New Start!

Skint_but_Optimistic

I inherited a lot of debt after my divorce, (it was, at its worst 32k) and despite a good job I didnt clear it all and in fact I made a little more of my own. Ive struggled on, clearing a few debts here and there and I am now under 20k of debt, but I need help with the final push I am ready for a fresh start, and am making a real determined effort to be debt free. Any help and support would be most appreciated!

jayss

Well done for what you've cleared so far.

Vicster5

You sound very similar to me but a little further back in the process. I did well on ebay and friday ads and car booting if you have spare time. It all adds up - sounds a cliche but it's true.

Well done - chin up and keep going, you will get there if you are determined enough!

:T

jacey98

hi

just wanted to say hello, i am just going through divorce and the finances have been a total nightmare my ex has quite a bit of debt and am worried that i am going to end up with some of it.

good luck

jc x

Skint_but_Optimistic

Yes, I want to ebay and car boot and all those things, which will make space in the house and help me pay off my debts. I have also been stupid and not paid bills on time, concentrated on the old debts rather than the bills, and ended up playing find the red letter at the end of the month. My credit rating is rubbish. Now I have direct debits and am finally organised - after I had a good talking to. As for the historic debts I was paying a car loan for a car which wasnt in my name and a credit card debt which was (but I hadnt made all the purchases, never mind) and there were joint debts, a mortgage (I will add that to my signature) and I am also paying for a lot of decisions I have made (or failed to make) in the last year. I just want to make some headway now. If you are in the position of inheriting debts through, see a solicitor or citizens advice quickly, and get an idea of what could happen.Hopefully soon my ex husband will buy me out of the house. If he hasnt by July 17th it goes before court again. There is light at the end of the tunnel.

Skint_but_Optimistic

Sorry for using this as a diary - I am feeling demoralised already - as I added my OH's financial commitments to this and it is horrendous. I have some surveys to do tonight, sent off for free samples, and will investigate vouchers. I am determined to throw a minumum of £200 extra at my debts and really get my teeth into them. I spoke to my solicitor yesterday and my ex hsband has not signed the form to even get the house valued, which means I will need to pay to take him back to court to have (another) final hearing in July.
If anyone can suggest any good money making schemes they have tried let me know!! To add insult to injury my friend has called in their loan and given me 2 months to pay back ( I was giving him £50 per month, now he has decided he has his own cashflow issues and my friendship isnt worth holding out for longer) so I shall have to try and clear that one first or get a loan or SOMETHING. I could tell him I am doing my best, I will pay as soon as I am able and if he is unhappy to bring a proceeding against me.His mails started off as nice on monday when he asked for extra and he was really horrible on Wednesday when I couldnt give him money straight away. I just feel like I need to do something positive, I dont want to bury my head in the sand anymore. Any advice out there?

crapwithcash82

Hi Skint but optimistic, I've just read your diary - I hope it feels better now that you have written things down, I quite often write on my diary just to write things down really! I find it makes it easier, or clearer if its down in writing and makes you feel better.

Have you done a statement of affairs? This would allow people to have a look and suggest any potential savings you could make? I can't post the link for some reason but I'm sure someone who can will be along soon.

There are also sites like Quidco - which I am a BIG fan of, not sure of you've heard of them or not but they are a cashback website where you get paid cashback for clicking through them to shop online. I've made around £220 in the past six or seven months from things I would have bought anyway.

I'm sorry to hear your friend is giving you a hard time over the money they lent you, I guess the current economic climate is hitting everyone in one way or another.

Think thats all for now, but I'll pop back on and see how your doing. You've made the big first step by posting on here, so chin up! There are loads of fab people with great ideas to help - there is light at the end of the tunnel!

Skint_but_Optimistic

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1484
Partners monthly income after tax....... 750
Benefits................................ 80
Other income............................ 200
Total monthly income.................... 2514
Monthly Expense Details
Mortgage................................ 50
Secured/HP loan repayments.............. 150
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 5.75
Telephone (land line)................... 30
Mobile phone............................ 5
TV Licence.............................. 11.75
Satellite/Cable TV...................... 0
Internet Services....................... 22.35
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 70
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 10
Car parking............................. 60
Other travel............................ 0
Childcare/nursery....................... 80
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 7
Buildings insurance..................... 0
Contents insurance...................... 14.85
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 30
Holiday................................. 10
Emergency fund.......................... 10
Total monthly expenses.................. 1599.7

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...................... 19000....(50).......0
Secured Debt.................. 600......(150)......0
Total secured & HP debts...... 19600.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Dad............................1850......150.......0
Friend.........................950.......200.......0
payday loan....................462.5.....180.......142
Lloyds.........................14900.....150.......0
Paragon........................12900.....180.......0
Abbey..........................1200......30........0
Able to buy....................1500......30........0
AOL............................200.......30........0
Vodafone / moorcroft...........749.......40........0
capital one....................2000......0.........15.9
Total unsecured debts..........36711.5...990.......-

Monthly Budget Summary
Total monthly income.................... 2,514
Expenses (including HP & secured debts). 1,599.7
Available for debt repayments........... 914.3
Monthly UNsecured debt repayments....... 990
Amount short for making debt repayments. -75.7
Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -19,600
Total Unsecured debt.................... -36,711.5
Net Assets.............................. -55,511.5

Well, thats my soa. My OH has been working overtime the past six months or so, that could dry up at any time, but its meant we are just afloat. I want to do more than be just afloat.....

