Feeling lost... any advice?

[Useless Human Being]

Hello! Been browsing this forum for few months now as I'm going through difficult times with loans same as pretty much everyone here... I'm sorry for writing in English, I'm from Morocco and I've been living in Sweden for a little more than 4 years, but haven't learned much Swedish yet.

I accrued these loans primarily by investing (gambling) crypto meme coins, it started with a dream to get rich, then transitioned into a dream to make at least just enough money to pay back the loans I got into, then ended up with me just losing way more money and doubling the loans... Super foolish, I know!

I have now finally decided crypto is not it and I'm better off spending my time doing something better, but I'm afraid it may be too late for me to recover from this. I have a really good permanent employment with one of the best fintech companies in Sweden as a software engineer, and I'm afraid of losing it due to this issue.

These are the loans I have now:

- Bank Norwegian: 360 000 => 7 900/month (24% IR) Been paying this one for more than a year so far, hasn't decreased a bit.
- Ferraturm: 35 000 => 1 715/month (44% IR)
- Northmil: 40 000 => 1 479/month (25,65% IR)
- LoanStep: 25 000 => 1 000/month (22,6% IR)
- Saldo: 30 000 => 1 520/month (39,5% IR)
- CashBuddy: 25 000 => 745/month (29,6 IR)
- Lumify: 20 000 => 3 000/month (44% IR)
- Binly: 13 000 => 1 600/month (44% IR)
- Credifi: 7 000 => 1 100/month (44% IR)
- Viaconto: 10 000 => 1 700/month (43,5 IR)
- Klarna: 20 000 (two bills of 16 000 and 4 000, I don't know how to handle them yet.)
- Loan from family: 120 000 => 5 000/month

Total debt: 705 000 SEK
Total Monthly cost: 26 759 SEK
Salary net: 42 000 SEK
Rent: 10 000 SEK

I haven't paid anything on previous month except for LoanStep and Northmil, so I'm 18 days late on all the others, and I no longer have enough money to be able to pay now. I have not a single idea what to do...

I booked a meeting with a budget and debt counsellor, it's going to happen next week. I'm hoping I can get some really good help from them or if at least they can help me lower the interest rates and the costs on these loans, I think these interest rates that I have are cruel, and I've seen members here with higher debt but only pay like 8 000 SEK monthly on it... I'm not looking for debt restructuring and I know I can't get it because some of my loans are recent. I don't want wage garnishment either, especially if KFM is gonna drain the max amount from my salary, or if it means I'm gonna lose my job...

I want to pay these loans back, I really do. I have been hoping and trying hard to get a good consolidation loan with good conditions, I've tried hard way before I accumulated all these loans, got rejected everywhere, my credit score got ruined and now I'm stuck. If only I was able to get a good offer before ending up here, I would've stopped trying to make money from crypto and focused on paying back everything I owe.

I have also just recently been granted a permanent residence permit, and I don't want to risk losing this. I have this idea of going back to Morocco for a while and work remotely from there so I can get rid of this expensive rent and use that money to prioritize paying the loans with insane interest rates first, and I will be living with family so I won't be spending much at all. But I'm not sure this is even possible and whether my employer would agree to something like this or not...

What are your thoughts? How would you go about such messed up situation? Do you think seeing the debt counsellor will be helpful?

Thank you all in advance, and I wish everyone here a debt free life in the nearest time.

 

[sarkostik]

Sorry for the difficult situation you are in. Have you wondered if you are addicted to gambling for quick wins similar to playing poker?
For me, it's all about moving slowly to achieve wealth, to facilitate retirement and help our children in the future.

I would think that you need to structure which loans/credits you focus on being able to pay in order to avoid KFM. You should prioritize your large Bank Norweigan loan. If you are unable to pay, it will end up with debt collection and you may risk a payment plan that you cannot manage. For example 12 months would mean you need to pay 30k per month just for amortization and interest/fees are not included.

