I need to get my finances in control

Tonylpool

I cant believe how fantastic this forum is. I have spent hours reading messages of support! I have debts of approx £18k since my divorce, I want to clear them but dont know if to just go headfirst into an IVA.If this is the way, I should have done it 2 years ago and at least been half way thru!

The most embarrassing aspect of this?? I work as a Credit Manager!

Any help guys before I post a SOA

Tony

Runnybabbit

Hi Tony, Just like to say welcome aboard. The guys here are amazing and will be in a much better position to help you than me. Good Luck.

Tonylpool

Thanks, have you been hit by debt problems too?

Runnybabbit

Oh, understatement of the year - although it was primarly caused by my business going 'bump' - BUT, with the help of all these people here, I have hope at the end of the black tunnel. Everyone here is so un-judgemental and they just give honest advice. Good Luck mate, hope it all works well for you. Babbit x

poorandindenial

Hi Tony

Welcome to the boards, if you post a full SOA (use the sticky to take you through to the calculator on www.makesenseofcards.com) then it is easier for us to give you some advice.

Just read the end of your post and you are planning to do this, well once you have pulled it all together go to https://www.whatsthecost.com and use the snowball calculator to work out how long it will take you to clear your debts.

Tonylpool

Thanks so much guys, I didnt expect replies so quick. Thank you!

jenevieve

Hi Tony,
Everyone here is lovely and helpful and none of us judge or criticise each other. We are in similar boats for different reasons and here to help, support and hug as needed.

Deep_In_Debt

Hi Don't be embarrassed. My job is regulated by the FSA and I work in Financial Serivces industry. I'm 27k in debt and on my own so I know how you feel. There is a light at the end, you just have to walk towards it.

Tonylpool

Hi guys,

My SOA is as follows:-

INCOME £1500 PM

BILLS:-

Rent £500
C Tax£110
DMP Payment £100
CSA £540
02 £50
CAR Ins £67
Petrol £200
Water £18
Gas/elec £60
Food £70

DEBTS

Parents £6500
Lloyds Mastercard £7000
Barclaycard £2600
Bank of Scotland Card £2600
Duet Card £2600
Argos Card - £1000
Lloyds Pers Loan - £800
Lloyds Overdraft - £1200
HFC Bank - £400
Allied Credit - £600

A mess I know, I have a little bit of savings left ie. £700 but dipping into these each month now!

lazy_daisy

Can you get a cheaper car, Tony? That's £804 per year on car insurance. OH and I pay about £130, mind you the car is old and so are we!
If that O2 payment is just mobile phone it is high. Does it include landline/internet?
Don't forget clothing, TV license, hair cuts and other odds and ends that add up.
Good luck and chin up!
LD x

Tonylpool

I have a BMW which is owned but the resale value would not get me another car as reliable. Insurance is renewed next month and have got it down to £34 per month so I'm pleased about that! Surprises me about O2 because they say that is one of their best contracts! Landline and internet is included with Sky

Thank you, it is difficult at the min but I want to succeed!

Thank you LD x