Newbie in need of HHEEEELLLLLLP!!!

newmum1

What about clothing and entertainment you haven't put a figure down for that.

sparkyt2

don't know how much i spend! exept that its too much??

Caroline_Woolf

hello!
defo gud idea to start with writing soa, ive found a cool website, with some calculator things to work out your incomings and outgoings, pretty much like a statement of affairs then it tells you what your best option is. i think its call an analyser - its at https://www.cleardebt.co.uk there is mountains of info there too which may help you too.

would you consider an IVA or anything like that, seems like you would be eligible, that caluculator that that website would work it out tho for you..


Hope i have helped a bit!

Im new to it all too, seems so daunting doesnt it!?!?



gud luk
me

debtCollector_3

sparkyt2 wrote:

Think i might have to cry???? Feel terrible as i don't even have all the commitments all you guys do! but feel like all my money is leaving my bank account on payday!! and i have nothing left!

Advice please guys x

I first posted on the forum last weekend and I felt the same way as you.... near to tears..... but its only been a few days on and I feel so much better, even though my debts are still with me....

You'll get tons of advice on here and we're all in the same boat together :kisses3:

sparkyt2

I know i've done the right thing I feel better already. in a way i've got the right frame of mind to tackle this problem although probably not the best time of year to be starting.
Going to keep posting on this thread throughout my journey to freedom!
Advice will be needed from all of you i'm sure x

tanith

Hi Sparky , I am sure you're thinking my god......aaarrrggghhh but be assured all the kind people here will help you get started on sorting it out...... ((((((((hugs)))))))))))

I_was_a_fool

Welcome! You have come to a good place, there is loads of help here.

First thing is to start keeping a spending diary, write down every single penny you spend so you get a handle on where the money is going.

It looks like you are living entirely on the credits cards (been there, done that!) and so the spending starts to seem unreal. You must avoid using your cards as much as possible and ask yourself if you need something, or just want it!

sparkyt2

Spending Diary is a great idea!
Will try to be very careful about what i spend on! Have definatley been living off the credit cards but am hoping to change !
I see your signature says no to ppi!! can i cancel this with my credit cards after taking it out originally? this stop bills growing? x

I_was_a_fool

Yes, absolutely, cancel it ASAP ! It is overpriced and you cant afford it! Use the money towards your debts instead.

Vickicb

Sparky, I think your student loan repayments are wrong.

The 2 different schemes are:
1) The original, mortgage style loan, when you repay once you hit a particular income figure (used to be around £16K, I think)
2) The newer, income linked figure - 9% of income over £12K (??)

You should pay back the original style loan BEFORE you are eligible to pay back the income linked syle loan. Here's what happened to me:

Had old style loan at Uni x 3 years (but low amounts, as still part grant)
Started work - under the threshold for repayment
Wages reached threshold amount - repayed arounf £50 pcm
Maternity leave - deferred payment
Resumed work - resumed paying the following April
Maternity leave - deferred payment
Back to Uni - retrained as teacher - took out new style loan
Started as teacher - resumed paying original loan following April
Completed repayments a couple of years later in August
April - started paying back new style, income linked loan - around £160pcm at monent

This was all done on advice from the Student loans company. You should stop paying the income linked style loan and put that towards your other debts, as I understand it Student Loans should be the last thing to go, and only should be paid off when necessary!