Hi everyone this is my first post, and hopefully first step..

Turnip_from_the_Tip

Hi

Basically I'm in the usual kind of mess.

Around 20k of credit card and personal loan debt that I've got myself into from my student days, onwards.

Now I'm in a low income job, only really taking home about a grand a month.
Tonight I have put together a spreadsheet which tells me my total outgoings are roughly 1500 p/m and that's with several enforced cut backs so it's no wonder I've been maxing up the cards.

I've rang the CCCS and aranged an interview for a couple of weeks, but my main question I suppose is this:

I've heard conflicting advice from various sources - namely the CCCS few months ago and then one or two debt management companies who told me to avoid the CCCS like the plague.

Really confusing as everyone in this game is looking after thier own interests - as I'd expect so - where do you turn?

I've looked at an IVA, but now I'm starting to think bankrupcy may be the only way out.

I checked my bank account tonight and I have less than 2 quid left or should I say I'm now 1,998 O/D and I have a week and a half to go until pay day.

I can't go on like this, but don't want to take the spineless way out (Bankrupcy) although there is a sore temptation to say Sod it, I've been a bad lad, start agian and turn over a new leaf.

Sorry for rambling on. I'd be grateful for any advice as, after reading a few threads on here I know I can trust you lot more than these so called helpful organisations.

Cheers
Turnip

moozie_2

Hello and welcome

Please post a (SOA) statement of affairs: your incomings, outgoings such as bills and any other commitments. Then also a list of your debts with APRs, limits, minimum payments and whether you are up to date with them.

This will give us an idea of your position so we can offer advice.

CCCS are a charity and would be one of the best to contact. Debt management companies that charge for advice should be avoided like the plague! :eek:

Look forward to your SOA!

[Deleted User]

Agreed!

By posting your SOA you might be surprised what can be done. The debt won't vanish but it can be prioritised and suggestions made to help you manage things better.

Bankrupcy is not to be taken lightly and an IVA involves a commitment on your part.

You can get FREE debt advice from the Citizens Advice Bureau if you'd prefer - but you need to take in all your paperwork etc... regarding debts and income.

Turnip_from_the_Tip

Thanks for the reply

SOA as follows:

Ins_______________________Outs_____Amount Owing

Salary	1000			
				
		Egg Banking	240.7	13500
		Rent	250	
		Lloyds MC	100	1100
		Lloyds VC	50	200
		Lloyds O/D	25	2000
		Npower	100	
		BOS	50	2200
		Council Tax	67	
		Clothes	40	
		Groceries	150	
		[B]Car	[/B]	
		petrol	80	
		Tax	10	
		Insurance	60	
		Maintanance	40	
		Pension	80	
		contact lenses25	
		Royal Sun Alliance	15	
		Barclaycard	10	
		Ikea	10	
		Hair	15	
		Other	25	
		Entertainment	50	
1000		            1492.7	19000

taxi73

Hi and welcome to the site...at least you've took the first steps..I agree with the others do a SOA...there are many helpful people on here..and it's surprising what they come up with...I wish you luck

moozie_2

Thanks for the information. Can you add APRs, limits and status please? It would be helpful if you had bills in one section and debts in another.

Turnip_from_the_Tip wrote:

Thanks for the reply

SOA as follows:

Ins_______________________Outs_____Amount Owing

Salary	1000			
				
		Egg Banking	240.7	13500
		Rent	250	Does this include water rates?
		Lloyds MC	100	1100
		Lloyds VC	50	200
		Lloyds O/D	25	2000
		Npower	100	Is this electricity only?  It's astronomical! :eek: 
		BOS	50	2200
		Council Tax	67	
		Clothes	40	This must be reduced
		Groceries	150	For how many?  You can get it as low as £50 pp.  Look on the old style Board for ideas.
		[B]Car	[/B]	
		petrol	80	Can this be reduced at all?
		Tax	10	
		Insurance	60	Why so high?  Are you very young or had many claims?
		Maintanance	40 For what?	
		Pension	80	
		contact lenses25	You can get them much cheaper online.
		Royal Sun Alliance	15	Is this home insurance?
		Barclaycard	10	
		Ikea	10 Is this a store card?	
		Hair	15 Every month?  Can this be reduced?	
		Other	25	What is this for?
		Entertainment	50	
1000		            1492.7	19000

There are things missing like phone(s), presents etc. The first step would be to bring your outgoings within your incomings by cutting down on everything that is not fixed. A spending diary may help you on this.

