Help

Emmalene

£8,000 in debt with loans and credit card and overdraft

I’m paying all in time and more if I can

My wages don’t stretch

Can’t get balance transfer card or anything as I’ve applied for a few in the last 6 months in a short space of time

Don’t want debt help like citizens advice or debt support or step change I’m sorting it but don’t know what else to do

Any ideas

Mnd

You need to get your statement of affairs (SOA) together then you will get lots of help and advice.

http://www.stoozing.com/calculator/soa.php
In the meantime don't panic, you will get help

sourcrates

Emmalene wrote: »

£8,000 in debt with loans and credit card and overdraft

I’m paying all in time and more if I can

My wages don’t stretch

Can’t get balance transfer card or anything as I’ve applied for a few in the last 6 months in a short space of time

Don’t want debt help like citizens advice or debt support or step change I’m sorting it but don’t know what else to do

Any ideas

Hi,

SOA is your starting point, link above kindly provided by Mnd, you say your “wages don’t stretch” but you “don’t want debt support”.

There not a lot of middle ground usually in these matters.

See what the SOA says and well take it from there.

Farmer_Johnson

Emmalene wrote: »

£8,000 in debt with loans and credit card and overdraft

I’m paying all in time and more if I can

My wages don’t stretch

Can’t get balance transfer card or anything as I’ve applied for a few in the last 6 months in a short space of time

Don’t want debt help like citizens advice or debt support or step change I’m sorting it but don’t know what else to do

Any ideas

Yes, you need to find a way to increase your earnings, decrease your expenses, or preferably do both. What do you do for work, how much do you earn, and could you take on more hours or a second job?

Chandelier.

Morning,

As others have suggested, I think you should create a SOA using the link above and be truly honest with it. Have a look back on your last three months of bank statements to get a better idea of where your money has been going.

Write down all your debts in order, starting with the smallest and what interest rates they currently are. Then maybe have a look at ways known as the snowball method or even the David Ramsey method to pay these down.

There are some great debt advice/budgeting websites out there which will help you along your ways.

You have two options- either cut back as much as possible within your current income/outgoings or increase your earnings to pay the debt off quicker.

On a side note you have come here for advice yet don't want any help from debt charities, is it really feasible and manageable on your income as it is? What is it that puts you off from these if you are currently struggling.

If you choose to carry on as you are I would knuckle down and bring down these balances as much as possible. Once you have it wrote down and a clear budget in place, you will feel a lot better.

It doesn't help around this time of year with all the outgoings regarding Christmas. Try to cut back a little and don't use credit to fund this.

Here are some other tips which may help.

- Leave bank cards/credit cards at home to reduce temptation to spend.

- At the beginning of each month work out what you can afford to pay and pay your debts first. You then have the rest of the month to stick to your budget, knowing you have already made your payments for the month. Review this at the end of the month and anything spare can be thrown towards the debt again.

- Start to create a small emergency fund for 'just in case' emergencys or anything unexpected that might crop up.

- Budget ahead for planned expenses such as car insurance, home insurance etc so you don't have to stick them on credit by the time they come around. I understand this isn't always doable but if you can put away a bit each month until they are due, this can help a lot.

- Identify why you are in debt- what do you have to show for it? You have already admitted that you are in debt and have asked for help, that is the first baby step you have taken. Now you need to figure out a plan.

- Cut back on all the little things that add up, such as coffee or lunch out. It's amazing how much these add up to over a period of time. Plan and prepare ahead for the week.

- At the end or beginning of each month, spend a quick 20/30 mins to review your budget and tweak it to suit any upcoming expenses/events. Then take 5/10 minutes each week to go over it quickly and see what you have been spending.

- Keep a spending diary and write down every expense so you can see what you have been spending money on. Then either input this to a spreadsheet or into a budgeting app- there are many out there and others here recommend some.

- Put all your money aside for the next month ahead if possible, ready to pay out bills/expenses at the beginning of each month. Try and arrange all your direct debits/bills to come out at the beginning rather then spread out over the month. It's easier to see what your working with for the rest of the month then.

- Always try and pay above the minimum payments each month to creditors. Either set up a direct debit or standing order for this.

- Make a plan and set a timeframe/goals to work towards paying off the debts. This can help keep you focused and see that there is light at the end of the tunnel. It's a journey, not a race.

- Sell any unwanted items if you can. When you sort through stuff it's amazing to see what you have and can get rid of that other people will buy. Every little bit adds up.

Overall be realistic and truthful with yourself when it comes to tackling the debt.

As mentioned previously there are reasons why you have accumulated this debt whether it be for house repairs/day to day spending/emergencys etc. Identify these and ways you can overcome them.

These boards are brilliant and supportive. Maybe once you have a plan in place you could start a DFW diary on here to track your journey.

All the best.

Emmalene

I’ve changed jobs and don’t get what I got at my old job

I’m a TA in a school and the grade is lower than I’m used to

I’ve moved out and I thought I could do it but I can’t

My wages are 400-500 less than what I was used to getting and I’m struggling

I’ve written down all my debts and worked out if I pay all my loans will finish in 2020

I’m hoping if I pay everything I’ll be able to pay more off so I can be debt free quicker

Emmalene

I’m paying all on time my wages are so low and some months they haven’t paid what I’m supposed to be paid and it’s hard work

Emmalene

My wages cover my bills I’ve nothing left for anything else

Luckerly I live at home and don’t have to shell out for anything other than food and cleaning products but even so that’s hard as I’ve no money for that

Emmalene

Farmer_Johnson wrote: »

Yes, you need to find a way to increase your earnings, decrease your expenses, or preferably do both. What do you do for work, how much do you earn, and could you take on more hours or a second job?

I’m a TA The job I’m at now is a whole grade drop compared to my old job and it’s less money £13,000 I’m used to earning £20,000

Ilona

Emmalene wrote: »

£8,000 in debt with loans and credit card and overdraft

I’m paying all in time and more if I can

My wages don’t stretch

Can’t get balance transfer card or anything as I’ve applied for a few in the last 6 months in a short space of time

Don’t want debt help like citizens advice or debt support or step change I’m sorting it but don’t know what else to do

Any ideas

Lots of good advice above. You need to complete a Statement of Affairs. You need to know exactly how much you owe, how much the interest is, and exactly where your money is going. Keep a spending diary, write everything down, even the odd £ or two on frivolous stuff.

Until you do the SOA no one can help you. Why won't you talk to Stepchange? Everyone says they have been very helpful.

ilona

Emmalene

I won’t be able
To get a mortgage I don’t want anything against me I that way