I owe way too much please help

iowetoomucpleasehelp

I have today finally faced up to the fact that im in trouble. I need help on what i should do and how to sort myself out. I'll be honest I have been trying to ignor the problem of the amount of debt that im but i need to sort it and i dont know where to start.

I thought i was doing well because i have been paying all of my mortgage and rent (home ownership scheme flat) and other household bills and I have also been making the minimum payments on the credit cards that i have. but each month im going more and more in to my overdraft and im getting worried.

I have 4 credit cards two of which are at 0%interest for the moment and ive been paying just £50.00 on these two. And the other two have quite high interest rates but im making the minimum payments. I have an overdraft of £500 which ive only just been paid and im into it by £300+ this is why i need to face facts and get help please.

Haveing looked into how much I actually owe on cards and other bills (not including the mortgage and rent and household bills) it amounts to just over what I earn in a year and very soon will probably go over the amount I earn, im in a spriral and i dont know what to do - i know its my own doing and ive been stupid but i need help

please help me

MargB

I couldn't read this and not say something

There are a lot of people on here that have far better advice than I could give. But the one thing that seems to come across time and time again is to do a SOA (Statement of Affairs), which lists all your incomings and outgoings. People can then help to sugest areas whre you could cut down no spending or make better choices. Take your time to do it thoroughly and post it on here for people to help you.

The second thing that you would find useful is to do a spending diary...you put down everythng you buy...so you can see those bought sarnies adding up etc

You've made the first difficult step..admitting there is an issue, now you can start to move forwards

Pee

Lots of us are in, or have been in, the same boat so you will get lots of help. The SOA (basically a budget) is great and can help you see where you are going wrong. Well done for tackling the problem and not burying your head in the sand.

NorthernLas

There are organisations that you can speak who will give free advice. See the sticky at the top of the board called 'who to go to for impartial advice'.

iowetoomucpleasehelp

Hi

I have just done a budget plan as suggested and im a bit shocked

Income £1025.24
Outgoing £1108.19
Outgoing = mortgage, contents insurance,rent, service charge, council tax, water rates, life insurance, gas, electric, petrol, tv licence, car insurance, internet, mobile phone, 4 x credit cards.

so all in my outgoings are £82.95 more than what i am earning (also even more of a worry is that i have not included food or cleaning(toilet rolls etc) in the outgoing as this can vary each month)

katsu

copy and post the SOA here (cut off the website addy at the bottom so you can post). Then we will offer help.

Good luck

Jimby509

This is the SOA link you need:-

http://www.makesenseofcards.com/soacalc.html

Once completed, copy and paste it into the thread. It may take a bit of time to fill in but it tells us a great deal. It will allow people to give you better advice that is tailored to your situation.