25 and panicking

Anxioustwentysomething

Hello!

Been reading these threads and must firstly say how inspirational you all are. I've got myself in a mess and am feeling incredibly anxious. I'm only 25 and feel I have been very naive with how easy it is to get into debt.

I currently have two overdrafts which I have maxed out - one at 1,000 pounds and one at 2,000 pounds. I also have 750 to pay off on my credit card - so 3750 altogether... Writing that makes me feel sick!

My take home pay each month is 1400. I guess I'm just hoping someone can tell me it's do-able as I don't know who to turn to. My rent, bills and travel for work comes to 600, anything on top of that is car and food etc.

Argh. Feel so stupid. But if all you can do it then hopefully so can I xx

bexster1975

Hello

I know it's easy to say but try not to stress. You have done the tough bit coming and asking for help.

It's more than do-able don't panic.

To start you need to post a statement of affairs. If you have anything like £800 disposable income this will be easy to sort. You are not the first and won't be the last

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

Bexster

[Deleted User]

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andyfromotley

Hi and welcome,

Don't be anxious,

there is NO debt situation that can't be resolved. Get yr SOA up and we can all get started on it!

Anxioustwentysomething

Thank you so much, I cried just writing that down!

Will find them template and post my SOA NOW X

bexster1975

Template link in my post! Good luck

Bexster

Anxioustwentysomething

Not wanting to play ball on my iPad so will do this Monday morning at work. Thanks so much for your encouraging words though, feels good to be facing up to things. X

bexster1975

It's easy to fill in when you do. When I had overdrafts I cut them down by £200 a month. If the bank will help and reduce the overdraft ceiling for you each month by arrangement - great. If not, keep a note of what your new " limit" is and don't exceed it. If your wages go into either account attached to an overdraft you may want to consider opening a new account and then transferring the amount you decide on each month. No temptation then to go over limit.

Best of luck. Hope you get a decent nights sleep now!

Bexster

sourcrates

Bexter is right, it may be beneficial for you to open a new basic bank account, one without an overdraught facility, get your wages paid into that, then transfer a set amount to both OD debts each month, that way you immediately start to live within your means.
Once they are paid off, close them both down, and continue to use the basic account, then tackle the credit card.

Anxioustwentysomething

Yes that does sound very sensible actually. At the moment I get paid into one that's overdrawn and it all sort of hers mixed in. Thinking of it like that actually makes it seem like I will be able to manage it. X