short term cash flow

g-crisis

Very new to this but feeling that this is the first step to reducing my debt.
Things have been getting on top of me lately; a very demanding work schedule that has meant me being away from home and spending on restaurants whilst living in hotels and mounting cc debts.
things have really come to a head meaning that I am going to have to move back home with parents for (i hope!) a year. At the moment though I can't afford the money to pay for the removal.
I think I'm finally doing the right thing - trying to reclaim charges, just paid off one (of 2) store cards, serious reduction of outgoings but at this moment in time I have no room for manouevre. I'm up to the limit on everything with no free cash whatsoever. And I've just been paid!
I feel ashamed of myself because it feels as though it has just crept up on me in the past two months, January and February were fine but everything has just nosedived. No idea what to do for the best...

Beerworshipper

Hey,

Welcome to the forum and congrats on becoming a new Debt Free Wanabee (DFW).

We've all felt like you're feeling now, but the main thing is you seem to have found the resolve to deal with it which will be a major milestone for you when you look back on this day in a few years.

Don't be too hard on yourself, you're doing the right thing, trust me in that living beyond your means or robbing Peter to pay Paul does not get you out of debt.

As for moving back in with yor parents, I think thats great if you can do that and it'll give you more money to pay off your debts and I see you've also set yourself a target of one year so that'll be good for your personal motivation.

The poeple on here will be more than happy to help you see where further savings in your expenditure can be made. If you feel up to it you need to go to the following website:

http://www.makesenseofcards.com/soacalc.html

fill out your expenditure etc and post the details back on here and people will give advice on what saving can be made.

Also if you look at the sticky on the top of the Debt Free Wanabee forum there is one with advice for new posters, its got links to some other useful tools.

Good luck with your Debt Free journey and come back here whenever you need suppport.

g-crisis

thank you, good to know I'm not alone:beer:

Cleosmum

HI and welcome

4littleone

Hi G-Crisi,

welcome to one of the best sites i've seen.

There are loads of people here who will be happy to help.

CCCS_Alan

Hi G-Crisis

Welcome to the boards and for taking the first step.

One of the most important things to do firstly is to be able to survive without credit. If for your job you need to travel, you should ask your employee for a company credit card so they are responsible for your costs.
You would be best stopping using all forms of credit including overdrafts as well.

Open a basic bank account away from your creditors as well to get yourself in control of your money. Get your wages paid into the new account and set up your priority expenditures from here. And if you were to pay your creditors from this account you would pay by either a SO or over the counter. Avoid DD to creds as they control how much they can take which could leave you short for your priorities. Only pay them what you can afford as well even if you can only afford £1 per month, don’t give into the pressure as they will always want more from you.
If you use the following link Basic Bank Accounts, and in the Basic bank accounts section click on publications it will provide you with a list of accounts and what benefits the account offers.
Be sure that the account has no connection to any of your existing creditors though.

If you can post your SOA on here plenty of people will be able to give ideas on areas that you could improve on.
Once you have put together your SOA you are best seeking independent financial advice on your situation to see what you should do next. Peoples signatures contain many such organisations and you can also try our online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation.

If you have been used to having credit to live certain lifestyle as well you may find the transition difficult at first, but if you keep popping back here you will find plenty of support and advice.

Good luck

CCCS_Alan

g-crisis

This morning feels good. Still worried but feel like I'm moving in the right direction. May well be moving sooner than I thought which unfortunately means I will be paying quite a bit on the old inter city commute but think that will balance against everything I'm paying for my flat. Just have to negotiate living with parents for free for 2 months so I can sort myself out a bit.
Work have just conceded that they should have given me a company credit card, great but thats about 3 months too late as my project with all of the expenditure has ended!

debts are as follows

Virgin Credit card 12500 - just ripped this one up as it has the highest interest/APR
Egg Credit Card 3000
HSBC Credit Card 3000
Store Card 110 (they've just upped my limit but going to tell them thanks but no thanks)
HSBC Overdraft 500
MBNA personal loan 2500 outstanding

this is possible to get out of...? I really need a holiday but dount that can happen for a long time