Pulled head out of sand now I want to put it back

idlikemymoneybackplease

Hi everyone I have been lurking here for some time and have finally plucked up the courage to post.
Im in money poo, my current account is 950 overdrawn with only 450 agreed I t is like this every month my wages go in and clear it but all my DD take it back over with the related fees. My mortgage goes out on the 1st and will bounce they will try again a week later and it will clear.
I was thinking about opening a new account and cacelling all my DDs Then reinstating them on the new account. Iwoud then have to tell Barclays that I could pay back the 950 at 100 a month. This I could manage if they stopped putting charges on my account.
What do you think will they freeze my account or make it worse?
I am looking at reclaiming my charges under the hardship grounds I have over 600 pounds worth in the last 7 months
Oh I am one part of a family of 4

penguin83

Hi there hun - well done for posting. That was the same problem I had with my bank account - it was a vicious circle. I opened a Step account with natwest - no overdraft or cheque book and then changed my wages to get paid in there and restarted all my direct debits and the account has been running fine since. I then paid regular payments into my old HSBC account to pay off the overdraft and close it. I havent had any dealings with Barclays so I dont know whether they will freeze interest for you but I definately agree with changing bank account - you need to break the cycle

The other thing to do is look at your finances as a whole to make sure you are going to be able to meet your direct debits. Post an soa if you want to see if people here can find ways to shave your expenses.

Keep posting x x x x

idlikemymoneybackplease

Thanks penguin at the mo I can pay my DDs or would be able to if I stopped getting all these charges. Im in trouble with my CT but will call them later to try and sort it it.
I donot think I can shave any more off my living expenses for a family of 4 plus fish rabbit cat and 2 dogs my shopping bill comes to 240 a month. 40 of that is dog food as they are allergic to all the other foods Ihave tried and cutting this down means higher vet bills.
I have changed my elec gas and telephone work 2 jobs and am in the process of ebaying everything I own.
My credit cards 3 of are maxed out as is my store card. One of my CC I have been paying the min on for the last 9 years and still stuppidly spending on. I need to sort myself out but untill I sort out barclays I cannt do anything but fall deeper. Please don't let me put my head back:o

penguin83

Dont worry - Ive tarmacced over the sand so you cant put your head back in!

First thing then is to get a new bank account sorted I opened mine online and didnt even need to send any id - there is no credit search on many basic accounts. Next is to work out a list of your debts with accurate balances and interest rates and minimum payments. Make sure these minimum payments are made to stop any further charges and then pick the one with the highest interest (probably a store card) to work on with overpayments and pay off. I find it helps focus me to work on one debt at a time - have a look at www.whatsthecost.com and the snowball calculator - this really helps and will give you a debt free date so you can see what you are working towards.

Most importantly keep posting for ideas and support x x x

idlikemymoneybackplease

ok here it is I will update as soon as i check aprsStatement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0 We keep seperate incomes and bank accounts. He is very good with money and knows nothing of my mess
Benefits................................ 110 Child benifit I was overpaid by working tax so now get 0 from them
Other income............................ 500
Total monthly income.................... 1560

Monthly Expense Details
Mortgage................................ 570
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 35 this includes broadband and line rental
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 Oh pays
Car Insurance........................... 0 OH pays
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 0 OH pays
Contents insurance...................... 0OH pays
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 Not been able to afford since christmas I cut the kids and OH
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1074

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0 In OHs name
Other assets............................ 0
Total Assets............................ 160000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(570)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................1176......60........NaN Need to check on these
capitol one....................500.......25........NaN
aqua...........................500.......25........NaN
next...........................200.......30........NaN
asda...........................250.......15........NaN
Total unsecured debts..........2626......155.......-

Monthly Budget Summary
Total monthly income.................... 1,560
Expenses (including secured debts)....... 1,074
Available for debt repayments........... 486
Monthly UNsecured debt repayments....... 155
Surplus(deficit if negative)............ 331

Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,626
Net Assets.............................. 157,374

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

judy2357

Do you both contribute to the mortgage?

idlikemymoneybackplease

Yes judy we do he pays me the 500 as Ihave full time care of the children and Ipay all the food and bills

idlikemymoneybackplease

I defo do not have 331 left at the end of each month will have to start aspending diary me thinks

judy2357

Could you not discuss this with OH as I am assuming its his mortgage as well as yours and his house that is at risk if the payment isnt made. Maybe he could help you out a bit more, depending on his income of course.

sdooley

Have you asked to switch the mortgage payment date to later in the month? Worth a try.

RAS

idlikemymoneybackplease wrote: »

Monthly Income Details
Monthly income after tax................ 950
Partners monthly income after tax....... 0 We keep seperate incomes and bank accounts. He is very good with money and knows nothing of my mess
Benefits................................ 110 Child benifit I was overpaid by working tax so now get 0 from them
Other income............................ 500
Total monthly income.................... 1560

Monthly Expense Details
Mortgage................................ 570
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 30
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 35 this includes broadband and line rental
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 Oh pays
Car Insurance........................... 0 OH pays
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 25
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 12
Buildings insurance..................... 0 OH pays
Contents insurance...................... 0OH pays
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 Not been able to afford since christmas I cut the kids and OH
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1074

Assets
Cash.................................... 0
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 0 In OHs name
Other assets............................ 0
Total Assets............................ 160000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(570)......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................1176......60........NaN Need to check on these
capitol one....................500.......25........NaN
aqua...........................500.......25........NaN
next...........................200.......30........NaN
asda...........................250.......15........NaN
Total unsecured debts..........2626......155.......-

Monthly Budget Summary
Total monthly income.................... 1,560
Expenses (including secured debts)....... 1,074
Available for debt repayments........... 486
Monthly UNsecured debt repayments....... 155
Surplus(deficit if negative)............ 331

Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total Secured debt...................... -0
Total Unsecured debt.................... -2,626
Net Assets.............................. 157,374

Hi

I suspect his finances are great because he is not contributing enough to the household expenditure.

What about clothes?
Presents
Christmas?
House repairs?
Etc?