Im going in Circles with debt!!

Applecider_2

hi first can I say thanks to whoever helps on ths site ive been looking on it and found some brill ideas which I will be using!! (Morgage pig). However at the moment I feel like im goin round in circles and debt is gettin me a bit down well more than a bit):mad: Ive got loads of credit cards between me and my fella, a morgage, catalogue bills, store cards evrything Im only twenty and feel like my life is stopping because im so bogged now with debt. heres my list anyways!!

Virgin CC - £2000 5.9% until sept min pay £50
Virgin CC2 -£1800 5.8 until june Min pay 45
Skycard -£1000 0% until sept min pay 20
skycard 2 £500 0% until sept MP 10
overdraft £1000
overdraft 2 £200
overdraft 3 £500
overdraft 4 £500
catalogue 1 £850 60 a month
Catalgue 2 £500 30 amonth
argos £200 10 a month
New look £50 6 a month

Ive prob got more than ths but this is all I can think of now. I cant stop thinking about all these things and as my partner lost his job its just me paying them now which is leaving me with NOTHIN at all every month, when we were both working it was cool. Im going to try and do what other ppl do on this website and pt all my debt toegther and see how much it is coming down in the months. Does anyone have solutions for me or any ideas that might help me get my debt down quicker and help me sleep at night for knowing that I might actually be paying it off. Thank you!!!

NB we live in a very small town very little jobs about bt are looking. partner quit his job (very nice of him I kno but it was a horrendous job which was sending him to depression) so cant claim for a little while. thanks!!

B2B-2008

Just a thought you say that your partner has lost his job. Did you have an cover on these credit cards etc that pay the bills for you if one of you lost your job?

CLAPTON

can you edit the above and add the minimum mon thly payments and the APRs

why not post a full SOA and maybe people will be able to keep once we see the details

presumably OH is receiving JSA?
can he get a temp job while he's looking for something permanent

Applecider_2

sorry whats a SOA? yeh I will add the APR etc now!

ktb

for info about SOA's follow this link for 1st time posters *SOA*

CLAPTON

an SOA is a statement of financial affairs which shows income, spending and debt details

An SOA Statement of Affairs

a. list of income
b. a detailed list of spending (include mortgage and secured debt but exclude unsecured debt)
c. a total of spending as above
d. now you can see how much you have to pay debt monthly by forming income minus spending
e. a list of unsecured debts
i.e. debt amount, minimum monthly debt repayment, APR
f. a total of unsecured debt and of monthly unsecured debt repayment
also say if you rent or buying , if so how much is the house worth and how much the mortgage, also your general situation: partner, children, working etc.

Applecider_2

oh my god thats going to be a long long long story. Im paying out much more than whats coming in as well as a stdent loan arrrrrrrrrrrrrr!! ok here goes



Incoming
My salary - 800 (sometimes CAN be more depedning if I get supply work)
his salary - 200 (JSA had a letter today will be getting it next month)


then all essential spending include mortgage/food but EXCLUDE debts

Outgoings

morgage - 370
c tax - 75
gas n elec 110
phone bill 20
sky 50
mobile 1 35
mobile 2 25
water 30
broadband 15
axa health 10
car ins 50
food 40
petrol 50

total £880

then details of debts as described earlier...

Virgin CC - £2000 5.9% until sept min pay £50
Virgin CC2 -£1800 5.8 until june Min pay 45
TSB CC - £2500 o% until march Min pay 50
Skycard -£1000 0% until sept min pay 20
skycard 2 £500 0% until sept MP 10
overdraft £1000
overdraft 2 £200
overdraft 3 £500
overdraft 4 £500
catalogue 1 £850 MP 60
Catalgue 2 £500 mp 30
argos £200 Mp 10
New look £50 MP 6

total - £9100

student loan 15000 Not paying yet as im not earning enough

then details of the house/mortgage

My house has 56,000 left. I am paying 370 a month

my house insurance is 12 per month sorry forgot that earlier)

then we will have the required information




oh my god what the eck am I doin!!!!!!!!!!!!!!!!! no wonder im going further and further down

so far thats all I can think of.

I have no kids but I have a very Large dog :cool: Like I said earlier Ive got plenty of overdrafts and CC's which ive juggled around to low APR's and 0%!! is this enogh info?? do you think I need to consolodate? I really Thank yo so muc for your time I feel like my problems been shared a bit.

CLAPTON

if you could repost along the lines i suggested it would be a lot clearer.

that is income first

then all essential spending include mortgage/food but EXCLUDE debts

then details of debts as described earlier...

then details of the house/mortgage

then we will have the required information

lynzpower

Ok lemme see here in terms of your outgoings

morgage - 370 ( make suree you apply for Housing benefit now, you might not get it, but it will need to be noted by the state
c tax - 75 you should be entitled to CT benefit right now
gas n elec 110 ( this is high hun, you need to a) get energy saving lightbulbs ( free for ppl on benefits) , everything off at the wall and generally energy saving pronto! https://www.est.org.uk, loads of ideas here.
phone bill 20 ( whats this, just line rental? )
sky 50 ( this can go, no point in making a bad situ worse)
mobile 1 35 ( both these contracts should be taken to the cheapest package poss oif you cant go PAYG, call your network & ask)
mobile 2 25
water 30
broadband 15
axa health 10 ( do you need this right now? theres a clear saving here?)
car ins 50 ( WOW , is this the cheapest?)
CC virgin 50
CC virgin 50
CC TSB 50
skycard 50
cahoot o/d 10
halifax o/d 10
new look 6 ( this has to be a priority, the interst rates on storecards are MENTAL)
Argos 10 ( likewise)


I would start
a) applying for all benefits
b) get OH to find some temp work, the job centre shgould be able to find something thats what they are there for?
c) OH to set about ebaying anything adn everything that doesnt get used

Applecider_2

Thank you very very much lynzpower Im going to follow all ur advice, not sure weather to give up the heathcare as it pays all my dentists bills and eye bills, i need to phone them and ask. BTW congrats on recently becoming debt free I bet u are mega happy!!!

Clapton (sorry about my lack of following instruction) I have done as you as outlined I hope this is better if not please let me know and i will edit again!

Toto

Also start a spending diary, write every penny down you spend and what you spent it on so you can see all the little mini spends (and big ones), are you REALLY only spending £40 a month on food? If you are: well done.

When I started my spending diary I added a note next to the amount to explain why I spent it, I was amazed how many times I bought a chocolate bar because I was bored (does chocolate really relieve boredom?) or a magazine because a headline grabbed me (could have gone home and read it on the net for free). This really helped me to focus on all the mini spends which were totally unnecessary. Those pennies all add up to quite a significant amount over the course of a month.

Get rid of sky and get freeview instead. Sign up to pigsback and quidco, get cashback for everything you need. I shop online for most things including groceries to get the extra clubcard points and I find I do a lot less impulse buying that way.