Feeling lost and hopeless with my debt.

Xanderking79

Hi everyone. I need help I have about £24000 worth of debt and struggling to pay bills since partner lost her job. Don't want to enter into iva or dmp if I can avoid it. But I don't know what to do as more is going out than coming it.
Thanks in advance
Xanderking

HappyMJ

Xanderking79 wrote: »

Hi everyone. I need help I have about £24000 worth of debt and struggling to pay bills since partner lost her job. Don't want to enter into iva or dmp if I can avoid it. But I don't know what to do as more is going out than coming it.
Thanks in advance
Xanderking

You've not given much to go on.

Increase income and decrease expenditure as much as possible. You might avoid the DMP.

Helvetica_Van_Buren

In every situation like this you have two choices: reduce your outgoings; increase your income. Better still, do both.

You either earn more money, or start learning to spend less.

People on this forum can help but the first step is to complete a Statement of Affairs (SoA). It can be found here:

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

There's an option to export to this forum.

The more truthful you are with it, the more will be able to help you.

enjoyyourshoes

Hi

know where you are financially every day:-

reconcile bank account daily (start month include all DD,SO etc) then reduce balance by what you spend (switch, contactless, Pay @ pump etc) keep receipts for everything and record it. Discuss with partner spending habits and reduce to minimum.

Food- use list in kitchen, do meal plan for week, stock take cupboards and only put on list what is essential. Cook from scratch and freeze meals to be taken out night before (also do same for sandwiches etc). Go food shopping maximum once a week, they will tempt you all the time. use cheaper supermarkets and be a savvy shopper, compare price dot just think offers and great value.

order debts in priority (HMRC and other none negotiable creditors first then possible OD (as charges ad interest soon make these really expensive) highest interest next etc)

Reduce spending (fags, mags, lotto, booze, sky and other subscription TV, Phone (mobile bb etc) extended warranties, latte, snack, etc)

Only spend on NEEDS not WANTS

Agree with partner objective and stick to it.

Work out annual bills, 1/2 yearly and 1/4ly and do cash flow to ascertain how much monthly you need to save to afford these.

Good luck

National_Debtline

Hi

I second Helvetica’s suggesting of starting out with a SOA and posting in the forum as I’m sure you’ll get plenty of budgeting advice.

James
@natdebtline