Newbie and in trouble

in-trouble_3

Hello all,

I have been reading the forums for a couple of weeks now and finally have the courage to say we are in debt, and its getting worse and worse each month, we seem to be having less and less money each month and its becoming a struggle, we are fed up of being in this mess, and need to get out of it.

Molanole

Welcome to the debt free wannabee board and well done on taking the first step which is posting.

Take a deep breath and settle in. The first thing you need to do is take a look at southernscouser's sticky for first time posters http://forums.moneysavingexpert.com/showthread.html?t=107280. This will tell you how to get started and how to put together an SOA (Statement of Affairs). You'll be asked for an SOA so that we can advise you on where to make cut backs and how to prioritise your debts.

There are steps we can walk you through after that but first, get that SOA ready and the nerds will be along in no time to help you.

Good luck
Mola

bluezone

Hello and welcome to the board. As soon as you post your SOA we will see where we can help x

in-trouble_3

thank for your replies, i am just doing my SOA now, so will have it up in half an hour.

Imelda

Welcome in-trouble!

I will pop back in when your SOA is here, just wanted to say hi!

pudding06

Welcome to the dfw boards.

and youre already doing your soa:T

get that SOA ready and the nerds will be along in no time to help you.

Mola:eek:

pudds

in-trouble_3

MY SOA.....its very bad.

income 1900.00
family allowance 68.00
tax credit 40.00
total a month £2008.00

Outgoings....monthly

life cover mine 27.00
husbands life cover 60.00 had since 16
halifax 80.00
house insurance 11.17
account charge 10.00
account charge 11.00
vodafone 20.00 (reduced it 4 months left)
sky digital 43.50
car 138.81 (4.5 years left)
gas 50.00 (175.29 owing)
electric 33.00 (148.85 owing)
bt telephone 27.00
bt telephone 7.00 (I pay dads)
mobile 15.00 (16 months remaining)
mobile 15.00 (16 months remaining)
internet 25.00 (got it july this year)
barclay card 20.00 (owe 250.00)
capital one 25.00 (owe 840.00)
candis charity 3.00
home care insurance 5.99
MBNA 150.49 (APR 15.9%)
Lloyds credit card 365.00 (APR 14.9%)
Lloyds loan 351.36 (5.9%)
Rspca 5.00
Petrol 160.00
my brother 100.00
food for 3 300.00

total 2159.32

Always on overdraft, dont budget for car insurance, car tax, birthdays, christmas etc

we both smoke roughly cost £200.00 a month

DEBT OWING

Lloyds credit card 14622.69
Lloyds Loan 17402.81 (5 years left i think)
MBNA credit card 10828.48
Barclays loan 3141.60 (2 years left)

Total debt £45996.58

Sorry its turned out so long its bad isnt it?

in-trouble_3

we have applied for a debt management program, which cannot start until january has hubby has needs to leave his bank he is with at present lloyds, its a pay feeing one though, £65.00 a month and creditor payments £585.00 which have said we will have paid our debts off in 69 months, hubby has spoke to this company and has agreed to go with them.

Molanole

in-trouble wrote:

we have applied for a debt management program, which cannot start until january has hubby has needs to leave his bank he is with at present lloyds, its a pay feeing one though, £65.00 a month and creditor payments £585.00 which have said we will have paid our debts off in 69 months, hubby has spoke to this company and has agreed to go with them.

I'll have a look at the SOA in a sec but please tell me that you went with PayPlan or CCCS rather than going to one of the companies who charge you?

in-trouble_3

hiya molanole,

no we went with another company, not sure if i can mention the company on here

immoral_angeluk

in-trouble wrote:

hiya molanole,

no we went with another company, not sure if i can mention the company on here

My honest advice? Cancel that plan and get decent free advice and help from the CCCS or Payplan. They will do exactly the same as the other DMP companies but won't take the large majority of your monthly payments and put it in their own pocket instead of paying your creditors. It's not too late!