Can we have a support thread for people who are massively in debt?

[Nerfmother]

Because you can't talk about it in real life? We owe 44k, reduced from 60k in a year. Not including mortgage.
It's so depressing.
Dh is determined to pay it off and so bankruptcy or plans isn't an option. I do think its doable, just hard hard hard.

Thank you! I'm hoping that by moving to weekly budgeting I'll be able to keep making wee hits like that ...rather than one off monthly ones...it helps keep me focused

Hi there, have been reading this thread with interest as my debt is getting out of control and I need to get it sorted! Feel so embarrassed about the amount I've got on credit cards and store cards.
Has anyone used Stepchange to help pay off their debts? I had a look at their site and filled out the form and they've suggested a debt management plan and that all debts will be paid of in 2yrs 10mths. Just wondering if it has any implications for your credit score in the future, not for credit cards etc as I will never get any cards again but was thinking about mortgage as we will be considering a move in a couple of years.

Hi I went through step change budget and a plan was recommended, but dh won't and I also feel like I want to try to stay in control. But they were excellent on the phone and incredibly supportive to talk to.

Thanks, part of me wants to just get on top of it and get it paid off myself, but I also feel I'm not getting anywhere with it.
Getting it all paid off in under 3 years is very tempting but seems too good to be true!

Hello Nutkin, and welcome! I've no experience or indeed knowledge of StepChange, perhaps some of the other posters can help. All I would say though is if it appears to be too good to be true, it probably is...

Yeah you're probably right. I need to get better at budgeting, it's payday on Wed so going to read the rest of the thread again and try some of the ideas.
I am so tired of thinking about money and how to pay things off, but I know it is entirely my own fault and need to stop wallowing!
It's good to read other peoples stories and how they've come out the other side, it's given me a little boost to do something about it.

Yeah you're probably right. I need to get better at budgeting, it's payday on Wed so going to read the rest of the thread again and try some of the ideas.
I am so tired of thinking about money and how to pay things off, but I know it is entirely my own fault and need to stop wallowing!
It's good to read other peoples stories and how they've come out the other side, it's given me a little boost to do something about it.

Just thinking...I mentioned before about having a specific focus to the thread every day or so. And as it's getting to month end I wonder if anyone needs any support pulling together their budget sheet? I'm no expert but can rattle up an excel spreadsheet if anyone needs it...TiP, you're good at these thing too?

Good plan. Ok, how's this for a question? Should i just do all income in one account or separate accounts where I try to save bits?

I used to have loads of acs but if I'm honest it tended to confuse me lol so now I'm down to 4...current ac for all credits and debits, house ac where I transfer the monthly household budget (transfer monthly but budget weekly so anything left at end of week goes to debt, like I did tonight), my envelopes ac where I put my monthly budget towards annual bills and the likes (car tax for example)...and I've my emergency fund ac. This is a little harder to get at so have to think twice about dipping into it.

I track all 4 on the one spreadsheet though ...

Mum, due to lack of income every penny we get must go towards bills at the moment

Ooh weekly budgeting sounds like a cracking idea.

We don't actually get paid monthly it's every 4 weeks which messes around with DDs, maybe tackling things one week at a time would help?

I have a fantastic collection of notebooks I could use for this. Is that sad? I like writing shit down. Makes me feel better

Yes Kazza, sorry, that's what I meant...get it banked and off to your creditor right away...

Are your sales going well? I think Im about out of things to advertise

Weekly works for me Kitty

Can you change any of your monthly DDs to 4 weekly standing orders...or ask with the originators if they have 4 weekly payment options? That might help you a bit?

Notebooks to you are spreadsheets to me...you can never have too many lol

Not sure if they have them but can always check. If I can check a weekly list though I will know '£x needs to come out on Tuesday for y, so I will have £z for food from that account and £a for my own personal money'

In theory.

We are currently in credit for the gas and electric though so that's a good 2 months of not paying it. Leaving rent, council tax (), sky and food. Then the debts will come out of my own account totalling £70(That figure needs double checking) The next payday will be 21st. I feel optimistic.

