I tried to ignore it...

Phoenix_Gal

Well here I am.. I feel like I'm in a desperate state but after reading some of these stories some people are a lot worse off than me (sorry guys)..

I suffer with anxiety & depression and trying to manage my debt isn't helping in the slightest.

I have just less than £6000 debt, most of which is credit cards but have turned to the dreaded "payday loans" I know I know you don't need to tell me it's stupid..

Today I took the first step and wrote to the credit card companies and lenders to explain everything & basically ask them to help me. Just waiting on a reply..

McKneff

Good for you, you took the biggest step of all.

You will get lots of great practical help on here.

Good luck to you xx

Annie

-taff

Check out the payday loan reclaming thread, also check whether you can ask your bank for help if you are currently in financial hardship [no sky tv subscriptions or extravagant DD's]

loken152

Someone has already said it, but i shall say it again, you have already taken the biggest and hardest step. To be honest i have not been to much of a contributor to this forum, mostly been in the back round reading. I now feel that i want to help others, we our still paying off our last debt but i have learned a lot on this road and feel it time to start sharing and helping if i can.

EssexHebridean

You're far from the first to fall into the payday loans trap - and I bet you won't be the last either! well done for taking steps to deal with it though - that's a tough step. :T

First up - get yourself a Statement of Affairs (SOA) sorted - you'll find the link in the "Sticky" thread at the top of this board. Fill it in as accurately as you can - and remember that initially it needs to reflect the situation as it is now - don't put in the figures you think "should" be there or it's meaningless. Go back over bank statements and card statements if that applies too to ensure you cover everything.

If you show a surplus in your SOA - go back over everything again - is there anything you've forgotten? Annual DD's for anything that are missed? If you still show a surplus, do you actually have that? If not then start a spending diary too to see where money is being frittered. (This is not just for those in debt either - I'm running one myself at the moment!)

Remember too things like emergency fund, and ongoing car maintenance - if you've not previously been saving for things like this it's a good idea to start - savings accounts separate to your current account may help there. Beward of the things that you show monthly on the SOA but pay annually - you need to be setting money aside ready for them. Car tax is often a good example of this - it costs more to pay monthly, that it does to pay 6 monthly or yearly.

JoJoC

I posted on your other (duplicate) thread, so here's my reply here!

That's brilliant that you took the first step in recognising the issue and then making a plan to start to get out of it.

Have you taken a look at your income and expenditure to figure out where you could save and how much you can realistically pay towards the debts?

It's a hard journey but so worth it (I'm sure.. I'm not there yet!). Good luck!

National_Debtline

Hi

I’m sure you get lots of advice and support on the forum so well done for posting. I think it’s also a good idea to contact us or one of the other free debts advice charities so that you can discuss your situation in more detail with an adviser.

James
@natdebtline

Phoenix_Gal

If I'm honest James, Debt Management Co's scare me.. I don't know what to expect for a start, u don't want to feel judged and "told off" if that makes sense...

Lonire

Hey there, well done for taking steps to change the situation. I was putting my steps in the right direction off for a long time and I can honestly say the advice I have gotten on here in just a few weeks of being active has been the best advice I could hope for.

Everyone is so supportive and non-judgemental.

As someone has said already, its a great idea to get your statement of affairs posted on the thread so people can try and help you save money and cut down on expense which leads to more money to go to paying off your debt:)

Good luck!!

DrWatson1

Phoenix_Gal wrote: »

If I'm honest James, Debt Management Co's scare me.. I don't know what to expect for a start, u don't want to feel judged and "told off" if that makes sense...

From first hand experience, they absolutely don't judge or hold you accountable for getting into debt. I personally felt more than a little embarrassed about contacting Stepchange when I was in your position, but they have been very supportive with me throughout the DMP process.

National_Debtline

Phoenix_Gal wrote: »

If I'm honest James, Debt Management Co's scare me.. I don't know what to expect for a start, u don't want to feel judged and "told off" if that makes sense...

It’s understandable that you feel that way, and you’re right to be cautious when it comes to a lot of debt management companies as most charge you a fee.

We’re a completely independent advice charity with nothing to sell you. I can assure you that all of our advisers are non-judgemental and just want to empower you to deal with your debts effectively. You could call us anonymously if you wanted to at first, to see how you find it.

James
@natdebtline