My SOA

KerryH

Hi,

I'm new to the boards and have decided that enough is enough! I'm only 25 and am tired of worrying! So I'm going to tackle my debt problems before it's too late!

Here is my SOA!

£3000 Virgin Money Loan

£3000 The Co Operative Bank loan

£600 Overdraft (Natwest Current Account)

£260 Overdraft (The Co Operative Bank)

£500 The Co Operative Bank Travel Visa Card

My Monthly Income - £850

My Monthly Outgoings -
£260 (co-op overdraft paid immediately on payday)

£112 (Virgin Money Loan)
£69 (Co Operative Loan)
£50 (Travel card payment, can pay less if I need to)
£160 (rent/housekeeping)
£50 (approx phone bill)
£50 Natwest Overdraft (can pay less if i need to)
£100 (gen expenses eg travel)

Approximate Total Outgoings: £811

I have been refused overdraft extentions and the Co Operative Bank will not budge to help me. I was in serious trouble two months ago, and asked for a £50 extension just for one month but was refused outright.
Since the beginning of the year I have had almost £600 in charges (commission for non paid items, and service charges)

Lucy1982_2

Hi

Have a look at this website http://www.whatsthecost.com/snowball.aspx?country=uk you will need all your APR's for it to work. It will suggest eh best way of paying back everything without paying to much interest.

Try keeping a spending diary as you have money left over at the end of the month. It must go somewhere (although if your anything like me, you have no idea where!)

Have you started to reclaim you bank charges? I'm guessing you still live at home, is your food included?

Another option may be to open an Alliance and Leicester account as they are offering an interest free Overdraft for 12 months. I will give you some breathing space.

I hope that this has been helpful. Have you got anything you can sell on Ebay or Amazon? Even Car boots help.

Good luck

Madnessa

Hi there

Is there any chance you can get another job just for a little while until your situation is better. I have a second job and only do 2 shifts a week on average. It gets me an extra £250 per month and really helps to get the debts down.

Spending Diary also a good idea and get those bank charges back.

Good luck and let us know how you get on!

calleyw

I agree claim back bank charges.

The only thing I can see is high is your phone bill. I assume you are living at home that is why household costs are so cheap.

If you are unable to cut back then you need to make more income be it a second job or ebay.

What happens to the £39 a month you claim you have left over I suspect it is never left over.

Keep a spending diary and really see where you money goes.

Rome was not built in a day so it will take time to get on top of everything.

Wish you all the best with tackling this.


Yours


Calley

KerryH

Hey Lucy! Thanks for all your help. I haven't started reclaiming bank charges just yet. I'm wondering if Commission Charges and Service Charges are the same thing and if I could claim back BOTH because £105 charge is stupid! If I can claim for both, I should be owed £600 or more!

I will try and apply at Alliance and Leicester if they will accept me. I can have my wage paid into that account and put my outgoings in the Co-Op.

Mmmmmmmmm....so much to think about. This is why I'm going mad!

KerryH

Didn't see the other replies....sorry! Yeh I've been thinking of a second job. My best friend owns a shop and I'm sure she would let me stand in and help out....
Seems like the only option at the moment!

My head is all over the place! BUT...I know it takes time.

Lucy1982_2

Just take it nice and slowly as Calleyw says Rome wasn't built in a day. I applied for my A and L account and was given £450 OD no questions asked. All they need to for you to put £500 in a month. I just transfer it from one account to the other and then back.

It gives you time to pay it off without getting charges or interest added. And you get a high interest savings account attached to it as well. Just incase you come across any spare money.

Good Luck, keep posting as it become addictive and there are loads of people here who will pick you up when your having a bad day.

MrsTinks

Here is my SOA!

£3000 Virgin Money Loan

£3000 The Co Operative Bank loan

£600 Overdraft (Natwest Current Account)

£260 Overdraft (The Co Operative Bank)

£500 The Co Operative Bank Travel Visa Card

My Monthly Income - £850 Can you do overtime or increase this with a second job?

My Monthly Outgoings -
£260 (co-op overdraft paid immediately on payday)

£112 (Virgin Money Loan) %apr?
£69 (Co Operative Loan) %apr
£50 (Travel card payment, can pay less if I need to) How much less and what implications would this have? Is there an apr?
£160 (rent/housekeeping) Can this be reduced?
£50 (approx phone bill) Mobile? Landline? Can this be reduced?
£50 Natwest Overdraft (can pay less if i need to) apr?
£100 (gen expenses eg travel) I think you need to do a spending diary and look at what exactly you spend. You already pay for a travel card, what other travel expenses do you have? A spending diary will help you look at exactly what you spend and where.

Approximate Total Outgoings: £811

Ultimately I think you need to work out HOW you ran these debts up in the first place. Was it living beyond your means? Studying? How did they come about? You need to change your spending habits to reduce these debts.

Use the snowball calculator - it's a very useful tool to see what you should be concentrating on first.

KerryH

I will be completely and utterly honest with you...because I've come this far.

Taking on debts to pay off debts. BASICALLY. Spending beyond my means and now I'm in a mess. I openly admit it and I'm embarassed by it.

University life, living it up, foreign holidays, a "spend now think later" attitude. But now I'm 25 and there's so much I want to do! But it's tied me down in a huge way.

SO, that's why I'm here...for some guidance and advice and even if I'm not debt free in a years time, I want to at least be a little more clued up and on the right path!

MrsTinks

Excellent! It hurt didn't it? But bet you feel better

GOOD! You know how they happened, you're realising that you messed up and how etc - that makes fixing it a LOT easier
You understood where you went wrong and that truely is the biggest step in the right direction

KerryH

I do feel better! I've made the first step. But now I'm daunted by it all and it seems like a really long road!

I'm greatful for this site though. Wish I had seen it sooner!

ONWARDS AND UPWARDS! It can only get better!