Newbie (sort of) Coming Out of the Debt closet

Secretdebts

Hi Guys
I've been reading the threads for a while and had another name - but had to re-register so I can be honest about my debts and join in some of the challenges without my friends and family finding out. (When I say friends and family I mean my mother). Feeling a bit overwhelmed with it all tonight and I know there's only a few months before it starts to get better but thought this might help . So - just to say hi really.

Secretdebts

Forgot to say - The signature says it all - but looking forward to updating it tonight when I've started this months payments.

Hovel_lady

Hello and welcome
You're in the right place, plenty of help and support here x

Secretdebts

Thanks Hovel Lady. Nice to know there's someone out there lol. Am feeling proud of myself as Provident lady has jut been round to collect some payments and offered me another loan. I was very good and said no!! Just off to update signature now!!

Tixy

Hi :wave:

Which challenges are you thinking of joining?

Have you worked out how much you can afford to pay off your debts each month and worked out the best order to tackle them?

Keep saying no to the provident lady.

What are you doing about your payday loans? are you rolling them? or have you defaulted on them/stopped the bank account and then tried to arrange repayment plans?

Secretdebts

Hi Tixy - thanks for the reply. I'm doing the change saving challenge (whatever it's called) and not sure what else. At the moment we don't really have each money to meet the montly repayments on everything which is why I've ended up with the payday loans to stop the bank bouncing things and giving us more charges. At the moment I'm paying them both back in full each month - then having to retake them. I'm trying to work it now so that with Wonga I borrow then repay £20 less each time i take it out - and I'm hoping this month to borrow £50 less from the Money Shop (£62.50) less to repay next month as I've worked out this is the worst interest and want to get rid of it first. The problem isn't the amount of debt that I've got - but more that it's with that many different people - so the minimum repayments really add up. I'm keeping us afloat by bringing in more work from eBay and a wedding stationery business as well as my full time job, but finding it frustrating as working so hard and not seeing any of the money as it just helps towards min repayments. In a few months when the Provident loans start to be paid in full I'll feel a lot better and should be able to make better inroads to the rest of the debt as I can then manage at least the minimum payments from our normal wages and the extra can come straight off of the remaining debt:o. Sorry for the long reply, but it feels good to get it all down on paper (well, screen).

Secretdebts

Sorry if none of that made sense lol

Hovel_lady

Secretdebts wrote: »

Sorry if none of that made sense lol

Makes sense to me
Payday loans are really hard to get rid of. My OH had them before we met and did the same as you borrowing a little less each month until they were paid off.
Good luck xx

AllThatStuffIsJustStuff

Hi Secret debts,

Well done on starting the diary. It's a big step in itself.

Have you done a statement of affairs? If you post one here we can all look and see any savings you can make in your outgoings. Also, if you have any space on your CCs it might be worth doing some of your ordinary shopping on them so you can free up some income to clear your payday loans. Like I say, if you post more info people will want to help.

Best of Luck

nick282

I got onto CCCS and they reduced my outgoings to Provident and Greenwoods from £500 to £101.

It was really easy and they were extremely helpful.

ixia

Not much too add just wanted to say good luck, everyone on here is so helpful.