where to start...

findingmyownway

Hi pea

Welcome. From your SOA it looks like over 60% of your income is going on debt at the moment. While I commend you for making the payments, I'm not sure how sustainable that is for the future. Can you live with your mum for the next 2-3 years to enable you to keep up with the payments? If you ever had to move out and run a household I think you will struggle. Does your rent cover your food? Do you never go out with friends, buy lunch at work etc etc? Do you intend to buy any xmas presents? There is nothing in your SOA to cover this and so I worry you are using the cc to cover this and masking the problem.

What did you spend the £17K on? Is there anything you can sell to recoup the money? I note that you have a car - is it a flash one which could be traded in to release money?

ss3n08

Ignore my post, misread your SOA.

Gettingtherequickly

Hi, I reached the stage where I am no longer in debt, but I so wish I was aware of the benefits of this site before the end. I usually lurk on this forum, but the support & motivation by the regulars is amazing and you are so lucky that you are having the benefits from the beginning. I don't doubt for one second that you will be debt free sooner than you expect.

MFWannabe

Peabody wrote: »

Hi

Right time for the proper post....

A bit about me:

I'm a 29yr old single girl, living with my Mother, could do with losing some weight and I am in debt.

So how much debt.... £17,622.80 (or there abouts) :eek::eek:

Broken down into:

Loan 1 - £3,980 (has another 18 months)
Loan 2 - £2820.79 (has another 2 years)
C/C - £10,822.01 (this makes me feel sick )

Scary stuff however, I have found my way back to MSE :T and I am determind to get it gone this time.

I know I need to do a statement of affairs, but hopefully this will do:

Pay in£1,138.93Rent-£240.00Loan 1-£284.35loan 2-£116.83loan 2in-£25.49RAC-£10.33Lens-£10.00Phone-£22.54Internet-£14.50Car In-£30.12Currys-£6.99petrol-£80.00c/c-£320.00

Now this leaves me with about £22 'spare' a month. Not a lot I know... but I have a feel ideas....

RAC cover, the company I work for gets a 10% discount... so I am going to try and give them a call and see if they will take this off the remainer of annual contract.

Curry's pays for laptop cover, and I'm not sure what to do about it, whether to cancel it or not. My phone is on the best tarriff for me, I make sure and change it every now and then.

So any ideas/thoughts. I know things are THAT bad, but they could be better....

MSE things done today:

No Spend Day
Re-joined MSE
Realised I am going to need to dig out my interest rates :eek:

***hmmm thinks it might be time to start a debt free wannabe diary

Thanks for Reading

Pea

Hi
Welcome to the board. Firstly you need to do a proper soa so that you account for everything you spend. Use the one on www.makesenseofcards.com

Well done for managing to pay your debts each month.

Could you perhaps ask your mom for a reduction in rent for a period of time to free up extra money per month, say reduce it to £200 per month until Loan No.1 has finished. Then when the loan No.1 has finished you could increase it again as you will be better off by £284.35 per month.

With reference to RAC; £10.33 per month is expensive; i only pay £40 ish for the whole year. Check out comparison sites to see how cheap you can get this for.

Do you really need a car at the moment? You only spend £80 per month on fuel so i'm guessing you don't have to travel far to work. Could you sell it for now to free up some cash? How much is the car worth? Also you would save the £110 per month you currently spend on fuel and insurance. But you also have no amount written down for car tax and mot/repairs

Is there any chance of overtime? Could you take on a 2nd job for a while to increase your income and pay anything you earn from this straight off the debts.

Currys laptop cover of £6.99 per month is a lot of money that could be better used elsewhere

Check comparsion sites for internet; you should be able to get it cheaper than your current rate

Sell whatever you can on ebay and pay everything earned off the credit card

Cherryjack

i went to confused .com and just got full breakdown coverage with all the perks for £31.00 for the year

curlytop12

AA recovery via topcashback.co.uk £8 !!!!!!

Cherryjack

gem68 wrote: »

AA recovery via topcashback.co.uk £8 !!!!!!

wow thats fab.. must check out this topcashback site

MFWannabe

Check out Quidco aswell; another good cashback site