Debt. How did you fix it

[chardonayforme]

I've managed to run up into debt and now I'm panicking abit about paying it all back. Can I ask if anyone here has ever been in debt? What was the best way to fix it? (Obviously paging it back but a kind of plan) I have come to the realisation I spend more than I have and spend more than what I get a month so it is a personal issue clearly and tonight I want to make a change it's on my mind 24/7 and is making me miserable.

I know there is a world pandemic going on and worsen things going on but just looking for some friendly advice

First of all, you need to do an income and expenditure. This basically means writing out what you have coming in then writing out to the penny what you have going out. Have you done that? Then that way you will get an amount that is the shortfall (the amount you don't have coming in to cover the amount going out)

Try Martin Lewis Money Saving Expert site.
Lots of non judgemental people with personal experiences giving excellent advice.
Be prepared to give a Statement Of Affairs ie.Income and outgoings.
Best wishes Mx.

Yep- money saving expert forums are great. Very supportive and practical.
Good luck.

No I haven't done that, so I write down everything I earn a month then shall I write what I'm going to pay to each thing or??

Write down everything going out by month and annual things like Mot, insurance etc. Then see what you've got coming in.
Despite paying off debt it's still good I think to save even 20 pounds each month can be handy for an unexpected bill or repair.
How much do you owe and have you prioritied each debt? Ie most expensive first?

Get a Monro account
Set up pockets for different things food petrol rent savings clothes

The best thing you can do is check you bank account every day!!

Also, any nice purchase should only be made at the end of the month not the start

So I have £300 on one card. 170 on another 280 on another (450 on a studio account so that's pay monthly anyway not a card I'm not to worried about that one as I always pay more than it asks and it was for a technical item )
I owe 169 on a credit account
I've just completely fucked up, I only get 415 a month! I don't drive etc

@GreenTulips I know I wish I wasn't so stupid

Never heard of Monro. So is it something you deposit money into and label what it's for

My credit score is also terrible. Is this ever fixable?

PP means monzo. If you have Insta have a look at myfrugalyear. Great advice there. See if you can get an interest free credit card and transfer some balances there. This should help stop your debt grow for a bit.

Have a look at how to snowball your debts this is what Martin Lewis recommends

You need to make a list of all your outgoing money which is bills and minimum payments for a start

Great advice here.

monzo.com/

What’s the interest your paying in these accounts?

Last year I was always overdrawn

I decided I wanted this to stop. So I make myself look at my bank account every day.

I paid off one card, £70 a month, this was transferred to the store card so that was paid off. I transfer to credit card to a 0% and pay the minimum amount but save the £70 + £70 from the other loans, so it’s there when the deal ends

This is still ‘over paying’ the debt but it’s in my account and there if I have an unexpected bill and it’s working

Example I have £1500 debt on the credit card. I pay £25 a month as there minimum, I save £140 a month to pay it off from the previous loans.

I now have £2500 in my savings because I tried hard not to touch this. The deal ends later this year and I’ll pay it off in full then.

But it feels good to have cash flow when things go wrong.

Go,to,your bank get a consolidation loan while the interest rate is low, pay all debts back. Keep one card ( at your m7ms so you can spend on it) for emergencies and save as the other have suggested £20 pm.
Do this until all debts paid off.
We have all been there, the thing is to get a handle on it now and not in your 50s😂🤣good luck

Thanks everyone and the interest is like 4.75?? I think , for both, maybe £5 on one.
Consolidation loan never heard of it. Even with bad credit? Really?
I'd love for the stress hanging over me to just go but I fear I'll be Paying these off for a while

£1200 over 3 years is about £40 a month

Or you could pay more over a lower term

Or stick to £40 a month and put £40 in a savings account

Can't get a consolidation loan 💁🏻‍♀️ lol
And I will just try and do the big cards first so 50 in each, then smaller payments for the minor things. How long will it take to get my score back up?? I can't do anything with a bad one

Hi OP

How much is the debt?
Over how many providers?
What kind of debt is it? (CC, store card, loan?)

How much money do you 'typically' have left after all your bills and food shopping is paid?

X

I’d definitely get a zero interest credit card and transfer it all onto there. That way you can set up a direct debit so you’re paying it off each month however small.
And cut up the card as soon as it arrives so you’re not tempted to spend anymore