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Help with finances

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Right we are in trouble with finances and I am struggling to cope!

This is my first post so please be gentle with me.

I was self employed with a business which made nothing for the past 2 years. I am now currently looking for any job, but one ideally with 16,000 a year.
, as I have childcare to take into consideration.
Fogot to add I worked out I would have about £1080 afer tax earning £16K.
Childcare would be £250 a month
We get about £100 in child tax and child benefit which we use for our shopping.

Here are our finances, I just dont know how to proceed to make anything better and get us out of this absolute nightmare situation!!

My partner earns around £1700-1900 dependant upon overtime which at the moment is practically nothing.

Our monthly bills:

Council tax £83
Credit card 1- minimum payment £100
CC 2 - minimum payment £65
cc3- minimum payment £65
cc4 - '''''' £65
car insurance- £72 (which we cant change as it was business ins but to end it its a huge penalty so will have to run its cause of a year)
car finance- £131
mobile £41
Water £33
loan £189
Mortgage £670
finance 2 (caravan dont want to sell as this is our only happiness at the minute) £212
Gas £29
Electric £41
House ins £45
TV licence cant rememer
phone bill house phone including internet £40

Should we just give in and see the citizens advice? Im terrified of having taken from me. We meet payments but only because the bank takes us over our overdraft and charges for the pleasure which has been £150+ for the last 2 months.

Im desperate now :-(
11 September 2008 Day 1 of my debt free journey
Hope to be debt free by 2012, its never going to happen :cry:

Comments

  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    First Post Combo Breaker First Anniversary
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    You really need to complete a full SOA, which includes everything. You have no groceries in the one you have done or petrol, car tax, clothing etc etc . Try this one : http://www.makesenseofcards.com/soacalc.html

    Are you entitled to any benefits / tax credits?

    You may want to speak to one of the debt carities, such as CCCS or National DebtLine.
    :p
  • tealady
    tealady Posts: 3,755 Forumite
    Name Dropper First Post First Anniversary Mortgage-free Glee!
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    Hi Billicus. I would def speak to CAB to make sure you are getting all that you are entitled to, you may qualify for help with your council tax so I would ring them just in case.
    Have you had a look at the Old style board for cheap meal ideas. Its a great forum, I could happily spend hours there.
    Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)
  • Hi

    First thing to do - is not to panic

    There are loads of people here to help and loads of support.

    Your breakdown in great and a real start, but to really help it will be better to post the totals of the amounts you own on loans, credit cards etc

    Once thats on, it will be easier to see where you are.

    A few observations on what you have there:

    Your outgoings are £1669.00 (but you've not factored household bills such as food, clothes, christmas etc). Your incomings (based on the fact you aren't working yet) are £1700.

    You've made the first steps towards progress, you're certainly going to need the CCCS or CAB and I hope you've began to realise that you're in trouble and getting to that lightbulb moment

    If its any help, I was in a similar situation and had done the same thing, I've now got a debt management plan with Payplan and I'm in a much stronger position 18 months on.

    Its going to be a long road to getting straight, but be positive, be strong and your circumstances will improve.
    Unsecured debt 2008 c £45,000
    Current unsecured debt February 2016 £1,734.85
  • billicus
    Options
    Some more info:

    *Loan we owe £4339 and it has until may 2010
    *Finance 1 car- We owe approximately £4000 we have 15 months to go.
    *Finance 2- we have just got this.
    *M&S credit card- £4000 owed £4000 limit
    *Asda credit card- £2250 owed £2250 limit
    *MBNA credit card- £4000 owed £4000 limit
    *Barclaycard credit card- £2000 owed £2000 limit

    Thanks for all the advice so far.
    11 September 2008 Day 1 of my debt free journey
    Hope to be debt free by 2012, its never going to happen :cry:
  • Some more info:

    *Loan we owe £4339 and it has until may 2010
    *Finance 1 car- We owe approximately £4000 we have 15 months to go.
    *Finance 2- we have just got this.
    *M&S credit card- £4000 owed £4000 limit
    *Asda credit card- £2250 owed £2250 limit
    *MBNA credit card- £4000 owed £4000 limit
    *Barclaycard credit card- £2000 owed £2000 limit

    Thanks for all the advice so far.

    Great, so thats a start, you will need to list Finance 2 as well as your mortgage, and also all the APR rates.

    Are any of the loans or finance secured to your property?

    You will then need to complete a more thorough statement of affairs, including food, clothes, school trips, lunches etc etc etc.

    Are your loans/mortgage/cards paid to date or are you behind on any payments?

    My initial feeling is that its clear your outgoings far outstrip your incomings and that you will need some professional help.

    One early observation is that you state £100 child tax credit and family allowance. Family allowance is over £70 alone and I would have thought you would get more child tax credit and perhaps even some working tax credit - that will be something to check
    Unsecured debt 2008 c £45,000
    Current unsecured debt February 2016 £1,734.85
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