Time to face upto things

donlste

Hey all,

Well I've been lurking on these boards for a while and I've now decided it's time to take stock of my finances and stop keep hiding my head in the sand.

Let me try and give you a bit of background as any help suggestions or cut backs would be greatly appreciated!!

I'm currently 29 and currently earn a good wage. However, I'm currently standing at 22...yes...22 debts with various companies through my own stupidity.

Though I'm not behind on payments, I keep just paying the minimum on them (mostly on payment plans), when I could easily pay more, though I'd rather just waste it on general rubbish.

The final nail in the coffin has been the discovery of payday loans, and over the last six months I've managed to rack up of eight of the blighters. Again, I'm not behind, but I'm conscious of that fact that I keep extending and I know this is a means to an end.

So basically, I need a good kick up the backside and get myself out of debt. I'm fed up of my lack of control over money and really need to shape up.

Where do I start???

BeautyandtheBeast_3

Hi you are best to post an SOA and then the knowledgeable people on here can give you hand! xxx

GeorgeUK

If you are on payment plans, how is this meeting the minimum payments?
Have you had a look at your credit file lately?

The first thing you should do is complete a statement of affairs and post it here for us to see if there are any savings you can make in your expenditure. Try to make it as accurate as possible - not just what you think you should be paying for something (format for MSE)
http://www.makesenseofcards.com/soacalc.html

Next on that same site there is a snowball section. This will show you how much you will be paying in interest until the debt is paid off if you do it in the most economical way. I should warn you, when you see how much you are gifting to the banks, you'll be kicking yourself. That should give you plenty of motivation as that is money you could be spending on yourself.

donlste

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1580
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1580
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 287.5
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 33.5
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 15
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 15
Internet Services....................... 15
Groceries etc. ......................... 140
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 981

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
Payday Express (PD)............250.......30........0
Lending Stream (PD)............150.......50........0
Genie Loans (PD)...............150.......45........0
Poundstillpayday...............188.......40........0
Friends Catalogue..............550.......100.......0
Simply Be - pp.................500.......10.65.....0
Marshall Ward - pp.............1000......56........0
JD Willaims - pp...............970.......40........0
Lloyds Loan....................3100......46.5......6.9
Captial One - pp...............85........20........0
Kays - pp......................80........10........0
Orange - pp....................250.......20........0
BT - pp........................90........10........0
ICS - pp.......................292.......15........0
Vanquis - pp...................111.......10........0
Barclaycard - pp...............879.......35........0
Speedloan - pp.................199.......7.75......0
Moneyshop - pp.................150.......10........NaN
Consumer Finance (PD)..........75........15........0
Quickquid (PD).................156.......31.25.....0
Unclebucks (PD)................195.......45........0
Swift (PD).....................195.......40........0
Total unsecured debts..........9615......687.15....-

Monthly Budget Summary
Total monthly income.................... 1,580
Expenses (including HP & secured debts). 981
Available for debt repayments........... 599
Monthly UNsecured debt repayments....... 687.15
Amount short for making debt repayments. -88.15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,615
Net Assets.............................. -9,615

I've put PD after the payday loans and Pay Plan as I've got interest frozen on these and pay a fixed amount.

I'm not behind on any payments, however I need to stop paying the minimum amounts. It's the payday loans that are now crippling me.

I don't drive, however as I work shifts I have to use taxis due to the stupid times I'm back and fourth from work.

I'm shocked at the amound of money wasted on my debts if I'm honest.

Any advice at all would be greatly appreciated.

BeautyandtheBeast_3

donlste wrote: »

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1580
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1580
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 287.5
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 30
Gas..................................... 33.5
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 15
Mobile phone............................ 15 can you reduce this further - perhaps a PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 15 Can you get rid and stick to freeview?
Internet Services....................... 15
Groceries etc. ......................... 140 - seems very high for just 1 person - try reducing it to £100 and start batch cooking
Clothing................................ 40 - i dont think you can really afford this anymore
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100 - is work too far away for you to get a bicyce?
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15 is this just contents or is it contents and building as my contents is only £8 per month
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 200 you cant afford this for a few months!!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 981

