Facing up to the problem

mantamark

Help, i need some advice as to how to turn my debt ridden life around!

Basically, i moved out of home, into rented accomodation 5 years ago, this was the biggest mistake of my life, and after a year, i moved back home.

Hated the experience, and also gained some debt in loans.

Since then i've been building up debt, but im so crap, i just keep thinking, yeh, i can afford that, and bump the loan up again.

So as it stands, i earn £16200 a year, live with my GF, who knows about some debt, but not all.

Im contributing to the bills, but im starting to struggle.

Im hoping to tell you what i owe, and if there is anything i can do, apart from turn back time & slap myself stupid?

I know i should just pay off the debt, but im hoping there may be a super loan thing that will take all my debt & turn it into one account, with, fingers crossed, a lower monthly payment.

Basically, i owe....

(from my credit expert account, so these numbers include intrest not yet paid, i guess they would be less if i asked to end early? )

AA Loan - £4000 - Direct Debit - £92 PM
HFC store card style loan thing (my DSLR camera - wish i hadnt bought it now!!! ) - £700 - DD - £22 PM (min payment)
RBS Loan - 11200 - DD - £252 PM
barclays overdraft (student thing, so 1% intrest) - 1800
citicard - 1500 - DD - £50 PM (min payment)

so, all in all, in order to get to 0 again, i need £19200, which is more than one years wage!

Oh !!!!!!, its the first time i have put them down on paper!

Im so screwed, i live on nothing, and its all my fault, i hate the fact they give out credit willy nilly!

My credit score is good, i have very rarely missed a payment, as its all direct debit.

I doubt there is anything that can help me, but if there is, please tell me!

im paying out £506 a month, on a flat month i bring home about £900, i do get regular overtime, so my pay is normally around 1000-1300, but that doesnt really help as this is never garenteed.

i dont know what i expect from posting this, i guess it was just a cry for help, and now i can see what sort of a state my finances are in, i'm going to stop wasting money & try to pay stuff off, but 5 - 10 quid here & there isnt going to dent 18k for a good few years!

Please tell me what to doooooooooooooooo!

I have had a quick look on the CSSS website, and done the 20min questionaire, got a couple of questions...

This CSSS thing, is it actually a loan?

Its talking about what my monthly payment will be?

At the moment, i pay out £506 per month to the various creditors, but my new payment will be £209, which is outstanding. This would help me a hell of a lot, freeing up some cash to help me get by. I would like to redo the form in a bit more detail, as i think i could stretch to £300 per month, and this would also reduce the time it takes to pay it all off too.

Will this system effect my credit rating?

is it like going bankrupt?

Sorry, i dont quite understand these things, if i did, i probs wouldnt be in this mess lol!

thanks for the info!



Thanks.

Mark.

mrs-d_3

Hi Mark, well done on posting. If you post detailed SOA experts on here will be able to help. Don't despair you took a big step facing up to your debts.

ecoelle

Do you know how to do a SOA?

mantamark

/shakes head/

SarahNeedle1872

HI mark, as Mrs D said, it would be helpful if u posted a ful SOA so we can see if u can cu back anywhere etc....

CCCS is a debt charity.... what u are looking at is probably either a DMP or a IVA. The best thing for you to do would be to give them, or the CAB, or National Debtline a call to see what they say....

I would also suggest telling ur gf about the full extent of ur debts, so that she can give u the emotional support u will need

HTH

Sarah x

ecoelle

OK don't panic it sounds scary but it's simple enough. You basically record all of your incomings and then outgoings in a list


Monthly Incomings:

My salary -
Partners salary -
Benefits -

Total -

Monthly Outgoings:

Mortgage/Rent -
Council Tax -
Loan Repayment -
Gas -
Electric -
Water -
TV License -
Food -
Car Insurance -
Petrol -
Clothes -

Total -
Then fill in your debts remember to put the apr's on
There may be other things in your budget i've not put in, like phone/sky/pet food but you get the idea

Basically people will then give you ideas of where you can save money or the best order in which to pay your debts off
Hope this helps
elle

ecoelle

Glad to see you back online, thought i'd scared you off!

mantamark

Took this from the CSSS site, i filled it in as they said, hope this is what you meant? Its a bit of a mess, dont think it copied very well!

mantamark

edit - looked terrible, will enter it by hand, give me 5mins!

ecoelle

Don't think it copied at all :rolleyes: hmm not to worry put down as much as you can think of and then you can always update it when people ask you about stuff. There's always something you forget and the people on here are so good at reminding you it's like having you own financial advisors only they're cheaper and nicer!

Merlot

Hi Mantamark, I am pleased to see you have come over from the loans board, you will get loads of useful advice here, look forward to seeing your SOA.

Merlot.x.