Help

cathyb

I've had problems managing money all my life. I've lurched from one crisis to another and managed mostly because i am able to command a reasonably high salary.

Today, i realised that i can't go on like this. Whilst I'm just about managing, I can feel myself dropping into not being able to make my payments once again. The rest of this post was going to be a whinge about how i can't manage money but in truth that is insulting to those who actually don't have enough money to live on. My problem is that I cannot organise myself to manage my finances. I'm still making payments at the minute but one more crisis and i won't be. I've resorted to using pay day loans and I know they are the beginning of the end. I need to take hold of this and start paying things off but how? I've got to the point where i can't organise things because there's always one more demand on my finances.

I've used debt management companies in the past and I know they perform an essential role. But when they feature on your credit history, they serve as another black mark against you. Yes, I know that shouldn't matter but as a 50 year old living in rented accommodation who would give her eye teeth to be able to own her own home via a mortgage at a reasonable rate, it does.

I want to be able to do this myself. I'd love to be able to start making extra payments to my loans to get them paid off quicker and I ought to be able to do it. But i can't see my way through the mire.

Sorry if this post seems a bit hopeless. Just feeling that way right now.

kat79

Hi Cathy! And welcome.
You've come to the right place for help advice and support!
Keep posting here and you wont look back!!:beer:

cathyb

thanks Kat

x_raphael_xx

Why don't you wack your SOA up? and we'll see if we can help squeeze some extra pennies out.

Also a budget can be useful, I have one on my pc in a spreadsheet. It calculates it all for me (I'm useless at maths) and I can see if I will have extra at the end of the month. This means I can pay off extra if I do have it, and at the end of the month I don't suddenly find I have no spare cash!

cathyb

What is an SOA?

Also did you develop the spreadsheet yourself or is it one you got from somewhere else? I think it is the sort of thing that could help me. I never know what ive got from one day to the next!

x_raphael_xx

cathyb wrote: »

What is an SOA?

Also did you develop the spreadsheet yourself or is it one you got from somewhere else? I think it is the sort of thing that could help me. I never know what ive got from one day to the next!

SOA is Statement Of Affairs, list all your outgoings, and how much you pay each month, plus your income. Everyone can then see where your money is going and make suggestions to help you save.

I made the spreadsheet myself, didn't see the point in paying for one!
I have one column with every thing I know is coming out this month, and a few spaces for things that will pop up just when you don't need them!
It adds it up for me at the bottom, and then minuses my wages.

RAS

see this post http://forums.moneysavingexpert.com/showthread.html?t=107280 for how to do an SOA

danno_4

hi Kath
i'v read your thread with interest,this is the chicken egg situation,you want to pay of your debts but cannot afford to do so.you say you have tried debt managment company's but it affects your credit rating.the only way to solve you problem is to sit down do an income and excependiture form,this will tell you how much disposable income you have also see if there is anything you can save on.if you can see that you have not got enough disposable income to service your debts then you have no choice but to get help.
regards
danno

x_raphael_xx

Your local CAB will help you in much the same way as a Debt Management company will, with one difference, the CAB is FREE!

GettingThingsDone

Hi Cathyb, you're in the right place! It feels like you're having your Light Bulb Moment; believe me you won't look back after this site.

Pop up your SOA, have a look at the snowball calculator (whatsthecost.co.uk) and you'll start to feel in control - believe me it works

Keep posting and see you around

gtd