My 1st step to debt free

fairmorn308

Hi guys

I have made my 1st step to being debt free

Tonight i have setup 2 direct debits for monthly payments to agencies. They also offer online payments and able to view your balance aswell.

I just need to setup one more but dont have there bank details so going to call them tomorrow.

Just need your advice on one debt. its not to a company its a personal debt but am not wanting to pay a bit here and there back i want to try put it away until all saved up and pay back at once.Whats the best way to go about this.?

Any help would be great.

hobo28

I once set up a bank account and gave the cashcard to my girlfriend. I could put money in but not take money out without the card. Only I knew the PIN.

If u can trust yourself not to siphon money off for other purposes, set up a savings account and then a direct debit to that account too.

fairmorn308

thanks for the advice. think thats what i have to do anyway.

Hopefully be debt clear by xmas

fairmorn308

just setup new savings account online.

1st £50 already been transfered into it.

postingalwaysposting

hiya fairmorn, congratulations on making the steps to pay off your debts hopefully they will soon be payed

fairmorn308

in 2008 there is a few defaults coming off etc.

IF these arent paid will they still be removed?

fairmorn308

Income £1819
Rent £200
Debt agency £140
mobile phone £20
Food £50

This is for a month. As i work away for 2 weeks out of the month and when am away everything is paid for and u dont spend a penny.
I now need help to find a account that will stop me from wasting my money and start saving it. ie account that doesnt have a card or internet banking.

I know i have a few other debts but how do i go about getting them paid on cause before i just ignored the letters and through them in the bin from the agencys but now i want to sort it all out.

homersimpson_3

you don't how lucky you are- your income is huge compared to alot on this forum (including me) and if you sorted your finances out you could easily be set up for the rest of your life.
why are you paying £60 to a debt agency who essentially just do the same work as cccs, payplan or cab. £60 could be saved or at the moment used to pay off debts.

This is for a month. As i work away for 2 weeks out of the month and when am away everything is paid for and u dont spend a penny.

where do you stay? hotel paid for by company? how is it paid? do they give you allowance for meals? what is hotel like- how posh? are you shall we say taking full advantage of this opportunity?

I now need help to find a account that will stop me from wasting my money and start saving it. ie account that doesnt have a card or internet banking.

The first rule to getting out of debt and managing money is to know all incomings and outgoings (where the money is coming from and what you're spending it on) and you (not bank) have to take control. The point is the account in itself cannot help stop you wasting money- only you can do this. the threatening letter that you received seems to have given up a wake up call. keep a spending diary say for a month to show you where all money is going.

what about other outgoings- gas, electricity, poll tax etc?

have you opened an isa? is salary paid into current account? etc

fairmorn308

homersimpson wrote:

you don't how lucky you are- your income is huge compared to alot on this forum (including me) and if you sorted your finances out you could easily be set up for the rest of your life.
why are you paying £60 to a debt agency who essentially just do the same work as cccs, payplan or cab. £60 could be saved or at the moment used to pay off debts.

so from what i have said about so many agencies chasing me i could contact CCCS etc and they would sort things for me etc? am a bit confused about this bit


where do you stay? hotel paid for by company? how is it paid? do they give you allowance for meals? what is hotel like- how posh? are you shall we say taking full advantage of this opportunity?

I work offshore so all accommadation and food is provided FOC for the complete 2 weeks your out there.only thing you pay for is your normal coke and mars bar. even the phone calls home are free etc

The first rule to getting out of debt and managing money is to know all incomings and outgoings (where the money is coming from and what you're spending it on) and you (not bank) have to take control. The point is the account in itself cannot help stop you wasting money- only you can do this. the threatening letter that you received seems to have given up a wake up call. keep a spending diary say for a month to show you where all money is going.


what about other outgoings- gas, electricity, poll tax etc?

I live in my parents flat and they pay for that. i just pay them rent

have you opened an isa? is salary paid into current account? etc

I have a basic bank account at the moment with bank of scotland but its a debit card aswell.

fairmorn308

debt as follows getting chased by debt collection agencies

Royal bank of scotland £770
Capital One £400
O2 £430
clydsdale bank £220

If i was to write to all of the above and offered them a % do you think its better doing it this way?

Also what % would be best to offer them?

homersimpson_3

debt as follows getting chased by debt collection agencies

Royal bank of scotland £770
Capital One £400
O2 £430
clydsdale bank £220

If i was to write to all of the above and offered them a % do you think its better doing it this way?

Also what % would be best to offer them?

don't understand this- your income is £1819- your outgoings listed above are £410 leaving £1409. these debts amount to £1820. why just not pay them all off over 2 months. what' the problem?