I’m a buffoon who is in 25K of debt and can’t think straight.HELP ME!

trib_man

I am just able to pay the minimum repayments at the moment however I have nothing to live on. I need to make it to September 08 where I will be coming into a regular windfall from employee shares (every 6 month). I am willing to bare all to whoever will help. This is something Martin Lewis recommended in my position (in the video feeds).

GettingThingsDone

Hi trib_man - welcome to DFW, you're in the right place! Don't beat yourself up, we're all in the same boat to varying degrees

First off, can you explain a bit about your situation - can you post up an SOA (see the 'sticky' post in the forum by Southern Scouser)?

Good luck and keep posting!

gtd

tigtag02

:wave:

Welcome to MSE and DFW

The best way we can help you to start off is for you to post your SOA (statement of affairs)

At the top of this board there is a sticky by southernsouser with a great template.

Have a look, get posting and we'll all be back to help

Hugs
tigtag

Crown

Hi and welcome aboard

Congratulations on facing up to your debts. You are in the right place if you want help getting back into control of your financial life. As already mentioned check the forst time posters thread at the top of this forum and post a statement of affairs. It isnt easy or a pleasent experience putting one together but you need to be honest with the amounts and what you actually spend the money on. DOnt hold anything back and then you will have a target to aim for.

I look forward to seeing further details of your situation as you have taken the first steps towards the beautiful world of debt freeness

Buffythedebtslayer

I haven't done an official statement of affairs yet, just a rough draft first, it is very frightening I know, I HATE looking at how much I owe. BUT it must be done to get any way near shifting it.

you know you don't like feeling like take a deep breath and write it all down. the people here are lovely, absolutely helpful and inspiring, full of good ideas and suggestions.

get it over with

buffyx

HairyHandofDartmoor

Well if being 25 thousand in debt makes you a buffoon then there are lots of buffoons on this form! :rotfl:

Don't worry, I'm sure we will be able to help you out. Just post your soa as other posters have said and try and break it down to be as detailed as possible.

trib_man

Hi All

Thank you very much for your quick replies. I will do my SOA ASAP. Thank you again.

trib_man

WARNING ITS DIRE!

I feel worse now I have written it down and looked at the APR and amounts. :mad:

THE BANKS MUST LOVE A MUG LIKE ME.

Monthly Incomings:

My salary - £975
Partners salary - £735
Benefits - £72.40

Total - £1757.94

Monthly Outgoings:
Dental Plan - £18.50
Child Maintenance - £100
Mortgage/Rent - £507
Home Insurance - £10.37
Council Tax - £97
Gas - £52
Electric - £52
TV License - £11.37
Sky - £41
Phone - £11
Broadband/Phone Calls - £29.00
Mobiles x2 - £70 contracts up on 14/01/08 will be PAY AS GO THEN
Food - £200
Car Insurance - £20.41
Petrol - £100
Life Insurance £8.44

Total: £1,276.61

Car Finance – Balance £6,437.07 APR 12.6% Length of term 60 months, 47 months to go

Credit Union – Balance £400 APR 12.68% Length of term 24 months, 14 months to go

Mint CC 1 – Balance £ 3,373.78 (limit £3500) APR 0.0% till Nov 1st

Mint CC 2 – Balance £ 1,054.59 (limit £1100) £677.41 @ 14.88% APR Purchases % £377.18 @ 22.47% APR for Cash

Halifax CC -Balance £ 270 (limit £3,600) APR 0.0% till August 08

Virgin CC – Balance £3,408.53 (limit £3500) APR 15.9%

Bank Loan – Balance £9,797.21 APR 6.26% Length of term 60 months, 52 months to go

Next Catalogue – Balance £590 APR 26.49%

Additions Catalogue – Balance £225.68 APR 29%

Children’s Book Club - Balance £70

Lloyds TSB Platinum Overdraft - £500 (limit £500) APR 12.3%

Lloyds TSB Classic + Overdraft - £500 (limit £500) APR 18.9%

HSBC Overdraft - £200 (limit £200) APR 18.8%

Lloyds TSB Classic Overdraft - £500 (limit £500) APR 19.3%

And I have looked on experian and I have a good credit rating. 905/1000
Only blot is missed payment this month on Mint card.

MissKJ

Well I must be three times a buffoon then. C'est la vie.

Anyway, wheres that SOA? You just need to get started, today is the first day of the rest of your life!

MissKJ

Put all your debts on the www.whatsthecost.com debt calculator so you can see the woods for the trees.

tifnstav

How many live in your house? £200 seems a lot for food.
And why does phone appear twice - is this the line rental and then phone calls separately? If so see if your phone company can get you a cheaper deal, always ring after 6pm when its cheaper and look at saynoto0870.com to find cheaper phone numbers to use.
Also, have a look on whatsthecost.com and use the snowball to see which debts you should try to clear first, I just did mine and it turns out I've been doing it all in the wrong order. Doh!
Good luck chuck.