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

gettingbetter

:j :j

we are all here to help
and give you the push you need

good luck :T

kas xx

topbadger

abnerb wrote: »

guys i can only say thanks very much so far for this advice, today is going to be the first day of my life and im going to do this. im going to sit down and look at the soa and do it penny for penny on everything i do or spend.

That's the spirit!!

Re-do that SOA being entirely honest and realistic, start with getting rid of those evil payday loans (and don't EVER be tempted to go down that route again!) and high-interest cards. Then you'll be in a great position to clear everything else, including the loans to your friends. And then, once it's clear, only spend what you earn!

And Mrs Pepe's right - don't borrow any more from your friends, it just postpones the inevitable!!!

Jenna

Hi Abnerb,

Welcome to DFW, you're in the right place. Everyone here has their debts for a different reason but the important thing is that you have realised it's not what you want and you're taking action towards becoming debt free - so well done . I've added my comments on your SOA below...

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 Do you need this for work? Could you consider public transport, walking, cycling, or a car share scheme?

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0 Don't you pay any Council Tax?
Electricity............................. 0 Does your landlord pay your utilities? You still need to allocate funds for them.
Gas..................................... 0 " electricity
Oil..................................... 0 " electricity
Water rates............................. 0 " electricity
Telephone (land line)................... 0 Don't you have a landline phone?
Mobile phone............................ 0 Don't you have a mobile?
TV Licence.............................. 0 I take it you don't have a TV?
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0 What do you eat?!
Clothing................................ 0 You should calculate this by working out how much you spend on clothes per year (lets say, for example, £120 / year in the sales!). Then budget £10 a month for clothes (or whatever your figures are)
Petrol/diesel........................... 200 This is high, do you drive this far for work? Can you reclaim any of it via expenses? Would you conside a more fuel efficient car? Do you get any rewards for buying fuel e.g. points towards Airmiles or anything like that?
Road tax................................ 0 You can calculate this by dividing the annual fee by 12 months
Car Insurance........................... 150 This is VERY high, what car do you drive, how old are you? I only passed my test 4 or 5 months ago and I pay £50 / month!
Car maintenance (including MOT)......... 0 You should budget for this (again, divide your annual "guesstimate" for the MOT by 12). Do you have any breakdown cover in place - you can get this very cheap by using a cashback site. For example my breakdown cover is with the RAC @ £33 a year but I'm getting £21 cashback via Quidco so in reality it's £12 / year or £1 a month!
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 Don't you have ins?
Contents insurance...................... 0 " buildings ins
Life assurance ......................... 35 There may be a cheaper policy, check around, use the guides on this site and don't forget cashback
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Again you should budget for these, divide the annual cost (or your best guess) by 12
Haircuts................................ 0 Don't you get your hair cut?
Entertainment........................... 0 It's better to budget in an achievable figure here now, than try to spend nothing and fall off the wagon later on!
Holiday................................. 0 Again it's better to budget for this and save a little each month
Emergency fund.......................... 0
Total monthly expenses.................. 785

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0 How much is your car worth? Would you consider selling it?
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......-

Now the experts will be better able to advise here, but some of those APRs are hideous! You MAY be better off to skip payments on some of the payday loans for a month, and pay off some of the loans FULLY, then the following month just focus on the remaining ones. BUT this will impact on your credit rating so be aware of this. Remember it's best to pay off the highest interest loan first.

I would also advise working out why you got into these debts. You don't need to post that up here, of course, but it will help you prevent yourself getting into debt again if you know what your spending triggers / warning signs are.

OK hope that helps let us know how you get on!