I'm in debt, get me out!

Lovestoshop!

I have about £25,000 debt.
We are homeowners but do not want to put any loans on the house, or sell, I need to get out of this somehow. I want to see an end to this.
I have two jobs and all my income goes out on mortgage, debts and bills, and I have no money left to myself to buy food, petrol, live day to day.
if I get a bit of credit on one card I will use it.

Don't know what to do! Luckily, I don't have any arrears etc, but it will get that way soon enough.

lynzpower

OK well first of all BIG WELCOME! you are certainly in the right place!

you need to post your SOA - find the first time posters thread.

then watch us go!

jitsuguy

Hi lovetoshop,

We need your SOA (Statement of Affairs), it should be structured something like this:

Income - Monthly
Total at the end please
Outgoings - Monthly
Total at the end please
Debts - Who the debt is with, amount, APR, minimum payment
Total at the end please

Just as a side note well done for posting and do you have PPI (Payment Protection Insurance) on your loans/cards - if you have cancel it as one it probably won't pay out (there a lot of causes in them) plus you will pay off the debt quicker.

Jitsuguy

Edit: Was beaten to it!!!

freeclimber

Hi Lovestoshop!

I'd suggest that, even before working out your SOA, the first thing you should do is cut up the cards!

if I get a bit of credit on one card I will use it.

There - you've just identified a problem, and you are not going to be able to reduce your debt until you've put that sort of credit beyond reach.

You'll be amazed at how little you miss it once all the helpful elves on MSE have chipped in!

southernscouser

Hi lovetoshop and welcome to MSE!

Can only second what lynzpower and jitsuguy have said.

Have a look at this thread for a guide!

vyvyan_2

Sounds like you've come to the right place. Please stop panicing there's lots of lovely, experienced and supportive people here but the first thing they will ask is put it all down on an SOA and you'll get some advice. An SOA will be like this:

A comprehensive list of all your financial stuff.

All income: salary,benefits etc. = Total

All fixed out goings: rent/mortgage, utilites, car costs
All spending: food & all other odds and sods

Total again.

Dif between the figures shows how much !!!!!! you're in.

Then details of your debts; outstanding amounts,APR, min payment per month.

Any other info you think relevant such as dependants or anything else.

It's worth while taking your time on this and saving it to your PC so you can update it.

Hope I've been of help.

skintchick

I started a thread for you here:


http://forums.moneysavingexpert.com/showthread.html?t=170527

with people's help on your SOA

Note: don;t post here but post in the other thread or it will all get very confusing! Was trying to help when saw teh SOA on another thread where it was lost!