spend. This is dangerous. You must say no. Only borrow as much as is needed to manage your finances. Secondly, if you get a loan, then make sure that your overdraft is cancelled and that you don't have the facility any more. It is all too easy to start drifting into the OD again - and then you are dead.

[Tingy]

Agree with the above, but your other option is to go to a FREE debt management agency such as CCCS and talk to them about getting your mothly payments to your creditors reduced.