Vicious circle.. and I'm not sure how I can cope

Perspective52

I'm in need of some stern advice. Over the past year or so, I got into difficulty with money and in the end I got into a vicious circle with payday loans. I then went to debt management fee paying companies. But didnt cope and then went to another pay day loan company and borrowing as I couldnt afford the repayments on all my other loans.. I got so stressed with it, I turned to a friend who helped me to pay off the payday loans.
Then I got introduced to this site and people on here recommended stepchange, who have been brilliant. So then I pay the debt management company and my friend per month.
I thought I was budgetting but clearly wrong.. I wasn't being realistic. I found myself with no money and last week, I got a pay day loan with the only company who will lend to me.. it was £100 and I repay them back at the end of the month. They are the worst payday loan company.. Minicredit.
I know they are the worst company and are lethal but I needed money to see me through.
I find myself getting so fraustrated with my money and so stressed out by it.
I don't want to carry on like this. I cant carry on like this.
I'm on 14,000 pounds a year. my car insurance is due in 3 months and last year it was £800 for the year. I pay out £800 per month at the mo..
Help or advice needed (or a subtle kick up the derrier)

Thanks

honey10

Hi,
I think the best thing you can do at the minute advice wise, is to post an SOA and go from there

geordie_ben

Stop, stop, STOP getting pay day loans!!!

You need to make a list of all your incomings and all of your outgoings
You need to then tell us what debts you have, and what the interest rates are

Triple check everything, don't miss anything out - we'll then give you as much advise as possible.

But in the mean time, keep you chin up AND NO MORE PAY DAY LOANS

Perspective52

Thank you both. I'll do the SOA. And Geordie Ben. I promise, no more pay day loans.

Willing2Learn

Good advice above.

What we did, after doing the SOA and stripping out all the needless outflows from the monthly budget, was to assign every penny of received monthly income to budget categories (these were developed from figures within the SOA). Then kept all category spending at or below the amounts within each budget category.

Still do it now, even though debt-free, for things as silly as a game of pool. If there is no money left in the budget category for pool then the £1.20 is not spent.

Found it really helped us to keep a lid on spending, allows one to focus all income on areas of the budget that are the most important (housing costs, bills, debt management etc) and makes tracking progress so simple.

Perspective52

Thank you. Very sound advice.