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  • FIRST POST
    • Clawingback
    • By Clawingback 16th May 17, 4:05 PM
    • 22Posts
    • 5Thanks
    Clawingback
    Credit cards please help
    • #1
    • 16th May 17, 4:05 PM
    Credit cards please help 16th May 17 at 4:05 PM
    I have quite a bit of debt, catalogues, credit union loans and credits cards. I am determined to claw my way out of this. Most of my debt is manageable except the credit cards esp vanquis.

    I have 2 cards, Vanquis limit of 3.5k (it's over that now due to missed payments) and aqua 2.2k.

    Has anyone any experience of vanquis? Would they accept a payment plan. I think realistically I can afford to pay them £225 a month (possibly extra on other months). I've no idea how I go about proposing this to them.
Page 2
    • EssexHebridean
    • By EssexHebridean 17th May 17, 10:53 AM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    Good call on your partner looking for work - I wish her luck in finding something soon.

    If there isn't baby stuff on that grocery bill then you might be able to tweak a little bit on that - but probably no more than £50 or so without going really hardcore.

    The contents insurance thing - "I've never had it" isn't really a good reason for not doing so, particularly once there are others to consider as your respsonsibility. Let's just say you get home at the weekend after a family day out to find a Policeman with an apologetic face and a pile of smouldering ruins where your home once was - how do you replace everything? Even basics like clothing etc? Honestly - we've had people on here get contents cover for as little as £6 a month - it's genuinely not something worth skipping.

    Your partner does an excellent job if she manages to cover all clothing costs by the eBay route - there's not many who can do that with no additional spend so well done her!

    Your child benefit calcs - are you working on a "worst case" month scenario with using straight 4 week amounts? Or is your whole SOA on a 4-weekly basis because that is how you're paid? If so then check you've adjusted things like the council tax to that same method of calculating too.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • Anniee88
    • By Anniee88 17th May 17, 11:02 AM
    • 18 Posts
    • 37 Thanks
    Anniee88
    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
    • By Clawingback 17th May 17, 11:11 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    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
    • By Clawingback 17th May 17, 11:12 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    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
    • By Clawingback 17th May 17, 11:16 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    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
    • By Wookey 17th May 17, 11:16 AM
    • 781 Posts
    • 387 Thanks
    Wookey
    £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.
    Norn Iron Club member No 353
    • StopIt
    • By StopIt 17th May 17, 11:17 AM
    • 856 Posts
    • 786 Thanks
    StopIt
    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.
    Originally posted by Clawingback

    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
    Last edited by StopIt; 17-05-2017 at 11:20 AM.
    • EssexHebridean
    • By EssexHebridean 17th May 17, 11:48 AM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    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?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • Clawingback
    • By Clawingback 17th May 17, 11:56 AM
    • 22 Posts
    • 5 Thanks
    Clawingback
    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
    • By Clawingback 17th May 17, 12:01 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    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
    • By EssexHebridean 17th May 17, 12:09 PM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    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.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • Clawingback
    • By Clawingback 17th May 17, 12:11 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    No she doesn't sign on. Neither of us were aware of that
    • EssexHebridean
    • By EssexHebridean 17th May 17, 12:17 PM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    No she doesn't sign on. Neither of us were aware of that
    Originally posted by Clawingback
    Ahhh....yes, get her to put that right urgently. Once she's back working again, you can get an online assessment of how far behind she is and you'll be able to make additional payments to get her up to date.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • StopIt
    • By StopIt 17th May 17, 12:18 PM
    • 856 Posts
    • 786 Thanks
    StopIt
    No she doesn't sign on. Neither of us were aware of that
    Originally posted by Clawingback

    Yep, you must claim NI credits otherwise it wont count towards the state pension down the road.
    • StopIt
    • By StopIt 17th May 17, 12:19 PM
    • 856 Posts
    • 786 Thanks
    StopIt
    Ahhh....yes, get her to put that right urgently. Once she's back working again, you can get an online assessment of how far behind she is and you'll be able to make additional payments to get her up to date.
    Originally posted by EssexHebridean

    You don't need to wait: https://www.gov.uk/check-national-insurance-record


    May as well see what the score is now to give an idea on what can be done to mitigate any gaps.
    • EssexHebridean
    • By EssexHebridean 17th May 17, 12:31 PM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    You don't need to wait: https://www.gov.uk/check-national-insurance-record


    May as well see what the score is now to give an idea on what can be done to mitigate any gaps.
    Originally posted by StopIt
    They don't *need* to wait, but my feeling was that at the moment there is little prospect of being able to make up the shortfall, so better to worry about the more important stuff at this stage. I'm presuming that the OP's OH will be back in employment fairly soon if she is actively looking, and prepared to accept a "make ends meet" job until something she really wants comes along.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • StopIt
    • By StopIt 17th May 17, 12:55 PM
    • 856 Posts
    • 786 Thanks
    StopIt
    They don't *need* to wait, but my feeling was that at the moment there is little prospect of being able to make up the shortfall, so better to worry about the more important stuff at this stage. I'm presuming that the OP's OH will be back in employment fairly soon if she is actively looking, and prepared to accept a "make ends meet" job until something she really wants comes along.
    Originally posted by EssexHebridean

    Fair point, but it does only take 5 minutes to look!


    I'm a little anal with these sorts of things (The joys of being a data analyst means it does rub off on pretty much everything) so I am a little too enthusiastic about these things.
    • EssexHebridean
    • By EssexHebridean 17th May 17, 3:39 PM
    • 7,737 Posts
    • 40,097 Thanks
    EssexHebridean
    LOL - yes, again, fair point! Sometimes it can overwhelm people to add "another" thing to worry about on top of an already stressful situation though. some people want to know everything, all at once - while others need to deal with things in a structured way - getting the urgent stuff dealt with and then moving on to the lower in importance items.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£504.92 (29/08/17)
    • Clawingback
    • By Clawingback 17th May 17, 8:46 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    In this case were the latter. Dealing with the debts outlined in my previous post is our main concern for the foreseeable, once that's sorted we will definitely sort out the NI for her.
    • Clawingback
    • By Clawingback 17th May 17, 8:50 PM
    • 22 Posts
    • 5 Thanks
    Clawingback
    I know everyone's situation is different but id like some input in what others recommend for my situation.

    Try and arrange repayment plans with creditors myself or get onto a repayment plan with stepchange?
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