Loan help?! Need life back on track

MeditationState

Hello everybody,

I was looking for some advice as I went through an awful spending spree which I have now curbed and looking for the best advice to get out of debt. I understand I got myself into this mess.

Loan 1 - £5000
Loan 2 - £3500
Overdraft - £500
Credit on PayPal - £750

These are all my outstanding amounts.

I receive £14500 a year before tax and have worked it out to have about £100 spare each month with everything I pay out.

My guide I have to track finances so far:
House Bills:
My Income - £1106.60
Alison - £200.00

House:
Rent - £495 - 1st
Gas & Electric - £65 - 28th
BT - £55 - 26th
Council Tax - £107 - 5th
Water - £15 - 3rd
TV - £12 - 3rd
Total - £749

My Bills:
Bike - £67 - 3rd
Bike Insurance - £60 - 21st
O2 - £53 - 19th
Loan - £125 - 3rd
Total - £305

Overall Total : £1054
Total Income : £1306.60

2nd Loan - £59.74

Left to spend/save - £190.86

-- this doesn't factor the PayPal credit, I was just looking for any guidance on how I could maybe reduce the payments so I can pay them off faster or just some general advice because I am sick to death of money worries because it's really starting to affect my health.

Kind Regards,

Medi.

DCFC79

Id look at reducing your spending.

BorisThomson

DCFC79 wrote: »

Id look at reducing your spending.

And increasing income. Second job, and/ or better paid main job?

BT and O2 bills are very high. Could you get a lodger?

Dobbibill

Create a SOA - link is in the sticky at the top.

Without doing that you will never get your budget accurate.
There's so many gaps, you won't get tailored support without it.

System

Can't afford the bike or the insurance so you're going to be selling the bike and using the money from that sale to pay off some of the debt. You can't afford the mobile phone bill either. The BT landline is ridiculous, you can get internet and landline for below £20 a month.

Ilona

You need to complete a Statement of Affairs, listing all your incomings and outgoings, then people can advise the best possible action to take. The easy answer as said above, reduce your spending and increase your earnings.

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

Ilona