It's time to sort it, but how?!

kimwp

When you talk about renewing your sky contract instead of cancelling it, I'm not sure you have had your lightbulb moment yet. 

jack_1992

kimwp said:

When you talk about renewing your sky contract instead of cancelling it, I'm not sure you have had your lightbulb moment yet. 

It was an unfortunate typo - I meant to put review. I know that is one thing that needs to go as that money can go to so many other places.

kimwp

jack_1992 said:

kimwp said:

When you talk about renewing your sky contract instead of cancelling it, I'm not sure you have had your lightbulb moment yet. 

It was an unfortunate typo - I meant to put review. I know that is one thing that needs to go as that money can go to so many other places.

Great! That's the first hurdle so you are well on your way

Swoosh84

Congratulations on taking the first steps, it won't be easy but it can be done and ALOT faster than you think if you really work at it. Personally, I was 28k in the red and down at 3.8k today so have hope!

jack_1992 said:

The Sky contract is actually coming to an end in June so that is something to review.

This should absolutely be the first thing that goes along with the TV license, appreciate it does not seem like much per month, but at £800 per year it adds up!

jack_1992 said:

Unfortunately the contracts for the mobiles and tablets are not coming to an end soon, at least a year left on them. But I could see what can be done, if anything.

Probably little you can do with these without defaulting, but certainly make a mental note to cancel in the future and stick with PAYG. Again, massive savings to be made over the course of a year.

jack_1992 said:

The LBM was scary. I hid from it for so long, thinking it would just sort itself out but it just doesn't. I feel a huge sense of relief though now that I am finally doing something to sort it. I'm still ashamed and embarrassed, but now I have the emotion of being proud too. Proud that I finally admitted it and that I am now getting help. I got into the mess, but I'm now doing something to sort it.

Nothing to be ashamed very few people go through life without some form of debt. It is literally part of the course these days! You are here now have realised you have a problem and you should rightly be proud of that!

To be realistic, the early part of this process is going to be tough but will be well worth it in the end. Eventually as the first cards fall more money will be freed up and you will be able to start enjoying life once again!

There may be other aspects that can be done with your cards. You should post up a complete list of your debts including remaining balance and for credit cards what their maximum limits are as well as the APR you are paying.
When I was running with 5 cards, i had one with near 40% APR and another with 20% APR. The 20% apr card had 0% fee for balance transfers so i got rid of the vast majority of the 40% card and paid off the rest. Eventually as you pay these off, options will open up with other cards where you can transfer a balance to a 0% card.

See you are also in discussion with StepChage which is an excellent move. Suspect they will advise you to contact the credit card companies to see if they can freeze your interest payment. Much like what Barclays have done with their Paydown plan.