help help help!!!

nattybone

I am just in total turbulence, sleepless nights, agony....

I am in debt. serious debt. I admit its been a total overspend and pressure to keep up with the Jones's attitude and I have rapped myself on the knuckles and admit that its gotta change. I have decided to completely abstain from all non food shopping for the entire year to help me recognise whats going on and to be able to see how much has been wasted on such rubbish.

Yes we live in a lovely house.:j
yes we are blessed with big income.:j
yes we also have a large expenditure we are now committed to:o
yes we have therefore been given massive ability to spend on credit.:mad:

The only problem now is that i cant see how we are ever going to actually be able to pay any of it off and actually be debt free...help!

We are not yet behind on any payments and have a good credit score.
I have got the finances organised as best as poss throughthe help of this website and forums but think i have come to the end of the line.:eek:
we are also not yet in negative equity on the house and I do wonder if we should sell up, scale down and start again? or actually whther that wont achieve anything at all as house prices are today.

Any thoughts? I am happy to give figures etc...

lynzpower

hi there
Yep best place to start is reading southern scousers sticky 1st time posters and post up an SOA

this will help you see the wood for the trees and help you see whats being wasted- we can help with that!

welcme

lyric_grace

Hi, Nattybones welcome to the group, the first thing to do is an "SOA" statement of affairs (see sticky post at top for advice) from there we can all do our best to help you and advise you, about spending and saving etc.
And the second thing to do is calm down and realise your in the best place and we have all been there at some point, we will help you. Lx

scotsgirl_3

best thing you can do is post your income, expenditure and debt details - sometimes fresh eyes will help you see where money can b saved

Imelda

Hi nattybone,

Have you seen the SOA sticky at the top of the page written by Southern Scouser? If you could give us a break down of all your income, outgoings and debt (with apr and payments) I am sure people on here will be able to help.

Well done for making the first step, it's a bit busy out there so hopefully this will be bumped in time for the lunchtime surfers.....

Imelda

sorry, duplicate.

Broken_hearted

If you downsize will you be any better off.

anniestar

Welcome on the board. Post your SOA and there will be some great people along to advise you. Good luck.

Bestthingsinlifearefree

Hi Natty,

Welcome to MSE. This link may help with the SOA.

http://forums.moneysavingexpert.com/showthread.html?t=107280

:beer:

Best,

MRS-MT_2

Hello Nattybone,
Welcome, I only posted my SOA yesterday, see thread 'Ready to own up to our debt'
Everyone here has been fantastic, We also have a high debt, but quite a good income. I have made lots of small achievable goals to get us started, and feel really positive. Last night I had the best sleep for ages.

Take a deep breath, and watch the replies come in, you'll be hooked to your computer all day.

It's a great feeling to know lots of people here are so supportive, give great advice and most of all, make you feel like you're not alone.
Well done for making the first step, keep going.

MRS M-T

nattybone

thanks for your replies...and so quick! God bless technology!

so...SOA is:

Joint Income: £3110pm

Mtge: £1350 pm

gas /elec /water £170pm

council tax £300 ( paying off some from last year as house hadnt been valued.)will be £170 in April 2007

Phones £85pm

insurances £200 (incl life house car etc ins)

Food £300pm

Petrol £200 pm

repayments on loan and credit cd £525 pm

DEBTS:

Mtge 275k on var rate with c and g. Still in tie in until april 07 and unsure whether can change based on income multiples now(used to work at bank when got this one and strings were pulled)

northern rock 10 yr loan started oct 05 25k on 5.9%

m and s credit card 5k on 3.9% life of bal transfer(paying min per mnth £250)

two overdrafts:

1 at LTSB 5k at 10% apr
1 at A & L 5k at 0% until Oct 07

house value approx 400k

any ideas? Many many thanks....

natski