Please, I need help!

sweetlikechocolate89

I am new to this site so am asking for advice.

Ok, I am 20 years old and made a few mistakes whilst at uni. I have 2 credit cards, 2 overdrafts, 4 unsecured loans and a very overdue mobile phone bill too.
I only work part time at the moment but hopefully the company I work for will up my hours soon.
I have no idea how much I owe in total, approx £5000 (I think!), and just pay whatever I can afford each month, but have no real system set up and get calls from debt companies all the time!
How can I go about organising everything? Should I look at DMPs? Can I sort this myself? Please give any advice!

Thank you in advance.

Tixy

Hi sweet and and welcome

Sounds like your first step needs to be to work out how much you owe to who (and check the APRs you are paying as well)

And then try to do a statement of affairs using this link and the info you have found out. http://www.makesenseofcards.com/soacalc.html

That will tell you and us about your situation and hopefully then come up with a solution.

floss2

Initially you need to get all those bits of paper out, open the envelopes and write down how much you owe to whom.

Also write down the exact figures of your outgoings (rent, fuel bills, c/tax, water, food, tv licence, phone etc).

Then "build" all this into an SOA (see sticky) and post it back onto here for folks to look at & offer advice.

Good luck

savingmummy

Hi and welcome.
Firstly well done for posting and asking for help!

You need to do a SOA http://www.makesenseofcards.com/soacalc.html and include ALL incoming and ALL outgoings, this way we can see what your paying in and out.

You need to get ALL the information - debt type, how much you owe in total, how much the monthly repayments should be, and the APR`s.

Debt companys do phone all the time and this is harrassment, to take some of the pressure off of you you can ask for contact via post ONLY!
It is always best to do post as then you have proof of any conversations you have had.

Once you have your SOA completed post it here. A DMP may be nessesary if your unable to afford the monthly repayments.
Others will guide you on how to go about this.
Good luck x

sweetlikechocolate89

Thank you all for your advice, I am going to do an SOA now.
All those bits of paper seem so daunting, I will post my findings on here as soon as I complete the ingoings and outgoings sheet.
Thanks everyone,

sweetlikechocolate89

Ok, so here is the SOA, I need to ring debtors to find out what interest is being applied and any charges that they are applying, but this will give you a rough idea to assess my situation.
All comments welcome!
Thank you in advance.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 379
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 379

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 80
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 290


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
credit cards...................1185......60........0
overdrafts.....................4210......50........0
other loans....................1300......50........0
overdue mobile bill............285.......0.........0
Total unsecured debts..........6980......160.......-


Monthly Budget Summary
Total monthly income.................... 379
Expenses (including HP & secured debts). 290
Available for debt repayments........... 89
Monthly UNsecured debt repayments....... 160
Amount short for making debt repayments. -71

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,980
Net Assets.............................. -6,980

Tixy

Hi

Do you live with your parents or similar? And the £80 is board?

Have you tried to get your mobile phone dropped to a cheaper tariff?
Do you buy all your own food?

You really need to up your income somehow. If you new employer can;t increase your hours yet could you get a second job? how many hours do you work a week? would you be able to get any tax credits at all (not sure at your age if you can?)

Do you have any items you can sell to repay any of your debts?

Who is the outstanding mobile with? have you come to any arrangement to pay them? what is the current situation with this debt (default? ccj?)

Good luck

sweetlikechocolate89

Tixy wrote: »

Hi

Do you live with your parents or similar? And the £80 is board?

Have you tried to get your mobile phone dropped to a cheaper tariff?
Do you buy all your own food?

You really need to up your income somehow. If you new employer can;t increase your hours yet could you get a second job? how many hours do you work a week? would you be able to get any tax credits at all (not sure at your age if you can?)

Do you have any items you can sell to repay any of your debts?

Who is the outstanding mobile with? have you come to any arrangement to pay them? what is the current situation with this debt (default? ccj?)

Hi,

Yes, I live with my parents I pay them £80 per month for keep and buy my own food and toiletries. I have been told I cant drop my current tariff with 02 untill I have been with them for 6 months, so have a few months left. I dont think I am entitled to tax credits as I live at home, but will look into that, I currently work 16 hours per week, but where I live there is very little work opportunities as I dont drive. Im trying to come up with ways to earn money online, but so far I have no ideas. I dont really have much to sell, but have a few old clothes, shoes and bits that Im going to sell on ebay to try and pay off some debt. The outstanding mobile bill is with vodafone and they have been a real pain, the phone broke and they said the insurance wouldnt cover it, so I got annoyed and have refused to pay the bill, at the minute they havent chased me for money, but I know it wont be long!

What are your suggestions?

savingmummy

Rent.................................... 80
Mobile phone............................ 40 go payg, contact the company explain situation, they may cancel or beable to reduce this
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10 use what you have for now, sell any thing you no longer need or use
Entertainment........................... 80 can this be reduced?
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 290


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
credit cards...................1185......60........0
overdrafts.....................4210......50........0
other loans....................1300......50........0
overdue mobile bill............285.......0.........0
Total unsecured debts..........6980......160.......-


Monthly Budget Summary
Total monthly income.................... 379
Expenses (including HP & secured debts). 290
Available for debt repayments........... 89
Monthly UNsecured debt repayments....... 160
Amount short for making debt repayments. -71

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,980
Net Assets.............................. -6,980[/QUOTE]

Hi,

I have been told I cant drop my current tariff with 02 untill I have been with them for 6 months, so have a few months left.

Haggle. Call and explain you can`t pay this anymore see what they say! I was with 3 and after a few people saying no i got it cancelled!

I dont really have much to sell, but have a few old clothes, shoes and bits that Im going to sell on ebay to try and pay off some debt.:T

If you are still using cards cut them up!
Can you do any extra little jobs? local mini market, local bar work or maybe helping in restaurant kitchens, cleaning etc - every little helps.

One good think is you have not a lot to pay out in the way of bills and household rent etc which helps a lot.
Do your parents know about your debt?

IF you want some professional help this link here has some fab info http://forums.moneysavingexpert.com/showthread.html?t=2077631

Tixy

Have you looked at the up your income board here on MSE? http://forums.moneysavingexpert.com/forumdisplay.html?f=145

There are all sorts of suggestions, some involve actually earning cash, for others you can earn vouchers (although these are handy to buy people presents at christmas time etc).

Easy ones to start with are signing up to do some online surveys/reviews. There is also doing 'daily clicks' which you can earn up to £3 a day (which although doesn't sound a lot at £90 a month it can be worthwhile) it take some time but if you are not working many hours you may want to consider it. http://forums.moneysavingexpert.com/showthread.html?t=2132075

Also is there anyone nearby who needs babysitting or elderly people who would pay you a bit for grasscutting etc - I know these are not the most fun but it does all help towards your debts.

Ebay is good. Also some items (books and similar) can sell better on amazon or green metropolis.

I'm sure people will have more ideas over on the up your income board. Good luck.

sweetlikechocolate89

Thanks tixy and saving mummy.

I am going to contact phone bill and see what they can do. I am also going to start looking for extra work and I am going to go take a look at the up your income forum now.

Thanks again!