I'm in Debt Fatigue.........

Jimmydebtface

Hello One And All.

I have been using this site for money information for some time now, but only just looked at the forums. It is comforting to see I am not alone in dealing with debt.

Thing is, I really have got to the point now that I am in DEBT FATIGUE! I feel I have wasted the past two years of my life with sleepless nights, never ending trips to the bank, constant calls from creditors, charges. I work hard for my money and the moment it is in my hand it is snatched away again, over £1000 in Bank Charges, countless hundreds on Late payments for CC and extortionate interest.

I think about the times I have been looking in my room for loose change, just to scrape together enough to pay the minimum payment on a card to avoid charges. Only to find myself in the same situation the same time next month.

I have dealt with this okay until now. BUT looks as though I am getting married in June! Every payment I make to a creditor is money I could be putting into a house. I feel so frustrated that I let myself get into this situation, I thought I was better than this.

So I have decided to make a list of debtors, organise my finances, avoid the STUPID charges they levy that Keep me from making progress.

Today is different! I am sorting out all the bills, prioritising the debts and getting them off my back once and for all!

My SOA Below:-

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ £1200
Total monthly income.................... £1200[/b]

Monthly Expense Details
Mobile phone............................ £35
Internet Services....................... £10
Groceries etc. ......................... £150
Clothing................................ £20
Petrol/diesel........................... £100
Road tax................................ £10
Car Insurance........................... £50
Car maintenance (including MOT)... £15
Car parking............................. £10
Presents (birthday, christmas etc)...... £15
Haircuts............................. ... £5
Entertainment....................... .... £130
Total monthly expenses.................. £920


Unsecured Debts
Description................... .Debt......Monthly...APR
HSBC Bank Account £750.......£10........ 0
Lloyds £150.......£2......... 0
Abbey Loan. £3000......£116....... 0
Egg.. £750.......£20...... ..0
Vanquis £580.... £25....... 39.9
Tesco CC 1700......40...... ..0
MBNA LOAN. 2000......102.......0
Total unsecured debts 8930......315.......-


Monthly Budget Summary
Total monthly income.................... £ 1,200
Expenses £920
Available for debt repayments £280
Monthly UNsecured debt repayments £315
Amount short for making debt repayments. £-35

Total Unsecured debt....................£8,930

WoW! Looking at that makes me think I really waste money!

doodledo_2

Hi Jimmydebtface and welcome to the wonderful world of the DFW forum

I like your quote "it looks like I am getting married in June", Congratulations

Debt busting is hard work and for many of us long winded so it is easy to get "debt fatigue".

A good place to start on this board is an honest SOA (statement of affairs) listing all your incomings/outgoings and debts with APRs. Follow this link for an online form you can fill out and post back on here http://www.makesenseofcards.com/soacalc.html.

Good luck with your journey

Jimmydebtface

Hehe thanks doodledo! Glad my g/f cant read that quote, Shoudl have said 'I AM goign to get married in June' I feel more positive just through posting. I think I will use this as an online debt diary.
Thanks for your advice reg the SOA. I will have a go asap.

doodledo_2

Awww I'm sure she wouldn't take offence lol

It is amazing how just admitting your situation can make you feel so much better. Seeing everything in black and white is good as it's the lowest point so anywhere from there is up

bank_of_slate

Hi Jimmy and welcome!
Are you going to get a claim in for the charges on your bank account and credit cards?
...Linda xx

Jimmydebtface

Hi Linda. Thank you for the welcome! Yeah, I put in for reclaiming the Bank Charges. But on hold like everyone else. I am trying to just view it as a bonus if /when they refund. Some of the Credit Card Charges were only £12 each, do you think they too are eligable for claiming back?

catherine_h_2

Hi Jimmy
First of all congratulations on your upcoming wedding:T
As doodledo said post your SOA and everyone will be be more than happy to help:D
As for cc charges, claim everything you can no matter how small, my motto for debt busting is.... "if you don't ask for anything, you won't get anything" seems to be working so far:D

natsplatnat

Hi Jimmydebtface!! Welcome to a freindly place - we are all in the same general debt boat - some peoples boats are just bigger than others!!!

Whilst debt-busting is hard work - you shouldn't feel so fatigued as you do now as you will know what you are dealing with and what you have to do to get where you want to be. Burying your head in the sand is a lot more stressful than people realise!!

Good luck on your quest!!!

nova

Hi jimmy, welcome to DFW world!
It's so much better when you share a problem, this site has been my saviour.
l wish it was about 10 years ago when my parents had their house repossesed as l feel if they'd have been able to have this help it may not have happened as people did'nt talk about things like that then.
Congrats on your wedding and good luck X
Happy to help if l can.

catherine_h_2

Jimmydebtface wrote: »

My SOA Below:-

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ £1200
Total monthly income.................... £1200[/b]

Monthly Expense Details
Mobile phone............................ £35
Internet Services....................... £10
Groceries etc. ......................... £150 Is this for everyone or just yourself? If just you it can be lowered!
Clothing................................ £20
Petrol/diesel........................... £100 Can you walk on shorter journeys????
Road tax................................ £10
Car Insurance........................... £50
Car maintenance (including MOT)... £15
Car parking............................. £10 Any free car parks around?
Presents (birthday, christmas etc)...... £15
Haircuts............................. ... £5
Entertainment....................... .... £130 This can definitely be cut down at least by half!!! Whats it spent on?
Total monthly expenses.................. £920


Unsecured Debts
Description................... .Debt......Monthly...APR
HSBC Bank Account £750.......£10........ 0
Lloyds £150.......£2......... 0
Abbey Loan. £3000......£116....... 0
Egg.. £750.......£20...... ..0
Vanquis £580.... £25....... 39.9 Change to 0% ASAP
Tesco CC 1700......40...... ..0
MBNA LOAN. 2000......102.......0
Total unsecured debts 8930......315.......-


Monthly Budget Summary
Total monthly income.................... £ 1,200
Expenses £920
Available for debt repayments £280
Monthly UNsecured debt repayments £315
Amount short for making debt repayments. £-35

Total Unsecured debt....................£8,930

WoW! Looking at that makes me thing I really waste more money!

Scary isn't it? I hated doing mine!!!
I've added a few comments, mainly on things where I think it will be easier to cut back on without noticing too much.

Good luck x

Jimmydebtface

Thanks Catherine. You are right, I can spend less on Food and going out. I use the car for work, so really cant cut down on fuel. As for the Vanquis Interest, My creditrating is very poor, I am unable to do a balance transfer to a better rate.

I hated doing mine too. But it was VERY educational! Gave me loads to work on.

Thanks, J