Help advice and common sense to tackle the above would be very welcome.

Today I have £40 available in the bank. I had bank charges of £30 yesterday as a direct debit I asked to be moved had been taken yesterday, so have a list of things to do which includes "chase up direct debit - car insurance" I know I need to pay off - firstly, the most expensive debts. I need to spend less on stupid things and have only had to buy lunch at work once this week (when I had been an idiot and had nothing to put in the sandwiches) I am going to ring my bank and ask them to halt my direct debits for a while and restart them on payday. I feel more in control, but Im scared of how much money is against my name. A number of the debts were from my marriage which ended 5 years ago. Annoyingly paragon, with whom we took out a 15k loan in 2000 say we owe most of that still. What the hell? Its been paid up to date...

. Ive got no heating on at the moment and Im not using standby on any appliances and I feel like I am a scrooge like figure when I am bringing in the £5 rule (any purchases over a fiver have to be discussed - by the time I get to discuss them I have forgotten what it was or it seems less important) I feel like I have messed up my life and my kids life. Still, I am getting hassle from the "friend" who "doesnt see why I should suffer because of your reluctance / inability to pay me back". I dont want to get intos self pity but my self worth is rock bottom.
Im going to spend my night making money at home... surveys and anything else I can do.Looking forward to payday when I can make some more inroads into the debts and bring that figure down.

helnag

Hi,

Just wanted to say welcome and good luck. I know it seems hard now but it does get easier. I had my LBM in March and although I still have quite a way to go I am getting there slowly but surely. My debts are less than yours so it is probably a lot less daunting but just think how good it'll feel when you've cleared them. I find that reading other peoples diaries is great motivation and really inspiring.

Sorry I can't give you any advice on your SOA as I'm still a bit of a 'newbie' but I'm sure someone will come along soon with some words of wisdom.

Chin up. xx

crapwithcash82

Hello again SBO - well done for posting your SOA, I'm sure people will pop on and make the odd suggestion here and there.

Could you cut the "Entertainment" and the "Holiday" payments for a few months? That would give you an extra £40 to put towards the most expensive debts, or help to get your "friend" off your case?

Perhaps you could look at your grocery shopping too, loads of people on here say £200 is a lot per month, although I can't seem to get my shopping for less than £60 per week!!

Another suggestion would be to definately stick some stuff on ebay/car boot it like you mentioned previously in your diary. I've been plesantly surprised by the little bit of income I've made on these two menthods of raising cash.

Some diaries also do "payment a day" regardless of how small, they say it makes them feel like they are making a difference to their debts. I'm cosidering ditching my debt management company and dealing with my creditors myself, and would ideally like to make a payment a day. It may just give you a little boost and feel like you are making an actual difference to your debts, regardless of how small.

With regards to your "friend" I can't believe a friend would make you feel this way, can they not see you're in a difficult predicament? They have no right to make you feel so low, and don't deserve the privilidge of being your friend!! At the end of the day, you simply can't give them what you don't have, and they'll have to understand that. I feel for you in this situation because I can imagine how uncomfortable its making you feel. I hope the "friend" in question realises this and backs off - people turning funny on you is not what you need while you find your financial feet again!

Keep your chin up - and keep posting! I will check back soon to see how you are getting on.

Big Hugs CWC x

Skint_but_Optimistic

Thanks so much for the supportive messages. Ive had a good morning so far. So much so my OH is treating me to the new Star Trek film!!:j


Upshot of it all is I have new totals and with the small payments I have made I have cleared about 10,000 from my total in the past month. I had some money saved for my wedding next year, but from the advice on here it seems I could make more by putting it against my debts. I did that on Wednesday and asked for updated totals. Anyway, the upshot is with the reduced interest etc my totals are well down, and I can save within the timeframe for the wedding and clear my debts. I am going to clear the most expensive ones and try and snowball. Any words of advice on this. I am mad keen and will be making sangers for the cinema treat, no expensive snack food allowed. Must get ready to make the early showing and get the cheaper tickets. This site is magic!! Its such a positive focus. The tough stuff is worth it.
:-)