First time poster- Please be gentle

KatrinaC_2

JH1985 wrote:

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.

That is pretty much the hardest part over. Once you've determined that you need/want help, things normally become much simpler.

JH1985 wrote:

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

Are you kidding? I panicked when I reached £3000. Frankly, if your debt is enough to make you feel ill then in your circumstances it's a lot of money, whether it be £50 or £500,000

JH1985 wrote:

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.

Have you worked out WHY you have this urge to spend? Knowing what you spend your money on is a major help, but knowing WHY you spend can help too. It's a lot easier to change bad habits when you know what triggers them, whether it be spending, smoking, drinking or picking your nose.

JH1985 wrote:

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.

If you are thinking about bailing him out with a loan, then you are right that you are not in a position to help. On the other hand, if he sees that you are capable of sorting your own mess out and are willing to give him a hand too then that might be all the help he wants or needs. Bear in mind, however, that he has to actually have his lightbulb moment too. If you start trying to change him before HE wants to then all that will happen is that you will have some almighty arguments.

Kat

JH1985_2

Debts
Nationwide Loan 6.7%how many months left? 25 I think
£6934.92
Mint Credit Card 0% (until Jan 07 I think)
£3952.50
MBNA 0% (until Jan 07 I think)
£1224
Overdraft what is the APR? 1.22% per month
£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 does this include all bills and food? I still live at home with my mum so its just a standard £200
Phone bill £60is this a mobile? wow huge! you should be able to cut this down Im trying to cut this down but im tied to a contract that I cant get out of until May 07
Petrol £40you haven't included any other car related bills etc tax, insurance- these will need to be split over the year I always tend to leave myself short when these things come around, maybe I should start putting money by

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

I worked out my final amount as 307

JH1985_2

Have you worked out WHY you have this urge to spend? Knowing what you spend your money on is a major help, but knowing WHY you spend can help too. It's a lot easier to change bad habits when you know what triggers them, whether it be spending, smoking, drinking or picking your nose.

I think it is normally silly things like popping to the shop for can of coke or popping to tescos for my lunch and picking up a magazine while im there when I check my bank balance on line all I can normally see is tesco transactions. So i think it is the little things that are adding

If you are thinking about bailing him out with a loan, then you are right that you are not in a position to help. On the other hand, if he sees that you are capable of sorting your own mess out and are willing to give him a hand too then that might be all the help he wants or needs. Bear in mind, however, that he has to actually have his lightbulb moment too. If you start trying to change him before HE wants to then all that will happen is that you will have some almighty arguments.

I would never in a million years consider getting a loan out to clear his debts, I meant giving him advice considering Im in the same boat as him. I think we could possibly be arguing alot because I want to help but cant

Ive been trying to find a part time job for evenings a weekends but havent had no joy, by the time I get home its 6.30ish and most part time jobs the shifts start at 5ish