Never ending debt pay back

Amcakes

Hello all,

I'm new and massively clueless.

I've been struggling with debt for years now, I recently got a promotion at work and I'm still in debt. Just looking for someone to talk to for advice if anyone has any as I'm not seeing the end of the tunnel at the moment and have considered taking my own life because of my debts several times.

I take home in my bank £1890 a month, I have a £2500 overdraft that I am always every month up to the limit.
I have a credit card with £11K on which I pay £250 back a month and I also had to buy a newer car recently as my 17 year old car died so I pay back £250 for that each month.
I moved back in with parents so my rent is cheaper at £400 a month inc bills.

Please can someone give me some advice what I can do, even though I have a good wage coming in I never have any money and I never have enough to pay off my debts.

I'm a 29 year old female.

Please help as this is really depressing me I don't even have enough money for petrol until payday next week

Thanks

sourcrates

Hi,

Welcome to the forum.

Have you concidered a debt management plan ?

There's some info here to be looking at :

https://m.stepchange.org/how-we-can-help-you/debt-solutions/debt-management-plan

Also it's a good idea to post a statement of affairs first, so we can get an angle on where your money is going :

http://www.stoozing.com

Don't worry, there is always a solution to a debt problem, it's just about finding the right one that works for you.

datlex

Hi hun. I would open a new bank account, even if it is just a basic bank account with a different bank.

Get paid into that and have your dd's come out of that. Then pay a bit of your over draft each month from the new account.

The expenditure you have mentioned only comes to £900. Meaning you have £900 left. Does the £400 you pay to bank of mum and dad include food?

Post an SOA to give us more of an idea of how you spend your money. But if you pay off £210 a month off your overdraft it will be cleared in just over a year!

Don't despair it get better.

National_Debtline

Hi Amcakes

Good suggestions from the others. I think it’s a good idea to telephone National Debtline or one of the other free debt advice agencies for full advice on your situation. There’s always a way to tackle debts and it’s a case of looking at the best options for you.

James
@natdebtline

Dobbibill

Hi, Welcome to the forum.

Don't panic, you won't be the first nor the last to find yourself in a pickle. As others have said, there will be a solution, we just need to find out what it is.

The SOA is the first step.

I agree with the PP about getting a second bank account too. This will help you budget.

Be cautious about not paying any funds into the account with the OD as it can occasionally trigger alarm bells to the bank who can recall the OD facility. From a budgeting view, the second account will help you have more control over your funds. Eg - Pay goes into OD account, leave money in there for all DDs, bills, OD costs and moving all spending money to second account could also work.

You've only recently got the promotion and while you have had a pay increase overnight, the debt didn't arrive at that total overnight so don't expect it to disappear that quickly either. It will go but will take time, dedication and hard work.

Post up that SOA and lets see if we can give you more tailored advice to your situation.

EssexHebridean

Some good advice here already.

Firstly, take a deep breath. Your situation IS fixable - I absolutely, totally promise you that. It might take some hard work, and some effort, but there is a light at the end of the tunnel. If you start having drastic thoughts again, then PLEASE ring the Samaritans. It's not just for other people, it's for anyone who needs the service. The contact details for them are HERE if you need them.

The hardest step is admitting you're struggling - and you've done that bit already. Get that SOA done and let's work together to tackle this, shall we?