Really need help, getting stressed with my debt, no where to go :(

JoshyBoy_2

Here is a list of various debts I’ve accumulated over a number of years. I’ve been stupid and naive with a ‘I’ll pay it off next month attitude. It’s effectively snowballed.

Not making excuses, nor blaming anyone but 3 years ago I got with my current girlfriend, I’ve just tried to treat her as good as possible with various gifts over various birthdays, Christmas etc. Again it’s all snowballed. No excuses, I just want help. I can’t see any light what so ever.

Debt

Credit / Store Cards:
Barclays £1500
ASDA card £1100
Argos store card £900
Albion MasterCard (used to buy season tickets with) £975

Total - £4475

Bank Accounts:
Lloyds current interest - £1200
Lloyds savings interest - £600
Natwest interest - £500

Total - £2,300



Total debt – £ 6,775

This is what I currently pay out every month, basically this is rounded up figures and this only just about covers the min payments and interest on all debt.

Outgoing:

Credit Cards / store cards – min payments:
Barclays - £30
ASDA - £30
Argos - £30
Albion - £30

Total - £120

Bank Accounts (interest for being overdrawn):
Lloyds current - £30
Lloyds current - £30
Natwest - £15

Total - £75

Miscellaneous:
Phone Bill - £40
Rent - £120 – live with my mom.
Bus Pass - £55

Total - £215


Total outgoings = £410

In:

Wage: £800

Total in = £800

This leaves me with £390 per month.

Where do I go from here? Just feel like crying.

newmum1

Hi I know its difficult but well done for having your light bulb moment as your now want to deal with your debts. There may be a few things that you may have missed out such as going out, food, work lunches etc

JoshyBoy_2

I'm considering getting a bad credit loan or applying for one, just so everything is one place kind of thing. I don't know whether this is a good idea or not.

For eg if I get a loan where I can pay back £400, what I'm already paying anyway.

moohound

a loan is rarely the answer, and if its a high interest one you could be worse off.

what are the APRs on all the cards?

JoshyBoy_2

I couldn't tell you off hand, what is the answer then? I wouldn't mind this monthly outgoing as such, if I could see the debt increasing. But it's not.

moohound

Would you be able to get a 0% balance transfer for any of the cards?

you have £390 left over a month, what is his spent on?

You need to overpay the most expensive debt first, until its gone, this is the snowball method, then move on to the next one and so on.

Why would you think need a bad credit loan? do you have defaults or late payments?

Do you work full time? can you increase your income?

JoshyBoy_2

I have a poor credit rating, I can't take out any credit cards, and can't transfer as all cards are maxed out.

I work 9-5 so can't really work more.

OneLife_OneShot

You won't get a "Bad credit loan" they do not exist. Put up a statement of affairs.

heartbreak_star

I think most of us would be happy to have £390 left over after paying everything!

Get us a proper SOA put up - there's a sticky at the top of the board - and we can see where some savings can be made.

I would advise chucking about £100 of that £390 at a debt till it's gone, and carry on from there.

HBS x

harrys_dad

You also need to resolve your "need" or "want" to treat your girlfriend in a way you cannot afford. Clearly this does not figure at present in your listed outgoings.

If you have been together three years now maybe you need to have a discussion with her, and explain what is going on. I am sure she doesn't need those special treats and would much rather have quality time with you feeling happy, rather than worried you were continuing to build up debts.

JoshyBoy_2

Above is statement of affairs.

What's left over usually goes towards things like getting my hair cut, clothes for work, going out, video games etc. Things I can stop spending on.