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DFW Newbies: Where to start, Challenges, SOAs, Nerds & Debt Free Roll of Honour!
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MSE Andrea
Old 27-09-2007, 4:53 PM
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Default DFW Newbies: Where to start, Challenges, SOAs, Nerds & Debt Free Roll of Honour!

Welcome to Debt-Free Wannabee!

This board is dedicated to help you and everyone get out of debt. We're a community of Debt-Free Wannabee. So if you're looking for suggestions, advice or even someone to shout at you to stop spending.... here it is.

Where to start!


First use the resources of the main site including.

Budget Planner
Problem Debts: what to do and where to get help
The Demotivator: a tool to stop you spending what you can't afford


Then Use The Resource of the Board To Ask for Help - Info


Have a read of MoneySaver 'Southern Scouser''s Help for First Time Posters (though do forgive him his sense of humour; and get used to it! )

Also take a read of the Great Ways to Cut Back Hunt.

Want to really get involved?


Be proud to be dealing with your debts, set up a Signature!, join the DFW Nerd Club and have a good read through Marru's Challenge List to see which you could join in with and save more.

You can even start your own Diary on the Debt Free Diaries sub-board. Inspirations and challenges on there include Giving up Smoking and the Sealed Pot Challenge.

The DFW Holy Grail


Finally, when you've made it and have reached your debt free date then add yourself to the Debt Free Roll of Honour.

And.. congratulations!!!

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Last edited by MSE Andrea; 13-11-2009 at 3:43 PM.
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# 2
fermi
Old 24-12-2011, 12:21 PM
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And here is a copy on southernscouser's very useful Help for First Time Posters & SOA Calculator post.

Quote:
Originally Posted by southernscouser View Post
This is a really useful thread for newbies to the Debt Free Wannabe Board

New MoneySavers should read this in conjunction with Where To Start With Problem Debts on the main site.



Welcome to MSE and the Debt Free Wannabe board.

Now I know this is a bit of an essay but please read through the whole thing. In the long run it will save you and us lots of time.

This is a guide for anyone who wants to start battling the debt demons but isn't quite sure where to start.


First things first, well done for confronting your debt. This is quite commonly know on here as your "light bulb moment". This is the biggest and hardest step you will take so if you can do this you CAN become debt free.

When I first posted I felt ashamed, guilty, sick, embarrassed, angry! But don't beat yourself up. There are thousands who have made the same mistakes as you and me and I promise you that within hours of posting you will be feeling more positive and willing to tackle your debts head on!

You wonít be judged (certainly not by me, look at my signature ) so donít be ashamed to admit everything. Although it pains me to say it there are a lot of top people on this board.

The other members on here are so genuine and helpful it is unbelievable. I don't think there is much between us that we can't help with.

For other MSE users to be able to help you as best we can you need to provide us with as much information as possible. You donít have to include your life story (although the nosier ones wonít mind if you do ) but we do need to know every penny you have coming in, and every penny going out. The more accurate and detailed you are the better the advice will be. We call this a SOA (state of affairs).



Here is a link to a really useful SOA calculator thanks to Clariman. CLICK HERE



Below is a rough template;
Monthly Incomings:

My salary - £1,330.34
Partners salary - £874.32
Benefits - £100

Total - £2,304.66

Monthly Outgoings:

Mortgage/Rent - £700
Council Tax - £89
Gas - £20
Electric - £20.53
TV License - £10.99
Sky £45.99
Phone - £40.79
Food - £300
Car Insurance - £32.53
Petrol - £80
Life Insurance £20

Total: £1,359.83

Make sure you include EVERYTHING you can think of!

Also give us as much detail about your debts as you can especially with the APRís. If you donít know them, phone the credit companies up and get them to tell you.

Egg CC Ė Balance £2,300 (limit £2,500) APR 12.9%

Tesco Loan Ė Balance £5,000 APR 8.9% Length of term 60 months, 12 months to go

Overdraft - £800 (limit £1,000) APR 20%

The SOA will be the first thing any other user will ask you for and it's essential you get it as accurate as possible!


Also start a spending diary. Note down every single penny you spend each day. It's amazing where it all goes. I was spending over £30 a month on the drink and snack machines at work! That's a minimum £360 a year!

This is crucial in telling you where the "spare £300" a month goes!


Also below are the contact details of Debt Management Charities. They will not charge you a penny like other companies and are amazingly well thought of by people on these boards. In fact I donít think Iíve heard a bad word about them yet.

They offer great financial advice and like I said are totally free to use.

You may have seen the adverts on TV saying "we reduced Mr Blogg's monthly payments from £1200 to only £300 per month and will be debt free in 5 years"! Ignore those (insert swear word here) leaches! The charities below offer you exactly the same service but for no cost!


Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/


Citizens Advice Bureau (aka CAB)
http://www.citizensadvice.org.uk/


Now you may have, or been tempted to, consolidate your debts. Now although I wouldn't totally disregard the idea quite often just shuffling your debts around can prove to be a far more cheaper and practical way to go about things!

There is a fantastic online calculator (link below) that you input all your debts and the amount you can afford to pay each month, and the calculator will tell you what debt to pay first and how much to pay each month. It also gives you a debt free date which can be a great motivation and a target to work to.

http://www.whatsthecost.co.uk/snowball.aspx

There are lots more things I could cover on here but I don't want to baffle myself too much, let alone you!

Everything I haven't included will be picked up by the other posters anyway so just concentrate what is on here first and we'll take things from there!


Lastly, if ever you need advice, comforting, encouragement, a shoulder to cry on, someone to rant to, or a kick up the !!!! (you know who you are ), there will always be sympathetic ears and polished boots on this board.

Good luck

SS
I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards, Loans, and Benefits boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com | > New to Forum? Click for Guide <

Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

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# 3
fermi
Old 28-11-2012, 5:19 PM
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For now I will also highlight the very informative thread from StepChange here:

StepChange #debtmyths

Well worth reading as there are many 'myths' out there that can hinder people on their debt free journey if they are believed.
I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards, Loans, and Benefits boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com | > New to Forum? Click for Guide <

Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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