Had light bulb moment

isy1011

It has taken me quite a while for the light to go on but a couple of months ago I realised that I was not opening the credit card letters and with a sick feeling in my stomach I added up the debt. I have been reading these posts and I think I will be able to tackle this situation better if I receive some support on here. I have finally had to do this because I was running to stand still. I was in denial but at the same time doing two jobs (one as college lecturer, sounds like its well paid but it aint and one as a staff nurse!) The consequence of me doing this for a few years is that Im exhausted but debts have not gone down because I have been in denial. I have become resentful towards hubby because I feel he is not burdening this problem until every few months when I crack up. So, anyway now I have to tackle it. debts approx: £6000 0% egg card, 4000 santander 0%, 2300 Virgin 16.9%, 10K hubbys student loan, 2K my student loan, First Direct loan 19K.

determined_new_ms

Hi issy. sorry to hear your having a hard time. I'm not sure what the best advice is as your debts are high. I'm going to bump you and someone with a lot more experieince will come along and give you something more concrete. My only thoughts are to contact one of the free debt agency and go through everything with them. I know its easy for me to say but try not to worry too much, you will sort this out and it will be ok xx

isy1011

Thanks for reply. I have done a spreadsheet and have put together some sort of plan for repayment so I have moved on a little from a couple of months ago. Its just going to be a case of sticking to it

determined_new_ms

its tough issy but with the right advice, good support and a steely determination u'll get over this x

isy1011

Yes.I think if I think its too high I run the risk of running from it but if I see it as bit by bit I think I will tackle it better. I have stopped spending on cc now so thats a move forward and I have put money aside for our holiday instead of just thinking I can pay for it another time so now its time to start repaying.

Geebee

Hi Isy... the best step for starters would be to post an SOA....HERE is the link. If you can get this posted, people will be able to get a good look at things and advise as to the best course of action to maybe cut a few bills etc.

The debt charities will be able to advise on any repayment plans and negotiate with your creditors for you, if need be. HERE is the place to look for the charities to help you, whatever you do, don't pay for any company from TV or anywhere else that offers to do it for you.

GB

isy1011

Thank you. I will go through that.

isy1011

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1440
Partners monthly income after tax....... 1701
Benefits................................ 134
Other income............................ 100
Total monthly income.................... 3375
Monthly Expense Details
Mortgage................................ 891.3
Secured/HP loan repayments.............. 337.79999999999995
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 122
Gas..................................... 0
Oil..................................... 0
Water rates............................. 48.2
Telephone (land line)................... 25
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 450
Clothing................................ 45
Petrol/diesel........................... 40
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 15
Buildings insurance..................... 21.23
Contents insurance...................... 0
Life assurance ......................... 24.14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 105
Holiday................................. 70
Emergency fund.......................... 20
cash.................................... 140
Total monthly expenses.................. 2667.67

Assets
Cash.................................... 0
House value (Gross)..................... 240000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 243500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 118000...(891.3)....4.99
Secured Debt.................. 20671....(337.8)....8.3
Total secured & HP debts...... 138671....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Egg credit card................6212......123.......0
Santander credit card..........3919......90........0
Virgin cc......................2568......35........15.9
Total unsecured debts..........12699.....248.......-

Monthly Budget Summary
Total monthly income.................... 3,375
Expenses (including HP & secured debts). 2,667.67
Available for debt repayments........... 707.33
Monthly UNsecured debt repayments....... 248
Amount left after debt repayments....... 459.33
Personal Balance Sheet Summary
Total assets (things you own)........... 243,500
Total HP & Secured debt................. -138,671
Total Unsecured debt.................... -12,699
Net Assets.............................. 92,130
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

isy1011

Just to clarify: I havent put student loans on but the salary is after loan repayments taken out. If I put those on where?? then salary would be 116 (husband)plus 76 (me) higher.

Also the 100 additional income: this is sometimes 100 sometimes 300 depending on how much nursing work I get offered so its variable.

NorthernLas

Isy - Well done for posting your SOA.

You seem to have money spare at the end of the month according to your SOA.

If you don't, a spending diary is a really good idea, so you can work out where the money goes.

isy1011

After reading so many threads on here today I think I am definately going to start a spending diary because no matter how many times I go through bank statements and check and recheck I am still scrimping at the end of each month!