need your help

keep_calm_and_debt_free

So I am one of those who seem to really bad with money and to boot, I have a gambling problem which I am trying to defeat. Yes I know, "I am stupid", however I am not here for anyone to make silly comments to make me feel even worse about myself and my money problem.

I know their are many helpful people on this forum, who have been and still in the situation as me.

Now guys I need your help to become debt free and good at money management after I have cleared all my debts.

I owe all sorts, credit card, overdraft (which is interest free until July), family and call me stupid payday loans.

I plan on trying to clear most if not all these debts before July. I already have one child and another on the way and I need for their sake to take control of my finances and spend what is needed.

I have a few stuff that I was reluctant to sell, but the more I think about it is if I sell these things to clear the financial burden I have brought on myself then these are the sacrifices I will have to make. And once I am in control of my finances again I can save and buy them back.

How have some of you guys managed to free yourself of debt.

I am unable to get loans from the bank to consolidate my debts because of my poor credit rating. I wish I was a lot smarter when I was younger and didn't get myself in this mess, but better late than never.

astispumanti

Hiya, although I cant offer any brilliant advice, as I just arrived here yesterday myself. There are lots of fabulous people on here. Log daily and you will get there

From someone who is in debt , who is overweight, has payday loans and a very poor credit history and been so stupid with money.

Hang in there we can do this.

Although its all very important to get sorted, is there anything that must be sorted now, like tomorrow. If I sound as if I'm talking rubbish, that will be because I'm new to this, did not want to read and run. I'm sure more able people will be along to give you fabulous advice

paulwellerfan

Op Why dont you post up your SOA for a start off.
you will find the template on the sticky above.
then we will all see where we can help you save.

DCFC79

You say your trying to defeat it but are you getting help with the addiction ?

wiseupfast

Hi,

Well done for making a start and tackiling these issues. I guess we are all here because we have had problems of one sort and another with money, but being here is a positive step.

I dont know much about gambling, but I feel pretty sure that it isn't simply down to 'stupidity'. I hope you are finding some suitable support

I read somewhere on here that we all need to learn how to handle money - it doesnt just come naturally! I kept a spending diary and used the budget tools on this site. I was also able to swap some debt to 0% cards which gave me some breathing space. Not rocket science, but it was all new to me!!!!

Good luck on your journey

mildredalien

There's plenty of people here who have made mistakes with money, we're not here to judge and call you stupid

I guess there are some main steps that you may or may not have done already:

• Make a list of all your debts including interest rates
• List your income and essential outgoings
• Figure out how much you actually spend each month
• Identify where you can make cutbacks in your spending to keep within your means
• Figure out how much you have leftover to put towards the debts
• Use a snowball calculator to choose which debt to tackle first

Hopefully you will have an excess of income with which to tackle your debts once you account for your outgoings (people have different ideas about what is 'essential', that's something you'll have to work out!) If not, it's probably a good idea to get some advice from a debt charity about how to go forward.

Hope that helps - if you want more specific advice you can fill out and post a statement of affairs here http://www.stoozing.com/msoc/soacalc.php. Format for MSE and delete the link at the bottom, then you can copy and paste it here. Even if you don't want to post it, which is fine, filling it out can still help you see where your finances are at more clearly. Good luck!

keep_calm_and_debt_free

paulwellerfan wrote: »

Op Why dont you post up your SOA for a start off.
you will find the template on the sticky above.
then we will all see where we can help you save.

Hi what is a SOA? Thanks

paulwellerfan

OP see below for the link info etc

post a statement of affairs here http://www.stoozing.com/msoc/soacalc.php. Format for MSE and delete the link at the bottom, then you can copy and paste it here.

DCFC79

keep_calm_and_debt_free wrote: »

Hi what is a SOA? Thanks

Statement of affairs' its just a breakdown of where you money is going in relation to what you have coming in.

keep_calm_and_debt_free

I hope this works

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 756
Partners monthly income after tax....... 0
Benefits................................ 960
Other income............................ 0
Total monthly income.................... 1716

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 100
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 19
TV Licence.............................. 0
Satellite/Cable TV...................... 48
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1317


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0.....0)......0
Total secured & HP debts...... 0.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........2000.........(100).........-


Monthly Budget Summary
Total monthly income.................... 1,716
Expenses (including HP & secured debts). 1,317
Available for debt repayments........... 399
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 399

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -0
Net Assets.............................. 0


I had to edit it slightly because I can not post links.

[Deleted User]

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 756
Partners monthly income after tax....... 0
Benefits................................ 960
Other income............................ 0
Total monthly income.................... 1716

Monthly Expense Details
Mortgage................................ 0 - You don't pay any Mortgage or Rent?
Secured/HP loan repayments.............. 100
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 - Nothing?
Electricity............................. 0 - Nothing?
Gas..................................... 0 - Nothing?
Oil..................................... 0
Water rates............................. 0 - Nothing?
Telephone (land line)................... 0
Mobile phone............................ 19
TV Licence.............................. 0 - Nothing?
Satellite/Cable TV...................... 48 - Cancel and go Freeview/Freesat
Internet Services....................... 0
Groceries etc. ......................... 300 - This is a lot for 2 people.
Clothing................................ 0
Petrol/diesel........................... 160
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 150 - Reduce this A LOT
Holiday................................. 0
Emergency fund.......................... 0 - You need something in here
Total monthly expenses.................. 1317

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 2000.....(100)......0
Total secured & HP debts...... 2000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,716
Expenses (including HP & secured debts). 1,317
Available for debt repayments........... 399
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 399

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -2,000
Total Unsecured debt.................... -0
Net Assets.............................. 0

Given that your Petrol/diesel and Childcare/nursery costs are just £116 less than your salary, is it worth you working right now?