light bulb moment please help

devona

Hi im new here and i desperately need some help.Ive just had my light bulb moment and totalled up my debt,im astounded and ashamed of myself.Ive been reading the boards for several months now but never had the courage to post. Im going to take a deep breath and post my SOA,i would be gratefull
if someone could advise me on the best ways of sorting my debt,i want to make some inroads but dont want to do DMP or IVFs I want to try and sort this myself because i got myself into this mess.My debt is as follow...
virgin cc owe £4447.23 limit £4900 apr is 15%
marbles owe £5700 limit is £8300 apr 17.5%
lloyds tsb owe £4483.90 limit £7200 apr 14.8%
mint £3252.09 limit £8300 17.5 apr%
morgan stanley £2740.12 limit 3000 0% for 9 months
littlewoods mail order i owe £536.40
lloyds loan £110000
total debt a staggering £32159.74
Im just about sink under i think,although ive never missed a payment on any debt ,i desperately need advice on what to do.

susplum

Firstly, well done for being brave enough to take the first step. I'm a newbie here myself but I can already tell you you have come to the right place.

You need to post your income and your regular outgoings too, then we'll know where to look to help you financially.

System

devona wrote:

Hi im new here and i desperately need some help.Ive just had my light bulb moment and totalled up my debt,im astounded and ashamed of myself.Ive been reading the boards for several months now but never had the courage to post. Im going to take a deep breath and post my SOA,i would be gratefull
if someone could advise me on the best ways of sorting my debt,i want to make some inroads but dont want to do DMP or IVFs I want to try and sort this myself because i got myself into this mess.My debt is as follow...
virgin cc owe £4447.23 limit £4900 apr is 15%
marbles owe £5700 limit is £8300 apr 17.5%
lloyds tsb owe £4483.90 limit £7200 apr 14.8%
mint £3252.09 limit £8300 17.5 apr%
morgan stanley £2740.12 limit 3000 0% for 9 months
littlewoods mail order i owe £536.40
lloyds loan £110000
total debt a staggering £32159.74
Im just about sink under i think,although ive never missed a payment on any debt ,i desperately need advice on what to do.

Well done Devona - your first step, you sound just like me at my LMB and many, many others on DFW. I see that you have posted your debts but not your income or indeed other outgoings such as, mortgage, council tax, sky etc. Include that as well for further advice. It may be that your income would justify some kind of DMP - self administerd or via Payplan or CCCS or maybe even an IVA (IVF!!!).

Lenny

magentadreamer

Well done on taking the first step to being Debt Free. Can you post a SOA ( all your out goings and in comings) this might help others look at ways of freeing up money to sling at your debts. If you use Martin's budget planner.

One thing that comes to mind is some of your cards do have a little bit of lee way with the credit limit and I'd suggest moving as much moey as you can to the lower interest rate cards. Plus if you've never missed payments why not ring up and say you've been offered a better rate can you match that?

Good luck.

Hippychick

Don't panic take a deep breath, we have all been there at some point and there are lots of very helpful people on this board who can offer support and encouragement.

Firstly I would suggest you post a full SOA showing monthly incomings and normal outgoings, we can then see where you can cut back. What are your monthly payment commitments? also waht is the apr for Littlewoods and Lloyds?

You seem to be paying very high interest have a look at shifting the balances to 0% deals or low life of balance cards.

devona

I earn £1200 a month
my outgoings are...
150.00 on virgin card
100.00 on marbles
50.00 on mint
100.00 on lloyds
50.00 on morgan stanley
220.00 on lloyds loan
total £670 on debts alone

I share a flat with my friend and i pay 270.00 rent
60.00 food
10.00 electricity
14.00 water rates
44.00 council tax
as you can see i dont have any surplus money i live on my overdraft most of th month which isnt a good idea.
I want to ask my creditors if they wall reduce the payments each month but im scared and not sure what to say.I have neve missed a payment and i always try to pay over the minimum amount .I really need some good advice i desperately want to start clearing these debts,i have alreay cut up the credit cards to stop me being tempted to borrow cash on them.

lynzpower

Devona

:coffee: have this, you seem to be in a right ol tizz

Id use martins budget planner at the top of the page , and write in it, everything that you EVER spend money on, presents, travel to work, dentists, contact lenses ANYTHING.

well done on cutting up the cards.

Once youve done your SOA in this order

INCOME

OUTGOINGS

DEBT & APRS

credit/deficit total

youll be able to see wherre to go next

Love
lynz
xx