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  • FIRST POST
    • mandy0070
    • By mandy0070 16th Apr 19, 9:04 AM
    • 1Posts
    • 0Thanks
    mandy0070
    How....Where do i start?
    • #1
    • 16th Apr 19, 9:04 AM
    How....Where do i start? 16th Apr 19 at 9:04 AM
    Hi,


    I keep scrolling through all the posts and read so much, but I really don't know where to start...


    I've previously had a debt management plan with StepChange who were amazing. Got me back on track and I was determined never to have credit cards/debt again - with the exception of my mortgage.


    So, single Mum struggling. The credit card offers started to come in, and out of enquiry I applied for one, as an emergency.....that's where the spiral starts


    A mixture of depression and the past 3 years this is where I am now. Whilst I can afford to make the payments on the debts, it's hard and money is so tight. There isn't anything left in the bank for the rest of the month (apart from 40 for food for the next two weeks).


    I now have the following credit cards (all but one I have cut up so I don't spend on them again)


    Capital One 1,840.26
    Virgin (0%) 4,742.65
    Tesco (0% until September) 7,335.50
    Sainsburys 7,694.84
    Car Finance (0% finishes October) 1,694.28


    Where do I start?
    I budget and keep a spreadsheet every month but it just feels like its not going down! Bills have come up which have meant I've had to use one of the credit cards to keep a float.


    Any help/guidance etc would be massively appreciated. x
Page 1
    • EssexHebridean
    • By EssexHebridean 16th Apr 19, 9:48 AM
    • 9,181 Posts
    • 48,170 Thanks
    EssexHebridean
    • #2
    • 16th Apr 19, 9:48 AM
    • #2
    • 16th Apr 19, 9:48 AM
    Hi Mandy - and welcome! First - and hardest - step done, saying "I've got a problem - and need help" so well done for that!

    I'd say your first port of call is to put together a SOA (Statement of Affairs) - the link to the calculator we suggest is in my signature and you'll be familiar with the sort of thing having worked with Stepchange before. You need to make it accurate and honest, and make sure it reflects how things are RIGHT NOW - not what you think you should be spending, what your existing budget says (because we can assume that isn't working, right?) or indeed what you think we "expect" to see. Once completed format for MSE and post into this thread and we'll take a look and see if we can identify any savings that you may have missed.

    One of the first things you need to do by the sound of it is to get yourself an emergency fund together to remove the need to use a credit card when something unexpected pops up. I'd also suggest you take a good look at those "unexpected" things - are they really, or is it things that for whatever reason didn't get added to your budget and so came as a surprise?

    First thing is to establish what money you have left once everything is paid - and then to prioritise the order to pay things off - the SOA, once completed, will help you with this.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • macman
    • By macman 16th Apr 19, 2:00 PM
    • 43,239 Posts
    • 18,411 Thanks
    macman
    • #3
    • 16th Apr 19, 2:00 PM
    • #3
    • 16th Apr 19, 2:00 PM
    What are the rates on Capital One and Sainsburys? Those are the priorities.
    No free lunch, and no free laptop
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