Today I Have Stopped.....

livingbeyond

....Burying my head in the sand. I have been putting this off as I was afraid of what I would discover. But here it is, my first post and the first time that I have openly admitted to having a debt problem. I am also going to get my debt situation out in the open, so here goes.

1) Credit Card 1 - £3,415
2) Credit Card 2 - £9,00
3) Credit Card 3 - £5,34
4) Car Loan 1st Car - £4,320
5) Car Loan 2nd Car - £5,187
6) Debt Consolidation Loan - £11,000
7) Store Card - £1,236
8) Interest Free Purchase - £700

Total - £27,292

God, that was frightening but such a relief at the same time.
I thought I would share this with people on here as you might understand. I feel really ashamed and foolish for running up these debts. I feel I have let my family down. But I also feel I must now do something about the situation before it gets worse. Any help or advise would be greatly appreciated.

Thanks

mrsspendalot

well done on making that first step. you need to post a full statement of affairs - a list of all your income and outgoings in order for us to help you and advise you xx

lindens

well done for posting, i remember when i did that for the 1st time iwas terrified what i would find. yes it was bad, but once it was done and down on paper it was a relief, the first step had been taken.
read the first timers post at the top of the page by SS, and put together a full SOA ( this is scary too) which lists all your income and bills. also list the APRs min payments and length left on your debts, and we can help you decide what to pay off first.
good luck, there is a wealth of info on here, its just finding the time to read it all lol!

Lucy1982_2

I just wanted to say Hi! And please don't be ashamed of your debts, they are nothing to be ashamed of. By coming on here you are joining people who are PROUD to be dealing with their debts.

Just remember it is one small part of you life, and not the major bit that your friends and family love.

Pop up your SoA and we'll help you make any cut backs. Good luck and welccome aboard!!

penguin83

Welcome to the board :hello:

Well Done on making the first step. There are so many helpful people here that will help you see the light at the end of the tunnel. x

blackangeluk

:hello: the first post is definately the hardest but once you have done that, the replies you have received will give you a huge boost and then you will get some fantastic advice about where to cut back.

It may seem terrible now, but I bet by the end of today you can see light at the end of the tunnel and will actually feel excited about sorting your debt out - well that's how I felt anyway as well as huge, massive relief that I'd shared it!

If you do as mrsspendalot suggested and post your list of monthly income and outgoings I'm sure there will be plenty of people along with some advice.

yellowmonkey

Well done on posting.

You owe less than me . See it is not that bad.

Seriously though when i posted my first admission i felt terrified and at a dead end but thanks to the advice and support of everyone on here it soon passes and you will be addicted to this site.
As everyone advises post an SOA and the advice you get will make you see that there is a way out of this and you do not need to do it alone :T

Good luck

ym

hypno06

Hi there and welcome to the wonderful world that it DFW!!

Be proud of the steps you have taken today - you have made a big move forward.

Come on these boards whenever you can - the support on here is amazing. If you have a problem/negative feeling/need a virtual hug or a rant, then there is always someone here who has been there and can help you out.

Welcome aboard!

livingbeyond

Here goes SOA.

Income
My Income After Tax £1,850.00
Partners Income After Tax £675.65
Child Benefit £72.40
Child Tax Credits £42.13
Total £2,640.18

Outgoing
Mortgage & Insurance £750.30
Council Tax £121.00
Gas & Electricity £70.00
Water £26.34
TV Licence £10.99
Sky TV £44.00
Telephone & Internet £50.00
Account Fee £14.50
Car Insurance £31.28
Mobile Phone £10.00
Interest Free Loan £70.00 - 10mnths left
Groceries £200.00
Petrol/Diesel £120.00
Credit Cards £115.00
Daughters Savings Account £50.00
Car Loan 1 £96.00 - 46mnths left
Car Loan 2 £136.50- 36mnts left
Loan £218.00 - 60mnths left
Total Outgoing £2,120.91



Thanks

Lucy1982_2

Hi

Well that's not looking to bad, although I am guessing that you don't have any money at the end of the month, so I would suggest a spending diary, either in a note book or you can do it online here http://www.spendingdiary.com which will keep a list of everything you spend every day.

Have you made sure that your energy suppliers are the cheapest, have a look on uswitch if your not sure, also is there any chance that you can reduce your Sky package? and I am sure that they do free broadband, which might be worth looking into.

But you look like you have a good base to start paying your debts off. Also have a look at this website http://www.whatsthecost.com/snowball.aspx?country=uk which will show you how to pay off you debts in the quickest way possible.

Good luck x

madmoney_2

livingbeyond wrote: »

Here goes SOA.

Income
My Income After Tax £1,850.00
Partners Income After Tax £675.65
Child Benefit £72.40
Child Tax Credits £42.13
Total £2,640.18

Outgoing
Mortgage & Insurance £750.30
Council Tax £121.00
Gas & Electricity £70.00 have u tried to see if u can get this any cheaper? use sites like quidco to do the transfer to get cashback
Water £26.34
TV Licence £10.99
Sky TV £44.00 this has to go for now, if u r serious about sorting your debt its a luxury u cannot afford
Telephone & Internet £50.00 just a guess but is this with bt? i had the same deal and changed to talk talk - saved me 30 quid a month, again use quidco to get cashback
Account Fee £14.50 what is this for?
Car Insurance £31.28 again try switching to see if u can get it cheaper
Mobile Phone £10.00
Interest Free Loan £70.00 - 10mnths left
Groceries £200.00 how many are you feeding for this? have a look at the os board for ways to cut this back
Petrol/Diesel £120.00
Credit Cards £115.00 apr? can u transfer to 0% cards?
Daughters Savings Account £50.00 any way to cancel or reduce this until your bills and debts are paid?
Car Loan 1 £96.00 - 46mnths left apr?
Car Loan 2 £136.50- 36mnts left apr?
Loan £218.00 - 60mnths left apr?
Total Outgoing £2,120.91



Thanks

also u seem to have around 520 quid extra each month after u have paid ur outgoings, what is this being spent on? i suggest you keep a spending diary to see where this is going, as it could be thrown at the debt, u do not seem to have budgeted for clothes maintenance for the car etc. hope this helps a bit xxx