Desperate Debtblue 38k please help!!

debtblue

hello everyone

I m 28 years old and in £38k of debt. I have made many mistakes, but I had to borrow while studying as I had no support. We can't even afford to have kids and start a family. Every financial decision I take ends up as a disaster. Please help:

Companies Amount Borrowed Min Pay Amount Outstanding Rate
HSBC Credit Card £2,934.70 £88.00 £2,702.70 15.90%
Motor Loan £9,050.00 £149.50 £6,365.00 15.67%
Black Horse £106.81 £3,492.92 12.60%
Marbles £125.18 £5.00 £125.18 11.90%
HSBC Grad Loan £5,000.00 £102.50 £4,221.00 7.90%
Hamilton Direct £83.19 £5,492.42 7.50%
HSBC PG Loan £5,000.00 £100.50 £4,057.85 5.50%
Amex Credit Card £5,286.96 £133.33 £5,286.96 4.90%
HSBC Overdraft £1,000.00 £7.00 £1,200.00 0.10%
Control CLI £3,444.44 £20.00 £3,444.44 0%
DFS (GE money) £1,632.00 £1,632.00 0%
DFS (GE money) £614.00 £614.00 0%

Totals £34,087.28 £795.83 £38,634.47


Utilities Amount (Per Month) My SHARE
Rent £525.00 £262.50
Council Tax £109.00 £54.50
Electricity Bill (E7) £30.00 £15.00
Land Line (B/B) £21.99 £10.99
Car Insurance (Fiesta) £24.24 £24.24
TV License £26.30 £13.15

Totals £380.38 per month on bills

still havent counted Food and petrol.

Total Paying out : £1,176.21 :mad:
Total income monthly: £1276.72

Please guide me. :A

lynzpower

Ok
first things first

You need to do a FULL soa including food petroll sky gym, car costs hobbies the full shebang.

Second, how is your credit rating

Third can you move any of your debt to cheaper providers Im thinking 0% cards here -as ALL your debt seems expensive ( with the exceptiopn of a couple of 0ers at the bottom)

Thats just to start, but you need to do a FULL soa

do your partner live with you- whats thier take on the debt?

dancingfairy

Just wanted to say hi and welcome - you're in the right place. I agree with Lynz- can you post a full SOA?

Also try a spending diary where you write down every single thing for a while- this will help you realise where you are wasting money. Also come and 'fess up to Moozie (and everyone else) in the daily how much have you spent thread.

Good Luck

Storm

Hi and welcome :hello:

As Lynz says, you need to do a full SoA - see SouthernScousers sticky at the top of the board.

I notice the Amex card has a much lower rate than others - can you transfer any onto here from a higher APR card?

When do the DFS loans have to start being paid?

Have you got anything you can sell to pay a lump off of these?

Storm

debtblue

yeah I will do the SOA, Amex card to full to its capacity. DFS doesnt start till May next year but its at 0%.

mrslawrence2003

just wanted to say hello and not to worry, we are a similar age with similar amounts of debt so you're definitely not alone. i havent started a family but i am married tho! welcome!

tyllwyd

debtblue wrote:

Total Paying out : £1,176.21 :mad:
Total income monthly: £1276.72

According to your figures, you have £100 each month to live on, including food and petrol. In reality, do you spend more than that? Where does that extra money come from - are you borrowing it, or is your partner supporting you financially?

It's pretty obvious that the picture from the figures you have posted isn't sustainable. What is your preferred option - can your partner help you out, or have you contacted CCCS or PayPlan to see if a Debt Management Plan or IVA would be suitable? Have you got equity in your property?

raq

I agree, I am a married women and got children.

This site is excellent and unfortunately I am constantly on here looking for ideas to reduce my debt.

Lots and lots of helpful people who are most probably in a worst financial mess .

good luck

bride2be2006

Hi there and welcome, just wanted to say I know how you feel, I have a daughter who is 13 from my previous marriage but I just remarried and I am desperate to have a baby with my new hubby (I am 37 so cant wait too long) and he is 29 (toy boy;-)) but we just cant afford at the mo!