FIRST POST, FIRST STEP..feeling down

FirstStep

Hi everyone,

this is my fist post on the forum although i've been lurking for a few days. I have a number of debts across a career development loan, credit cards etc. I have been paying everything on time apart from on a couple of occ in the last 12 months when I have missed credir card payments but have always aid the arrears etc.

I tried to make the first step as i saw it by calling the RBS career development loan bodes to find out how much I had managed to dent in the 8k loan i took out to change career. I have been paying £200 per month for the last 12 months but yet a settlement figure is £7278.32 despite me having paid them £2400. This is becuase the interst rate is added at the beginning of the loan and is currently 10%.

I feel very dwn about this suddenly as this £200 per month is a real struggle to pay and I feel i have hardly dented it. i still have another 4 years to go.

My total debt is around 11k plus 8k student loans that i do not pay towards.

Not sure what i'm looking for from you but just needed to vent....

Thanks

immoral_angeluk

Just wanted to offer a big DFW welcome and *hug*. Well done for taking the first step.
If you could post your Statement of Affairs with all your incomings outgoings and details of the debts we shoul dbe able to offer some advice.

Annie_Fanny

Hey FirstStep

Welcome to MSE! :hello:

You've come to the right place if you want to have a rant about your financial frustrations! You say that you are paying £200 per month towards your CDL but are paying nothing towards your student loan - how come?

How about posting a Statement of Affairs (SOA) here and we can have a look thru' to see if we can find any ways to cut back so that you can throw more money at your debts?

Have a look at this post for details on posting an SOA:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Good luck!

Annie
Xx

FirstStep

Thanks for quick reply.

I haven't worked out anything as yet, i'm still at the burying head in sand stage. I estimate that the last time I opened a bank statement was about 2 years ago. I know roughly what comes out but that's it.

Salary: £1297

Outgoings:

Rent: £435
CT: £90
Elec: £20
Gym : £70 ( cannot cancel until Dec, last payment Jan 07)
Career Dev loan: £200
Credit Cards; pay min 2% ( one at £2000 and one at £600)

I also owe uni fees of £560 from 2005.

It's just madness....

exessexmum

Hi :-) Front loaded loans are a real PITA aren't they? We have a large loan we took out 2 years ago, in the next few months we will FINALLY stop paying off the front loaded interest and start to clear the capital. I agree, it is soul destroying, but at least the interest is gone and you can now look upon it as a 0% loan and that every payment goes towards clearing the capital.

FirstStep

hi Annie, I don't pay anything towards my student loans as I earn under the threshold of having to pay them back....

Mizz_Pink

:wave:

Welcome to MSE, you have come to the right place for support.

Although your debt is worrying you, there are lots of people on here who have much more debt to pay off.

Have you considered moving this loan of 10% onto a 0% credit card ? Which you can do unless you have a really bad credit history.

What about doing a SOA , there is a thread on this by Southern Scouser, its basically where you write down all your incomings and outgoings as they are currently.

Also a spending diary is useful as that will show you where all your money goes, write down if you spend 40p on a newspaper even, it all mounts up.

What about doing a car boot or selling some stuff on Ebay ?

Start collecting all your £2 coins in a jar is a good idea.

Have a look at cutting down food costs by doing home baking, there is also a thread on this somewhere, someone will point in the direction i'm sure.

I hope you start to feel better soon and in more control of your financial situation, which you will if you keep posting on here !

jet77

Don't stress- I can hear it in your typing!!

I think you need to do an SOA for the more experienced peeps to look at.

The loan seems to be harsh. Have you got enough money coming in to make your minimum payments each month?

I followed Martins links from the home page and did the budget planner.

Then I did the snowball calculator to get a debt free date and details of what payments I should be making when.

I've found this really helps to focus you and know exactly where you're at and where you want to be.

Now I've set myself a weekly allowance and am posting daily on the 'what have you spent today thread' which is really making me feel bad if I spend when I should be paying it off one of my debts (I've got a selection!!)

I've also started having a clear out and am going to ebay stuff to get a few extra £s in which I'm going to pay straight off the debt with the highest interest.

Anyway, I hope this is of some help.

This site is definitely the right place to come - I've found so much help and support here. My only complaint is that I'm constantly here!!

Sending you big hugs coz my smilies aren't working.

Luv Jxxx

David_B_2

FirstStep wrote:

Hi everyone,
Not sure what i'm looking for from you but just needed to vent....

Well you've certainly come to the right place and us MSE'ers are brilliant.

Can't directly help but I will say, we all get down sometimes and feel what is the point but you need to stay postitive which is'nt easy I know.

Good luck

FirstStep

Thanks, I have just started to look at the southern scouser thread, I need to start the process somehow. I eat very cheaply as veggie, so it's all lentils and veggies, homemade soups. I never buy lunch at work , always packed lunches.

my credit rating used to be great but since a long term relationship ( too many boring details) it's shot to pieces. I have tried to apply for a pesonal loan on less interst to pay off teh CDL but have been refused.

FirstStep

i know i feel stressed, find it hard to sleep although sounds daft as it's not as if i have the baliffs at the door so know there are folks in worse position than me.....