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  • FIRST POST
    • lammy2203
    • By lammy2203 16th Apr 19, 3:45 PM
    • 21Posts
    • 12Thanks
    lammy2203
    Owned up to having a debt problem
    • #1
    • 16th Apr 19, 3:45 PM
    Owned up to having a debt problem 16th Apr 19 at 3:45 PM
    I've tried to manage my debt but it's now got out of hand after paying my bill e.g. mortgage insurance utilities etc, the rest of my money is going on credit card minimum payments approx 900 in total, I've been so stupid as I have nothing left over. The first thing I am going to do is ring each company up and see if they can help reduce payments, is that a good way to start and does that work or do I need to take more drastic action
Page 1
    • WhenIam64
    • By WhenIam64 16th Apr 19, 4:18 PM
    • 381 Posts
    • 188 Thanks
    WhenIam64
    • #2
    • 16th Apr 19, 4:18 PM
    • #2
    • 16th Apr 19, 4:18 PM
    is that a good way to start and does that work or do I need to take more drastic action
    It's a way forward but before you do, do a Statement of Account (a SOA) so that we can all see how much room you have for negotiation. When you start negotiating, a SOA will be the first thing a creditor will ask for, so best to have it refined before you start.
    Unlike some here, I am not omniscient. If I am wrong correct me. I won't take offence.
    • Unicorn cottage
    • By Unicorn cottage 16th Apr 19, 10:11 PM
    • 260 Posts
    • 344 Thanks
    Unicorn cottage
    • #3
    • 16th Apr 19, 10:11 PM
    • #3
    • 16th Apr 19, 10:11 PM
    The link for a Statement of Affairs is here:
    http://www.stoozing.com/calculator/soa.php
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness"
    • EssexHebridean
    • By EssexHebridean 17th Apr 19, 9:45 AM
    • 9,181 Posts
    • 48,184 Thanks
    EssexHebridean
    • #4
    • 17th Apr 19, 9:45 AM
    • #4
    • 17th Apr 19, 9:45 AM
    Agreeing with the others that an SOA is the first step - you may find it useful to get together a years worth of bank/card statements before putting the figures in as that will help you to get a better idea of your spending, and also avoid you missing the "one off" payments, like insurances etc. make sure that the figures you input are reflecting of where you are right now - not what you think you should be spending, or what you imagine we "expect" to see - only that way can you see what's going wrong, and work out how to fix it. Once it's completed you can always "format for MSE" and post it in here and we can take a look and help you find areas for savings.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
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