1st steps.......

maria08k

Yesterday at work i came to the long awaited decision thats its time to do something about my debts, then last night i got home and cut up my credit cards i feel free allready

Sarahx

Good for you - well done! :T :T :T :T :T

bank_of_slate

Excellent Maria!
you've had your Lightbulb moment!
try posting an SOA for lots of help to pay off what you owe!
well done and keep posting on here, you'll get loads of help and support!
...Linda xx

stapeley

Are any debts in default ? Have any been passed to DCA ?

maria08k

Im sorry but i dont know what DCA means? Im a complete novice :rolleyes: I have the debts spread over 3 credit cards (mint £321.43,B,Card £654.06,Cap 1 £701.06) a Overdraft on my Barclays account (£400) and a Barclays Advance (£355.11). I aim to clear these debts by December 2008- Am i being unrealistic?
I thought that if i sell lots of things on ebay and kept the money all in my paypal account this would clear a large whack of my debts, also doing some overtime at work?

How sdo i create an SAO/SOA? Doh?

bank_of_slate

Try using this Marie!
http://www.makesenseofcards.com/soacalc.html

...Linda xx

saver03

Just wanted to say hello :wave: and welcome

As people have said the best thing to do is post your soa using the link bank_of_slate posted and the lovely people on here will be able to help you.

Well done on taking the first step and cutting up your cards :beer:

maria08k

Lovely, Thankyou all for being so welcoming

On the SOA liknk it says about partners income, do i leave that blank if im just doing it for me and not our joint account? Also, i pay a lump sum of money into our joint account which is spread for rent,water,elec,gas,t.v,tax etc - do i have to list it all in the correct areas or shall i just put £470 into the rent section?

bank_of_slate

Either leave it blank or put a 0 in there!
...Linda xx

RedDino308

Hi Maria,

First of all welcome.

Secondly £2.5K by December is a very achievable target - particularly if you follow some of the excellent advice provided by the Gurus on here!

You mention saving money in your paypal account. Although this is tempting it is worth keeping in mind that PayPal do not pay you interest and whilst you are putting money in there the interest will be accruing on your cards. Far better would be to withdraw the cash from PayPal as soon as possible and use it to make an overpayment.

HTH

RD308

maria08k

Thats a good point RedDino, thankyou for your advice.
I'am a stupidly erratic spender, clothes are my biggest downfall I have stopped buying magazines (only read online now) Lunch is gathered from what i've got in cupboards/fridge etc and meal times im using up what i have in the fridge/frezzer and tending to do food shopping later in the evening so i can find some reduced bargains!

I know my debts are my own fault because one credit card turned into threee within months and when i applied for a loan to clear them all; and just pay the once a month payment i was rejected by about 5 banks/suppliers.:eek:
I have never missed a payment on my cards ever! but my credit rating must be pretty naff, with all the credit cards and loans i have applied for in the last year:( but now im going to make a stand and do whatever it takes to pay these off!
Im not sure of the apr on my cards (will have to check statemnets when i get home but im sure the Capitalk one card is about 24%:eek: