Credit cards please help

System · 17 May 2017 at 11:02AM

You say you get 'some' tax credits at the moment, we earn 24,000 and get roughly £240 a month so surely you're getting at least this that you haven't declared on your SOA and this wouldn't change assuming you have provided the correct figures. If you go for a DMP you cannot hide any income they will need to know all your income/outgoings so best to be honest.

Clawingback · 17 May 2017 at 11:11AM

I wasn't sure where to list the loan. I want to try and avoid screwing things up with the CU and stay on track with that. It's two loans, one ends in January and then I will have an extra £170 per month to add to debts. The second loan ends in early 2019.

The tax credits at the moment are £28 odd per week, but I'm not sure if they're going to reduce again.

Clawingback · 17 May 2017 at 11:12AM

I don't get £240pm in tax credits, I'm not entitled to working tax credit anymore and the payment has recently changed to £28 odd a week. I'm not sure if it's going to change again

Clawingback · 17 May 2017 at 11:16AM

Thank you.

I will look at contents insurance.

I'm not sure what snowballing is? Where would the best place be to find out information on this?

Wookey · 17 May 2017 at 11:16AM

£60 pm on mobile phone is high, i can only assume this is 2 or 3 mobiles on payg, this would be the first thing i would want all but cut out and kept for urgent use only, if they are contract phones are they up for renewal any time soon, its possible to get unlimited minutes/texts for under a tenner a month on a sim only.

Maybe aim for a minimum saving per month of 10% on the food bill, for something even as basic as a cup o soup lidl/aldi are a 1/3rd of the price of well known brands out of tes'burys.

Your internet services is some sort of streaming service like netflix? Is this really a must have, a lot of stuff can be viewed on youtube or bootsale/charity shop secondhand dvd's can be had for pennies.

Tightening your belt for a year would wipe out the vast majority of the debts and leave you in a far better position, the 39% interest card should be your main priority as that is a crippling level of interest.

StopIt · 17 May 2017 at 11:17AM

Clawingback wrote: »

I wasn't sure where to list the loan. I want to try and avoid screwing things up with the CU and stay on track with that. It's two loans, one ends in January and then I will have an extra £170 per month to add to debts. The second loan ends in early 2019.

The tax credits at the moment are £28 odd per week, but I'm not sure if they're going to reduce again.

Use the benefits calculator on the HMRC website, it'll tell you.

£121 per month is not an insignificant sum and should not be left off the SOA, as that money has to be spent somewhere.

According to your SOA + the £121 not accounted for, you should easily be snowballing these debts. You clearly are not in £300+ of surplus a month so I implore you to start a spending diary ASAP.

You must take full control of your finances, starting now. You're not in a dire situation, but your lax way of reporting your SOA implies a loose control of your finances and I guess that's why you're here. You can fix this. Good luck.

Snowballing: http://www.stoozing.com/calculator/snowball-calculator.php

EssexHebridean · 17 May 2017 at 11:48AM

Honestly, I think you need to sit down and thoroughly re-work that SOA to reflect accurately what is really going on in your finances at the moment. Note things like the emergency fund money which is a "I'd like to do this" and focus on the extra money that you *should* have, but haven't, as well, to see if you can track down where this is going. It's entirely reasonable to have a small entertainment budget, even when dealing with debts, so don't be afraid to account for odds and ends in that category.

You need to get something down that will actually work for you though, and is transparent to you, never mind anyone else!

If your OH is actively seeking work, should she not be eligible for JSA?

Clawingback · 17 May 2017 at 11:56AM

The mobiles is for two contracts. My partners is 21 pm that ends July 2018. Mine ends July 2017 and will not be renewed. I will get a £10 SIM only contract.

Belts will be tightened just as much as possible. I don't want this debt hanging over me any longer than necessary.

Clawingback · 17 May 2017 at 12:01PM

Thank you.

My income means she's not entitled to any jobseekers ECT.

I have been sitting down with my partner working out the ins and outs every month. We do believe we can pay £200pm to vanquis while continuing to pay smaller amounts to other debts. When ever overtime is available at work I will take it and that's more money to pay off vanquis.

EssexHebridean · 17 May 2017 at 12:09PM

I take it that in spite of not getting Jobseekers, she is signing on? She needs to be doing this to make sure that she gets her NI stamp covered. Not doing so can have serious implications for the future in relation to pension entitlements etc.

Credit cards please help

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