Need Some Reassurance Please

tigger115

This is my first post - so please be gentle! I have been viewing this site for approximately 6 months now and have only just plucked up the courage to post - thanks to interesting postings of Ms London and all the other Money Savers.

My story is I'm divorced with one child and came out of the relationship with nothing - having had to start all over again from scratch (thats another story!). I have numerous debts with credit cards and loans and have got the best rates that I'm going to get at the moment. I have totally overspent the last few years - finding it very difficult to adjust to just one salary. I also adopted the attitude "well I work hard for it why not?" etc which I know has been a really selfish attitude but I have had my wake up call over the last couple of days and to say I'm panicking is an understatement. I can't believe it has taken me all these years to wake up but now I'm trying to count every penny and have done all the necessary cut-backs, changing suppliers etc. I just needed some reassurance that I can do this and that all the cut backs etc will make a huge difference to my debts.

Thank you for listening.

youngandreckless

Hiya,

I've had several unsuccessful attempts at moneysaving before realising this week that I really need to get on top of this problem. You definately can do this - you just need to keep at it. My downfall before has been to become complacent and go off track which ultimately has made my situation worse.
If you post all your incomings and outgoings you'll get loads of excellent advice specific to you and someone may spot something you've missed.
At the end of the day we're not here to judge or be judged, we're just a bunch of people that got in a bit of a sticky situation and want to get out!!
Hang in there and hopefully you'll be on your way to being debt free x

tigger115

Thank you youngandreckless for replying so quickly. I'm literally shaking since posting my first post - my situation has really hit home now. I will post in the next few days my incomings/outgoings - want to make sure I have got all the APRs correct.

Thanks again for replying - I may even get a good night's sleep tonight knowing that I have finally faced up to things.

$17mma

tigger115 wrote:

I just needed some reassurance that I can do this and that all the cut backs etc will make a huge difference to my debts.

Thank you for listening.

Tigger115

Congratulations!! you are on your way to being debt free. A better place than you were in before you took the step to make a change and better life for you and your child.

Make sure that you continue to visit MSE, you will get encouragement, support , advice and tips to save money! :grouphug:

I know it doesnt feel like you have much to celebrate right now, but trust me you are on the right road.

Keep going...

youngandreckless

Its the least you can do for yourself, you're in good hands here x

$17mma

Tiger

I have found these sites which someone gave me from MSE particulary useful..

hope they help you too..

http://www.whatsthecost.co.uk/snowball.aspx

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

tigger115

Thank you to all your replies - this site is really amazing.
Although still really worried about it all - am feeling a little bit better about tackling it all. Ok here goes:-

Incomings:

1250 - salary
264 - tax credits
100 - maintenance

1614 - total

Outgoings:

415 - mortgage (am on a fairly new deal with this)
54 - council tax
15 - water
27 - gas (just been increased from £17)
15 - elec
37 - car insurance (high because of area i live in)
336 - nursery fees
20 - ntl phone (+ broadband) & 1899 calls
100 - food

254 - barclays bank loan -£12,600 - 10.9% - 48 months left
105 - halifax loan - 12.9% - £5,000- 50 months left
94 - Egg c/card - 15.9% - £4747
100 - Cap 1 - 6.9% for the life - £4600
55 - Virgin - 3100 - 15.9% (recently reduced from 22.9%)

1627 - total outgoings

hope there are no mistakes here as i'm doing this at work. Although the APR's are high its the best I can get at the moment as I have been refused a few times for the 0% (think its because I have too much credit at the moment as i always make payments on time).

Look forward to hearing from someone who can may be help with the above. Thank you!

skintchick

OK, your outgoings all look pretty low, and the only thing I can suggest that could go is broadband. Do you need the internet at home for your work? Could you use it free at the library? If not, could you go on pay-as-you-go dial-up so you can control exactly how much you pay?

I can't comment on nursery fees as I know nothing about nurseries, but of course if you could make that less it would help.

You need to find just £13 a month more - I reckon getting rid of bradband would cover that.

In future, don't go on monthly payments for car insurance as they charge you interest, but it's too late for that now!

The other thing that bothers me is there's no provision for what I call annuals - car tax, boiler servicing, birthdays, Christmas, holidays, etc.

I'm not really sure what else to suggest - can you get a job working from home, eBay things, get a lodger???

tigger115

Hi,

I have just arranged the ntl deal - 12 month contract (and only wanted to go on broadband to start ebaying) - thats selling not buying! - i got it discounted in the end due to technical problems with the service, phone etc.

Forgot to say I have a £500 overdraft - which i go overdrawn by approx £250 per month - this is where my provision for birthdays, car tax etc which i know i shouldn't.

The nursery is the before school club, after school club and the holiday club - can't get this any cheaper and have no one else to pick my daughter up.

Am intending to start ebaying in the next couple of days - do people really buy all sorts from there? - sorry bit a novice when it come to ebay!

$17mma

Tigger


Not being nosey ( trying to help) but are you upto date with your water bills? If not....

I recently found out that they have a hardship fund to help people in difficult situations you will have to enquire at your local CAB and they will be able to provide you with a form to complete.

Basically you have to list your in and out goings and state good reasons why their help will make a difference to your current and future financial situation.

They will then assess your application and pay off all or some of outstanding water bills or any arears that you have on your water rates. They will then access your situation and arrange monthly water payments that you can afford for a period of time without cutting your water allowance. You dont have to pay any of this back either.

Also consider getting a water meter ( think that is what it is) I believe that this way you only pay for what you use.

Hope this is helpful.....

skintchick

My tip for eBaying things that are unusual or specialised is to search for similar items to see what they sell for, if there's much of a market for them, etc., so you can pitch your item accordingly.

Do people really buy all sorts? I do!! Last thing I bought was a piano!!!