Tinytot143 SOA

Welcome to MSE

few things i have noticed are

Monthly Outgoings
Mortgage - £306.94
Council Tax - £71.00
Gas - £50.00 ----tryed uswitch to see if you can get any cheaper?
Electricity - £30.00
TV License - £10.99
Sky - £43.00

---

gotta go
Phone/internet - £30.00
Food - £370.00 - how many is this for seems high? i feed 3 on under £100 a month
Car Insurance for 2 cars - £80.00 could you do with 1 car ?
Petrol for 2 cars - £180.00 can this be cut down.. walk places ?
Pet/Life insurance - £66.01
Mobile phones - £60.00 --- are they realy needed how about payg ?
Water rates - £29.00
Building/Contents - £37.00
College fee - £60.00
Mum - £40.00
Father in law - £110.00

Total Outgoings - £1573.94
this could take your outgoing down to around £1200ish

might have to consider overtime to make up the diffrence

also mabie contacting payplan, CCCS or national debtline

others should be around soon with better advice than mine

Well done on recognising your 'lightbulb moment'

Stop taking out loans and HP now before it's too late.

Your APR on your kitchen is just hideous. You should see if you can do anything about moving that debt/paying it back quicker. You're looking at paying back £14,320 for a £5,900 kitchen.

Good luck!

If you are only earning £550, why are you spending out £60 every month on a college course? That's £900 - are you guaranteed a pay rise at the end of the course? How long will it take you to earn back the money you will have spent out on the course?

And when you are working at college, you can't be earning money. Why don't you drop the course and find a part-time job for that time. Long term, I think it is a shame not to finish the course, but in the short-term do you have any choice?

I agree with everything that has been said so far. From what you say you need to find another 513.16 a month to just break even. And you have not budgeted for things like hair cuts/birthdays/christmas/Clothes etc.

So sorry it is a total slash and burn no questions asked. You are going to have get tough with yourself as well as everyone else. I know I sound like a total B!tch but I know that you really knew it was not going to be easy.

Ditch the sky. Tell them that your circumstances have changed and that you just can't afford it. If they will not let you cancel that drop to the lowest package they will let you.

Food is way to much. I spend £60-£100 a month feeding two hungry adults. Your might like to get over to the money saving old style forum. Tons of ideas to help you. If you post asking for help they are nice friendly bunch and will help. I will see you over there. I have an extra £10 a month for buying washing powder etc.

You need to plan and I would say that what are spending on but also how much are you throwing a way. I know a baby needs nappies of say £15 a week. Baby if being weened can eat the same foods as you just mushed with no sauces/gravy etc. You are going to have to slash this by at least £170 a month no question asked. It is not going to be easy. I know it sounds very anal but plan every meal, snack and drink for a week at a time and only buy those things and nothing else. And before you go shopping go through the cupboards and fridge and freezer and see what meals you can make from those.

Mobile phones are way to high. Why are using the mobiles when you have a land line. They have to go PAYG to be used only for emergencies only.

Phone/Internet are not bad at £15 each. But you might like to phone your ISP and play the leaving games. Say that you have seen you can get for X from Y supplier. They will not want you to leave so will ofer you something even if it is £5 off for 6 months better than a poke in a eye with a sharp stickas they say. And choose another carrier for calls like 1866/1899 they will be way cheaper.

Not sure if you have joint account or not but if I was you I would get a basic bank account and go after Halifax for the bank charges. Think of how much of your debt you could pay off with that money :j

Also I know you are not going to like this. But you either have to stop or cut right back the payments to your mother and FIL. Tell them things are really tight at the moment and you need to get on an even keel but you need some breathing room of say 6 months. Don't tell them how much you are in the brown stuff.

One thing that has been mentioned DON'T attempt to get any more credit at the moment.

If you can slash the food bill saving a £170 a month Stop paying your mother and FIL that is another £150 a month. Cut the mobile phones down to £10 a month each that is another £40 a month saved. Say another £33 off sky and internet bill. That is £393 extra a moth you will have. Leaving you to find another 120.16 a month. Which is not so bad to find.

Do you have anything you could sell on ebay to make anything extra to chuck at your debts.

Also ring up your credit cards and see if you can get a lower interest rate. They might say no. Even if they only drop it by a few % again better than nothing and means more of your payment is going towards the debt rather than interest.

I know this is a lot to take in as there are so many ideas and I am sure that you will be overwhelmed. But take it a step at time. I wish you all the best and please do keep coming back and letting us know what you have done and how it is going. Why not print out all of the replies and make an action plan. Print it out and tick off everything as you go.

All the best the slog is always the hardest part.


Take care.


Yours


Calley