FA+
Shop
Important Journal About My Financial Situation
12 years ago
I feel it is time to write a journal regarding my financial situation, as it is the worst it has been in years. I will be honest about everything and I hope that you will be able to understand.
I have three bank accounts, one is my business account (-£355), one my main account (-£295) and a joint one with my partner (-£20). As you can see I LITERALLY have no money. I can screen shot these for proof if needed.
Currently my income streams are:
- Art commissions: £0 right now - I have a backlog of these which I am working on
- Taxidermy: £40 or so a week - Mainly mouse skins right now
- Article commissions: £6 a week or less
- Pet portrait commissions: £10 a week or less
- Jobseeker's Allowance: £145 a fortnight
The jobseeker's allowance is a benefit that we get when unemployed - it is supposed to cover travel and work clothes etc but we use it for bills and food mainly.
My commissions income stream is hardly there right now as I have a backlog. I have clinical depression so everything just kind of comes into a big vicious cycle and nothing tends to get done.
My outgoings are way more than my incomings and I am absolutely terrified right now. We have been threatened with eviction and also had a court summons for not paying our council tax (which we were TOLD was sorted, but apparently not!)
I really do not know what options I have now, but here are some things I have been thinking about:
- Moving back in with my mother - VERY UNLIKELY as my sister and her fiance are currently living there too, and there is no room.
- Taking out a loan to pay things off - I have never done this before and I've tried online a few times (and always gotten rejected anyway)
- Getting a full time job - Besides applying for every job I can physically get to, I don't know what else I can do.
- Borrowing from friends or family - My family is in a bad situation as it is, I figure I'd need about £2000+ to help get me back on track. I don't know anyone who would be able to borrow me that kind of money, especially not when I can't guarantee when I can pay it back.
I really am at a loss of what to do. I am so scared of getting evicted and becoming homeless again.
Any advice is much, much appreciated. I am in the UK (Wales) so bare that in mind.
I have three bank accounts, one is my business account (-£355), one my main account (-£295) and a joint one with my partner (-£20). As you can see I LITERALLY have no money. I can screen shot these for proof if needed.
Currently my income streams are:
- Art commissions: £0 right now - I have a backlog of these which I am working on
- Taxidermy: £40 or so a week - Mainly mouse skins right now
- Article commissions: £6 a week or less
- Pet portrait commissions: £10 a week or less
- Jobseeker's Allowance: £145 a fortnight
The jobseeker's allowance is a benefit that we get when unemployed - it is supposed to cover travel and work clothes etc but we use it for bills and food mainly.
My commissions income stream is hardly there right now as I have a backlog. I have clinical depression so everything just kind of comes into a big vicious cycle and nothing tends to get done.
My outgoings are way more than my incomings and I am absolutely terrified right now. We have been threatened with eviction and also had a court summons for not paying our council tax (which we were TOLD was sorted, but apparently not!)
I really do not know what options I have now, but here are some things I have been thinking about:
- Moving back in with my mother - VERY UNLIKELY as my sister and her fiance are currently living there too, and there is no room.
- Taking out a loan to pay things off - I have never done this before and I've tried online a few times (and always gotten rejected anyway)
- Getting a full time job - Besides applying for every job I can physically get to, I don't know what else I can do.
- Borrowing from friends or family - My family is in a bad situation as it is, I figure I'd need about £2000+ to help get me back on track. I don't know anyone who would be able to borrow me that kind of money, especially not when I can't guarantee when I can pay it back.
I really am at a loss of what to do. I am so scared of getting evicted and becoming homeless again.
Any advice is much, much appreciated. I am in the UK (Wales) so bare that in mind.
If I find a job before you solve your money issues, I'll throw a few £££ your way ^-^ You deserve a donation from all the awesome art anyways :DD
http://www.amigoloans.co.uk/
That takes a while to get sorted, and undoubtedly due to your condition being depression related you'll be placed in the WRAG -- but that's 1 year you'll have to sort your shit out before they start harrassing you.
The economy in this country is fucking stupid and it blows, but all you can really do is grind your skills and apply for jobs everywhere.
Get your backlog sorted out ASAP so you can open commissions as a stream of income.
Speaking of streams... Host a LiveStream and offer cheap sketches on demand. This ensures the sketches get done right then and there, and you get some cash right then and there, too.
We've tried that through the JSA people too but they said our situation isn't dire enough hahaha
And yeah I'm gonna try getting through my backlog, it's hard but I am sure I can do it!
But looking at your options - a loan would be useful but you'd need to comfortably pay off the monthly payments.
I know there are some loan companies that would give a loan regardless of credit situations if absolutely desperate do so.
Another option is speak to your bank advisor about your situation see if they can offer any advice at all?
Keep searching for a job aswell difficult it's the most efficient even if its part time maybe that would be ideal. I know I could do with a second job to help me get out of my finance troubles. ;-;
I wonder if there is any company or shop you could sell your produce too nearby to help or perhaps create some tattoo designs and see if you can't sell them.
You can also see about anything you think you can sell or don't use. Just for that something small.
Ill try and see you soon. Love you guys! ;-;
I saw a little t-shirt for kids in adds that I wanted to get Charlie..had an otter with shades on his head.
We're trying to sell things, maybe we could go to a car boot some time soon, would you be up for that??
Being in a bad financial situation is not pleasant (I know this all too well) but I hope I can give some advice that can help.
