Sand-dancer faces the music - finally

sand-dancer_3

Hi.:o
Ive posted on a few threads but always found excuses to not start my own. But this must be my Lightbulb moment!
Before I actually show you my debts, I need some advice on what you all think about Debt Management Agencies. Im the type of person that has such great intentions to pay what I owe then something happens and Im back to square one, falling behind with payments and worrying myself sick A friend of mine is with one of these high profiled agencies and is managing well.
Id really appreciate positive constructive advice and in return I will teach you some Geordie words (for non-Geordie's!)
Thanks in advance xx

Sassamac

it really depends on your circumstances as to whether such a plan will work well for you.

Sassamac

it really depends on your circumstances as to whether such a plan will work for you.

poorandindenial

Hi sand-dancer

The only experiences I have of debt management agencies are through other people. I have a friend that got royally shafted by a private company but have seen loads of good things about the free charity ones on here. I think that if they can help you to work out a payment plan that you can afford then so much the better if that is what is needed and right for your situation. BUT it will trash your credit rating (if it isn't already or even more if it is already less than healthy) so if you can pay your creditors without doing this then you should. If you can afford to cover your payments then there are things you can do to make life easier like setting up an account that you transfer money into that all your direct debits come out of etc so that you don't miss payments.

Go on, post your debts (and full SOA if you want to - it will also help people to advise you on the best method of paying your creditors), you know you are just putting it off.

What is Geordie for procrastination???

sand-dancer_3

Thanks for such a speedy reply!
I work part time part year - app £850 per month,2 kids,1 under 16. Total monthly income is app £1300 (if ex pays maintenance).
My real problem is handling my money responsibly.Sometimes I wish I had someone to take charge of it which is why Im considering one of these agencies.Desperate measures perhaps, but needs must now.

sand-dancer_3

Hi P,
I believe our way of saying procrastination is 'haddin ya watta' (i probablymade that up!)
Youre right,I will post the dreaded SOA but it will probably be at the weekend when Ive got more time on here,and I promise 'aa weent hadd me watta' and I will do it.
My credit rating is trashed already and as I said before, I need to learn to handle my money more responsibly.

poorandindenial

You probably would benefit from posting an SOA as then people on here can help you to manage your money (although obviously you stil have to do the hard work). An agency may also help you to work out where you can save money so that you don't have such a hard time of it. Although paying someone to dop that with you is not a good idea when you can get loads of help from here or through debt counselling charities.

I find that for me the thing that helps me to get on and do it is that I allow myself a set amount each week, I take it out on a Thursday and that is it, once it has gone it has gone. I have been doing it for about 6 weeks and have to say that February I am budgeted to have money left at the end of the month!!! Unheard of. I haven't found it massvely difficult and have started to get obsessed by getting my finances in order. At the end of the month what I have left from my salary gets thrown at a debt.


If you have online banking it is a LOT easier to manage all the payments and things.
As soon as one month's payments have cleared I set up the next months so that I am not chasing around close to the day things are due.

Have you tried the snowball calculator on whatsthecost.com??? that can help you work out what you can pay and to who (so long as you can cover minimum repayments)

One final thing that really has helped me has been my spending diary (am a bit evangelical about these now) as it highlighted where I was frittering away money a couple of quid at a time - coffees, lunch etc but has saved me well over £150 a month because it makes me question what I am buying as I am buying it.

Let us have more info and we will do what we can to help you out. There is no magic wand though, even if you had an agency handling your debt you would need to make sure you had the money to pay them so you would need to do a realistic budget anyway.

Good luck and keep posting (sorry this is so long, hope it makes sense and isn't lecturey)

poorandindenial

Oops, cross post with yours, maybe the pay off £20,000 by xmas chalenge should be renamed "aa weent hadd me watta" instead of "stop faffing around"!!

sand-dancer_3

Aah Thanks again P, not lectury at all.
Im really determined to do this properly this time, for my kids especially. Ive been really down since Christmas and have binged my way through the last few weeks - im going to add up what this bingeing has cost THEN get on the scales!:eek:
I dont get on here very much but will definatly try at least for an hour each night.
Ill get the SOA posted at the weekend and then the 'geet hard graft'll start bonny lass'.
Thanks again for taking the time to answer x
Im away now - only time I dont eat is when Im asleep!