Newbie

o_Looby_o

Hi everyone

I'm a newbie to posting on this site (so please bear with me)

I have been reading through threads and people's debt problems for quite some time now and have only just worked up the courage to post.

I do not have large debts, like some of the people here, which is why I was nervous in posting - incase I sort of, didn't qualify or something, or if it would just be seen as me worrying to much

I do have some debts and want to pay them off, I really want to get my money in order, as I'm at an age now where I want to move out or think about buying a property. (I hope this is the correct forum?)

I'm terrible with money, not just debts, but understanding it. I know th sounds daft, but I just don't.

Anyways, I just mainly wanted to introduce myself and also say, how wonderful I think you all are. I've read many posts on here and seen how helpful and thoughtful you all are. I think you are all great people and I admire all of you.

southernscouser

o_Looby_o wrote:

Anyways, I just mainly wanted to introduce myself and also say, how wonderful I think you all are.

I wouldn't say the rest of them are wonderful but I certainly am!

Welcome aboard Looby! :hello:

If I don't say it someone else will! :rolleyes: Why not post a SOA (see this thread for a guide) and we might be able to help you.

o_Looby_o

Ok, I'll have a go! I will post it up here once I'm done

And thank you for the link

I'mcomingbackasaman

Hi Looby :j

Welcome to MSE where you'll always get a response, it might not be the response you want sometimes but you'll definitely be given advice and support and save cash as well

dave318

I've got to agree. Southernscouser is excellent. It doesn't matter how much debt you have on here, the simple fact is, that you don't want to have any, anymore.

You are perfectly welcome to ask for help and it shall be gratefully given.

What you will find on here are so many people who have had great help and advice on here that they feel the need to help others in the same position.

Not only will you get good advice, you will get it from people who have been through what you are going through.

You have such an uplifting attitude to your debt, that you shouldn't have any major problems in the future, but post your SOA on here and we wil do what we can.

welcome.:j

o_Looby_o

Monthly Incomings:

My salary - £940.00
Partners salary - N/A
Benefits - N/A

Total - £940.00

Monthly Outgoings:

Mortgage/Rent - £100.00
Council Tax - N/A
Gas - N/A
Electric - N/A
TV License - N/A
Sky - N/A
Phone - £25.00
Food - £100.00
Car Insurance - £24.84
Petrol - £40
Life Insurance - N/A
Travelling/Hotels - £100.00
Socializing - £50.00
Smokes - £50.00
Charities - £10.00
Car Loan - £158.16
Breakdown Cover - £3.21

Total: £661.21

Egg Credit Card - £264.98 17.9% APR (limit £3,000) APR 12.9%
It is set to pay min balance at the moment.

Egg Loan – Balance £4192.44 remaining. APR 7.7% Length of term 36 months, months to go - 29

Overdraft - £0 (limit £200) APR ? (I'm not sure, I've looked on barclays website, but I think I'm being blind and/or stupid)

Catalogue - £48.48 APR 29.4%

Total Debt - £4505.90

I hope I have done this right?

I feel a bit horrible asking for advise, when all you people have worse problems than me, I feel like I'm worrying over nothing.

If I have missed anything, please let me know.

Should I add on my savings?

Thanks

tyllwyd

Hi! Yes, it is a good idea to list your savings as well - the usual advice is that it often makes more sense to pay off your debts with your savings, because the amount of interest you pay out on the money you have borrowed is a lot more than the interest you will receive on your savings.


From the figures you've given, you have nearly £280 left each month after paying your outgoings. Do you find that you do have money spare, or is it all disappearing?


One thing I noticed was that you owe £48 to a catalogue - the APR on that is terrible - I'd pay that off asap if it was me.

lynzpower

Welcome :wave:
Let me have a little see here. You havent said what your min payment on the egg card or the egg loan is. I would say a tenner a month to charities has to stop. I know its not easy, I feel the same but I decided to offer a few hours of volunteering a week instead, and when im debt free charity payments will be one of the things I start with.

Also you havent budgeted for MOT repairs, parking.

Also dont worry about not being able to see what the APR is on the overdraft- they purposely hide it! Phone them and ask them for the ANNUAL not the monthly figure. ( they often give monthly figure as its easier to swallow!)

Could you do a car boot sale or sell things on ebay? I mean you *only* need 313.46 to get out of 2 debts, straight away there. Or wht about a second job?

