Debts creep higher time passes by.....

dazizz

Hi First time poster ...... over the last 7 years I've had debts starting at about £2k and gradually spiralling to upwards of £25k,

In the main down to consolidatory loans, credit cards and dare I say it an unhelpful bank and spendfrift nature!

In some ways over the years certain aspects of the debt have seemed to ease ( I had 7 cards but now only have 3) but all in all the debt remains.

Problem is now I have to start being more considerate of those around me
my folks have supported me rent free for 2 years or so now (which im massively grateful)
and theres my partner who is self sufficient but I dont want her to ever carry the burden of my expenditure.
She knows the situation but long term I want us to share rents groceries costs in the event of living together.

I pondered an IVA at one point but It seemed a soft way out (having spent the money I'd like to pay it off someday on my own steam)

Ive even began to give myself more of a budget about my day to day living,

Will my current cards be helpful to my plight ? will I get a loan better than what im getting at the minute with the level of debt I have and the amount I earn?

Its the one area of my life thats a burden...

While I dont miss payments nothing seems to change ) :

Thanks for listening


My salary - £840

Monthly Outgoings:

Mortgage/Rent - zero (although would like to afford some for parents)

Phone - £40.00
Food - £80.00
Car Insurance - £50.00
Petrol - £45
internet £15

Total: £230

Egg CC – balance £30

natwest Loan – Balance £21500 APR 8.9% Length of term 84 months, 63 months to go ish

natwest cc £4000

capone cc £2200

Overdraft - £750 (limit £1,200) APR ?

chevalier

Hi there
just on way to bed.
need to post a Statement of Affairs (see southernscousers sticky at top of forum)
then we can help
do you pay parents rent?
sorry it is short
chev

dazizz

No they have been brilliant during all this ...although i think dad would like some cash from time to time

southernscouser

Welcome aboard dazizz although I see you've been a member for nearly 2 years! :beer:

First things first we need to see a SOA to give you the best advice possible.

Take a butchers at this thread for a guide.

dazizz

took chevaliers advice and read up edited my initial post,

Time to bite the bullet I think

southernscouser

dazizz wrote:

My salary - £840

Monthly Outgoings:

Mortgage/Rent - zero (although would like to afford some for parents)

Phone - £40.00
Food - £80.00
Car Insurance - £50.00
Petrol - £45
internet £15

Total: £230

Egg CC – balance £30

natwest Loan – Balance £21500 APR 8.9% Length of term 84 months, 63 months to go ish

natwest cc £4000

capone cc £2200

Overdraft - £750 (limit £1,200) APR ?

Do you know the APR's on your debts? If not phone the companies and find out! Then whack all the data into this nifty little tool. It will telly you what to pay off first and how long it will take!

dazizz

had a look at the snowball thing very clever

My situation is as much a pride thing as anything thanks for the heads up though

southernscouser

Can you reduce your mobile bill? I was paying £30 a month but instead of an upgraded handest I got a tenner off my bill!

Make sure you are on the best package maximising your usages!

Also have you shopped around for car insurance? When's it due for renewal?

dazizz

thats not until May, I had put last years on egg card at 0% for 6 months....

im usually quite good with the rates on cards although never tend to get existing customer offers my loans the killer though....... 4th consiladatory loan form natwest and still i spend

my only real step forward with this loan has been going more than 1 year without re consolidating again

southernscouser

Thats the real issue here and with consolidating in general. You need to control your spending habits. We've all been there. Me about 4 times! :rotfl:

You need to start a spending diary! Every single day write down what you have spent and on what! At the end of the month it makes pretty interesting reading!

You can narrow it down into catergories for example, food shopping, rather than putting bread, milk etc. Also I have a grooming/health catergories which covers toiletries, medicines, hair cuts etc.

After 1 or 2 full months you realise where exactly your money is going and it's scary stuff! :eek: :rotfl:

bandraoi

You should be able to get a better phone deal than £40/month.
Do you need the car?

To be honest though looking at your debts vs your salary,
you need to earn more money to pay them off.
Can you work hard for a promotion/take a weekend job/ebay stuff?