Time to start a fresh.

BlueJ94

Sarahwithlove said:

How's the budget looking? Did you get it sorted? 

My friend sent me over an excel sheet to fill in etc, I've made a start but I need to make some adjustments!

Paddington75

You sound like you're making great strides, good luck with the budgeting  

BlueJ94

Paddington75 said:

You sound like you're making great strides, good luck with the budgeting  

Thank you! doing a bit of cleaning then will sit down with a cuppa and make some tweaks!

BlueJ94

so far this month I've made £276.95 from surveys/product panels! I will use the extra money to pay towards debts!

BlueJ94

Oh and the brand Purina emailed me inviting me to be part of a study panel for them!

enthusiasticsaver

jadewest94 said:

Afternoon all
Just on my dinner break so just working out my debts as they stand

Vanquis £701.67
Capital one £204.36
Ocean Finance £193.84
Marbles £205.87
Fluid £353.15
Aqua £565.17
Barclaycard £297.89

Loans 
118 - £2371.85
Likely Loans £1159.30

The loans are the biggest pain compared to CC.

Further to my post on your other thread I found this list of your debts but as I said we need to see a soa to give you the best advice. Presumably you have gone through this with stepchange/payplan or whoever is doing your DMP? 

An soa can be found at http://www.stoozing.com/soa.php and you need to format it for MSE and put it up here. Almost all  those lenders are sub prime and charge high interest rates so I am guessing you already have a bad credit record? As I said earlier a DMP will affect your ability to get a mortgage and any defaults on debts (missed payments or reduced payments) take 6 years to drop off your record. If you want to buy a house within the next 6 years then you should be trying to protect it and repay the debt using a snowball or avalanche method. However that depends on your income/expenditure and interest rates. What I would say is that we rarely see someone on a DMP with only one year until it is cleared so I do wonder if this is the right step for you. 

enthusiasticsaver

The important information we need is your income and essential expenditure, ie a budget you can stick to. The minimum monthly repayments of the debts and the interest rates.

As Sarah says though if you have already defaulted (missed payments) then your credit record is already damaged but given your loans are from essentially payday lenders I think it must already be shot in which case a DMP may be right for you as if they stop interest the debt will be gone quicker. You can always start on a managed DMP then take it over but given your signature says it will be gone in a year I would suck it up and just clear it then move forward. You won't get a mortgage anytime soon but presumably you don't have any deposit or savings anyway so it will take some time to build that up after the debt is gone. 

BlueJ94

Evening all,
not got much going on over the weekend but I’m going to look into my budgets etc 

BlueJ94

Where I'm at currently..
I'm fed up of being in debt now, but who else is there to blame? No one besides myself. You know what? I'm physically and mentally drained. I just want to fix it and I honestly can't wait to start a fresh. I've been in debt for as long as I can remember. I'm 26 and at my wits end. Below are my current debts..

£225.76    40.554%            Marbles

£695.26         ??                 Vanquis

£327.27    30.9%                Barclaycard

£360.67    41.198%            Fluid

£577.17     34.95%             Aqua
£190.53     30.340%           Capital One
£183.24     30.340%           Ocean Finance

£2205.84     71.3%             118 Money
£1159.30      ??                   Likely Loans
£803.07         ??                  Five Lamps

The CC aren't the biggest issue but they do have high interest on them. I just need a plan and to stick to it!

Paddington75

Hang on in there, you're still young and it won't be long before the debt is gone.  Then you can start really saving for the big things, deposit for a house for example.  If you've dealt with the reason why you got into debt in the first place then you can turn it around.  March 2022 will be here before you know it and then you will be debt free - think of all that money you can save once the debts are gone.  You can do this x