I agree a spending diary is brill to see where every penny goes.

gallygirl

o_Looby_o wrote:

Monthly Incomings:

My salary - £940.00
Partners salary - N/A
Benefits - N/A

Total - £940.00

Monthly Outgoings:

Mortgage/Rent - £100.00 ??? V low - and no gas etc - still at home?????
Council Tax - N/A
Gas - N/A
Electric - N/A
TV License - N/A
Sky - N/A
Phone - £25.00
Food - £100.00
Car Insurance - £24.84
Petrol - £40
Life Insurance - N/A
Travelling/Hotels - £100.00 If you're serious about paying off debts this has to go for now!!!
Socializing - £50.00 ditto!
Smokes - £50.00 ditto! Have you tried Allan Carr's book? Others think it works!
Charities - £10.00 ditto - you can always pay extra in future to make up
Car Loan - £158.16
Breakdown Cover - £3.21

Total: £661.21

Egg Credit Card - £264.98 17.9% APR (limit £3,000) APR 12.9%
It is set to pay min balance at the moment.

Egg Loan – Balance £4192.44 remaining. APR 7.7% Length of term 36 months, months to go - 29

Overdraft - £0 (limit £200) APR ? (I'm not sure, I've looked on barclays website, but I think I'm being blind and/or stupid)

Catalogue - £48.48 APR 29.4%

Total Debt - £4505.90

I hope I have done this right? Nearly!!!! You haven't said what loan / minimum ccard payments are each month. However, you have around £280 a month to pay debts - I'm guessing car loan is around £140 a month? Your minimum ccard payment will prob be around £10, same on catalogue, so you have over £100 'spare' each month, even allowing for your socialising etc. Except - bet you don't have anything spare.....

OK, plan of action......
1. List savings - Martin would keel over if he thought you were paying 29.4% interest when you had savings :eek: . Then we can advise on best option with them.
2. PAY OFF CATALOGUE FROM SAVINGS!!!!!!!
3. Start keeping a spending diary - every penny you spend account for! Then you can identify where excess money goes. E.g. lunch - are you taking from home or buying each day.

I feel a bit horrible asking for advise, when all you people have worse problems than me, I feel like I'm worrying over nothing. You're not being horrible or worrying over nothing - you're being very sensible sorting this out now - if everyone on here had done what you are doing none of us would be here!!!!! I'm guessing you're young, so well done on being so sensible..... Now, if you could just have a word with my daughter......:p

If I have missed anything, please let me know. Xmas, birthdays, car tax, repairs, MOT......

Should I add on my savings? YES!!!!!!

Thanks

By the way, hello & welcome!!!!

o_Looby_o

thank you all for your responses! It's really kind of you to take the time to listen

Right....

I have tried to updated and add in the missing things I forgot previously

Monthly Incomings:

My salary - £940.00
Partners salary - N/A
Benefits - N/A

Total - £940.00

Monthly Outgoings:

Mortgage/Rent - £100.00
Council Tax - N/A
Gas - N/A
Electric - N/A
TV License - N/A
Sky - N/A
Phone - £25.00
Food - £100.00
Car Insurance - £24.84
Petrol - £40
Life Insurance - N/A
Travelling/Hotels - £100.00
Socializing - £50.00
Smokes - £50.00
Charities - £10.00
Car Loan - £158.16
Breakdown Cover - £3.21

Total: £661.21

Egg Credit Card - £264.98 17.9% APR (limit £3,000) APR 12.9%
It is set to pay min balance at the moment.
(To be honest, I don't look at my statement, whatever the min payment is, just comes out of my bank account - bad I know)

Egg Loan – Balance £4192.44 remaining. APR 7.7% Length of term 36 months, months to go - 29
(Which is listed in outgoings up above - £158.16)

Overdraft - £0 (limit £200) APR ? (I'm not sure, I've looked on barclays website, but I think I'm being blind and/or stupid)

Catalogue - £48.48 APR 29.4%

Total Debt - £4505.90

Savings

£2000.00 in one account - In just a normal bank account (not high interest or anything) I dont tend to touch this - ever!

£724.56 in another account - Again, normal bank account. This is the savings which I dip into for things like MOT's, Car Repairs, Birthday's etc


With regards to the monthly outgoings, on the Hotels/Travelling and Socialzing. This is when I have to travel to see my errr... "Partner". We live 300 odd miles away from each other, and once a month we go away for a weekend
(altho this may be changing soon as he is probably going to have to move abroad with work )

I do still live at home with my parents - I'm 23, so I feel its time to take some action and get my butt in gear!

The charities - I know I should stop this, but I always thought 'Heck, its only £10.00'

Smoking - Well... I plan on giving up, but I dont think I'm strong enough to yet!

As you can see - Money is not my strong point, my trouble is, I don't seem to take it seriously or keep track of things.


..... I keep thinking I've missed something

Iona_Penny

Hi there! You really have to see that you must use some savings to pay off as much debt as you can..def the egg cc and tha catalogue debt; just curious where the money in these savings comes from as it does not appear to be in your monthly budget? According to your figures you have £280 a month to be using to pay off your debts so your situation should be easily managed. Well done you for recognising you have debt and wanting to address it while it's all still relatively straightforward.