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Debt help and advice
bingbong2705
Posts: 13 Forumite
Im new to this particular board and wondered if someone may be going through or has gonethrough the same situation as me.
Me and my OH are in debt for 30,000 in total which mainly include credit cards with low apr and a LLoyds tsb loan and lloyds odraft. The loan intially was to take all ccard debt in one monthly payment but then after taken that we carried on openign ccard and using them .... previosuly we also remorgaged the house twice - so we are doing a bit pants on sorting are selves out..
But recently i have taken more control of the debt and have been cutting down genral bills but cant seem to find a way of making a diffrence on ccard and loan, my oh doesnt think trying to take say the odraft and paying an amount off each month and concentrate on that one debt mainly whilst paying the min balance on the low apr ccards and monthly dd for loan.
Can anyone help with some ideas, the odraft monthly fees as you an imagine are quite high... Help
Me and my OH are in debt for 30,000 in total which mainly include credit cards with low apr and a LLoyds tsb loan and lloyds odraft. The loan intially was to take all ccard debt in one monthly payment but then after taken that we carried on openign ccard and using them .... previosuly we also remorgaged the house twice - so we are doing a bit pants on sorting are selves out..
But recently i have taken more control of the debt and have been cutting down genral bills but cant seem to find a way of making a diffrence on ccard and loan, my oh doesnt think trying to take say the odraft and paying an amount off each month and concentrate on that one debt mainly whilst paying the min balance on the low apr ccards and monthly dd for loan.
Can anyone help with some ideas, the odraft monthly fees as you an imagine are quite high... Help
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Comments
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Hi Bingbong (love the name)
First of all don’t take out any further credit! Be strong and cut ALL the credits cards up, move banks and don’t have an overdraft. This is a new start and you don’t need credit anymore.
Start putting a financial statement together this will detail all you income and expenditure so this will give you a true insight to your situation. Also include things such as road tax, spares, clothes (things that are not always a monthly cost). Once you have it all down on paper you will be able to see if there are any areas you could look to reduce.
If you need any help completing a financial statement CCCS have a free online debt advice facility called Debt Remedy – does not take too long to complete and it will let you know your true situation and the best way forward. This link will take you directly to Debt Remedy.
Post up your financial statement and other people will also be along to help.I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
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Hi bingbong
Welcome to mse! Just echoing Sarah in what she's saying. Martin also has a budget planner on this site - near the top of this page is a listing called Step byStep Guides, and his budget planner is listed there. There are a lot of people on here in exactly the situation you describe, so don't worry, you're amongst friends. The big thing is to get that budget down on paper /on the computer, to see what's going on. You may also want to start doing a spending diary - literally writing down (in a little notebook, so you know you'll keep it up to date) every single penny that you spend. You analyse it after a week or so, then 2 weeks and so on, you may be spending pounds on something you didn't realise - crisps, a Starbucks, a magazine, that kind of thing.
Good luck, and do post again, you can always post a preliminary budget (Statement of Affairs, we also call it - there's a sticky post at the top of this board that tells you how to do it) and then update it by pressing the Edit button at the bottom right of what you've posted.2023: the year I get to buy a car0
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