The important thing is that you keep track of how your smaller loans end up with debt collection and stay up to date with current payment plans. There will hopefully be some delay and you try to circulate who you pay to to avoid KFM. Even if you end up with some of the smaller ones like the sum of 50k on KFM, you might be able to manage paying it back. It will be much more difficult to have a larger lump sum of almost 400k (Bank Norweigan)

Your salary is your big plus and if you can find a friend where you can live for cheap or, as you say, live abroad with relatives/friends, that's great. Consult your job first if you have the opportunity to work completely remotely for a while. Check with your family if you can wait to pay back, and also if they can help you again.

I hope you will get out of the difficult situation and a local debt counselors in your community(kommun) can be worth to hear their point of view how to do. However, they have no opportunity to help you reduce interest on the loans. You should avoid applying for a loan until your credit profile improves in order to reapply for a consolidation loan to get better terms.

Do not take my views/advice as concrete as others can certainly fill in with tips and advice that are more relevant to your situation.

 

[Useless Human Being]

Sorry for the difficult situation you are in. Have you wondered if you are addicted to gambling for quick wins similar to playing poker?
For me, it's all about moving slowly to achieve wealth, to facilitate retirement and help our children in the future.

I would think that you need to structure which loans/credits you focus on being able to pay in order to avoid KFM. You should prioritize your large Bank Norweigan loan. If you are unable to pay, it will end up with debt collection and you may risk a payment plan that you cannot manage. For example 12 months would mean you need to pay 30k per month just for amortization and interest/fees are not included.

The important thing is that you keep track of how your smaller loans end up with debt collection and stay up to date with current payment plans. There will hopefully be some delay and you try to circulate who you pay to to avoid KFM. Even if you end up with some of the smaller ones like the sum of 50k on KFM, you might be able to manage paying it back. It will be much more difficult to have a larger lump sum of almost 400k (Bank Norweigan)

Your salary is your big plus and if you can find a friend where you can live for cheap or, as you say, live abroad with relatives/friends, that's great. Consult your job first if you have the opportunity to work completely remotely for a while. Check with your family if you can wait to pay back, and also if they can help you again.

I hope you will get out of the difficult situation and a local debt counselors in your community(kommun) can be worth to hear their point of view how to do. However, they have no opportunity to help you reduce interest on the loans. You should avoid applying for a loan until your credit profile improves in order to reapply for a consolidation loan to get better terms.

Do not take my views/advice as concrete as others can certainly fill in with tips and advice that are more relevant to your situation.

Thank you so much for the advice, really appreciated. I have been thinking of delaying Bank Norwegian and try to get rid of the small loans first, but I think you're right, if a loan with that amount ends up with debt collection it will be an ugly disaster

 

[Useless Human Being]

Update:

I recently went to see the budget and debt counselor in my municipality, hoping for some helpful guidance. Unfortunately, it wasn’t what I expected. After hearing my story and reviewing my loan situation, the counselor basically told me to “get ready for wage garnishment.” They spent most of the time calculating how many years I’d live under garnishment, and I left feeling like I did more talking than they did. There was no valuable advice on how to negotiate with creditors or any hope for debt restructuring—especially since they said they’d never seen a case approved before.

But I refuse to sit and accept living on 6,000 SEK per month for 8 years. I believe what I really need is a consolidation loan with good terms and a manageable interest rate, paired with a commitment to stay away from the habits that got me here in the first place. I’m going to reach out to my creditors one by one and try to negotiate lower monthly payments. If I can lower my overall costs, that would be a great first step ahead.

If all negotiations fail, then I'll execute my master plan to enforce my own terms and get myself out of this trashy situation in the shortest amount of time possible.

Was wishing to receive more advices from more people here, but having gone through this I think I'm qualified to give you guys some advices too:

- Stay away from personal loans no matter what it is that you need. Even if it's an emergency, know that taking a loan is a temporary solution to the problem, nothing more. The loan will hurt later. Save to get what you want, unless the loan is for real estate or something that holds value or increases in value over time, never take it.

