Newbie Desperate For Help

MessedUp

Hi Everyone

I'll try to keep this simple but as I really am feeling sick with worry I'd appreciate any advice anyone can give

SOA

Income: My net pay is approx £33,000 but each month can vary by up to £1000 a good month is £3000 a bad month is £2000




Monthly out goings:

Rent and groceries/cealing products/pet food ( moved back in with my dad to save and i pay a small rent but buy all the groceries) £300

Petrol: £100

Pocket Money ( clothes, toiletries, hair cuts and going out ) £150

Denplan dental insurance £20 monthly

Mobile Phone - £30 per month ( orange )

Land Line - £18.00 per month

Internet - £32 per month


Credit Cards:

Bank Of Scotland Preference Visa: £2328 ( maxed out ) - min £111

Bank Of Scotland Preference Visa : £1801 ( maxed ) - min £97

American Express Card: £9100 ( maxed out ) - min £230

M & S more mastercard: £9734 balance ( maxed ) - min £300

Egg Visa: £14814 ( maxed ) - min £300

Mint Mastercard: £9500 ( maxed) - min £215

TSB Visa: £10,000 ( maxed ) - min £210

TSB Mastercard: £717 ( maxed ) - min £20


Loans:

Alliance & Leicester Loan: £3933 balance - £187 monthly ( 20 months left )

Bank Of Scotland Loan: £4653 balance - £106 monthly - 44 months left

Car Hp - ford options - £150 per month ( new contract for three years )

Cahoot Loan: £5697 balance - £191 monthly - 32 months left

TSB Loan: £1832 balance - £147 monthly - 12 months left

TSB Loan: £833 balance - £104 monthly - 4 months left




I make my outgoings a whopping £3000 a month and that I am in about £75,000 debt EXCLUDING my car! I manage this by robbing peter to pay paul as you may have guessed and up til now its been manageable, but the last couple of months have got harder and harder and i now need to get my head out of the sand!

I am in desperate need of help

Is there ANYONE here who is working their way out of this kind of huge amount of debt and can offer me some hope please?

System

Hello mate, yes there a few and they will be along presently I am sure. But nevertheless debt is relevant. It would seem that your incomings are maxed out. Have you thought about a DMP/IVA?

hypno06

OK first things first, don't panic, you have made the first step on your journey to being debt free.

Get a cup of coffee and read through DFW, you will see that there are lots of us out there with scary amounts of debt, some quite a lot more than you but we are still managing to survive each day one way or another, largely with the help of others on these boards - we even manage to get a laugh along the way which you may welcome from time to time!!

So, armed with your figures, go over to the snowball calculator at https://www.whatsthecost.com and find out your debt free date. This will focus and motivate you to find that money each month. Believe me, it is a powerful tool and you will soon be addicted to it!

Got to go and rescue burning dinner from the cooker, should be back soon.....

Storm

There's some places on your SoA that you can reduce - food at £300 for I think 2 people can definitely be reduced - have a look at the Old Style Board for inspiration. Mobile, Landline & Internet come to £80 a month between them - see if you can reduce your tariff or go PAYG, the phoneline is only worth the £18 package if you & your dad make loads of calls throughout the day, and internet can definitely be reduced - use Martin's guide for getting the cheapest supplier and go through quidco for some cashback.

Monthly spends - Start a spending diary to work out exactly what this is being spent on - it's amazing how newpapers, coffees out, takeaways or whatever soon add up!

I did notice that one of your loans has only got 4 months left to run, so hopefully that will ease the pressure a little bit.

If you don't mind me asking, what has the money been spent on? Have you got anything you can sell on Ebay, Amazon or at a car boot to raise some cash in the short term?

You also need to budget a small amount each month towards the big annual bills like car tax, MOT, insurance etc as well as birthdays & Christmas.

ThankYouAndEnjoy!

Hello

Just a quick query...

Are you figures up to date? - The reason i ask is that your TSB loan outstanding balance does not tie in with your monthly payments and term remaining.

Firstly, make sure you have all information within your S.O.A correct. - also, you have not included Tax and Car Insurance (If any) - are all of your outgoings included??
Secondly, could you provide us with the APRs for your debts (credit cards)
Thirdly, as storm suggests - could you sell any unwanted items on Ebay or Amazon? -

Lastly, do you have any savings or o/draft facility that you could utilise to pay off some of your higher APR debts (assuming o/draft APR is lower than debt APR)