Struggling to float - I am drowning!

drowning___2

I've decided to sign up and try and gain control of my finances once and for all! Lived in a bubble and lived off credit cards for years, but for the first time ever, I am getting no deals, no balance transfers and paying interest.

Previously when I was on 0% deals, although I was paying off debt and reusing at least the balance was coming down/at worst staying the same, now my minimum payments are paying a chunk of interest.

My debt is as follows -

Barclays - £11,060.00 (£6630.69 0% until June 2020) costing approx £21.77 interest per month
MBNA - £6032.56 (0% until December 2020)
Virgin - £6644.77 (£4295.05 0% until June 2020) costing approx £33.46 interest per month
Overdraft - £798.20 (daily fees works out as approx £30 per month)
Scottish Power - £156.98 (late payment, need to pay ASAP)
Loan - £150.00 (to my sister to pay back when I can)

Total debt - £24,842.51

[Deleted User]

Happy new diary! Well done for facing your situation head on. Can you do a SOA so we can see what you're working with and give you suggestions?

I started with a very similar amount as you last year, and also only had my LBM moment when the 0% deals stopped appearing. I've managed to reduce debt by almost £5k so far, and have all my debt with much lower interest - it starts getting easier and easier after a while! My credit rating went from Poor to nearly Excellent in just 6 months or so - you'll be making progress quickly!

Best of luck to you!!

[Deleted User]

Welcome to the DFW boards and good luck on your journey.

Dxxx

doingitanyway

Well done for confronting your situation. Your debt is exactly the same as my debt in 2016. It took me 2 years to clear and it wasn't that bad. I still had, and did, nice things.

There are lots of people who have been through/are going through the same, proof that if you really want to get out of debt you can. If you do, it will be worth it

Good luck

JohnJ76

Welcome and good luck! Don't worry, lots of people have that oooooohhh sh*t increased heart rate and time slowing down panic moment when they see it all written down. Then when you get yourself a plan you start to realize it is doable. Then you go through how do i keep motivated phase. I bet someone has done the stages of debt similar to grieving but this will have a much happier outcome!
As others have said if you feel happy to post a soa then thats useful, but I'm sure you know you have a big deadline of getting that reduced by june 2020 or you're in for a tougher time than now. But that gives you 15ish months to get that reduced and if I can do it then anyone can! (although I've still a way to go!)

drowning___2

Thanks for all your replies. I have typed a reply but wouldn’t let me post in work kept saying to wait 60 seconds, emailed it to myself and don’t know how to copy and paste from an iPad - I am hopeless with technology!! When I work out how to copy I will post my incomings/outgoings....it’s not looking good.

A company contacted me last week about a trust deed...all seemed a bit too good to be true so haven’t sent anything back. They are saying if I pay back £160 a month for 4 years I will have paid off around £7000ish and the remaining £16000 ish would get wiped?! Was told it was s government Scottish initiative to help those struggling with debt. Anyone any experience on these? Thanks!

drowning___2

Who knows where I got my monthly interest amounts, don’t add up now i’ve looked at them again, will work out how to understand the statements and get accurate amounts.

Will post SOA asap, I have just got a second job a few weeks ago to help me as currently my incomings are something like 1400 and outgoings 1370 and that’s just direct debits and minimum payments....doesn’t include petrol, food etc....it really is an awful situation. Can’t stop thinking about what a mess I’ve managed to get into, always being sure I could get 0% deals and balance transfer!!

Moan, moan, moan....need to snap out of this and make big changes. Going to sign up to survey sites tomorrow :cool:

drowning___2

Thanks to goggle I can copy and paste -

Thanks for your replies. That is amazing Moguline, £5000 in a year!! You’ve given me hope, well….until you see my SOA that is!!:rotfl:

My wages are £1400 –

Mortgage – £329.10
Council Tax – £115
Energy – £90
Car – £122.42
Virgin media + mobile - £58.24 – must call and see if I can reduce this in any way.
Contacts - £15.00 – will cancel this next month as I have more contacts than eyes at the moment!
Netflix - £7.99
Spotify - £10.00
Dog walker - £80.00
Barclays credit card – £281.62
Virgin credit card – £107.48
MBNA credit card – £60.83
Overdraft - £30.00

Sooo basically I have £1400 coming in and £1370.68 going out. I’ve still not paid for petrol, food, clothes, haircuts, annual insurances etc. I knew it was bad but didn't realise this bad until it's all written down in front of me.

I have started a second job!! The wages will vary, will be paid weekly and will work out as approx. £150 2 weeks of a month and £90 another week. Only started last weekend so not sure of exact numbers but would bring in an extra much needed £480.

I am about £180 a month on diesel, I think...don’t really know and about £250 on food, that’s for myself and a boy who never seems to be full! Always been the same, he’s 19 and no filling him! But nothing to him, unlike me I can smell chocolate and gain 7lb!! £250 includes dog treats and cleaning stuff too. This has been estimated as really I don’t know and a good chunk of that is takeaways I would say.

Best get to bed will have a look with fresh eyes in the morning :T

Thanks for taking the time to read Dolly, Doingit and John. I am hoping for a happy outcome as this really can’t go on.

chupachups4

Hello, sorry for my poor English, but I'm french and only learnt it at school many years ago.

Does your son have a job? Then, maybe he could pay a little towards groceries… I would stop takeaways ASAP and have one any other time with surveys money.

Could your son walk the dog some times and may be minimise the price of dog Walker?

Could you stop Netflix and Spotify fora few months?

Kittencat

Good morning Drowning.

The good news is you have realised what is going on and want to change it. That's half the battle. Now you can plan and figure out different ways to go about this.
The 2nd job is good. Well done. Keep the spending to a minimum and you will do just fine.

Keep positive

Kitten

drowning___2

I’ve cancelled Spotify today, ends end of the month and no more payments to come out! I will call virgin and see what they offer, might even get rid if tv completely and just keep Netflix. Yes my son has a part time job whilst he is at uni, he does football refereeing at the weekend so isn’t that consistent but what he earns he runs his little car with and has it to socialise with friends without asking me for a penny so I can’t get much from him, sadly :rotfl: the dog walker is at the minimum he is £10 a day I work 4 days, and my son is around 2 days around his classes so I can’t scale back the dog walker but I will in summer when he is off hopefully!

You are right with takeaway they need to stop. Getting to the point I’ve had them so often aren’t even a treat or enjoyable anymore and at £20 a pop can’t afford them.