I know this is a hard situation but you can turn it around by making changes. Have you considered additional employment, ebaying things, mystery shopping to boost your income?

BlueSkyDay

Welcome Turnip

Moozie has given you some great advice on your SOA.

How about transfering your credit card balances to 0% cards - have you tried that already?

Good luck with it all. You've made a great start and will find a lot of support on here.

Blue

Turnip_from_the_Tip

Cheers all.

I've rang my banks tonight and already agreed reduced payments for a couple of months while I decide my next move. Long road ahead, and some tough times no doubt, but I'm sure it will be worth it in the end. :beer:

Pauper_Princess

Turnip from the Tip,

I don't normally add my comments to these kind of posts, cos everyone else on here is so much more astute than me! But your line,

don't want to take the spineless way out (Bankrupcy) although there is a sore temptation to say Sod it, I've been a bad lad, start agian and turn over a new leaf.

really touched me! There are so many people these days so ready to take this route, I felt I had to applaud you for being sensible!!!

As regards your SOA:

Salary 1000 (can you get overtime or change jobs for a rise?)

Egg Banking 240.7 13500
Rent 250 (this seems cheap -are there 2 of you?)
Lloyds MC 100 1100
Lloyds VC 50 200
Lloyds O/D 25 2000
Npower 100 (gas and electric? Seems high even for 2 - we pay £77 combined)
BOS 50 2200
Council Tax 67
Clothes 40 (you might need to bring this down a bit if you really want to cut back, not nice I know)
Groceries 150
Car (okay, gonna suggest same as everyone else, do you need the car)
petrol 80
Tax 10
Insurance 60
Maintanance 40
Pension 80
contact lenses25 (who is this with? Mine's with specsavers for £8 p.m.?)
Royal Sun Alliance 15
Barclaycard 10
Ikea 10
Hair 15 (completely necessary? Up to you though)
Other 25
Entertainment 50
1000 1492.7 19000

Just my opinions as to where you might save money - not an expert though

Turnip_from_the_Tip

Pauper_Princess wrote:

Turnip from the Tip,

I don't normally add my comments to these kind of posts, cos everyone else on here is so much more astute than me! But your line,

don't want to take the spineless way out (Bankrupcy) although there is a sore temptation to say Sod it, I've been a bad lad, start agian and turn over a new leaf.

really touched me! There are so many people these days so ready to take this route, I felt I had to applaud you for being sensible!!!

As regards your SOA:

Salary 1000 (can you get overtime or change jobs for a rise?)

Egg Banking 240.7 13500
Rent 250 (this seems cheap -are there 2 of you?)
Lloyds MC 100 1100
Lloyds VC 50 200
Lloyds O/D 25 2000
Npower 100 (gas and electric? Seems high even for 2 - we pay £77 combined)
BOS 50 2200
Council Tax 67
Clothes 40 (you might need to bring this down a bit if you really want to cut back, not nice I know)
Groceries 150
Car (okay, gonna suggest same as everyone else, do you need the car)
petrol 80
Tax 10
Insurance 60
Maintanance 40
Pension 80
contact lenses25 (who is this with? Mine's with specsavers for £8 p.m.?)
Royal Sun Alliance 15
Barclaycard 10
Ikea 10
Hair 15 (completely necessary? Up to you though)
Other 25
Entertainment 50
1000 1492.7 19000

Just my opinions as to where you might save money - not an expert though

I'm in areas with my guess and elec - not really my fault - those lovely people at NPowere let me pay the wrong DD for three years!!

My rent is thorugh a housing assoc. I do live with my girlfriend, however she's in more strife than me!!

I need the car for my job on a daily basis and I'm thinking of shaving off my hair to cut back on hairdressers - although I'm really not looking forward to that at all.

I genuinely want to pay this off myself, without an IVA or debt plan if I can but I guess I need the creditors to play ball while I try and sort myself out.

anniestar

Good luck and welcome.