Help!?!?!

andy_skellington

Hi guys

In need of some serious help and maybe a bit of support. Having a bit of a bad time of it lately. Without going into things too much just out of a relationship of 2 years and I am currently not in the best financial state anymore. Also had a bit of a rough time with the booze and the smoking but the booze is gone but ciggies are all I have just now. Back staying with the rents just now till I get out of this but advice, encouragement anything would help.

Debt
Loan = £9000 (guestimate)
Loan 2 = £6658
Egg C/C = £2000
Barclays C/C= £742
TV from Curry's = £300
Total = £18,700

: ( That figure now mostly worked out makes me wanna hit the drinnk and chain smoke till I pass out but that's why Im here.

Outgoings per month are £1174.25 and after all that I have between £200 and £300 left for anything I need. I know I have to sink it all back into debt but where should I go first?Is it normal to feel that your world is collapsing around you? Doesnt help about all the news of job losses etc further compounding the problem and making me feel like I need to get out of debt NOW!

Anyone be able to help me out of this?

Thanks
Andy

Horace

Hi Andy

Firstly can you post your full statement of affairs (SOA) - https://www.makesenseofcards.com/soacalc.html - there is a button on it called MSE, press it and it formats the SOA to MSE allowing you to copy and paste it here. You also need to list the APRs on the loans etc. Note down everything.

Well done on having your lightbulb moment once you post your SOA the folks on here will be able to help you save money and reduce your debts.

ladybez

Just to say Hi and welcome to the board. I am no expert and was just going to suggest what Horace has already posted. This will give all MSEers a chance to advise you

bedhair

Hi Andy,
I'm by no means an expert but wanted to congratulate you for facing up to things.
Is there any chance you could post a SOA so we can see where you might be able to save some money to put towards your debt?
Be strong and wait for the wonderful people on this site to help and support you.
Big hugs (sound as if you need them)
Bedhair
xxx

RAS

andy

Welcome.

As a rule the first thing to hit is the debt which has the highest APR. However, you do not have a lot on barclays at the mo and if you credit rating is hald decent and you can clear that card, you might be able to transfer higher rate debt ot their 6.9% offer.

might be best ot do a full statement of affairs.

Also have a look at the snowball on https://www.whatsthecost.com.

hypno06

YES, it IS normal to feel that level of despair when you start facing up to things, but that is very soon replaced by a feeling of taking control.....and once you have control of your finances, you can move forward very strongly.

It won't always be easy - but you have proved you have strength by giving up the booze, so you now need to utilise that strength and channel it into becoming debt free.

These boards will provide you with a mine of information and support - IF YOU WANT IT. And that is where it starts - if you want to make those changes, you CAN!!

The first steps are always the hardest, as the realities hit home, but then the realities are that you can clear your debts and suddenly it's not so tough.

Good luck and welcome to the boards!

andy_skellington

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 0
Benefits................................ 65
Other income............................ 50
Total monthly income.................... 1315

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 441
Hire Purchase (HP) repayments........... 0
Rent.................................... 180
Management charge (leasehold property).. 0
Council tax............................. 10
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 39
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 20
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 955


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 14000....(441)......17.9
Total secured & HP debts...... 14000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Egg............................1997.93...45........24.9
Barclay Card...................742.63....18........24.9
Total unsecured debts..........2740.56...63........-


Monthly Budget Summary
Total monthly income.................... 1,315
Expenses (including HP & secured debts). 955
Available for debt repayments........... 360
Monthly UNsecured debt repayments....... 63
Amount left after debt repayments....... 297

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -14,000
Total Unsecured debt.................... -2,740.56
Net Assets.............................. -15,940.56

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

andy_skellington

Think thats right above. Stay at the rents (at almost 24!!!) so just took some dig money off and put it towards council tax etc as it wouldnt let me leave without filling them in!

Also I have basically cut everything down to the minimum, all I do is go to Taekwondo for my leisure time and thats about it. If smoking counts then add that too but the figures are as of next Fri when I get paid and I give up the fags!!

And I have started to meditate and generally trying to settle my mind down because this year is pretty much THE worst year of my life. I know 24 will be a dead year but looking forward to being 25!

Feeling better already now I know that im making steps to reducing the debt, just really anxious as it feels like so much and to be honest, i have absolutely NOTHING to show for any of it. Apart from some emotional scars.

: (

RAS

Andy

Some of your costs are very low, are you living in someone else's hpuisehold or mixing weekly and monthly payments.

Also, what is the secured debt secured against?

hypno06

Clearing your head is a good thing - so continue with the meditation....things are always so much worse when you have a head full of "stuff".

24 is not unusual for people to be living at home - in the current economic climate, you will find more and more people doing it......and when I got married 20 ish years ago, my OH was that age and lived at home......it's not like you are 50 and having to move back. If it helps you get debt free, then so be it!

Also, a bit of time sorting things out now, will pay dividends later - so don't think of it as wasting your mid 20s, see it as being incredibly positive and building a fab base on which to build many many fantastic years to come!

andy_skellington

Living with my parents unfortunately.
Also I must actually confess, I dont know the difference between secured and un-secured. All I know is that I took out some loans for way to much for what seemed like a good idea at the time but its all went to pot. I dont even have any documentation on them as I couldnt face all my sheets of paper lying around telling me how much debt I was in (also I was drunk and stressed) and I basically set them all on fire.