struggling to pay debts and have mental issues

hixyhicks

Here goes i guess this things must be bad for me to ask here as its very embarrassing.Each month i am struggling to pay my bills.Im here to ask for help as im at my wits end.Before i go any futher i realise its my fault but i seem to be digging myself a hole i cant get out of.I have an overdraft with santander which is £1500 and a santander credit card for £3000.Then i have 3 more cards with debts upto about £3000.With rent fuel and other cost with running a car i have no cash left over at the end of the month.I have had issues for a very long time and this is making me ill.Im frightened to contact anyone as i have no idea what they will do or say.I have no excuse as no one made me take the cards,please dont flame me as i already know.

Could anyone give me a clue what i should do and consequences of doing it.

regards

mick

Upsidedown_Bear

Hello and welcome to MSE :hello:

I understand embarrassment but please don't worry about it - everyone on here is - or has been - in debt.

Have a read of this - it tells you where to get free help with your debts. They've heard it all before and are completely non judgmental.
http://www.moneysavingexpert.com/loans/debt-help-plan

You might also find this useful to read:
http://www.moneysavingexpert.com/credit-cards/mental-health-guide

If you want to post a Statement of Affairs the lovely people on here will have a look at it for you
Link here:
http://www.stoozing.com/calculator/soa.php

You can format it at the end for MSE. Copy and paste here but delete any web links first.

As Martin says "No debt problems are unsolvable. It might not be easy or quick, but there's always a route. And the earlier you deal with ‘em, the easier they are to deal with." :money:

hixyhicks

Hello thank you for your reply this is my SOA



[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1189
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1189

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 22
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 30
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 747


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
luma credit card...............1487.38...65.11.....35.9
santander card.................2964.09...100.3.....18.9
natwest card...................1.441.....84.94.....18.9
barclay card...................746.......22.94.....35.9
Total unsecured debts..........5198.91...273.29....-


Monthly Budget Summary
Total monthly income.................... 1,189
Expenses (including HP & secured debts). 747
Available for debt repayments........... 442
Monthly UNsecured debt repayments....... 273.29
Amount left after debt repayments....... 168.71

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,198.91
Net Assets.............................. -4,698.91

I dont know if i have done this correctly.Am i better off just trying to get through or should i contact anyone to see if i can try to sort something out

Upsidedown_Bear

hixyhicks wrote: »

Hello thank you for your reply this is my SOA



[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1189
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1189

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 25 Should this be per week?
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 22
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 30
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 Never?
Entertainment........................... 0 Nothing?
Holiday................................. 0
Emergency fund.......................... 0You need something here
Total monthly expenses.................. 747


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
luma credit card...............1487.38...65.11.....35.9
santander card.................2964.09...100.3.....18.9
natwest card...................1.441.....84.94.....18.9
barclay card...................746.......22.94.....35.9
Total unsecured debts..........5198.91...273.29....-


Monthly Budget Summary
Total monthly income.................... 1,189
Expenses (including HP & secured debts). 747
Available for debt repayments........... 442
Monthly UNsecured debt repayments....... 273.29
Amount left after debt repayments....... 168.71

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,198.91
Net Assets.............................. -4,698.91

I dont know if i have done this correctly.Am i better off just trying to get through or should i contact anyone to see if i can try to sort something out

As it is obviously worrying you I would give one of the free debt charities a call.
If you rather not speak to someone at the moment you could do the Debt Remedy on the StepChange website.
It's completely free and anonymous.
http://www.stepchange.org/DebtRemedy.aspx

If you want to work out the best way to pay off your debts you can fill in the Snowball debt calculator here:
http://www.whatsthecost.com/snowball.aspx

Hope that helps a bit

curiousralphy

Hi Mick

Not sure if I've read this right but you seem to be spending just for you with no money for child payments so am guessing you are single and you have rent not mortgage. You spend £50 a month on insurance (not including car insurance), seems like you don't need life or other insurance? ...unless other is for work?

Not sure if it's workable but your other big cost is the car which costs you £195 a month all costs included - a scooter would be much cheaper until your debts have gone and you should be able to get a second hand one if your car can sell for it's value of £500.

As per other poster - am guessing your groceries are incorrect ... or else you're wicked good with the food budget!

Best of luck with things.

Ralphy

its_maths_not_magic

Welcome to the board. There is no need to feel embarrassed, we're all in the same boat here. That you are here and making a go of it is a great thing. I can tell you that the hardest bit is the beginning. Once you face up to your debts and start to get them sorted it feel so. much. better. I would advise speaking to the national debt helpline to see what you can do about your personal situation. They are staffed by lovely, non-judgemental people who really want to help and can't recommend them enough. They can give you far better advice about your situation than I can. And its completely free to call them. You can find their contact details on the sticky of this board.

Onto you SOA...

hixyhicks wrote: »

Hello thank you for your reply this is my SOA



[tt]Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1189
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1189

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 30 you can get this cheaper by looking around, mine is £26 and comes with free internet
TV Licence.............................. 10
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 25 I'm thinking this is a bit low here
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 22
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10 if you get more than one prescription a month, you can save money by getting help from the NHS, google nhs help with prescription costs
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 30
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0 you really do need something here, emergencies are eventualities
Total monthly expenses.................. 747


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
luma credit card...............1487.38...65.11.....35.9
santander card.................2964.09...100.3.....18.9
natwest card...................1.441.....84.94.....18.9
barclay card...................746.......22.94.....35.9
Total unsecured debts..........5198.91...273.29....-


Monthly Budget Summary
Total monthly income.................... 1,189
Expenses (including HP & secured debts). 747
Available for debt repayments........... 442
Monthly UNsecured debt repayments....... 273.29
Amount left after debt repayments....... 168.71

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -5,198.91
Net Assets.............................. -4,698.91

I dont know if i have done this correctly.Am i better off just trying to get through or should i contact anyone to see if i can try to sort something out