Struggling... Help please...

[rach_smith2006]

Hi

 

I am new to this so if I don't give enough information please let me know. I am a in serious debt though not a debt crisis.

 

I am paying approximately £400 per month of debt.

 

£100 to a loan that has been going on for a VERY long time, currently trying to get statements to ensure no charges have been unlawfully made; interest rate 9.9% £2300 outstanding

 

£250 to a credit card, 19.9% interest rate £3300 outstanding

 

£20 to an overdraft, 19.89% interest rate, £1100 outstanding

 

£40 to another credit card, this is the minimum payment, 0% until April 2013 then 27.9% and £2800 outstanding

 

I cannot really afford to pay any more per month than £400.

 

I work hard as a teacher and tutor as a second job as much as I can.

 

Any advice, ideas, help to create a plan to get me out of debt, so that I have a plan and a date when I will be debt free would be much appreciated. I am feeling out of control. I have been paying this much per month for years and do not feel I am making a dent.

 

I got my credit score Jan 2012 it was 629 and I do not think it will have improved, but I have not taken further credit since then, and am making regular payments.

 

Thank you a very overwhelmed debtor!

[dx100uk]

hi rs2006

 

[i hope thats not linked to your realname......]

 

can i suggest you have a read of the debt guide below in my sig.

 

you might find worth in going

with a FREE charity DMP

like CCS or Payplan too.

 

dx

[GusQuad]

I understand your pain.

 

I can't offer much pragmatic advice, but in the spirit of moral support,

 

I was £16,000 in credit card and overdraft debt in 2003.

 

It was killing me, I struggled to sleep and my life was obsessed with how deep I'd got myself in.

 

It took me until 2009 to sort it out.

 

The point at which it became much easier was the point when I decided to stop panicking and start doing.

 

I created a personal budget spreadsheet (which I still use today) where I put in my monthly spendings and income and worked out where I could make savings.

 

I then spoke to all the creditors and explained my issue.

 

They were surprisingly helpful.

 

I'm not sure how good this advice is, but I actually stopped paying 2 of the credit cards and didn't take any of their calls for months.

 

When I did answer them I said that I was really struggling and asked them to stop the interest accruing... which they did.

 

I then saved until I had half the amount of those cards and offered them that amount to close the accounts.

They accepted this.

 

It was tough for a few years, but I was still able to have fun and live life.

 

It also taught me some really useful budgetting skills and I've gone from financial disaster to being pretty good with my money!

 

Hard lesson though.

[dx100uk]

I understand your pain.

 

I can't offer much pragmatic advice, but in the spirit of moral support,

 

I was £16,000 in credit card and overdraft debt in 2003.

 

It was killing me, I struggled to sleep and my life was obsessed with how deep I'd got myself in.

 

It took me until 2009 to sort it out.

 

The point at which it became much easier was the point when I decided to stop panicking and start doing.

 

I created a personal budget spreadsheet (which I still use today) where I put in my monthly spendings and income and worked out where I could make savings.

 

I then spoke to all the creditors and explained my issue.

 

They were surprisingly helpful.

 

I'm not sure how good this advice is, but I actually stopped paying 2 of the credit cards and didn't take any of their calls for months.

 

When I did answer them I said that I was really struggling and asked them to stop the interest accruing... which they did.

 

I then saved until I had half the amount of those cards and offered them that amount to close the accounts.

They accepted this.

 

It was tough for a few years, but I was still able to have fun and live life.

 

It also taught me some really useful budgetting skills and I've gone from financial disaster to being pretty good with my money!

 

Hard lesson though.

 

nice story

 

i hope you reclaimed too!!

 

dx