- Stay way from egaming, gambling, crypto currencies, and any kind of investment that promise high returns in a short amount of time. What you will get is massive never ending losses.

- If someone reaches you on the phone saying they are from company X and they want to help you with your loans, or help you get a loan, hangup immediately! No one calls with the intention to offer you help, all they want is info about you that they can sell, and to take that credit report on you in order to lower your credit score and get you stuck with your current loans and never have a chance to get a better interest rate.

- Last but not least, the banks are not your friend, and a customer who has loan with them is not a customer, but rather a slave working for them and making them money. You complain, they slap.

Cheers everyone and good luck! I'm outta here.

 

[Walk1998@]

Update:

I recently went to see the budget and debt counselor in my municipality, hoping for some helpful guidance. Unfortunately, it wasn’t what I expected. After hearing my story and reviewing my loan situation, the counselor basically told me to “get ready for wage garnishment.” They spent most of the time calculating how many years I’d live under garnishment, and I left feeling like I did more talking than they did. There was no valuable advice on how to negotiate with creditors or any hope for debt restructuring—especially since they said they’d never seen a case approved before.

But I refuse to sit and accept living on 6,000 SEK per month for 8 years. I believe what I really need is a consolidation loan with good terms and a manageable interest rate, paired with a commitment to stay away from the habits that got me here in the first place. I’m going to reach out to my creditors one by one and try to negotiate lower monthly payments. If I can lower my overall costs, that would be a great first step ahead.

If all negotiations fail, then I'll execute my master plan to enforce my own terms and get myself out of this trashy situation in the shortest amount of time possible.

Was wishing to receive more advices from more people here, but having gone through this I think I'm qualified to give you guys some advices too:

- Stay away from personal loans no matter what it is that you need. Even if it's an emergency, know that taking a loan is a temporary solution to the problem, nothing more. The loan will hurt later. Save to get what you want, unless the loan is for real estate or something that holds value or increases in value over time, never take it.

- Stay way from egaming, gambling, crypto currencies, and any kind of investment that promise high returns in a short amount of time. What you will get is massive never ending losses.

- If someone reaches you on the phone saying they are from company X and they want to help you with your loans, or help you get a loan, hangup immediately! No one calls with the intention to offer you help, all they want is info about you that they can sell, and to take that credit report on you in order to lower your credit score and get you stuck with your current loans and never have a chance to get a better interest rate.

- Last but not least, the banks are not your friend, and a customer who has loan with them is not a customer, but rather a slave working for them and making them money. You complain, they slap.

Cheers everyone and good luck! I'm outta here.

Hej man , wow what a story... keep grinding and dont give up ! You already have a very good salary so I would reccomend if you can get one more job , whats your credit score and how many Times did you asked for credit , by that the banks will or will not aprrove you loan , i can see that you have 11 kredits , 1 bank norwegian is on UC and the other ones arent, if you have a good credit score you can take 1 loan to have instead of 10 those small , it is a hard thing to do under small amout of time but it is worth to try, i am in similar situation and I wont give up , i hope that you are going to solve your problems , in my case when i starten with crypto i made a lot of money under little time , but I lost it all ... and then I started to gamle and I took a lot of loans and lost all the money , right now i have 18 kredits totall , my salary is 30 - 35 000 after taxes , when i pay everything i still Owe 4000-10000 almost each month , i eat 1 time a day , i dont go out and I lost everything.. from girlfriend to best friends, i did a mistake and it is my problem that I need to fix , dont give u man ! When you are done with ypu problems you will be really strong in mind , spirit and body ! There is a solution for every problem !

