New to the site!

princess84

Hi guys,

I'm new to this site tonight and am just amazed by everyone's situations and how brave and honest all of you are! I am in a lot of debt but came to the conclusion a long time ago that I'm not alone and its never as bad as you think. Whether this is a good thing or not, I'll let you decide! But please don't think that I am am blase about my debt because I think about it every day and sometimes can't get to sleep. But there is always a way out. I think it works to my advantage that I am quite a good negotiator and am not afraid to tell my creditors if I can't afford repayments and more often than not we can work out a deal. Obviously my credit rating is really bad. I'll get to work on my SOA!

System

princess84 wrote: »

Hi guys,

I'm new to this site tonight and am just amazed by everyone's situations and how brave and honest all of you are! I am in a lot of debt but came to the conclusion a long time ago that I'm not alone and its never as bad as you think. Whether this is a good thing or not, I'll let you decide! But please don't think that I am am blase about my debt because I think about it every day and sometimes can't get to sleep. But there is always a way out. I think it works to my advantage that I am quite a good negotiator and am not afraid to tell my creditors if I can't afford repayments and more often than not we can work out a deal. Obviously my credit rating is really bad. I'll get to work on my SOA!

Welcome Princess.

hypno06

Hello, and welcome.

Once you get that SOA done, we can really [STRIKE]pull things to pieces for you[/STRIKE] have a look and see if we can find anywhere where cutbacks can be made. You will soon make progress with whatever debt you have, one way or another. It may seem scary at first, but you soon get those first feelings of being back in control of life!

hueygeorge

Oh god don't worry! There is always a way out - I'm 33 and in debt to the tune of approx 25k. As posted previously, I've had my head in the sand for ages and as my debt spans 10 years, I don't even know now who some of my creditors are as the debt has been moved to that many different credit/recovery agencies. Golden rule in my book - being debt isn't a criminal offence. Even big companies accept what would be considered a small payment - eg, I owe HSBC approx 10k and I pay them £10 per month as at present that is all I can afford. They don't hassle me as long as the payment is made each month. Once my circumstances approve I'll offer them more etc. Good Luck!

princess84

Ok, *big sigh*, so here is my SOA:

Monthly incomings:
Wages - £1000
Money from OH - £140

Monthly outgoings:

Freemans catalogue. Min.monthly payment-£44 Total-£750
Topshop. Min monthly payment-£18 Total- £467.04
Argos. Min.monthly payment - £22 Total- £552.67
Debenhams.Min monthly payment - £55 Total - £1280.76
River Island.Min monthly payment - £11.05 Total £276.02
Miss Selfridge. Min monthly payment - £18 Total £369.67
Welcome Finance. Min monthly payment - £190 Total - £3500
Lloyds TSB loan. Min monthly payment - £79.87 Total - £6913.13
Capital One. Min monthly payment - £49 Total £912
AOL £25
Rent £237.50
BT direct debit £33.50
Electricity £35
Gas £40
Car £140
Fuel £40
Groceries £30
Council tax £75
Pet insurance £10

Total monthly outgoings: £1152.92

So as you can see I'm struggling to make ends meet.Any advice would ba appreciated

hueygeorge

Have you cut those store cards up? If not, get rid tonight. Temptation is too great otherwise and the interest is astronomical!

whatatwit

Hi Princess, whilst your OH contributes £140 p/m, what else does he pay?

Is that a typo on the LLoyds Tsb total. :eek:

hypno06

What is the £140 car payment for - is that running costs or are you paying for a loan or something?

I am sure with a bit of work we can make up your shortfall. First thing to do is to get together anything that can possibly be sold, and get it on ebay. Set yourself a target of paying off one of the smaller debts - the dreaded storecards which have huge APRs and get ebaying and carbooting right away. I bet you will soon have enough to clear one, thereby freeing up a little more cash which you can throw at the next one.

Put all the figures in https://www.whatsthecost.com and see what that comes out with, then have a play around.

You can get in control of this. A little effort is required, but it will soon pay dividends!

the_cat

hi

Feel free to ignore my post if it seems rude or nosy - its not meant to be!

can you clarify what the money from OH is for as seems very low if he lives with you?

hueygeorge

Write to all of your creditors and offer a reduced payment each month. Explain that you are experiencing problems - be prepared for no sympathy though! Check out the other posts on here more thoroughly - excellent advice! I seem to be the only one up and I'm only knowledgable to an extent....!

ferry

Hi Princess.

The professionals will be along soon ,but I just wanted to say Hi and good luck on your debt free jouney........

T.