Seriuosly running out of ideas...please help!!

kinkypixie

I'm new to this site, a work colleague told me about, and I really think that I need some help and advice from people who have been there!!

I have got myself into debt that I can't see a way out of. I won't bore you with the long story, I give you the short version.

I have an outstanding graduate loan of £6270.22, which was £10,000 2 years ago, I pay about £203 each month, standard repayment.

I have credit cards totalling £4104.60, I have been shuffling these around but am just feeling swamped by it all.

I earn £1179 each month, after my bills I am left with £194, that's without buying food. I know that if I use £114 each month I can pay off my cards the same time as my loan, in 3 Years!!!!!!!

which leaves me just £80 a month.

I've sold all I can on ebay, I'm now really stuck for ideas, please help!!

dubgirl

Hi and welcome to DFW. Have you looked at the southern scousers sticky, it will give you an idea about doing a SOA, which will help everyone to give some more advice on what you can do. Good luck.

findingmyownway

If you post an SOA on this thread theres lots of people who can help you. Well done for making the first steps!

kinkypixie

Thanks guys, I'll do all that tonite. I feel much better already.

loneranger

If you are only earning £1179 per month why are you repaying your student loan- you should be able to defer it until you are earning more.

OberonSH

Hey lady, just thought I'd welcome you, and tell you not to worry. You'd obviously made a start by ebaying everything not nailed down.

Don't forget to start a spending diary - a note of absolutely everything you spend cash on; newspapers, that odd coffee from the cafe on the corner and bar f choc. It'll shock you how much money you'll spend without thinking.

I'm sure when you post your SOA we'll be able to spot things you can cut down on. And remember - when you add up your debt and put a line under it, that's the last time you'll see that number. It's downhill from here on in, girl!

kinkypixie

Hey Oberon SH, thank you so much, I just went on the CCCS website, and they recommend I declare myself bankrupt, I'm scared, I don't want to do that, I'm only 27!!

Loneranger, I was never given the chance to defer my student loan, it's £22 that goes straight out my wages!

OberonSH

OOh, give over. You're not going to go bankrupt. It's just a case of restructuring everything, and having to say to yourself 'I can't afford that yet'. The worst part of being a MoneySaving Maniac (apart from having people comment 'there's your boyfriend' everytime Martin appears on TV) is getting your head round the fact that the whole world seems intent on making you spend money you don;t need to. Makes you feel a bit wierd at first, but soon you'll be yelling 'HOW much??!!' at the TV like the rest of us.

findingmyownway

kinkypixie wrote: »

Hey Oberon SH, thank you so much, I just went on the CCCS website, and they recommend I declare myself bankrupt, I'm scared, I don't want to do that, I'm only 27!!

Loneranger, I was never given the chance to defer my student loan, it's £22 that goes straight out my wages!

Theres plenty of options to consider before bankrupcy so dont be worrying about that for now. I look forward to reading your SOA later tonight.;)

Well done for making the first steps to debt freedom!

kinkypixie

Right, here is my SOA

Monthly Income - £1179.39

Outgoings -
Rent - £470 a month
Landline Phone bill - £12.28 monthly average
Water - £14.10
Electric - £17.00 monthly average
Gas - 31.80 monthly average
TV License - £11.37 a month
Council Tax - £80.00 a month
TOTAL - £636.55, I put £660 aside into my bill account, £23.45 over

Car tax - £10.00 put aside each month
Car Insurance - £20.10 a month
Petrol - £60.00
Personal Loan - £202.94, not sure on APR, loan was for £10,000 have £6270.22 left to pay, have been paying for 2 years, 3 remaining.
Overdraft - £200

Credit Cards -

Virgin - £3372.59 (limit £3700.00) 0.9% APR until April 2007 then, 18.9%

Mint - £397.82 (limit £2150.00) 1.167% monthly interest

Barclaycard - £950.00 (limit £950) 0% til June 2007 on purchases, which this is. 0% APR on transfers for a year. 14.9% after.

&MORE - £255.49 (limit £2000) 0% for 12 months 16.9% after

Have three other cards, but with nothing on them, just applied for a Tesco one to transfer balances!!

£500 - loan from my mum, no hurry to pay this back.

I have £871.30 which is money owed on these cards on behalf of others, I have the cash but don't know which card to pay off first!!!

I can't change my utility suppliers because I rent my property and am not allowed to.

Thanks every one

Sus1e

First thing I notice is that you haven't factored in Food, Haircuts, Nights out etc. If we can see those we may be able to suggest ways to cut back there (without it stopping your social life completely! )

We also need an idea of the monthly repayments for your cards/loans.

As for which card to pay off, it looks like the main one is the Virgin card as it has just started charging interest and is at the highest rate, so I would put it towards that one.

Some people might suggest that paying off and cancelling the 2 smaller cards is the way to go as this will give you a boost (reducing the number of cards you have) but I would pay the one that is going to cause you the most pain.

Hope this helps you