Debt curse

jo6

Hi new here was just wondering how use all cope with you debts. Think I have reached the end of the line nowhere else to go and my bank has just taken my bank cards (for my own good) and cancelled my overdraft. Have debts of £35000 that the CAB are dealing with at the moment but my day to day living is getting harder and for the first time I have missed mortgage payments and my credit score is 0 just need some help dont think I can cope any more. Help...

Waspeze

Hi Jo and welcome

By the sounds of it you've already taken the first step and looked for help with the CAB. What is it they are dealing with for you?

Have you had a look around the numerous threads here as the DFW's have some great ways to cut down on spending and make every penny count.

Also I would suggest putting up your SOA (statement of affairs showing income and expenditure) so people can suggest what you can cut back on.

I know it all seems very daunting but there nearly always a solution and you've come to the right place to find it .

rog2

Hi Jo - and welcome to DFW.

It is hard to cope with debt, especially when it involves a radical reversal of what have become 'easy spending habits' but it's not impossible.

I would just like to echo the advice given by waspeze and suggest that you post an SOA. The good people at DFW will soon advise you on how to cope with your situation whilst still 'having a life'.

jo6

Thanks for the welcome what is a SOA and how do I put it up?????

Waspeze

It stands for Statement of Affairs which basically lists your income and expenditure.
There is a link somewhere for a site that does it for you that hopefully someone will post but if you do it yourself it should look something like this:

Per month
Incoming
Salary: xxxxx
benefits (list them separately): xxxxx

Outgoings:
Rent/mortgage: xxxxx
Electric: xxxxx
Gas: xxxxx
Council tax: xxxxx
Food: xxxxx
Clothing: xxxxx
etc etc

Also put down how much you pay on your debts with APR's if you have them.

rog2

jo6 wrote: »

Thanks for the welcome what is a SOA and how do I put it up?????

click on the following link:

http://forums.moneysavingexpert.com/showthread.html?t=107280

jo6

CAB are dealing with creditors so that I can make reasonable payments at 1 point I was paying £200 to MBNA and only £40 was coming of it so I was really getting nowhere. CAB figure I have about £280 disposable income toward debt which will take forever to pay off and the letters and phone calls just keep on coming. I have 2 jobs and my husband in self employed 6 kids and a income of about £2100 and my mortgage and secured loan cost me £974 groceries 500 and rates 40 diesel 80 electric 50 insurances 50 sky 45 which I am going to cancel and 50 for extras.

RAS

Hi jo

It helps if you use the link that Rog provided, as you also spend on utilties, car tax, clothing etc. Until we see the full picture, it is not possible to see where the savings can be made.

It is worth noting two things

1. An Soa for CAb or CCCs purposes is designed to ensure that you have a decent standard of living and then distributes the rest amongst your creditors. A DFW SOA is used to get your expenditure within your income, so you can put extra money towards the debts and pay things off quicker.

2. It is essential that you pay secured debts and utilities first. The other debts can wait until the DMP is sorted out if necessary, but not these.

jo6

thank you seems to me that everyone is looking something and prepared to give nothing have lost my debit card which makes it harder to pay anything and they dont really care about the months that i wasnt in bother. Unfair but then i suppose this is life pretty cr** really.Dont seem to be making a dent and they are so rude on the phone.

jo6

do any of you ever get pi**** off? Dont know where I went wrong maybe all them credit cards they kept pushing at me???? Think thats passing the buck but it didnt help!

10past6

jo6 wrote: »

they are so rude on the phone.

Why are you speaking to them on the phone?