First off, getting a loan to pay off other debt is a really bad idea. Companies like Amigo loans are for profit and are not there to help you financially. The example of a 2k loan for 36 months is based on a representative APR, which is a rate you are very unlikely to get. Even if you did get that, with the 49.9% quoted on their site you will be paying back £3891.60; this is almost double the original loan amount. Furthermore, because this is a secured loan, you are asking someone to guarantee their house against the loan. This means that if you fail to repay the loan for whatever reason, they will lose their house. I seriously doubt you'd get anyone to put themselves in that position and even if you do you have to weigh up the possibility of causing them to lose their home on your conscience.
I know it sounds harsh, but I just want to make it clear that there are much better ways of getting out of debt.
So with that said, what can you do? I'd say the first thing is to make a very honest budget of your income and outgoings. There are many sites that can offer templates and calculators to help you do this. This will give you a much better idea of where your money is going and where you're falling short. Using this you can start to look for areas where you can reduce your outgoings and increase your income.
Contact the council about your situation (I'd recommend going in in person to see them), if you and your partner are both unemployed you should not be required to pay council tax. It's a pain sorting out the paperwork to prove this, but the threat of court action is much less pleasant. With sufficient proof of your history they can backdate this (even though they often will insist they can't)
If your not fit to work because of clinical depression you should be on Disability Living Allowance and Employment and Support Allowance, not Job Seekers Allowance. DLA and ESA together amount to more than JSA anyway so worth pursuing. More info on what you could get is here: https://www.gov.uk/benefits-adviser
Contact any companies or individuals you have outstanding debt with. Just like with the council, explain to them your situation. They can work with you to set up payment plans that are easier to manage or even freeze interest and remove charges if your situation calls for it. They would rather get what they're owed from you over a longer period rather than pay a debt recovery agency to chase you.
Set up a meeting with your bank manager. Ask them what they can do given your situation, again they have the power to freeze interest in certain circumstances, but even if not, they can give you advice on managing your money and help give you more oversight on your finances. Keep in mind however that they are still a for profit company, so be wary of any loans, overdrafts, credit or paid accounts offered to you.
Finally I'd recommend watching some of the videos by Money Savings Expert, it's helped me in the past and still does these days: http://www.youtube.com/watch?v=FmYW1d41giI
Getting out of debt is not easy and its not fun. There are no quick fix solutions, but taking the right steps can help you get a grip on things and show the light at the end of the tunnel.
I hope this helps.
Also I have already asked about DLA several times but I have to be physically unable to work as far as I know, depression doesn't count. I will try anyways though.
I think I will go see my bank manager very soon to talk about this though, thanks for the advice!
If you are unable to hold down a job you do qualify. My ex-girlfriend who I lived with for 6 years has clinical depression and was on both DLA and what was then Incapacity Benefit because of it.
Also, consider the Citizens Advice Bureau if you get stuck with arranging things with your creditors.
Idk if I can't hold down a job, I have been fired multiple times due to my attitude, not showing up for work due to depression, taking too much time off idek
Although I can't help you, your in my thoughts. Hope the best comes to pass.
I wish I could help some way but sadly I don't have the funds or knowledge really on how to help.
I do hope you can sort something out though Possum
I hope this helps you out I only know this well cause I have been there myself so just stay strong and it will get sorted.
With your current financial situation have you and Charlie considered moving in with family members or friends until you're both back on your feet? I know it's not ideal and there's the potential problem of having to live apart but it may get you back on your feet quicker and give you time to build up and get a place you feel more comfortable with, can afford better and is in an area you feel more at home at?
Also if you live in Wales and have a chronic illness all your prescriptions should be free. The ones not considered chronic should be free because you're receiving benefits.
As for moving in with family, we can't, as mentioned my mother literally has no room and Charlie's mother isn't talking to him at all, PLUS she hates my guts. We don't know any friends who live in this area either :( Not independently anyways.
My prescriptions are free, I don't pay for them at all, I don't recall mentioning that D:
How are you doing anyways?
Don't get another loan unless you really really have to it only makes the problem worse down the line and your situation may not be the same then.
Unfortunately you need to contact everyone you owe money to and let them know the situation, write out or find online a letter template to send as well as ringing them(if you can).
Once they are aware of your situation they can at least negotiate a different loan amount, most companies are happy for even a £1 a month pay off at the very least.
I hope you get this sorted!.:/
The first thing to do is see if you can extend either of your overdrafts to provide some breathing room it is by no means a solution to the problem but it is a start.
2nd you need to negotiate with all your creditors (in this case 3) repayment plans, they will go through an income and expenditure with you with your limited income and current cost of living you will we able to set up repayment at £1 per month until the debt is paid.
Remember they cant take money off you that you don't have so don't let them bully you, also remember these are all unsecured debts so without a court order (which for amounts this small they will unlikely go for) they cant do anything to you. You are protected by the consumer credit act just as much as they are.
Finally try not to lose any sleep over it, money comes and goes as is its nature.
If you are on JSA why are you not also on Council tax benefit and Housing benefit - this way the rent and tax would have been paid for you on your behalf while you are unemployed problem is now it has been taken to court, without very special circumstances they wont back date any payments but there may be something they can do for you.
Get the council tax sorted as a priority, non payment of council tax is the only priority debt you can still go to jail for so get that done as a priority.
When in front of the court try not to get emotional keep calm and provide a constructed argument to the judge, explain the situation including any and all extenuating circumstances, also remember to take with you a full detailed income and expenditure breakdown so you can show where your money is going.
Thats about all I can think of for now.
Good luck