Ok, so let me introduce myself....

lashley82

Evening all I'm not too good at the introductions and all that malarky. Basically in a nutshell I've lurked around for a little while but indeed having dipped my toes in with a couple of challenges I think signing here could only be a positive thing

Basically I made a decision to try and get rid of all my debt this year. If i put my mind to it possibly even sooner.Its just going to take a lot of discipline. A new years resolution worth keeping right

The level of debt isn't insane (and I will do a detailed breakdown as soon as I get a moment) but basically the spiral started with those two dirty words. Payday loans. What started as a couple of hundred quid (which I quite wrongly thought would be harmless) got to the point where I was basically robbing Peter to pay Paul. Don't worry I'm not gonna go all woe is me and that. I can't. I have to stand up and face knowing that getting involved with these fellas has basically cost me big time and to pull myself away once and for all. On top of that, my overdraft (which I am basically living in), credit cards (maxed) and various other titbits have brought the pot to boil.

I'm not on a great wage, but I'm still living at home pending moving away to be with my good lady, but I darent do that while I still have the chain around my neck, its not fair. So as they say, into the abyss i go. Any help and comments are greatly appreciated and I will keep you guys updated with progress in here

Cheers for taking the time to read

SuziQ1962

Hi there-you need to post a statement of affairs-there is a link on the debt free page-to see where if possible you can make savings.I am sure you will get lots of good advice when that is posted. Good luck with your debt free challenge and facing up to it

lashley82

Thanks working on it right now and hopefully will have some numbers down for the community tomorrow

kerri_dfw

First step done now that was fairly easy wasn't it?
Now onwards with the rest of your journey towards financial freedom and congratulations on getting this far, so many haven't
Subscribing and if you ever need advice, a shoulder, or support we're all here for you The road may be bumpy ahead but all good hills have a great view from the top.

lashley82

Right I've tried to do this as basic as possible

I only have one income from my job that comes in as £1170 a month after tax

No Rent as such but I bung the parents £100 a month at present

Phone £42 a month line rental - I was on a £25 a month 500 minutes blackberry deal but I was always well over the allocated time, ending up with near enough a 3 figure bill each month. I upped the rental thinking my monthly bill would actually be lower and in the last two months I haven't exceeded the plan

Travel £120 a month - This is high as I regularly take the train to visit Miss Lashley pretty much every weekend. However this will be coming down a bit as I have recently discovered Megabus

Gym £37 Local Authority shindig

Repayments on Season Ticket £32.58 a month - Only 4 months left to run

Repayments on PC - £36.25 a month

Egg/Barclaycard APR 29.9% - £750 limit current balance £745.02. Payment set up for £50 per month from here on in

Orange Credit Card APR 18.9% - £1000 limit current balance £905.44. Payments Currently on £40 a month from here on in

HSBC Current Acc Overdraft - £800 current balance -£863.05 :eek:

And now for the really bad stuff.....

Wonga - £753.33 to repay on repayment date
Pounds to Pockets APR 278% - £1537.61 to repay over 12 months
Money shop - £150 cheques outstanding there

I think that covers everything important, what else...

Medication every 3 months is £15 or thereabouts
I play darts and theres a £5 subs every home game (but we get that all back at the end of the year!). Theres also another league myself and my brother play in but thats a one off charge of £8
I try to walk to and from work everyday, I take the bus if feeling lazy. But laziness really isn't an option anymore is it...

his_missus

You need to look at all your other spending too. The outgoings you've listed total less than £500 (totting up your out goings to the Orange CC). So where is the other £670+ going? That's a lot of money to be frittering away - is it on clothes? going out? You need to break down this to see where you are spending and if that can be reduced to. So, if for example, you're spending £100 of that each month buying new clothes, it's an area you can cut back on/stop. Also, do you really need the gym membership? Do you really need to spend that much on your mobile? I know you've upped it to prevent you paying extra for going over your plan but can you not cut back on your usage?

lashley82

I tend to go the gym in spurts but I more keep it for the squash courts. With the membership I get a free court use a day, without it it would cost me £7, I know its crazy right! As long as I go 6 times a month (and usually average twice a week) its worth keeping. As soon as that started to stop I'd lose the membership altogether

The phone, well the problem is my other half doesn't live nearby so we have to keep in contact this way (and believe me she loves to natter!), although I'm trying to use other means now, skype etc. I would love to cut my contract back down but would need to seriously see the minutes go down first, maybe I need to have a word about that...

As for the rest it was usually to repay Wonga. I'd repay them what I owe them, and then I'd find my bank account was virtually empty after that and direct debits that went out. Instead of sitting on my hands and toughing it out I'd get another one when I thought I'd need it (which of course I didnt need, a few beers/meals out here and there aren't a need), then repay that then get another one. The next loan would always be a little bigger than the previous as i'd have paid back a lot more than I'd taken out. Its a vicious circle that I'm having no more of basically

I will however be keeping a spending diary from here on in and then I'll put that up every week in here, then we can all see specifics as in all honesty, I've tended to bury my head in the sand about where my dosh goes

kerri_dfw

I paid my payday loan off back in October last year after having it for about 2-3 years! They offered options for paying it back quicker, but the interest was staggering. You have to be really strict with yourself and not take out another, it's an awesome feeling knowing I never have to pay them again

lashley82

I took my first one nearly 18 months ago. £100 from the Money Shop, I allowed it to snowball from there. It pains me to admit it, and trust me I feel like such a mug for doing so, but it was so easy to get at the time. How foolish eh...

kerri_dfw

Is it possible for you to call them, tell them you are in financial hardship and see if they can do you some kind of deal to pay it off over a monthly rate? Or try the CCCS for advice on how to pay it back. There is some threads on here about payday loans which might be of use regarding this. I paid mine back before finding this site unfortunately.

lashley82

A quick summary of everything outstanding as at today to the penny in the order I think they need to be cleared...

Wonga - paid £0/£763.33 - But Earmarked to be paid on the 28th Feb
Pounds to Pockets - paid £141.60/£1557.39
Money Shop - paid £0/£150
Orange Card - Balance £905.44/£1000
Barclaycard - Balance £745.02/£750
Overdraft - £800 (Current Bank Balance £503.35 Overdrawn)
Creation Finance (PC) - Paid £108.75/£1305
Zebra Finance (Season Ticket) - Paid £228.06/£325.80

Jesus thats horrible to look at.....

Right spending. I starting logging everything I spent on my phone from the 20th January so this is the result

20/1/12 - £18.46. I paid my £8 darts league fees. £5 on the oyster card. A drink and some snack bits £5.46
21/1/12- £30.74 £14 taxi fares to and from a friends across town for dinner, £16.74 on bit from the shop for dinner
22/1/12 - £16.86 Nipped the pub for Sunday Dinner
23/1/12 - £1.40 on the Oyster Card
24/1/12 - £26.42. £6.60 on the Oyster. £8.42 on lunch bits at work. £10 to attend a gym (support for a friend whos doing personal training)
25/1/12 - £22. £21 driving lesson. £1 on the oyster card
26/1/12 - £21 Driving Lesson
27/1/12 - £48.89. £2 on the work bonus ball. £20 I changed up in the petty cash tin for my £2 savings. £26.89 Out with a friend for farewell drinks
28/1/12 - £42 Driving Lesson. £22.50 at the football
29/1/12 - £25.65 pub on sunday
30/1/12 - £75 Driving Test (That explains all the extra lessons!)
31/1/12 - £27.19. £5.19 lunch, £22 Megabus tickets to see Miss Lashley

Once again writing it down like that makes for hard reading.....