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
Payday Express (PD)............250.......30........0
Lending Stream (PD)............150.......50........0
Genie Loans (PD)...............150.......45........0
Poundstillpayday...............188.......40........0
Friends Catalogue..............550.......100.......0
Simply Be - pp.................500.......10.65.....0
Marshall Ward - pp.............1000......56........0
JD Willaims - pp...............970.......40........0
Lloyds Loan....................3100......46.5......6.9
Captial One - pp...............85........20........0
Kays - pp......................80........10........0
Orange - pp....................250.......20........0
BT - pp........................90........10........0
ICS - pp.......................292.......15........0
Vanquis - pp...................111.......10........0
Barclaycard - pp...............879.......35........0
Speedloan - pp.................199.......7.75......0
Moneyshop - pp.................150.......10........NaN
Consumer Finance (PD)..........75........15........0
Quickquid (PD).................156.......31.25.....0
Unclebucks (PD)................195.......45........0
Swift (PD).....................195.......40........0
Total unsecured debts..........9615......687.15....-

Monthly Budget Summary
Total monthly income.................... 1,580
Expenses (including HP & secured debts). 981
Available for debt repayments........... 599
Monthly UNsecured debt repayments....... 687.15
Amount short for making debt repayments. -88.15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,615
Net Assets.............................. -9,615

I've put PD after the payday loans and Pay Plan as I've got interest frozen on these and pay a fixed amount.

I'm not behind on any payments, however I need to stop paying the minimum amounts. It's the payday loans that are now crippling me.

I don't drive, however as I work shifts I have to use taxis due to the stupid times I'm back and fourth from work.

I'm shocked at the amound of money wasted on my debts if I'm honest.

Any advice at all would be greatly appreciated.

have posted some thoughts above - well done on realising sooner rather than later xxxxx

donlste

Hey there,

Thanks for the reply. I forgot to add that I do share with a housemate.

I am currently PAYG and you're right about the shopping, I need to cut this down.

I've been stupid, and I'm hoping that I can stick to this. I do try and have a spreadsheet with the coming years finances on, but I don't stick to my intentions.

The main thing I'm really annoyed with myself is over the Payday loans. I think it's best I focus on these first to free up some extra income and have a few months of being really strict. I just have no self control over money and can't keep making excuses!!!

GeorgeUK

One of the reasons that the creditors have agreed to the repayments with payplan is that you have agreed not to get any more credit. You need to get on top of this fast. How long have you been with payplan?

From your SOA, you are already sort by £88pm.

Council tax............................. 50
Are you claiming single persons living allowance? If paying over 10 months, can you ask to pay it over 12?

Electricity............................. 30
Gas..................................... 33.5
Check that you are getting the best deal with the comparison sites (uswitch, moneysupermarket)

Mobile phone............................ 15
PAYG?

Telephone (land line)................... 15
Satellite/Cable TV...................... 15
Internet Services....................... 15
Is this a package deal? Can you switch to freeview?

Groceries etc. ......................... 140
Have a look at the old style board for mealplan ideas and cooking in bulk.

Clothing................................ 40
Every month? Can't afford this.

Contents insurance...................... 15
Again, check the comparison sites.

Entertainment........................... 200
Can't afford this much - you need to really tighten the belt until the payday loans have gone.

Have you claimed back bank charges, credit cardcharges or payment protection insurance yet?

Would you be able to get a 2nd job?

donlste

Hey GeorgeUK

Many thanks for your suggestions.

Sorry if I wasn't clear, I'm not with Payplan, I'm on repayment plans with these companies so interest is frozen.

I do actually share with someone, so single persons reduction wouldn't be relevant.

Yes, it's a package deal with Virgin, though I only use it for the internet, maybe a dongle might be worth it.

Yes, I'm PAYG for my phone.

I'm in agreement, I think I need to go through and work out my essentials on what is needed and just have a few quiet months to get rid of these things!!!

BeautyandtheBeast_3

What has worked for me is restricting myself to a set amount of money (in cash) per week - i dont carry my cards at all not even my debit card. i make that money last and carry it over to next month. it is hard but in a way its fantastic - i look at something and think oh thats nice - i like that and then i see a £10 note in my purse and i think i dont want to break a note. xx

Katy83

Hi,

Was just thinking with your working shifts - what about posting on freecycle for a bicycle? That might save you some money on taxis...

You could definitely cut down the food bill with a bit of planning and organisation - have a look on the OS board for ideas.

£200 a month is a LOT for entertainment, I know it is frustrating when all your mates are going out a lot but if you could stop it for a few months it could help clear your payday loans. What about going out and not drinking? Or invite people round to yours maybe?

Hope some of it helps, good luck xx