finally decided to confront my debt

Markyboy212

Hey guys just a quick run down of myself and my debt so far

basicallly ive worked it out i have around £6000 and only being 19 i am absolutely disgusted by this but i basically stuck my head in the sand and decided just try forget about it and this has never worked and basically piled charge up on top of charge for missed payments etc i whole heartdly admit i am not good with money being my age my main interest was car's so i basically piled all my money into my pride and joy that was my car (aka the moneypit) now ive decided im going to try and confront my debt head on as im fed up of letter's and phone call's constantly asking me for money

plus my fiance fell pregnant at christmas so were now expecting our first child with us both still living with parent's so i can see this is going to be tough for myself but it's something i feel i have to do

Ive not worked up a proper soa yet but i have a quick version just now of what i make on my own (even though im unemployed) but also self employed on the side running my own valeting and automotive detailing business

Monthly income - £ 600 - £800 depending on business

Outgoing's

Petrol - £30 a week
mobile phone £35 a month
Car insurance - £86 a month
Detailing and valeting supplie's £100 a month
Public liability insurance £63 a year

my debt's that i have currently

bank of scotland unsecrued loan - £5100 8.6% apr 48 month term - £150 a month
capital one credit card - £ 400 unsure of the apr atm but im sure its not low ( want to try and clear this in one go but if i cant id say £50 a month)
bank of scotland ultimate reward account overdraft £500 ( want to try clear this in one go aswell but if not £50 a month aswell )

like i say i know it doesnt seem like much but ive really been stressing about it alot lately and currently im still trying to find me and my fiance a flat before the baby is born and also buy everything we need for the baby

sorry for the long ranted introduction but thanks for reading it

KTjazz

Hello and welcome!

I'm no expert but what I am sure the real experts here will say is post a full SOA (statement of affairs) - can someone help me out with the link here please? - and that will help everyone here to help you better.

I hope you enjoy yourself here

KTjazz.

Penny2myName

Hi, welcome to the board, and it sounds to me like you are being very responsible over things in your life after having the initial 'teenager' fun. Sure there will be plenty of folk about soon who can help you.

KTjazz

Oh, and I meant to say CONGRATULATIONS!

I always miss something out when I post...

fairydiamond

Firstly I am glad you are going to take control of yourself for your fiance and baby, but I think you and your girlfriend are stupid for getting pregnant in the situation you are in.

Anyway, the main focus should be getting a job.

Good Luck

Markyboy212

Penny2myname - yes i am trying to be more responsible money wise as i dont want to happen to me what happened to my mother she had a nervous break down due to debt and i my self feel responsible for that as when i was being raised i got everything i wanted i was very spoiled and when i got older and my mum died i just never lost that sense of feeling now ive realised i cant have that anymore so i want to get it sorted out as i do need to

ktjazz - at the moment that is about my soa as i live with my dad but i live rent and dig free he puts food in the fridge etc so i need to work out roughly what things are going to cost me when me and my fiance move into together then the price of planning the wedding aswell

Markyboy212

fairydiamond - i can see your point of veiw but it was never planned or intented and its not my fiance that has debt she is perfect with money never missed a payment and knows certainly how to control her money and what she can and cannot spend and yes getting a job is a main priority of mine but at the moment my business is tiding me over until i can find something

KTjazz

fairydiamond wrote: »

Firstly I am glad you are going to take control of yourself for your fiance and baby, but I think you and your girlfriend are stupid for getting pregnant in the situation you are in.

Anyway, the main focus should be getting a job.

Good Luck

Is that not rather harsh for this board? What's done is done and now things are moving in the right direction. Surely that should be the focus here.

ragstoricheswannabe

Congratulations on facing up to your debts, and congrats on the pregnancy.
Just wanted to say that i got pregnant with my first at 23 and me and my fella still lived at home so it can be done. we bought and moved into our first house just before my son was born (he was 4 weeks early).

Least you have some income coming in and with not paying any rent as such (not listed on your outgoings) you should be able to get a bit paid off your debt and save up for your own place.

good luck!!!
love rags
xxxxxxxx

Penny2myName

I think you could do with using a spending diary, http://www.spendingdiary.com/ this will help you keep track of where the money is going. Put every in it, even that odd bag of crisps/biscuits etc. Also people need to see what you minimum payments are for the loan and CC etc. Does your fiancee know about your debts, and if so would she be willing to help you learn to budget better and be a more suave and informed spender. There is always a number of freebies and offers for baby stuff on the freebie threads.

fairydiamond

Markyboy212 wrote: »

fairydiamond - i can see your point of veiw but it was never planned or intented and its not my fiance that has debt

I love it when people say that about babies.

And to be honest, yes it isn't your fiance's debt, BUT you are this baby's parents and your money situation that affects this baby too!

I ddin't mean that in a harsh way, I just don't understand why people have babies when they are in such a mess. Me and my partner have been trying for a baby for 3 years, I'm just bitter, sorry!

I DID say its good you are getting sorted out.

My advice is not to start planning a wedding until you are SORTED. Weddings are expensive, even small ones.