Scared and don’t know where to start.

fatbelly

Should be do-able. OP has £420 surplus after debt payments but has not put in groceries for a single person (say £150) and the car finance (£156). With bits and pieces for presents and maybe one cheap holiday, there should still be £100 left to snowball the highest apr debts, probably pounds2pocket (651.4% APR Representative)

You shouldn't need a DMP, shouldn't need Stepchange. It's just a case of budgeting so that you can pay your debts

pompa_lompa

I just wanted to touch on your concerns about securing a reference from your current employer so you can get a second job.

I'm an HR Director and you'd be surprised just how often people not only ask for references for second jobs but also disclose to us in confidence that they are having severe financial problems. If you have an HR team that you feel you can trust they can be an understanding and sympathetic ear.

It's worth knowing that it would in all likelihood be the HR team and not your manager who would provide any reference (if needed) so there's probably no reason why your manager would ever need to know.

Do also bear in mind that your employer probably has an Employee Assistance Programme that can not only offer advice on financial issues but also counselling if you are feeling very stressed about the situation and would benefit from talking it through with someone who is not family, friend or work colleague.

I'm very sympathetic - when I was much younger I went through a period of only just turning my finances around on a monthly basis by taking cash off credit cards to pay into my account to pay off credit card bills. Scared me to death and it was only additional work income that eventually got me out of that hole, which I've been fortunate enough not to fall back into again. Don't lose heart!

I hope that helps - good luck!

inigma

I just wanted to let you know I am rooting for you. It might seem ages off but before long you will have a plan and you will be on a journey that will make you stronger. This place has all the tools and support you need. Good luck.

tgroom57

fatbelly wrote: »

Should be do-able. OP has £420 surplus after debt payments but has not put in groceries for a single person (say £150) and the car finance (£156). With bits and pieces for presents and maybe one cheap holiday, there should still be £100 left to snowball the highest apr debts, probably pounds2pocket (651.4% APR Representative)

Just to say that £150 a month is very do-able for food & groceries for a single person, and that in times of crisis (like this) my holidays and entertainment were a fat zero.

Compared to mine, the gas/electric bill seems reasonable and I wouldn't waste time looking for savings there. I think you'll find better savings on clothing (includes footwear) and entertainment.

Absoluutbeginner

I too was in your position, sleepless nights, didn't know where to turn or who to talk to. I can honestly tell you that once I spoke to Stepchange and arranged a DMP (be prepared to be on the phone for at least an hour, they go into each and every nook and cranny of your finances) and they took control of my debt, leaving me with a reasonable budget for my expenses. Such a load off my mind as they handle everything and the debtors never contact you again!

They are totally non-judgmental, contact everyone you owe money to and distribute your money in proportion to your debts. Interest on your debts is usually frozen too so you are only paying off the actual debt. They are sympathetic and don't charge you a single penny for the service.

My second big saving is budget line groceries at the big supermarkets, saves me a fortune! Who needs a slab of brand name chocolate for a pound when you can buy house brand for 45p!!! (and it is just as tasty).

I hope you find some peace of mind with all the advice on here. Good luck.