Advice needed... we're finished :-(

southernscouser

OK, you need to give us a lot more information regardings ins and outs. We need APR's, credit limits that sort of thing.

Have a look at this thread then post back here!

Also start a spending diary. This will tell you where all your money is going! Note down every day every penny you spend (not the toilet ones )!

syfodyas

Well I went into Natwest today - they said they would not offer me a normal personal loan because of the state of my account. What they could do was offer a different type of loan from the lending centre that would be at a higher than normal rate of interest (their normal is 10%!) they said it would pay off the overdrafts and my partners natwest credit card, however ALL bank accounts will be downgraded to basic, our debit cards and cheque books would be taken away.
At the rate of interest they are charging I am better off NOT going for the loan but to simply pay back the overdraft in installments.. At least I get to keep the switch card/cheque book which makes me more credit worthy in the long run, right?

in*the*red_6

Be careful, sounds to me that Natwest are only interested in what you owe them and what they could get you to owe them in the future. They're not interested in your more immediate problems i.e. the utilities and council tax arrears. I'm with Natwest and they are pretty good at the hard sell - they just want you to take on more debt with them for longer. Having a chat with the CCCS sounds like a better option before you make any firm decisions.
Good luck to you, I know childcare is expensive, been there and done that, but don't lose sight of what your priority debts are.

jcr16

sounds like they are offering u a re-finacne loan , we had once a few years back and it worked for us , as it made us realise we were at the lowest point so we had to do something about it. yes they do take away your cheque guarentee card etc , but u get them back after 6 months proving u haven't gone over drawn.

syfodyas

I have already spoken to CCCS - they said I do not qualify for debt management as I can pay my debts (i.e via minimum payments to CCs / 5 % towards overdraft etc) with my current salary. But they worked things out on the basis that I cancel sky, internet access and mobile phones. Well both the sky and mobiles are under contract and I NEED my net access.. sorry cant do without it.
I have managed to cut £50 a month on the gym as I found someone at work to transfer my membership to.

Its quite hard that I had my 'lightbulb' moment in November. Because we are in december we are spending excess (nothing silly) on xmas presents for parents, baby and money for work dos etc.. We can handle it, I just think its sad that we pretty much are obliged to do so. Then again I am working on NYE to bring in extra cash..

Bestthingsinlifearefree

Hi Syfdos,

You say you are under contract for sky. When I signed up for sky I think they took us on the full package for the first month but we were able to reduce it after that.

Have you phoned sky to tell them you want to reduce the packages / channels to the basic package ?


You are under contract on your mobiles. Well minimum stop using them.

christmas presents for parents / work colleagues / parties don't bother or do something for free e.g spend time with them. Explain to them you are in debt and can't afford it. They will respect you for your honesty.

How old is baby does she or he need any christmas presents ???


With your income you CAN pay your debts and live if you BUDGET.

Start using a spending diary.write down everything you spend.

Consolidating debt is not really your solution, living within your means is.

I dont want to sound harsh and I am pleased you have had your light bulb moment and I admire you for tackling the situation BEFORE it becomes really grim.

Could you your other half work extra hours, sell any thing e.g e-bay etc etc ?

You need to look at where you are wasting your money and NOT look to borrow more to fund living beyond your means.

I wish you well.

jcr16

just a question as i';m a bit confused. u said u have arrears on council tax and child benefit , yet in another post u said u pay them monthly in your outgoings. the amount of council tax arrears u have is almost a full years. so did you not pay it. or is it last years arrears. hope you understand my question.
as for xmas, last year all we had was £30 spare for xmas pressies , so that is all we spent . we never feel obligated as we believe that if our friends are true friends they will understand , and with family , we explained the situation and they were just grateful to have our company. please tho don't feel obligated.and don't feel embarrased if u can't afford it either. it doesn't make u a bad person.

Entrepreneur_en_faillite

jcr16 wrote:

as for xmas, last year all we had was £30 spare for xmas pressies , so that is all we spent . we never feel obligated as we believe that if our friends are true friends they will understand , and with family , we explained the situation and they were just grateful to have our company. please tho don't feel obligated.and don't feel embarrased if u can't afford it either. it doesn't make u a bad person.

WELL SAID JCR16

This year our total spend on Christmas presents will be £0

Last year it was £3,093

None of our family or friends have commented when we have explained that we simply cannot afford presents. One thing we have done though is sent everybody a christmas card, each with a personal message in it, to show people that we are thinking of them.

Anyone who gets the hump because you are not giving a gift does not deserve to be in your company.

jcr16

that is huge amount u spent last year. what on earth did u buy ? sorry i just can't get my head round that. even tho u spent so much last year , i expect u will still have a fantastic xmas this year spending nothing. spending time with family and friends is priceless and it is what memories are made off.
my first xmas with my husband and his family we played cards spent very little money and it was amazing. i was just glad to be with my husband and family. i have some amazing memories thats will last forever

xela_17

syfodyas wrote:

£39 on sky, again under contract and if we downgrade we are liable to pay £10 extra for sky plus which makes it the same anyway,

Sorry, but that isn't true. I downgraded my sky plus yesterday. If you take the basic package (i.e. two of the new "mixes") that is £15. Add on the £10 for sky plus, that is £25. Immediately that's £14 saved per month.

Also, you can't really afford sky, let alone sky plus. Dump it when the contract's up.