I'd love to be able to get £40 in cash on a Monday for fags/coffees/bits and bobs for the week. That's my short term goal, to give myself pocket money

May I join?

I don't even know how in debt we are .

I keep promising to tackle it. I'm getting close, I did a budget this month and last. OK, I'm going to work it out, here goes:

• Cards: £3K + £4.5K + about £3.5K?
• HMRC - £3K approx
• Overdrafts: £2K + £1.5K + £2K
• 2 x student loans, for both DP and me. No idea how much they will be (not started paying them back yet).

Total = £18.5K + student loans.

Tbh that is more than I thought. I think I would have guessed it was about £14K. We're only paying minimum payments on the cards, I know it's costing a fortune.

We're so skint right now though, I don't know what we can do about it?

We're going to struggle this month just to buy food and travel. It's a particularly bad month, DP gets paid 2 weeks later then we expected (complicated reasons, but above board). We're skint after Christmas and spent the little credit we had left on the cards at Christmas.

I honestly don't know how we're going to eat at the end of this month. But the credit cards bills will get paid. (Two are leaving my account this week, CTC & WTC will cover them)

This is an unusually difficult month. I really should have asked them to see if I could delay paying, just as a one off (my payment history is excellent). I didn't think of it till now though, and it's too late I expect as they're just about to come out of the account this week.

I wonder if I could ask the third card to do that.

Will you benefit by not paying council tax? I'm paying that off a card this month (we get a holiday in feb and march) set minimum payments to all of them and then choose one to target with any extra cash at all, rather than tacking them all at once.
Really good that you know though.
Good - try lidl? Beans on toast with cheese etc?

I think the best thing you can do is shift all the cc balances onto a 0% cc - our cc debt is on one. You can just keep shifting it onto new 0% cc - it's called being a card tart :)
Then at least you won't be paying 20% interest on the debt and can make inroads into paying the actual debt off.
The big thing is after you have done that not to spend on it!
Out it in a cupboard and forget about it....I don't even know where ours is!

We are using the 2 months no CTax to re carpet nerf. Needs doing badly...then dh gets a bonus at the end if march which is usually £800 ish.

Kitty - I think weekly might work for you. Get it all down on paper/spreadsheet and see how it looks. But knowing that you get next installment of your budget the next week is a better feeling than getting nothing til next month (in my experience anyway). On the pocket money front, it's a good goal to look forward to, but maybe see if you can find any slack in current budget, if only to 'pay' yourself enough for a magazine or a nice coffee?

Welcome Boxes! Well done for facing into your numbers!! Your balances are roughly the same so how about getting a note of all your interest rates...then start by paying minimum to everything except debt with highest interest rate which you should pay the minimum and throw every spare penny at til it's gone? Then move to debt with next highest rate and so on? Debt aside, have you worked out a day to day/month to month budget of all your ins and outs? Maybe we could help you identify some savings maybe a meal plan is best for you this month-write down everything you have in fridge/freezer/cupboards and use all of that up before you even think about shopping.

Potentially unexpected spendy day for me have hairdresser this morn (budgeted for in my envelopes so that's ok) but think I've spotted an oil leak on my wee car! Will drop into village mechanic while I'm getting hair done...hopefully nothing serious! New week food budget starts today but won't need anything til about Wed, then only milk/bread

Car going Into garage on Friday :( hope it's not too £££
Oh, and I think the oven is not working properly now :(

Mum, I meant at the moment I need to use the money for food or petrol

I made £35 last night just with Buildabears stuff. I'm sure I have lots more to sell if I have a good look

Got you now Kazza, sorry, I shouldnt read stuff when Im so tired lol £35 is grand though!

I have put my 2 sofas on FB selling pages - and ordered my new ones.
Am excited! :)
Coming to measure for carpets tomorrow. Cheap ones.
Have decided that the Kitchen off the cards for now...we do need the plumbing sorting and the electrics making safe (the previous owners have a lot to answer for!) but will have to cope with it how it is til we save up enough.
Am determined this year to;
A) cut down in what I spend
B) start an emergency savings account
C) keep chipping the balance off the cc
If I manage all that I will be happy.