Newbie here in need of advice desperatley!

gettingsorted08

Hello

I have come for advice, in a lot of debt and struggling with the monthly payments, this is due to myself being a FT student with no income and husband only one working, below i have listed my SOA!

Income

Me - £0.00 - currently looking for part time work around my studies and awaiting to see if i am eligible for a bursary.
Partner - £500.00 per week but self employed so when he doesn't work = no income

Mortgage - £746.13 (fixed rate 'till March 2010)

Insurances

Buildings and Contents - £22.35 (expires March 2009)
Life Insurance - £10.30
Accident and Sickness Cover - £16.68
Car Insurance - £30.94 (expires Sept 2009)
Van Insurance - £48.13 (expires Feb 2009)
Gas and Electric - £40.00

Rates

Water - £38.29
Council Tax - £81.00

Phone and BB

Phone and Broadband - £17.99
Mobile Phones - £70.00 (for both of us)

TOTAL = £1121.81

Debts

HSBC Overdraft 0% - £951.06 - pay £50.00 per month, have an agreement with bank
Lloyds TSB Overdraft - £1500.00 - 0%
LLoyds TSB Overdraft - £1400.00 - 0%
Lloyds TSB Overdraft - £2500.00 - 1.48%

DFS O% (£1069.35) - Pay £71.29 per month 'till Dec 09
Curries 0% (£780.00) - 0% 'till June 09

Loan - Building Society - £18,300.00 - pay £107.26 over 29 years
Loan - Barclays - £7149.97 - pay £218.97 'till Sept 2011

Credit Cards

Bank of Scotland - 0% just ending - balance £8613.25 - min. payments £150.00
Lloyds TSB - 0% ends Nov 2008 - balance £3698.00 - min. payments £80.00
Halifax - 0% 'till March 09 - balance £7771.66 - min. payments £150.00

I haven't included petrol, food etc 'cause i need to know how i can reduce my debt payments, that is what we are struggling with at the moment, any advise gratefully received.

Thank you

milliemonster

gettingsorted08 wrote: »

Hello

I have come for advice, in a lot of debt and struggling with the monthly payments, this is due to myself being a FT student with no income and husband only one working, below i have listed my SOA!

Income

Me - £0.00 - currently looking for part time work around my studies and awaiting to see if i am eligible for a bursary.
Partner - £500.00 per week but self employed so when he doesn't work = no income

Mortgage - £746.13 (fixed rate 'till March 2010)

Insurances

Buildings and Contents - £22.35 (expires March 2009)
Life Insurance - £10.30
Accident and Sickness Cover - £16.68 what does this cover?, you may find that your hubby is ineligible for this anyway with him being self employed
Car Insurance - £30.94 (expires Sept 2009)
Van Insurance - £48.13 (expires Feb 2009) can you do without 2 vehicles? and perhaps use public transport which you should get cheap with being a student?
Gas and Electric - £40.00

Rates

Water - £38.29 this is high, are you on a meter? if its two of you it may be cheaper to not be on a meter
Council Tax - £81.00

Phone and BB

Phone and Broadband - £17.99
Mobile Phones - £70.00 (for both of us) you can't afford this, can you go PAYG?

TOTAL = £1121.81

Debts

HSBC Overdraft 0% - £951.06 - pay £50.00 per month, have an agreement with bank
Lloyds TSB Overdraft - £1500.00 - 0%
LLoyds TSB Overdraft - £1400.00 - 0%
Lloyds TSB Overdraft - £2500.00 - 1.48%

DFS O% (£1069.35) - Pay £71.29 per month 'till Dec 09
Curries 0% (£780.00) - 0% 'till June 09

Loan - Building Society - £18,300.00 - pay £107.26 over 29 years
Loan - Barclays - £7149.97 - pay £218.97 'till Sept 2011

Credit Cards

Bank of Scotland - 0% just ending - balance £8613.25 - min. payments £150.00
Lloyds TSB - 0% ends Nov 2008 - balance £3698.00 - min. payments £80.00
Halifax - 0% 'till March 09 - balance £7771.66 - min. payments £150.00

I haven't included petrol, food etc 'cause i need to know how i can reduce my debt payments, that is what we are struggling with at the moment, any advise gratefully received.

Thank you

I have added a few comments above, but it may be worthwhile speaking to one of the debt charities like CCCS or Payplan

Just quickly totting everything up, your income is £2000 max and your total outgoings is £1949.33, this is excluding the Curry's payments and your overdrafts and food/petrol etc, what you need to do now is fill in a full SOA including everything (as CCCS will ask you do this anyway) the link is here http://www.makesenseofcards.com/, post again and then we can have another look

oh and welcome!

climbingoutoftheabyss

I've got to agree with Milliemonster, there are certain areas that you can cut-down, but by my rough adding up you've got about 55k of unsecured debt there and this is always going to be a strain, at the moment you've a fair bit on 0%, but when the interest hits I fear it may push you over the edge.

I really do think you may be better speaking to CCCS or Payplan and looking at a DMP to help get you through this. You do mention that you'd like to reduce your debt payments, I can only guess that you don't bring in enough at the moment to cover the minimums and its going to take drastic action to improve the situation.

Good luck with it all. Try and remember that a lot of us have been in your situation but once you come to terms with the magnitude and how you can approach it then it does become easier.

Miss_Piggy_2

I'm with climbingoutoftheabyss (GOD thats a long name lol:rotfl: ) I think you need to speak to someone regarding your debt. A DMP may be the best way to go.
CCCS or Payplan are both good and don't charge you for their services.
You also do need to look at cutting down EVERY cost in your house, Mobile phones gas and electric etc
Good luck
Miss P
xx

MrOrchard

Be tough.

You can't afford the mobile phones, go to PAYG and put a tenner a month on each.

Can you move any of the 0% card about to end onto one of the other 0% cards?