Im new, and desperate for help, im sick of feelin like this

abnerb

Hi guys,

Where do i start, first of all, i know im in this situation because of myself, I am first to admit that my debt issues are problems caused by myself and ive come to the stage that its affecting my life and i really need to do something to change it all and get myself sorted out. I would like to know what direction i need to take and how to get myself out of this horrible mess im in.

I feel im lucky as i have a good job and salery so firstly i should be in debt but i am as i dont really understand the value of money and i need to train myself oh how to do this.

I have alot of debts and my credit score is 0 , im not too worried about the credit aspect as i pernally now feel like i never want credit again in my life, i wish i listend to my mother!!!

Ill start, i have alot of debts which include 3 loans, 1 with my bank natwest, 1 with welcome finace and a 3rd with HSFC. 2 of thses loans are very high intrest but my bank is ok i suppose. I can keep on top of these but i have fallen behind on 2 of then, and im in arrears of in total £800 in them.

My main burden is ive got trapped in pay day loans and i have 6 of these and this is killing me every month. I owe
Wonga next payment £600 -- defer £95 up to date
Payday Day UK next payement £225 -- missed this month payment
Pay Day Express next payment £350 -- missed this month payment
Wage Day advance next payment £625 -- defer £125 up to date
one stop month next payment £195 -- defer £45 up to date
qucik quid next payment £600 -- missed last 2 months payments

Finally i have one credit card
Vanquis bank £295 missed last month payment

I also have debts where i own my friends money i have borrow,

Friend a £300
Friend b £380
Friend c £300
Friend d £50
Friend e £200

As you can see i have alot of debts and my main hurdle is my pay day loans, i got stuck in them, and then kept taking more to pay each one off and now im in a mess.

Now here is the bombshell, i near a ok wage, and i dont know how im in this mess, well i do know, i just dont knopw how to manage my money.

I earn appprox £2400 after tax each month and my other out goings are as follows,

Rent £400 ( includes all my bills)
Child Maintance £300
Life cover policy £35

It has taken me alot to finally take my head out of the sand and stop thinking to myslef it will all be sorted out, im really ready now to battle this and change, i feel i should be enjoyin life insted of worrying every single i wake up, i hate it and i want to battle this and win and become debt free, i just dont know what to do or how to do it and i would be grateful for some help advice guidance.

Thanks for reading and all feedback appriaced grately.

gettingbetter

:hello: abnerb
your in the right place
the first the you need to do
is post your soa (sticky at the top)

the experts will be here in a min

kas xx

50broke

Hi, join the club!
You can contact the CCCS, Nationaldebtline or Payplan, these are free and will help you sort out your debts, and maybe suggest a debt management plan . You can post your SOA online and some more experienced members will advise further... good start though good luck.

abnerb

Hi guys,

Thanks for the rapid response, what is a soa?

poorandindenial

Hi there

We should hopefully be able to help you find a way to get this all sorted.

The SOA (statement of affairs) calculator is at www.makesenseofcards.com

The people mentioned by 50 broke are here: clicky and will not charge you a penny for their help. NEVER pay a company to help you sort out your debt.

I look forward to seeing your SOA soon

gettingbetter

statement of affairs

all your incomings
and all out goings

kas xx

abnerb

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 150
Car maintenance (including MOT)......... 0
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 ......................... 35
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 785

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

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
natwest........................4317......114.......8.1
welcome........................4000......80........34.9
hsfc...........................3122......138.......29
friends........................1230......1230......0
vanquis bank...................295.......40........38
one stop month ................195.......45........1249
pay day express................225.......225.......1249
pay day uk.....................350.......350.......1249
way day advance................625.......125.......1249
quick quid.....................600.......600.......1249
wonga..........................600.......100.......1249
Total unsecured debts..........15559.....3047......-

Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including HP & secured debts). 785
Available for debt repayments........... 1,615
Monthly UNsecured debt repayments....... 3,047
Amount short for making debt repayments. -1,432
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,559
Net Assets.............................. -15,559
Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using IE browser.

gettingbetter

do you not pay any bills

what about mobile

kas xx

abnerb

i rent with a friend so i pay £400 all in and that covers all my bills,

i get a company phone with my job so i dont have any payments there.

:-)

topbadger

Also, what about the child maintenance you mentioned? That should go on somewhere.

And if you're not paying a mortgage, do you really need life assurance?

gettingbetter

£150 per month car insurance seems a bit high
try quidco or other cash back sites

kas xx