New, skint and desperate!

SkintMonkey

I've been lurking here for a while, but thought I should finally post a thread and introduce myself!

I am still in the process of working out how much I owe, but I think it is around £4,000 (credit cards and overdraft).

I am into my overdraft and have no money that is actually mine. I will be paid on the last working day of the month and when that comes into the bank, a lot of it will get swallowed up into the overdraft, which will mean I have less money, which will mean I will be overdrawn by the next payday.

I have moved my credit card balances (this is the only sensible thing I've done with money in my life) onto an 0% card, so they are ok where they are for the moment.

I am starting to feel really desperate, I don't have any money to pay for anything and if I do then the money isn't mine and I just end up in a worse cycle. It is only literally yesterday that it hit me that I need to sort my life and finances out once and for all. Up and until now I've just bought things out of my overdraft (have cut up the credit cards) and somehow ignored the mess I'm in. You are probably thinking that it is only £4k and I should get a grip, but that is a lot of money to me, I'm shaking just writing that. I am so damn angry with myself!

I will try and put together an SOA as soon as I can, so hopefully you guys can help me.

Jaymz

Hi and welcome to the forum! Try not to worry about the money too much, with the help of people on here and a bit of determination you will have that £4k cleared in no time

Will look forward to seeing your SOA and I am sure others will be along with words of encouragement shortly.

James

moneywaster_2

hi
please dont be upset!! im in worse position than you!! but admitting you have a problem its half the task!!!!
this site is like therapy for me the ppl are fab and they will give you fantastic ideas to help you!! try and stay calm tho!!!

lynzpower

hi & welcome

Lynz

cattie1

SkintMonkey wrote:

. It is only literally yesterday that it hit me that I need to sort my life and finances out once and for all. Up and until now I've just bought things out of my overdraft (have cut up the credit cards) and somehow ignored the mess I'm in. You are probably thinking that it is only £4k and I should get a grip, but that is a lot of money to me, I'm shaking just writing that. I am so damn angry with myself! = LIGHTBULB MOMENT :T

.

I owe over £5000 but with 2 kids and (2dogs) and a house to run on an ok wage it's gonna take me 5years to pay off. all debt is difficult so don't worry about how "little" you owe, you will still get helped on this site.
your soa will help the clever boffins in here give u some great advice.

SkintMonkey

OK, here goes:

Per month:
Income: £1,150 (gets swallowed into my over draft which is currently £500 - limit £650)
(unfortunately there is no chance of overtime in my job)

Outgoings:

£500 - (this goes into joint account for rent, food, bills)
£80/£90 - petrol
£98 - loan for car (due to end Jan 07)
£30 - car insurance
£15 - broadband
£15 - Mobile (on pay as you go)

Total: £738

But this doesn't include paying for car tax, maintenance/MOT for car, the odd and rare haircut, visiting the dentist, the odd birthday present and card etc...

So far I pay £100 a month to each credit card (I have 2)

HELP!!!!

Red_Fraggle_3

Hey look on the good side in Jan 07 you will have the car paid off - can you do a breakdown on your credit cards with full amounts APR's etc ?
Theres a link to the snowball thingy (sorry cant think of the name) but it works out how long the debts take to pay off lets you priotise - can someone post that please -

CLAPTON

its absolutely essential to add all those car tax/maintenance /MOT etc etc to your budget...without these you can't assess whether or not you're spending more than your income nor can you see why. Only when you see the full picture can you sensibly decide what to do. (if they are annual or one off sums then divide by 12 and add them to your budget)

Also who do you share with...can you break down the 500 so you can see whether there are opportunities to reduce spending there.

i would also suggest you start to keep a spending diary and write down everything you spend so you can better see where all the money goes.

Toomuchdebt

If you have credit cards on 0% I would suggest paying the overdraft off and reducing the card payments a little until the overdraft is gone.