Can any one HELP?!!!!!

silverb2804

Hi. I need to know I am not going completely mad!
I start the month encouraged that I am begining to get my finances a little under control and I get just after day 7 and it feels as if I am back to square one! My working week is spent scrubbing other peoples toilets just to pay off my pigging credit card interest rate. It just keeps going up and up.
Why do these finance institutions assume everyone is a financial wizard? That's it isn't it, they know we are not and screw us all for every penny we have.
I have been happily married for 20 and I have to admit my husband find the finances really hardwork. We do our best but can never get it right. Having said that we have never missed any payments, (been a little late with CC's, but never defaulted), and managed to feed ourselves and the kids. We don't smoke, we have one car, rarely go on holiday and we don't have an extravagant lifestyle but every month is a worry. We are earning more money than ever, as I said getting by. I want to make things better, be debt free.
I have been encouraged by Martin's debt video and it all makes sense but what do I do next? We are not in financial hardship probably pretty average but I hate the power that the banks have over us. If I go cap in hand to the bank will they help or just smuggly laugh? Should I go to the citizens advice first.
We have £25000 Credit Cards (combined) and a loan £15000
:eek:

McKneff

That's quite a lot of debt, but there is always a way.

Youve taken the first step by posting on here.

No good blaming the banks, accept the debt (which you have) and
accept help on here as to how to deal with it.

Could you post an SOA on here so we could maybe help you cut down and budget better, I'm sure someone will post a link soon.

McKneff

And by the way, Welcome to the boards:wave:

Lensman_2

If you are thinking of stopping paying (or simply cannot afford) your contracted payments on your unsecured debts then...

1. Be prepared to open a parachute account with a bank that has no connection with any of your debts.
2. Move your wages/benefits and the direct debits for the essentials over. (Mortgage/Rent, Utilities, Council Tax and any secured debt).
3. Stop paying the rest.
4. Set up a DMP.

Phone a debt charity for advice if you are considering this. It will help with your finances but it is an irrevocable step and has far reaching consequences.

I have to say, in my case it was liberating. Suddenly I was going to be able to feed me and the cats and keep up with the rent long term. I still owe the thick end of £70k and I am still not in a great place. But it is an awful lot better than the place I was in back then.

alldownhill_2

Hello & welcome to MSE

Here is a link with a link to fill in your SOA ( second post down )

https://forums.moneysavingexpert.com/discussion/562271

I'm sure theres an easier way i have yet to figure out how to post.

silverb2804

Thanks people for the encouragment. I will look into everything. Lensman, I don't want to stop paying, don't get me wrong I would love to but I want to do what is right.

I have used Martin's 'rate jacked' letter and adapted it to suit my needs. I am so determined to put all this right. It's just a pity it has taken so long for me to realise what you have to do.

Alldownhill, what does SOA mean? I am so new to all the jargen.

Pollycat

silverb2804 wrote: »

Alldownhill, what does SOA mean? I am so new to all the jargen.

SOA = Statement of Accounts.

It's a proforma where you put all your income and all your expenses - including debts and interest %.

Then people will (hopefully) give you advice on how to reduce your costs and pay off your debts quicker.

So, here you go:
http://www.stoozing.com/msoc/soacalc.php