In debt but very thankful...

klairbear

for all you people on here!

i have been burrying my head in sand over my debts, as has my mum (she is chronically ill and disabled and i live with her and mysister). we owe something to the tune of 40 thousand, some spent unwisely and uncontrollably and some when it has seemed to have been no other option. i fully admit i have been stupid and deserve to be in the situation i am in.

i could see no light at the end of the tunnel and with a lot of other stresses going on in my life it would have been so easy to give uo. but i saw an interview with martin and did an internet search and found...

the light!! this place shone like a beacon in a very dark place. i have lurked for a while and posted on 'safer' threads but now, with a deep breathe i admit...

i have my debts and i am now proud to be dealing with them. following sugestions read on here i have got a plan and should (make that WILL) be out of debt in 7 years. I know that seems like an age - but to me i was looking at 50 years in previous circumstances.

it is not going to be easy, and things will be tight but i am determined to sort myself out. on the plan we have enough money to live and some form of entertainment occasionally, but i will have to stop recless spending and buy it now demands!

so there it is - klairbear 3 and family are proud to be dealing with their debt! and we could have only done this thanks to you guys and this wonderful site!

*exhale*

that feels much better!!

kakanodebt

klairbear wrote: »

for all you people on here!

i have been burrying my head in sand over my debts, as has my mum (she is chronically ill and disabled and i live with her and mysister). we owe something to the tune of 40 thousand, some spent unwisely and uncontrollably and some when it has seemed to have been no other option. i fully admit i have been stupid and deserve to be in the situation i am in.

i could see no light at the end of the tunnel and with a lot of other stresses going on in my life it would have been so easy to give uo. but i saw an interview with martin and did an internet search and found...

the light!! this place shone like a beacon in a very dark place. i have lurked for a while and posted on 'safer' threads but now, with a deep breathe i admit...

i have my debts and i am now proud to be dealing with them. following sugestions read on here i have got a plan and should (make that WILL) be out of debt in 7 years. I know that seems like an age - but to me i was looking at 50 years in previous circumstances.

it is not going to be easy, and things will be tight but i am determined to sort myself out. on the plan we have enough money to live and some form of entertainment occasionally, but i will have to stop recless spending and buy it now demands!

so there it is - klairbear 3 and family are proud to be dealing with their debt! and we could have only done this thanks to you guys and this wonderful site!

*exhale*

that feels much better!!

glad that you feel much better

good luck with it all

GeorgeUK

Welcome aboard.

If you haven't already, you could post up a SOA to see if there are any areas in your expenditure you can make savings on. Now you've started, there'll be no stopping you.

https://www.makesenseofcards.com/soacalc.html

septemberblues

Welcome from me too Klairbear, you will get lots of helpful advice and some very nice people on this board, good luck xx

megisabel

Welcome, great that you are now dealing with your debts, I have lots of debt too and this place is great for advice and support.

x

beanielou

Just wanted to say hi & welcome.
Well done on posting,pop up your SOA when you get a wee moment.

churchrat

hi klairbear and welcome
my name is churchrat and I am in debt as well...
I understand what you mean about spending when you could see no other chioce, a lot of pepole on here have done the same.
So good luck with it all and show us the soa when you have time.

Deep_In_Debt

Hi klairbear and welcome from me too!

This forum is wonderful and it's helped me enormously. There are always people here so even if you fancy a good rant or cry...do pop onto the forum if you can.

Well done for facing up to your situation. It's not easy but you have taken the first massive step.

Good luck and do keep posting.

klairbear

Here it is - my SOA....i'm scared!!!....

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 500
Benefits................................ 200
Other income............................ 100
Total monthly income.................... 1500

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 25
Electricity............................. 42
Gas..................................... 66
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 150
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 90
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 5
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 640

Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 120000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................15000.....320.......0
Loan 2.........................7000......185.......0
Credit Card 1..................700.......20........22.9
Store Card (mums)..............100.......6.........29.9
Loan 2 (mums)..................8000......264.......0
Loan 1 (mums)..................7000......187.......0
Credit Card 2..................1000......30........0
Total unsecured debts..........38800.....1012......-

Monthly Budget Summary
Total monthly income.................... 1,500
Expenses (including secured debts)....... 640
Available for debt repayments........... 860
Monthly UNsecured debt repayments....... 1,012
Surplus(deficit if negative)............ -152

Personal Balance Sheet Summary
Total assets (things you own)........... 120,000
Total Secured debt...................... -0
Total Unsecured debt.................... -38,800
Net Assets.............................. 81,200

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.


I have included earnings and debts for all three of us, feel free to ask any questions.

on a plus point there used to be five other credit cards which i have managed to pay (using some savings and a grant i got for a pgce course i did, as well as bit at a time through extra hours).

so even though there is so much, i have made a bit of an improvement!

dancingfairy

o.k medical bills seems really high - would you mind explaining what that's for - you might be able to get help with it if it is essential for your mum and she is disabled or if it is lots of pescriptions or dental plans or what just to give us an idea.
Perhaps doing seperate DMP's might be the answer? have you sought any help from the CAB or anyone on this? you might find that there are benefits you are not claiming to help you with your mum.
Also have a look at the up your income boards and send off for loads of free stuff and do surveys etc.
Forgot to say good luckwith it all - maybe if you are determined to tackle this together see if you can sell stuff to pay off the 100 debt - it will give you great motivation to tackle the others.
df x

dancingfairy

P.S It's 7 years now but with all the hints and tips around you'll soon cut that down and pay it off even quicker.