Hi Im New...

baggiesgal

Wonder if anyone can advise me on how to start sorting my huge debt....

its around the £15,000 mark, i have tryed getting a personal loan to sort it but been declined and also looked at these debt advisors but im not sure which avenue to take first.
Its really starting to worry me as im now going into my overdraft each month & seem to be getting myself into a deeper hole.

would love some advice ....

chevalier

Just quickly as I am not meant to be here:D
1) post an statement of affairs (see southerscousers sticky at the top of the forum
2) start a spending diary, and note down everything you spend. You may well be horrified about how much of your money gets frittered away on stuff!
3) Keep saying to your self, do I NEED it (food, housing, electricity etc), or do I WANT it (new clothes every month, going out 5 times a week, etc). Spend on needs not on wants?
best of luck
chev

angelavdavis

Hi and welcome to DFW!!!

Well, Chev has provided you with some good advice.

I also suggest you consider approaching CCCS, Payplan or CAB, rather than opting for any profit-making organisations if you are going to approach a DCA.

The first step though as Chev has said is to examine your income and outgoings and look at options within your affordability. The DCA's mentioned above are pretty busy and so should only really be used if you are struggling. You can do a lot without using these guys too.

Good luck, look forward to seeing your SOA.

skollieal

Hi there, Just to say welcome! Am afraid I am still fairly new myself so not much help to you, but you will find this site an amazing resource for information, advice and support.

Do your S.O.A as recommended earlier as this really does give you a good starting point.

Snowballing also helped me to put things down in black and white ....see www.what'sthecost.com (I think). It will be terrifying but less so than avoiding the truth!! At least you will know exactly what you are dealing with.

Good luck
skollieal

baggiesgal

As you have stated heres my current SOA

JJB Card = £943.00
Allaince & Leic Loan =£2081
Nationwide Loan = £8452
Car Loan = £5475
Next A/C = £321
Virgin Creditcard = £6502 (Which I have cut up)

Total £23,774

Flipped out when I realized how much I am making payments but at a push & currently goin into my overdraft.

angelavdavis

Hi,

Thanks for this, but as well as a breakdown of your debts, a Statement of affairs needs to include details of any income, any regular outgoings (eg rent, mortgage, insurances, elec, gas, tel, mobile, internet, food, debt payments including overdraft).

The main reason for this is that the good folk on here will be able to review your outgoings and advise you how to reduce any to help add more into the debt paying pot.

It would also be useful to include aprs for your debts and any minimum payment amounts.

misscutiepie1984

first step DON'T get a loan!!!! we all have done it then we relax and spend again, contact someone like CCCS of another Debt Management Plan company who can look at you incomings and outgoings and negotiate with your creditors to accept reduced payments and even lower or stop interest charges!!!

This is what i did and im getting there

baggiesgal

As I previously stated my Debts are as follows :

JJB Card £943 = Pay min payment
Alliance & Leic Loan £2081 = £148 a month over 2yrs
Nationwide = £8452 = £187 per month over 60 mnts
Car Loan £5475 = £144 Amonth
Next £321 = min pay a month
Virgin credit card £6502 = min pay at mo.

My monthly wage is around £1020 mark but can incur bonuses

pay rent £160
Pension £50
HSA 18.84
Storage unit £152 (which is bein sorted so one less payment shortly)
Petrol £40

Other than that I have been advised by my partner that I need to stop spending when I cant very well afford it which in turn makes me go over drawn.

I have applied today to Payplan but would need them to contact me at my partners house as my parents dont know of my situation.

Its really getting to the stage where im not sleeping & also pushing out my partner when they are trying to help me.

baggiesgal

oh n forgeot my mobile too is around £35 amonth

bargainbetty

Hi hon,

Take a deep breath - we've all been there, and you're in the right place to get help!

First, have a look at the interest rates/APRs on all the cards. Also check if you have Payment Protection Insurance. Then, call all your providers and ask them to lower the rates or you'll take your business elsewhere, and also cancel the PPI.

Even if only half agree, or only give a small discount, it's better than nothing!

Then post out a full list of what you spend - you haven't allowed for food, clothes, gifts, toiletries, social stuff etc.... this is where it all adds up!

Baby steps, but it'll help.

Good luck,
BB

TillyTrippit

:money: Ooh Baggiesgal, please don't get a loan and please think of that refusal to give you money as the best thing that ever happened to you. We are veterans of at least 5 consolidation loans and it really does you no favours at all. We just carried on spending to the limit of both of our good salaries, only to face huge trauma when my husband was bullied out of his management position earlier this year!:eek: :eek: :eek:

The people on here really know what they're doing when they give advice, just look at my signature.:T

Keep going and all the very best at the start of your journey, everyone on here will provide constant support and guidance.

Tilly
xx

:beer: