Worried & Confused of what to do.

-=[$iMoN]=- · 11 July 2006 at 9:03AM

Ok, I don't no the exact amounts I owe but it's something like this. I will find out when i get home from work tonight.

Nationwide loan - £1100 - (£89 per month)

A&L Loan - £3700 - (£124 per month)

Marks & Spencer CC - £750 (£40 per month)

Natwest Overdraft - £800

makes me sick thinking about it.

I'm thinking it would be best to get one loan to pay them all off then concentrate on paying off the loan asap. having all these comming out of my account its to much and its hard to get anything down. I only get around £230 a week.

what are your suggestions.

many thanks

Annie_Fanny · 11 July 2006 at 9:08AM

-=[$iMoN]=-

Welcome to the DFW board and well done on posting. This is a very positive first step in getting your finances sorted

The best thing to do, in order for us to help is to have a look at the thread below for help and then post up a detailed Statement of Affairs (SOA) (basically your incomings and outgoings) and we can try and help you squeeze out some extra money to help pay off your debts.
http://forums.moneysavingexpert.com/showthread.html?t=107280

As for getting a consolidation loan to ease your problem - well I must admit we are not big fans of these type of loans on this board - they often leave you in debt for longer and actually mean that you pay off a lot more in the long run. But it really does depend on your situation.

Post back with that SOA and we will be more then happy to advise.

Chin up!

Annie

-=[$iMoN]=- · 20 July 2006 at 12:03PM

Ok, just a little update on this. After recieving my telephone bill of £80 i decided enough is enough, my over draft is at it's limit, im paying the payments from my loans on my cc, and it's at an uncontrolable stage. so i decided to ask for help. i contacted my mum and told her all about this. and what she will do is send me a cheque for £7000 for me to settle my two loans, my credit card and my over draft leaving me with no debt's to anyone. and i will pay into a building society book £300 a month to my mum, or as much as i can afford.

Alot of weight has been lifted off my shoulder's, but im making every effort to reduce my outgoings and get rid of the loan from my mum.

I'll be looking around the board for tips etc to save money.

many thanks

moongarden · 20 July 2006 at 12:33PM

its a bit of a shocker when the light bulb finally goes on and you can see the mess isn't it!

first steps first, you need to know exactly where you stand. to find this out collect all your paperwork together and sort it by creditor. i've got a big lever arch file and some of those card dividers - but basically whatever works for you.

having the paperwork neatly stored means you are more in control and can instantly find whatever is needed.

once you have got all the paperwork together then its a really good idea to follow Annie Fannie's advice and produce a "State Of Affairs" (SOA)

this is really easy to do if you follow the link in Annies post.

i recognise the "makes you feel sick" feeling - i suffer from that too and sometimes the emotions of it cripple you into doing nothing - but take a deep breath and get a plan together.
e.g. get the papers together one evening, spend another eve sorting through everything, another eve create an empty spreadsheet using the SOA info on here, etc

then start to put a bit of info into the spreadsheet at a time and just build it up.

best of all to unlink the emotional response from the actual situation i pretend that the debts belong to a friend and i'm just helping them out with getting organised! that way i can feel less stressed and be more logical

-=[$iMoN]=- · 20 July 2006 at 12:38PM

moongarden wrote:

its a bit of a shocker when the light bulb finally goes on and you can see the mess isn't it!

first steps first, you need to know exactly where you stand. to find this out collect all your paperwork together and sort it by creditor. i've got a big lever arch file and some of those card dividers - but basically whatever works for you.

having the paperwork neatly stored means you are more in control and can instantly find whatever is needed.

once you have got all the paperwork together then its a really good idea to follow Annie Fannie's advice and produce a "State Of Affairs" (SOA)

this is really easy to do if you follow the link in Annies post.

i recognise the "makes you feel sick" feeling - i suffer from that too and sometimes the emotions of it cripple you into doing nothing - but take a deep breath and get a plan together.
e.g. get the papers together one evening, spend another eve sorting through everything, another eve create an empty spreadsheet using the SOA info on here, etc

then start to put a bit of info into the spreadsheet at a time and just build it up.

best of all to unlink the emotional response from the actual situation i pretend that the debts belong to a friend and i'm just helping them out with getting organised! that way i can feel less stressed and be more logical

Thanks for the responce.... I think you replied to my first post, ive just updated it with my latest update

http://forums.moneysavingexpert.com/showpost.html?p=2521545&postcount=3

irishgal_3 · 20 July 2006 at 12:57PM

Welcome to MSE!

Ok, since you owe the 7,000 to your mum now at least its at 0%! i'd suggest that you still post a SOA so that you can get advice from the lovely people on here! That way you can limit your spending in order to pay as much as possible as quickly as possible to your mum!

Also, be careful not to fall into bad debt habit again (as I did)! this is a chance to get the slate clean once and for all! What a lovely mum you have!!

Worried & Confused of what to do.

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