Lightbulb moment

moneywaster55

Hello, as my username suggest I am a great big "money Waster" I know what I should do but don't do it.

I work ful time and my DH lost his job 1 yr ago, now only my income. At 63 DH is not expecting to get another job but is still trying.

My problem is made worse by 2 payday loans, these I find impossible to shake, payback have to borrow again to get through to payday.

I was paid last Friday and have no money left :eek:

I have got to turn my life around. I am thinking that posting here, I may be able to chat with people in similar situations and gain some knowledge on how to sort out the situation I am in

Thank You for reading

moneywaster55

Forgot to say, payday loans total my full pay of £950 four weekly. By the time interest is taken off, I just get in deeper. Its really scaring me now. My own fault I know but must get out of this mess.

owen_money

There is a lot of advise on here and some really nice people who will be along to help. Start by writing out all you out goings and incomings. Someone will post a link to do a statement of affairs (SOA) so they can see where you are and could cut down etc. There will be a way out, but will need you to tak esome actions. I went from owing £42,000 to being debt free, it can be done

moneywaster55

Thank You for your reply owen money. I am reading as much as possible. I will also try and get as much information together as possible. Probably don't have all the info as I am not good at filing and keeping track of stuff. Not that I cant, just never been that organized . No surprise I am where I am.

Lensman_2

If you have truly had your lightbulb moment you will not mind digging through your previous letters to build a list (spreadsheet, whatever) of your creditors and outstanding amounts. Add account numbers, telephone numbers and interest rates.

Once you have built the list, fill out a SOA.
http://www.stoozing.com/msoc/soacalc.php

If you are shy of doing this, the fuse blew when you switched the light on...

moneywaster55

Thank you for the link lensman. I am not shy of doing this. I was not a one for keeping records of any sort or any kind of filing system. I will dig out all I can and complete as much as possible.

Lensman_2

It depends on where you are with your journey, but that step is a big one for most people. Well done for getting on with it.

Your credit reference file may help you identify accounts. I have used Noddle, as online access is fee for life (it updates once a month).
https://www.noddle.co.uk/
You can request paper copies (£2 each) from all 3 agencies too:
http://www.ico.gov.uk/for_the_public/topic_specific_guides/credit.aspx

slowlyfading

Chin up, you're in the right place

The first thing to do is to complete an SOA, see where your money is going and then look at areas where you can cut back briefly, and sort the debt out

Do you have anything to show for the debt? Anything you could sell? Does your DH have any skills he can offer for paid work? I realise the stress must be getting to you a bit

You can do this - you just need to be fully informed about your finances

moneywaster55

Thank You lensmen for more links.

I think I need to sort out these two payday loans before tackling any other debt, as they are costing me quite a bit a month in interest. Payday express was paid on my payday last Friday. Wonga are trying to get there payment. No money in the bank. I have not renewed my pad day express (yet) but will probably have to as I have no money, but the thing is wonga will take best part of that soon as it goes in, if I renew it. So at the moment, one payday is clear and the other is due for payment.

I have been reading information on here and it appears best thing is to go for a new bank account and contact them, to try and set up a payment plan ? Not sure how to go about this ?

moneywaster55

Thank You slowlyfading, SOA will get done today. Apart from the two pad day loans that I have debt of £300 to provident and £700 debt to my brother. I can manage these and my household payments, if I can just sort out pay day loans.

moneywaster55

Can SOA be done in bits and saved or will I have to get everything together and do it all in one go ?

Thank You