struggling,

roisin123

Hi all
I guess I am at a loss as to what to do and dont really have anyone to talk to, its my own doing. basically i have a good job with a good income but i just cannot seem to manage money. this would be fine except i am in serious debt. i am in my early thirties, married. all my friends have their own house mortgages etc and i can t seem to survive week to week. i have a loan from a credit union of around 20,000 which i stopped paying and am receiving letters. i owe 1500 on a credit card. i also borrowed 3000 to complete a masters. the masters will need another 3000 next year. i pay rent of 600 a month. i dont go out or buy clothes. i just dont have the finances yet i am still not repaying my debts and getting into serious trouble. i am just so overwhelmed and i dont know what to do. any advice appreciated. thanks

NHS_worker_bee

Hi and welcome,

Admitting you have a problem is the first step to getting it sorted, so well done. Do you feel up to posting a SOA (Statement of Affairs) on here? This will help you understand where your money goes, and allow people to give you constructive advice on how to prioritise your debt repayments.

http://www.stoozing.com/calculator/soa.php

If after doing your SOA you realise you can't make the minimum debt repayments, contact StepChange or another debt management charity (they are free)

http://www.stepchange.org

You've come to the right place and you're not alone. Other people have turned around worse situations but you've got to be committed to tackling the debt. The SOA lets you see the whole picture and then you can solve the mystery of where your money goes each month and work out a repayment plan, whether this just involves cutting back on spending, going on a self managed debt management plan or going on a plan via a debt management charity is up to you. Best of luck

thefrugaltrial

Hi

I am in a similar situation. I owe £13k on credit cards. It was £17k at the beginning of the year plus I was unemployed :eek:

I suspect you are like me and, despite having a decent salary, never actually budgeted. Therefore, I would suggest you undertake a spending review. For a month, record absolutely everything you spend, even a pack of chewing gum. Once you have done that you may be able to see where you can trim your spending.

Afterwards Set a real budget each month. When you are paid deduct all liabilities, i.e. rent, bills, food and minimum repayments. The rest will be your disposable income (if any). You will then need to decide how to allocate the disposable income. Is your aim to pay off debt or save for your master's fees? It would probably be easier to concentrate on one rather than both at the same time but you will need to decide i'm afraid

Do you make packed lunches and cook dinner? Do you meal plan? I find that in the past that I spent a stupid amount of cash on food by not planning what I was going to eat. Do you have anything you can sell on Ebay/Carboots?

Good luck