Please help me with your expertise!!

Blue_over_debt

Hi everyone,

I am a well known member of this site but I have reregistered as people I know in real life know my user name and I dont wish for them to know my identity.
I am in a real sticky situation and I wondered if anybody could advise what to do?
I am in a lot of debt with nothing to my name. I owe around £10,000 - I don't own a house car or have any children etc.
I took out debts to pay off other debts and have been silly with money. I have always been able to keep 'on top of it' by paying minimum payments but it's all catching up on me big time.
I work full time on pretty much minimum wage. There is no oppurtubity for overtime.
I'm getting to the stage where all my pay is disappearing just after being paid and I'm starting to default. Nobody will give me anymore credit to 'bail me out' this time! O have tried my best to ignore it but I'm just waking up to my situation.
A girl I worked with took out a debt relief order and I've Been looking at Dmp's and Iva's but I don't really understand them.
I live with my parents, tge last thing I want to do is blacklist their house or affect their rating.
Please help me with advice I would really appreciate it.

GAH

You won't blacklist the address, as everything goes against the individual.

Do your parents know your situation? Are they able to help you out.

Also if you post your SOA everyone can give you their imput.

Blue_over_debt

I'm glad about the address. Thank you for that.
They know a little about the debt but not the severity. My parents were extremely disappointed when I got am overdraft for £50 so they would be livid if they found out about this.
I know they aren't able to help me money wise.
And sorry what's a SOA? X

Tixy

A statement of affairs (SoA) is a monthly income & expenditure and list of your debts - we recommend this format - http://www.makesenseofcards.com/soacalc.html it will help see if a DRO might be a possibility and a sensible option for you. If you post the results on here people can help advise you better.

Have you had any advice from any of the debt advice charities yet?

cloudcuckooland_3

Hi there,

I can imagine how you feel, having to keep your debts a secret from your parents if you are living with them must be tricky.

An SOA is a Statement of Affairs which shows all your incoming and outgoing finances - its a good prompt because it'll remind you of stuff you spend money on without really noticing and if you post one up for us all to see we might be able to make some suggestions on cutting back. To get one go to the stickies at the beginning of the DFW forum and you will see it mentioned in one of the titles (or someone might come along and post a link but I am not that clever).

Another thing that is coming to mind is that now you have been forced to stop spending because you are caught in the trap (I know so well) of paying all minimum payments and having nothing left over, you will probably have to replace the spending with something else - in other words have a complete rethink about how to live your life once you have got to grips with manageable repayments. The only reason I'm mentioning this is because if you used spending as an enjoyable thing, it can be pretty grim to suddenly stop all that AND have to live frugally as well.
I often have a look at people's DFW diaries for inspiration to see how they are getting through their day. Perhaps if you have time you might want to start one yourself, it might help you fill a gap where the spending was.

Hope this makes sense. Good luck and keep checking back on this board for support.
I know you said you work full time but have a look on the Up your Income thread as there is a lot of advice there. Thanks to someone posting a suggestion I recently did a vote count for the local elections and earnt £90.00 - every little helps!

Blue_over_debt

Looks like I may have done this wrong;
Summary of Monthly Income, expense and surplus
Total monthly income: £900

Expenses (incl. HP & secured debts): £700

Available for debt repayments: £200

Unsecured debt repayments: £1295

Surplus (shortfall if negative) £-1095

Personal Balance Sheet Summary
Assets: £0

Secured & HP Debt £0

Unsecured Debt £-7180

Net Assets £-7180

I did include a wonga debt in there which I defaulted on today but I forgot to add my quickquid for £500 and my £1500 overdraft

Man what have I done?

No advice sought yet. You guys are my first port of call.

Thanks.

Blue_over_debt

cloudcuckooland wrote: »

Hi there,

I can imagine how you feel, having to keep your debts a secret from your parents if you are living with them must be tricky.

An SOA is a Statement of Affairs which shows all your incoming and outgoing finances - its a good prompt because it'll remind you of stuff you spend money on without really noticing and if you post one up for us all to see we might be able to make some suggestions on cutting back. To get one go to the stickies at the beginning of the DFW forum and you will see it mentioned in one of the titles (or someone might come along and post a link but I am not that clever).

Another thing that is coming to mind is that now you have been forced to stop spending because you are caught in the trap (I know so well) of paying all minimum payments and having nothing left over, you will probably have to replace the spending with something else - in other words have a complete rethink about how to live your life once you have got to grips with manageable repayments. The only reason I'm mentioning this is because if you used spending as an enjoyable thing, it can be pretty grim to suddenly stop all that AND have to live frugally as well.
I often have a look at people's DFW diaries for inspiration to see how they are getting through their day. Perhaps if you have time you might want to start one yourself, it might help you fill a gap where the spending was.

Hope this makes sense. Good luck and keep checking back on this board for support.
I know you said you work full time but have a look on the Up your Income thread as there is a lot of advice there. Thanks to someone posting a suggestion I recently did a vote count for the local elections and earnt £90.00 - every little helps!

Thank you for your help, will check out that thread now

Blue_over_debt

Any other advice please anyone?

WASHER

Can you follow Tixys link to the SOA and post it and format it to MSE (button at the bottom of the SOA) and we will see what your situation is like in detail.

Tixy

Hi

We really need to see the full statement of affairs listing your income and the detailed expenditure etc to be able to advise. What you posted above looks like you have £200 available before debt repayments - that would imply you would not be eligible for a DRO but without the detail it is hard to comment.