Help get me out of debt!

tbelle

Im 28 tomorrow,
Got an overdraft of £1650
Halifax One Card of £1900
Egg Card £3800
RBS Card £1300
Partnershipcard £800
Lloyds TSB Advance card £1800
Lloyds TSB Bank loan £3300 pay 197 per month
I feel like I work just to keep paying the minimum payments on my debts.
What can I do...I feel so depressed.

climbgirl

Welcome to the site. To give good advice, we need a full statement of affairs from you. You've listed the debts, but we need to know your incomings as well. And your full budget - everything you spend. And I mean everything!

If you need more details about what we need, check out SouthernScousers sticky post at the top of the board - that lists everything you need to do an SOA.

Shineyhappy

Happy birthday for tomorrow and welcome to the debt free wannabe board!

Once you have posted your SOA, I am sure you will get loads of helpful comments. Try not to let things depress you, as you can see lots of us are in the same boat and our role of honour thread (near the top of the board) shows loads of true stories of people paying off huge debts and becoming debt free.

CharliesAngel

Welcome tbelle this is a fab place to be....

CA x

CharliesAngel

Shineyhappy - can I just ask how the hell you managed to win a Julien MacDonald chaise lounge ?!!!

tbelle

TSB graduate loan APR 7.8% original loan 9500 due to be paid off in February 09 pay 197 pcm
Egg card 17.9%APR £65pcm Balance 3800
Halifax One card 0% APR £60 pcm Balance 1900
RBS Card 0% APR £28pcm balance 1300
PArtnershipcard 16.9%APR 30pcm balance 900
TSB Advantage card 21.9% APR £27pcm balance 1800

Income 1690 pcm
Rent 509 pcm
Council tax, water, tv licence £56pcm
Phone £46 pcm
Internet 14.99 pcm
Petrol 40 pcm
Parking 34 per quarter
Gas 30 per quarter
Electricity 60 per quarter

Is very scary when you list it all down...reckon /i sepnd more than I earn!

climbgirl

tbelle wrote: »

TSB graduate loan APR 7.8% original loan 9500 due to be paid off in February 09 pay 197 pcm
Egg card 17.9%APR £65pcm Balance 3800
Halifax One card 0% APR £60 pcm Balance 1900
RBS Card 0% APR £28pcm balance 1300
PArtnershipcard 16.9%APR 30pcm balance 900
TSB Advantage card 21.9% APR £27pcm balance 1800

Income 1690 pcm
Rent 509 pcm
Council tax, water, tv licence £56pcm
Phone £46 pcm
Internet 14.99 pcm
Petrol 40 pcm
Parking 34 per quarter
Gas 30 per quarter
Electricity 60 per quarter

Is very scary when you list it all down...reckon /i sepnd more than I earn!

It is scary! But you haven't included everything in your outgoings (which is probably part of the problem!). You need to include food, clothing, going out, birthday presents etc. EVERYTHING!

This is one of the main reasons why budgets don't work, they don't give a proper picture of what you're actually spending.

Good work so far though!

Shineyhappy

CharliesAngel wrote: »

Shineyhappy - can I just ask how the hell you managed to win a Julien MacDonald chaise lounge ?!!!

Sure I won it through a competition on this site posted by Kipper. Some home magazine with Dulux. Its 7 foot long!!!! So way too big for my flat so its going on Ebay tonight

Shineyhappy

tbelle wrote: »

TSB graduate loan APR 7.8% original loan 9500 due to be paid off in February 09 pay 197 pcm
Egg card 17.9%APR £65pcm Balance 3800
Halifax One card 0% APR £60 pcm Balance 1900
RBS Card 0% APR £28pcm balance 1300
PArtnershipcard 16.9%APR 30pcm balance 900
TSB Advantage card 21.9% APR £27pcm balance 1800

Income 1690 pcm
Rent 509 pcm
Council tax, water, tv licence £56pcm
Phone £46 pcm
Internet 14.99 pcm
Petrol 40 pcm
Parking 34 per quarter
Gas 30 per quarter
Electricity 60 per quarter

Is very scary when you list it all down...reckon /i sepnd more than I earn!

Be careful when putting in some figures in different time periods, it might be better to translate the per quarters into months and have everything listed in months.

If you live on your own, have you asked for single person occupancy discount?

Your phone seems quite high, have a look on the utlity board.

Also do you use Quidco to get insurances etc? you may be able to go through Quidco and change gas/electric and get cash back.

C_Ronaldo

Could you not get the bus instead of driving, or walk to work, u thought about getting sky or virgin and combine the internet, tv and phone

chloebelle

hi OP. I am new to this site too, its a good place!!

You have done the best thing, admitting there is a problem is the hardest part. Many of us are lead to feel that debt is shameful, there is nothing wrong in admitting that your finances are out of control.

You have 5 credit cards with balances on them, could you consider tranfering these debts to 2-3 0% interest cards? This would give you some breathing space and stop you spending every penny on interest charges.

Take some time out to read the stories on this forum, I have been so inspired by some people's journeys that it has fired me up with the most enthusiasm I have ever felt for money saving.