not like moozie!! - i just don't get debt

scaredy_cat_2 · 1 January 2007 at 9:36PM

feeling v fed up as just did lengthy post and lost the lot!!

I have just read moozie's story and feel amazed at how much she as achieved in such a short space of time and also v fed up with myself

I also found the site earlier this year and changed mortgage, 0% bt and car insurance. then nothing

next i was so low i posted soa although quite muddled followed some advice - hugely reduced food bills and stupid spending on food

but still have done nothing - and have realised that the main reason (although i wonder why not motivated enough) is i feel stupid cos i just don't get it? I don't understand where to start - and how can i clear debts if i am so o/d each month? i hope am explainng this properly

I just don't understand where to start ( have never done a budget) but what if i can't afford anything and then what do i do?

how do you clear debts when so in debt with o/d - clearly lots of you are doing it but i don't know where to start. Have some of you taken several attempts before finding a way? i do hope so

would appreciate any help as feeling very thick

but 2007 should not be wasted in same way as 2006

happy new year and thanks

newleaf · 1 January 2007 at 9:42PM

Come on now, New Year, New Start! Don't be downhearted.
Can you post an up to date SOA for us and the good peeps here will pull it to bits for you.
Just keep pecking away at it and you will be surprised at how easily it all falls into place.

*zippy* · 1 January 2007 at 9:49PM

Hi scardy cat

You are not alone, keeping yourself motivated over a long period to pay off debt is hard work, I'm determined myself to knuckle down to it in 2007 and stop messing around.

The first thing to do is a budget, you need to see whats coming in and going out and balance the books, hopefully then you can tweak it so you have some over to overpay your debts and OD, have you had a go at the snowball calculator as that can really help motivate yourself.

http://www.whatsthecost.com/snowball.aspx

After you have done your budget, keep a spending diary so you can see where your money is going.

You could also look into ways to earn some extra money so you can pay a bit extra a month.

Why not put your SOA up again and see if DFW's can help you

Good luck :T
zippy

mr_&_mrs_smith · 1 January 2007 at 9:56PM

My debts are huge but determined to takle them, and using the advice of others, i am going onwards and upwards and not looking back, will try very hard not to feel down and there are worse things in life.
My aim this week is to write everything down and find out what i owe.
I am scared too, very!!!!

roswell · 1 January 2007 at 10:08PM

I think the problem you have is you moved everthing around a little and then forgot what the target was, You need to get your SOA, make as many reductions as possible and then pay MORE off the debts, you need to find the spending black holes and plug them up.

Once you can accoutn for where every penny is going you will find out what the real situation is. where your income is going where your bigges expences and from that you can make a plan of action.

scaredy_cat_2 · 1 January 2007 at 10:13PM

thank you,
i will start cracking on up to date soa straight away and will hopefully post it tomorrow. I will also do the budget - this is what scares me really i think - having to think about birthdays etc all the time - i know i am quite spendy even though i often think am being 'good'.

what is the snowball calculator? just looked - not sure am quite up to that just yet - maybe budget first then i might understand what next :-)

*zippy* · 2 January 2007 at 12:32AM

The Snowball calculator can help you decide which debts are the best to over pay (highest interest) and will also give you an idea of your debt free date. By playing with it you can see if you can find extra money in your SOA for debt over payments you can bring your debt free date nearer and see how much interest this saves you. It really makes you realise every little helps.

You do need to get your SOA done first though.

Seaxwyn · 2 January 2007 at 1:15AM

Hi scaredy cat

Good luck - I'm hugely in debt too (only added it all up properly today) and I know how frightening it is.

Just picking up on one of your questions - how to tackle debt when always overdrawn - it really helped me to start looking at the Overdraft as one of the debts.

My overdraft is in fact my highest APR debt, so I am only paying min payments on the cards until the overdraft is gone.

Good luck, do your SOA, keep posting and you'll get loads of helpful advice.

Seaxwyn

bobbie78 · 2 January 2007 at 2:07AM

HI scaredy cat.

Welcome to the fold, you have already taken a huge step by posting on here and asking for help. Just remember we are all in the same boat, we have all made mistakes along the way (and will probably continue to) but at least now you can try and learn from them and take positive steps to change things for the better.

I can't recommend a spending diary enough, just to keep an eye on what you are really spending, and put down everything, even break down reciepts so not just 20 quid at tesco put down what you really bought, so when you look at it in a months time and go through it and realise you spent 50 quid on cola or 150 quid at starbucks (or is that just me) you can have more control over where your money goes. So next time you go to buy that thing you can think "do I need it, or do I want it" if you really really need it or your life will end, then I guess you should check and see if you can get it cheaper any where else first, then get it. But if you just want something, and the world won't stop turning if you don't buy that brand of drink, or that dvd then that is when you are back in control and can start choosing where your money goes. It means you end up appreciating the things you do get a whole lot more and you don't end up with quite as much useless tat about the place as you really wanted the things you have.

Try not to be scared, just think you are not going to be taken in by stupid adverts any more trying to sell you stuff you don't really need or want, you are going to be in control of your money and your life. And if it does go a bit wobbly there will be lots of people here to help you through the rough spots and good times to keep you going. Just keep posting and there will be a way to sort it all out someone will know the answer, or will have been through the same thing and can help guide you through.

I'm sorry this has turned into a very long post, all I can recommend is take some time and read through some of the debt diary's on here, there are some amazing people here who are a real inspiration, they have real lives and real problems to face and yet you can see their journey to paying of thousands of pounds by making these kinds of changes.

chocolatefish · 2 January 2007 at 2:17AM

scaredy_cat wrote:

thank you,
i will start cracking on up to date soa straight away and will hopefully post it tomorrow. I will also do the budget - this is what scares me really i think - having to think about birthdays etc all the time - i know i am quite spendy even though i often think am being 'good'.

I think that doing your SOA and making this the absolute centre of how you manage your finances is the key to 'getting' it, especially when you use your SOA to establish a workable budget and use a spending diary for day-to-day discipline. It is so easy to kid yourself that you aren't spending that much and are 'being good', especially if you are used to being 'spendy'. But when it's there in black and white, you can see exactly where the money goes, when and what on. And that is scary - so you are brave to tackle it. knowledge is power though, and in this case, empowering.

Good luck with the SOA.

moozie_2 · 2 January 2007 at 2:59AM

Hi there scaredy cat

Sorry you are having a hard time at the moment :grouphug: If I can offer my advice which is based on how I dealt with my overdraft, it would be to either open another account and use that as your current account so the OD is paid just like another debt. This is how I did it and got £50 from A&L for passing them my OD

If your T&Cs prevent you from doing this, chuck the minimum at every other debt until you are out of your OD. Quidco/ebay/amazon/mystery shopping all help to add to your income so make sure you use them as much as possible.

The bottom line is if I can do it, anyone can. I am sure you can 'get' it and we are all here to help you to get back on the straight and narrow

Hang in there and post the SOA so we can all offer a hand!

not like moozie!! - i just don't get debt

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