Ask Experts Questions for FREE Help !
Ask
    scoobymolky's Avatar
    scoobymolky Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 1, 2012, 11:47 AM
    Little money is coming in and too many debts
    Some people this may sound like its not that bad before christmas I got a loan from a company call flm quick bacically they lend you 500 pounds and you pay 51.09 every month but what I failed to realise is 46.01 of that is interest and your only paying bk 5 per cent of the balance I also have a old provident loan and a old rent arreas of about 600 pounds between them I only get 100 pounds every 2 weeks and find it hard to live I have no belongings and stay at my antys house some times or a mates can I declaire myself bancrupt and clear these debts I would be greatfull if some 1 could advice me thank you darren
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Jan 1, 2012, 11:50 AM
    Why did you borrow money when you had no way to pay it back? The courts will want to know the same thing if you are considering bankrutpcy.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jan 1, 2012, 12:49 PM
    Also that is the way it is with all loans. Payments start being interest heavy, as you make payments the principal portion of the loan gets bigger and the interest portion lessens.
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    Jan 1, 2012, 01:46 PM
    The MOST important debt is the rent arrears as this could cause eviction.
    The others, while a burden are easily managed.
    Best thig would be to contact National DebtLine or CCCS who can offer realistic debt management advise and solutions to your problems.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax on money coming from parents living abroad [ 4 Answers ]

I live in US and my parents live abroad. They want to help me pay what’s left of my home loan here in US. Do I need to pay taxes on the money coming from them? If yes, what can be done to minimize the tax I have to pay? Thank you, Cuptor

Money coming between close friends, liens... [ 2 Answers ]

I have been living with some very close friends I consider family for the past year, Under a verbal agreement of $200/month for my room and $100/ month for my horse to stay in the pasture they have behind the house along with their horses. Long story short, I lost my job an was unable to pay...

Coming into some money [ 1 Answers ]

My mom is rather irresponsible when it comes to money, she's never really been the one to put some back for a rainy day or emergency. I am her oldest daughter and want to try to help her. My mom is 53 yrs old, lives in Indiana, is a Licensed Practical Nurse, takes care of my 9yr old nephew, has...

Consolidating debts, but no money down and poor credit, can we buy? [ 2 Answers ]

Me and my fiancée are looking into buying a condo within the next couple years. Neither of use has ever owned property before, but we're both very handy and our looking for a "fixer upper". Our issues are: 1. Poor credit 2. No/little down payment 3. Outstanding debts (we're looking to...

View more questions Search