New to this forum..... where to start?

Starburst

Well, im new here and i dont know where to start.............. i know the budget is a key starting point, but first i thought id work out my debts........ trouble is theres loads and im scared to do it because it is such a lot of money and even more daunting because im not working at the moment.

Ive got loans, credit cards, and a mortgage, probably about £100K in debts including the mortgage! Im 27 and seriously worried about ever being debt free in my lifetime.

Im gonna dig the paperwork out (yes, im hiding bills BUT they are all paid, ive never missed a payment at all, however ive had lots of bank charges which im starting to claim back) Hopefully i can pluck up the courage to look at the bills and get an accurate figure as a starting point.

Any advice or words of wisdom are welcomed! Thanks in advance.

clearing_out_my_pockets

Welcome.

Sit down with a cup of tea, a pile of biscuits and tackle the pile of bills. Are you on top of your bills? Are you having a shortfall each month? If so, doing an SOA may be helpful also.

MrMuttley

Hi Starburst welcome to the forums.

You've got this far which is a good start. Unfortunately you do have a slightly painful task ahead. Sit down and work out exactly how much you owe and to whom. Also find out the rates of interest your paying on your respective debts.

Do that and you've done the most uncomforatable bit. After that at least you know what your dealing with.

Let us know how you get on

gettingbetter

star

you have taken the first step

the folks here are a god send
start by posting your soa
i dont have the link but someone
will be here in a min

kas xx

Merlinexcalibur

Well, what probably everyone here will tell you to do next is to post your Statement of Affairs here using the SOA generator on MSE. Then everyone can see where to help you.

And look everyone has already given you some advice whilst I typed that away. Starburst, wasn't that a sci-fi mag BTW? Or just the 'Chewies?' :D

moneybuster

You've made the right move take a look at your CC Loans ETC and add them up and post them on here along With your SOA (statement of accounts) someone will be along with the link i am not that advanced yet.

remember take your time and have a cuppa.

regards Moneybuster

RAS

Welcome

The priorities are mortgage, council tax and utilities, then food.

Are you getting help with your mortgage? Have you signed on, claimed Council tax benefit is possible, asked about interest only mortgage?

If you need more detailed advice talk to one of the debt charities as well.
http://www.moneysavingexpert.com/loans/debt-help-plan#help

Merlinexcalibur

someone will be along with the link i am not that advanced yet.

Nor me. I am too scared to go looking around that part of the site, in the dark corners, like in a big, scary library.

you do have a slightly painful task ahead.

Yes, always best to say that at the start I think. But, the pain can be alleviated by doing certain things.

Hopefully i can pluck up the courage to look at the bills and get an accurate figure as a starting point.

*nods* or you won't know what you are dealing with and no one can offer much help for example. Just a tip BTW, not telling you how to suck eggs.

clearing_out_my_pockets

Here is the link for the Statement of Affairs

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

And you can find out your debt free date from this

http://www.whatsthecost.com/snowball.aspx?country=uk

I'd suggest not putting your mortgage on the second one for now. Use the second to identify which debt to tackle first (usually the one with the highest APR)

Merlinexcalibur

http://forums.moneysavingexpert.com/showthread.html?p=19928917#post19928917

And this, from one of your posts from yesterday, sounds like the perfect place to start.

Starburst

Thanks for all your advice, ive got the bills out ready and im gonna do a SOA on monday (cant do it over the weekend, too many people about, i need time on my own to sit down and get my head round things)

Re; the link to my other post, theyre 2 mortgages/secured loans which have been repaid because i remortgaged 3 years ago, to a high street lender rather than a subprime, then i discovered they had charged PPI and i could claim it back. Finger crossed, theres also mortgage exit fees of approx £2000 on each loan, which im gonna try to claim back, and i got into arrears with them (i havent at all on the new mortgage cos its much more managable) and they charged me £28 a time when the DD didnt go through, then £50 a month on top 'arrears fee'. So thayre all things ive gotta tackle.

I want to get out of this mess, i really do, thing is i bury my head in the sand, im off work sick - with anxiety, and agrophobia, which is improving because im no longer a prisoner in my own home, and i can go out like a normal person, just the anxiety underneath is debilitating. Not using this as an excuse, there is No excuse, just pls be gentle with me! Thanks