First time poster- Please be gentle

JH1985_2

After floating around these boards for the past 5 months I have decided to grab the bull by its horns and ask for some help.

Basically I'm currently 11,500 in debt (just seeing that figure on the screen makes me feel sick ) I KNOW THAT THIS IS DOESNT SEEM NOTHING TO MOST PEOPLE

I managed to get myself in this rut by getting a car on car finance, (£5000) this was originally 29.9%apr. but only being 18 at the time i wasnt able to get credit anywhere else so I just went ahead with it. I then stupidly got credit cards and started to consildate and it ended up spirling to 11,500.

I have been trying my hardest to stop spending but I just seem to have this problem that if I know I have money in my bank account I have to spend it.

Me and my boyfriend really want to move out together as I'm currently unhappy living at home but it seems like we are never going to be able to do it because of our debt problems. (we dont have no alone time which is now causing us to argue, I just feel like im stuck in this whirlwind and I cant get out)
He is in even more debt then I am but I dont think I am in any position to try and help him considering I am in debt myself.

beverleyhills

JH 1985

Welcome to MSE and well done for posting. Grab a brew, gather all your paperwork together. Take a deep breath if and look at any statements you may have not opened.

Post your SOFA on the board so that people can give you some advice. Follow the guidelines in the stickies at the top of the board.

Find a little notebook to use as your spending diary as from now.

Money problems can cause difficulties between couples.

Take a step at a time and you will sort it.

.

youngie

firstly CUT UP THE CREDIT CARDS so no more impulse spending then sit down and work out a budget plan, write down all your incomes and out goings and see where you can make savings,don't know where all your money goes then keep a spending diary write down everything you spend for a few weeks even that 40p choccie bar then you may be able to make simple little changes that will add up to big savings to help pay off yor debt

angeluk69_2

JH1985, Look at my debt it is 'only' £8300 but it is a huge amount to me because we only have one income and at the time we were paying nearly all our money on debts and living beyond our means.

You have the same problem as me, 'if the money is there it is waiting to be spent' syndrome as I call it.

Like beverleyhills says post your SOA and let the advice roll in, everyone here is really great and you will get all sorts of opinions that look at the whole picture and it is unbiased advice aswell.

your in a whirlwind at the moment but there is a way out of it... well done you just had your Light Bulb Moment, YAY!!!!!

Serialdieter

Hi

Firstly you have come to the right place. I only plucked up the courage to join last week and feel so much better. Some of the experienced dfw's will be along with some fab advice soon. Doing a soa was quite scary for me, but quite an eye opener and I've been keeping a spending diary since and find that really focuses the mind. If you bf has debts too, then perhaps he should join in also.

Jx

Imelda

Hi JH1985,

Firstly, welcome! You are in the right place.

It doesn't matter how much debt you have, it's all relative, it's more to do with how you go about paying it back. There are plenty of people on here who have literally thrown everything at their debt and paid it off quickly and then there are others like me who plod along....

Take a look at southernscouser's SOA sticky at the top of the board, if you give us a list of all your income, all your out goings (be honest!), your debts (including APR and minimum payments) people on here will be able to help you.

If you find that your figures don't add up (a lot of people find that they have lots of "spare" cash on paper but in reality don't) then a spending diary will help you to recognise where the leaks are.

Is your OH at the same stage as you? ie does he realise that he needs to do something about the debt? It will help you a lot if he is on board too. And it seems you both have a goal to work towards which always helps.

Good luck, I will look out for your SOA.

JH1985_2

I decided to cut the credit cards up when I first started floating on these boards so they have helped already.

Debts
Nationwide Loan 6.7%
£6934.92
Mint Credit Card 0% (until Jan 07 I think)
£3952.50
MBNA 0% (until Jan 07 I think)
£1224
Overdraft
£600

£12,711.42 opps £1211.42 over how much I though I was

My income
1039

Outgoings
Nationwide £297
Mint £100 (minimum payment)
MBNA £35 (minimum payment)
Rent £200
Phone bill £60
Petrol £40

I'm going to start a spending diary as of today to work out where the rest of that money goes.

Imelda

JH1985 wrote:

I decided to cut the credit cards up when I first started floating on these boards so they have helped already.

Debts
Nationwide Loan 6.7%how many months left?
£6934.92
Mint Credit Card 0% (until Jan 07 I think)
£3952.50
MBNA 0% (until Jan 07 I think)
£1224
Overdraftwhat is the APR?
£600

£12,711.42 opps £1211.42 over how much I though I was

My income
1039

Outgoings
Nationwide £297
Mint £100 (minimum payment)
MBNA £35 (minimum payment)
Rent £200does this include all bills and food?
Phone bill £60is this a mobile? wow huge! you should be able to cut this down
Petrol £40you haven't included any other car related bills etc tax, insurance- these will need to be split over the year

I'm going to start a spending diary as of today to work out where the rest of that money goes.

So you have £507 left over every month, from this you will need to work out how much you spend on things like car tax, insurance, clothes, haircuts etc Then give yourself an allowance for socialising/ treats and pay the rest off your debts

JH1985_2

Imelda wrote:

Is your OH at the same stage as you? ie does he realise that he needs to do something about the debt? It will help you a lot if he is on board too. And it seems you both have a goal to work towards which always helps.

He knows he needs to do something about it but just doesnt seem to be....

I have told him about this site but he just rolls his eyes ( i think he is quite embarassed about his debt)

He has managed to work up £45,000 worth of debt in gambling which he has now realised he had a problem and stopped.

I reckon it is going to take him a good 7 years to clear his debts, by then I want to be able to move out and have babies

Hi wage isnt too bad (better than mine) and he hardly has nothing to pay out, actually only rent which is only £100 per month.

How can I give him a kick up the bum??

lynzpower

You could look at taclking this one together.

Once you have done a full SOA, and weve had a look over it, then just get him to do one as well. He doesnt have to post it here if he doesnt want to, but some of the advice you will see here for you will apply to him too

If you BOTH want to move out hav babies etc, this could be the start of the plan. So together you can look at wHAT you have to do HOW you are going to do it and WHEN you could be realistically looking at moving out together and starting up home. It was me proposing to my fella that kicked me into touch of being here, as yes, we want to get married but god were skint we can never afford it, so thats why we are doing what we are doing now if you see what I mean.

Bambywamby

Can you cut your phone bill?

Less phone calls/write letters/even better send emails.