Please help

loxxee

Just food and general living. I'll get a SOA sorted and post it on here soon.

loxxee

Until the SOA here's a rough list of my debts:

£25000 - Loan (£488 a month 84 months)
£5000 - credit card - 0% 27 months
£4000 - credit card - 0% 27 months
£2000 - credit card - 0% 20 months
£2500 - credit card - 0% 10 months
£2000 - credit card - 0% 17 months

[Deleted User]

£300pm sounds quite generous, for "food and general living".

With a bit of effort, I think you could come in comfortably under budget.

ETA: I know I'm stating the obvious, but you need to hit CC No4 hard (ie. £250pm) if you are going to avoid paying interest come August.

Do you know what the APRs will go to, when the 0% APRs end?

loxxee

I thought £300 was generous as well but my husband doesn't think it's sustainable for 4 years, our lives will be put on hold for 4 years. With for me is fair enough but for him he's suffering for my mistake.

[Deleted User]

Your husband doesn't think it possible, to feed yourselves on £10 a day :huh:

Muhren

Well I think you have done the right thing and told your husband, the next step is to get yourself to GA, you don't have to be referred you just turn up and someone should be there to take you to one side and have a little chat with you.

In the mean time there is a programme called K9 that is free to download which will block any gambling sites on your computer. Get your husband to put in the password. Only carry the money you need so that you are not tempted to go into a bookies and hand over all your cards to him as well.

As you can see from my sig I have got myself into a similar situation financially through gambling and have a lot to thank GA for. Even if you think you can do this by yourself get yourself to GA as you will be around people in the same boat who can give you help and support.

If you want to ask me anything feel free to pm me and I willl try and help you out as best I can.

loxxee

I've just discovered another £3000! I just don't now what to do! My 4 year plan has gone out the window. I guess things can only get better from now!

Tixy

loxxee wrote: »

I've just discovered another £3000! I just don't now what to do! My 4 year plan has gone out the window. I guess things can only get better from now!

Do you still owe all of the £25k? have you not made any repayments to that loan at all yet?

Have you looked at the snowball calculator?

Even if you now owe £18500 on cards, and £25000 on the loan then you could still be debt free within 4 years if you pay £883 a month towards your debts and all of your £3k bonus for 3 years.

Thats based on the figures you have already given and assumes you can keep tarting the credit cards to new 0% deals.

£2033 earnings, less £500 towards household bills less £350 for train tickets less £300 for other costs.

If you can increase your repayments to £983 a month (still leaving you with £200 for 'living costs') then you could clear them in 41 months.

loxxee

Yes the £25k loan is new and the first payment isn't until 1 Dec.

Muhren

I would try not to focus on how much you owe this early on. The most important thing at the moment is that you stop gambling, as the more you think about how much/how long it will take you to pay it all back the more you will get an urge to try an win it back and that can only lead to more misery.