 

[Useless Human Being]

Hej man , wow what a story... keep grinding and dont give up ! You already have a very good salary so I would reccomend if you can get one more job , whats your credit score and how many Times did you asked for credit , by that the banks will or will not aprrove you loan , i can see that you have 11 kredits , 1 bank norwegian is on UC and the other ones arent, if you have a good credit score you can take 1 loan to have instead of 10 those small , it is a hard thing to do under small amout of time but it is worth to try, i am in similar situation and I wont give up , i hope that you are going to solve your problems , in my case when i starten with crypto i made a lot of money under little time , but I lost it all ... and then I started to gamle and I took a lot of loans and lost all the money , right now i have 18 kredits totall , my salary is 30 - 35 000 after taxes , when i pay everything i still Owe 4000-10000 almost each month , i eat 1 time a day , i dont go out and I lost everything.. from girlfriend to best friends, i did a mistake and it is my problem that I need to fix , dont give u man ! When you are done with ypu problems you will be really strong in mind , spirit and body ! There is a solution for every problem !

I'm in shock! I'm living the exact same thing!! And that's exactly what happened to me, made a lot of money on crypto and then lost it all, took loans to make it all back and lost everything. Now I eat once per day and I don't go out too. What the hell?

My UC is ruined man, I have about 50 reports taken on UC and a risk score of 29%. I didn't not know how UC works before so I kept trying to get a consolidation loan until I ruined my score.

I hope we both find a way out of this disaster. Good luck man, and I'm here if you ever need to talk to someone!

 

[Walk1998@]

Hej man well I have maybe some good News for you , yes you have really bad uc score but .. i had even worse , 1 year and 3 months ago i had 69% risk and 55 reports i too didnt know how it works but when i found out i decided to fix it and now 1 year later i have 15.8 % risk and 25 reports , when my risk will be at maybe 10% or 8% then I have a chance to get a loan , 1 year ago i had 500000 cronos in all my credits and now i have 220000 i have come a long way but still there is a lot work to do , many banks have told me that it is impossible to get out of my situation, they told me that I would end up at kronofogden last year but that was last year and I am still not there , many Times i was very close but instead of doing nothing i went out and seached for work , i cleaned toilets , cleaned cigarettes from the ground , just to get some money, those people that told you that the only thing to do is waiting for kronofogden are not the same as you , do not listen to them, there is always a way out. you have a lot of problems but still you are fighting and not giving up. Just continue to do so, do everything that is neccesery, yes you will get worse , depression, anxiety , insomnia, eating disorders...I have it all. But when you get out of the shitty situation you will be stronger than ever. Think about it

 

[Useless Human Being]

Hej man well I have maybe some good News for you , yes you have really bad uc score but .. i had even worse , 1 year and 3 months ago i had 69% risk and 55 reports i too didnt know how it works but when i found out i decided to fix it and now 1 year later i have 15.8 % risk and 25 reports , when my risk will be at maybe 10% or 8% then I have a chance to get a loan , 1 year ago i had 500000 cronos in all my credits and now i have 220000 i have come a long way but still there is a lot work to do , many banks have told me that it is impossible to get out of my situation, they told me that I would end up at kronofogden last year but that was last year and I am still not there , many Times i was very close but instead of doing nothing i went out and seached for work , i cleaned toilets , cleaned cigarettes from the ground , just to get some money, those people that told you that the only thing to do is waiting for kronofogden are not the same as you , do not listen to them, there is always a way out. you have a lot of problems but still you are fighting and not giving up. Just continue to do so, do everything that is neccesery, yes you will get worse , depression, anxiety , insomnia, eating disorders...I have it all. But when you get out of the shitty situation you will be stronger than ever. Think about it

Wow, that's inspirational man! You've really come a long way indeed! Really proud of you and I hope you never go back to the old habits again. I will fight as hard as I can too. Finding a second job may not be an option for me, I don't speak any Swedish and my primary job already comes with all the stress in the world, but I will give it a try and see what I can come up with. Thanks you so much for your replies and for giving me a glimpse of hope, I really appreciate it!