where to start

first

I have looked at this site many times and never had the confidence to actually start. My debt is now getting so out of hand that I can't hide from it any longer. My biggest worry is other people finding out and my work place getting calls from people. How do I sort my £10k of debt out. I spend £400 month more than I have coming in but I really can't see where I can make cuts. Can someone plaese advise:embarasse

Flash-bang

If you use the links at the top of the page there is a link to create a Statement of Affairs (SOA) if you post it up people will suggest where you can make cuts - obviously you don't have to take them all on board.

Tell any of your creditors that you are not able to take calls at work - write to them - you are allowed to ask for all correspondence to be in writing if you prefer. They can't speak to your work about your debts or even suggest what they are calling about as it would be against data protection and the OFT debt collection guidelines.

You couls also try the FREE debt help sites CCCS, Payplan and National Debtline (just take care when you click the site - there are some non-free help sites which have similar addresses and names).

Hope this helps.

mogsi80

Hi I'm not qualified to help as in a similar situation to you, I made my first post yesterday so good on you for taking the plunge. To get help on here it's best to put your statement of affairs, and then people can see where cuts can be made. Some can seem quite brutal but I guess we need to hear it..

Good luck on your journey xx

first

I mention phone calls to work as I work in an office with two other people and have in the past taken calls from debt collectors looking for members of staff, the comments made about this have at the very least been rude and I really can't see me being able to stay if someone intercepts a call for:( me. No one I work with knows about my debt and I try to keep my head down and stay clear of money conversations. It's so humiliating. I will however post an SOA. Thank you for your help

LMCD

Hey,

make your first cut your credit cards! will be the best thing you do.

I have just started a diary beg of month and just trawled through this website reading what I can change or what I can improve...

once you put up your SOA you will get good advice and help.

best of luck!

first

I guess brutal is what I need but am scared it won't be possible to sort it!

first

If you knew how many times I thought about cutting up my credit card but have not been able to it has become a curse

mildredalien

If you post the SOA then people will be able to advise you about how to sort it out *hugs* hang on in there, the first step is realising you need to do something about it!

NeverAgain_2

...but am scared it won't be possible to sort it!...

No problem is unsolvable.

You are only £10K in debt and have a job.

Assuming they pay you to work there, and not the other way around, I am sure your problems can be sorted.

But as others have said, a statement of affairs is what's needed.

first

Hi, well I have now done my SOA and I'm hoping I have covered everything. If anyone can think of anything I have missed please let me know (although I have my fingers crossed there won't be anything else). I have my hard hat on so feel free to be brutal


Date budget created 20-Mar-11
No of adults ................................1
No of dependants..................... 2
Your IncomeAmount
Take home pay ...........................£959
Working Tax Credit ...................£109
Child Benefit............................... £146
Child Tax Credit ..........................£473
Total Income ............................£1,687
Total Expenditure ...................£1,883
Surplus (Deficit) ............................minus £196
Expenditure Amount
Mortgage ......................................£517 (£69000 owing value about £120000)
Water ..............................................£46
Council tax ......................................£91
Gas ....................................................£35
Electricity .........................................£35
Household Services
Building/contents insurance ........£19
Telephone/mobile/internet ...........£58
TV licence ...........................................£12
Childcare ............................................£90
Life insurance/pensions ...................£9
Medical/accident insurance ............£8
TransportSpares/servicing ................£11
Road tax ..................................................£10
Insurance + breakdown...................... £28
Fuel/parking .......................................£130
Public transport .....................................£10
Food & Housekeeping
Food, toiletries, cleaning .......................£290
School meals/meals at work .................£10
Misc. Goods & Services
School trips/activities ............................£100
Medicine/prescriptions ............................£8
Hairdressing ................................................£8
Personal & Leisure
Clothing/footwear .......................................£44
Sports/hobbies/entertainment................. £23
Church/charity donations..........................£8
Sundries & Emergencies
Sundries/emergencies ................................£23
TOTAL£1,623

Credit Cards
Barclays................................£5400 monthly payment = £150
RBS........................................£2200 monthly payment = £60
Natwest...............................£2400 monthly payment = £50

Grand Total £1883

CH27

You need to add your debts, the minimum payments & interest rates.