Need to get out of debt urgently - HELP PLEASE

Ebonydeluxe

Hi everyone,

I am in a real financial pickle. My overdraft is used up every month, I am paying my min payments, which I am struggling to meet and I have recently started getting charged every month with some sort of late charge.

I am borrowing money off family to meet payments. My debts on credit cards, store cards and loans come to about £27,000.

I am under no illusion that it is all my own fault, not resisting the sales and cluttering my home.

I am currently decluttering because I feel like my life is one big mess. I want to lose weight and sort out my finances for 2010.

The worse part is that I still feel like spending. I need to get into the frame of mind where I leave my cards at home and don't see shopping as a hobby. I have to sort out the online shopping habit aswell.

How can I deal with this? I do work full-time and I have children.

What have you guys done to quit spending. I don't really need anything I bought.

Any advise I would greatly appreciate.

MessyMare

For starters, let's have a look at your statement of affairs- there's a link at the top of the board Are you into reading? You could try bookmooch or something like that - the buzz of getting a parcel helps me not spend

PNPSUKNET

cards and scissors first thing with the credit cards. If you post your soa we will be able to help further

crawley_girl

Yep... SOA to start with please!

bank_of_slate

Take it one step at a time ebony!

First things first, cut up those cards and complete a full SOA http://www.makesenseofcards.com/soacalc.html which will help you to see the priority debts and help us to guide you.
...Linda xx

gfplux

If you are serious then SOA please.

[FONT=Arial, sans-serif]make out your SOA and post it here. (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically total the numbers. It can be saved (click on the help) and you can change it every day if you want. [/FONT]
[FONT=Arial, sans-serif]Also read this great post by southernscouser http://forums.moneysavingexpert.com/showthread.html?t=107280[/FONT]
[FONT=Arial, sans-serif]When making out your SOA (Statement Of Affairs) try not to guess at the figures, dig out the paperwork! However remember a partial completed one as a first step is better than none. [/FONT]
[FONT=Arial, sans-serif]It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. [/FONT]
[FONT=Arial, sans-serif]If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. [/FONT]
[FONT=Arial, sans-serif]In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.[/FONT]
[FONT=Arial, sans-serif]If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as (not all will apply to you:-[/FONT]
[FONT=Arial, sans-serif]If there is “other” Income explain what it is[/FONT]
[FONT=Arial, sans-serif]Mortgage – interest only or not.[/FONT]
[FONT=Arial, sans-serif]What is the age of any children.[/FONT]
[FONT=Arial, sans-serif]Council tax is it over 10 or 12 months.[/FONT]
[FONT=Arial, sans-serif]Electricity and gas any arrears.[/FONT]
[FONT=Arial, sans-serif]Water rates meter yes or no.[/FONT]
[FONT=Arial, sans-serif]Grocery's does this include gambling, booze and cigarettes.[/FONT]
[FONT=Arial, sans-serif]Mobiles, how many and when are the contracts up for renewal.[/FONT]
[FONT=Arial, sans-serif]If no contents insurance is it include with buildings insurance.[/FONT]
[FONT=Arial, sans-serif]If pets cost money, what are they.[/FONT]
[FONT=Arial, sans-serif]House or flat value, has it been valued by an Estate Agent and when.[/FONT]
[FONT=Arial, sans-serif]The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.[/FONT]
[FONT=Arial, sans-serif]When you have posted it and it does not look right or you want to change it, do so and repost it.[/FONT]


[FONT=Arial, sans-serif]Do not put off till tomorrow what can be done today, if you are serious.
[/FONT]

Little_Vics

we will help - promise....

Ebonydeluxe

Hi Guys:hello:

Too scared to cut them up as I have been using them to help me make some of my min payments. Sad I know - using debt to pay off debt. I am playing a juggling game at the mo with my debts.


My SOA

Monthly Income Details
Monthly income after tax................ 1770
Benefits................................ 285
Total monthly income.................... 2055

Monthly Expense Details

Rent.................................... 450
Council tax............................. 81
Electricity............................. 42.5
Gas..................................... 42.5
Water rates............................. 15
Telephone (land line)................... 40
Mobile phone............................ 40
Satellite/Cable TV...................... 26
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 150
Petrol/diesel........................... 70
Car Insurance........................... 95
Childcare/nursery....................... 216

Total monthly expenses.................. 1478

Description....................Debt......Monthly...APR
Barclaycard....................2795.84...62.9......24.9
Lloyds.........................3465.28...69.31.....14
M&S............................1777.66...44.44.....18.9
Loan...........................3200......144.4.....6.4
Loan...........................3687.71...147.6.....7.9
Loan...........................2672.53...165.4.....6.4
Loan...........................5139.88...153.1.....6.4
Monsoon........................303.65....12.15.....18.9
NEXT...........................863.24....75.3......26.49
HOF............................618.77....24.75.....24.9
HOF............................981.14....39.25.....29.3
HOF............................213.44....8.54......22.44

Monthly Budget SummaryAmount(£)Total monthly income2,055Monthly expenses (incl. HP & secured loans)1,478Available for debt repayments577UNsecured debt repayments947.14Amount short for making debt repayments-370.14

Appreciate the help, thanks.

gfplux

If you use the correct form for your SOA it will help you and others to help.

katsu

£150 a month on clothes! Are you sure that is correct? It might also help if you clarified how many people your SOA is for so people can advise on food spending etc. You mention children but not how many.

Ebonydeluxe

Sorry you must all think I am a complete dumbo. I did use the form, but I changed the font and took out the expenses which didn't apply.

Should I post the print version?

I have 3 children aged 1, 6 and 7, and me. The clothes figure relates to all of us, including shoes. But you're right, it is alot.


I think I will put a ban on clothes and shoe buying for a while.:o