Please help - im new here and desperate..

chappersplusone

Hi

I am really desperate for some help and advice - i have no idea what to do. Me and my husband are £3k overdrawn and that is our limit. We also owe £2k to our little boys account that was given to him from Granny. So in total 5k in debt which i know probably doesnt sound like a lot cokpared to others but its really getting me down.

I have spoken to the bank and they have suggested we try and cut down some of our outgoings. Believe me we have tried and are living with bare basics as it is. We have the same going out as whats coming in so cant even afford to get a loan as we cant afford repyaments.

The bank suggested transferring overdraft to card with 0% but we still have the problem of not having any extra money to repay it.

What do you suggest we do?

Thanks

Chappers

sparky0107

chappersplusone wrote: »

Hi

I am really desperate for some help and advice - i have no idea what to do. Me and my husband are £3k overdrawn and that is our limit. We also owe £2k to our little boys account that was given to him from Granny. So in total 5k in debt which i know probably doesnt sound like a lot cokpared to others but its really getting me down.

I have spoken to the bank and they have suggested we try and cut down some of our outgoings. Believe me we have tried and are living with bare basics as it is. We have the same going out as whats coming in so cant even afford to get a loan as we cant afford repyaments.

The bank suggested transferring overdraft to card with 0% but we still have the problem of not having any extra money to repay it.

What do you suggest we do?

Thanks

Chappers

Hiya chappers,
Welcome to DFW, you're in the right place, the hardest step is the one you've just taken by posting on here, can you put your SOA (Staement of Affaits ) on for us to try and give you some advice. I'm going to put some links on that will probably help you.

www.makesenseofcards.co.uk SOA calculator, make sure you format it for MSE then post it on here.

www.whatsthecost.com Snowball debt calculator

www.spendingdiary.co.uk This will tell you where any spare cash goes as long as you fill it in every day

Good Luck & once again welcome to the best web site on earth

Miss_Piggy_2

Welcome to the site. Post your SOA and we will all see what we can suggest to help.

Miss P
xx

silkglade

Hi and welcome... Well done on taking the 1st and hardest step.

You will find alot of support and others that really understand what you are going through.

The first thing you need to do hun is to do a list of all Incoming and outgoings. you need to put down everything and then we can start to help you with some practical advice.

Good luck and once again welcome. :j

RAS

Hi and welcome

The SOA is the most useful thing on here, so have a look at that and when you have it ready, lets us see what the problems are

Also look at http://www.moneysavingexpert.com/protect/make-money

and do you know about

www.freecycle.org - like e-bay but you get stuff free

and www.quidco.com - one of the cashback sites?

chappersplusone

here you go. Ive combined everything as myself and partner have one joint account only. Overdraft of 3k not on there and money we owe our son of 2k not on there as didnt know where to put.

Monthly income after tax................ 600 (850 - 250 childcare vouchers)
Partners monthly income after tax....... 1300
Benefits................................ 110 (child tax credit of £45 per month and child benefit £75 per month)
Other income............................ 0
Total monthly income.................... 2010

Monthly Expense Details
Mortgage................................ 1000
Secured loan repayments................. 63 (car finance)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 70
TV Licence.............................. 12
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 150 (includes nappies and baby stuff!)
Clothing................................ 0
Petrol/diesel........................... 150 (for 2 cars, cant really sell one either)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 60 )plus critical illness and personal accident)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2009

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 226000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(1000).....0
Secured Debt.................. 0........(63).......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,010
Expenses (including secured debts)....... 2,009
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 1

Personal Balance Sheet Summary
Total assets (things you own)........... 226,000
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 226,000

~Beanie~

chappersplusone wrote: »

here you go. Ive combined everything as myself and partner have one joint account only. Overdraft of 3k not on there and money we owe our son of 2k not on there as didnt know where to put.

Monthly income after tax................ 600 (850 - 250 childcare vouchers)
Partners monthly income after tax....... 1300
Benefits................................ 110 (child tax credit of £45 per month and child benefit £75 per month)
Other income............................ 0
Total monthly income.................... 2010

Monthly Expense Details
Mortgage................................ 1000
Secured loan repayments................. 63 (car finance)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 20 - Per month? Seems VERY low!!
Gas..................................... 10 - As above
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 70 - Can you lower your tariff or go PAYG?
TV Licence.............................. 12
Satellite/Cable TV...................... 50 - Lower the package or get rid and watch Freeview!
Internet Services....................... 0
Groceries etc. ......................... 150 (includes nappies and baby stuff!)
Clothing................................ 0
Petrol/diesel........................... 150 (for 2 cars, cant really sell one either)
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 10 - Seems low for 2 cars?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 60 )plus critical illness and personal accident)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2009

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 226000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(1000).....0
Secured Debt.................. 0........(63).......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,010
Expenses (including secured debts)....... 2,009
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 1

Personal Balance Sheet Summary
Total assets (things you own)........... 226,000
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 226,000

Can you up your income at all? Get a part-time job or sell stuff on EBay?

Your gas and electric seem very low for a month, are they right? The car minatenance figure also seems low for 2 cars. Why do you need 2 cars?

Finally, you should be able to lower the satellite / cable TV. Get rid of it completely and watch Freeview!

RAS

Hi

Is the mortgage interest only or repayment?

Debts you list under unsecured debt - even if there is no APR.

Wht is the APR on your overdraft?

other comments to follow.

RAS

chappersplusone wrote: »

here you go. Ive combined everything as myself and partner have one joint account only. Overdraft of 3k not on there and money we owe our son of 2k not on there as didnt know where to put.

Monthly income after tax................ 600 (850 - 250 childcare vouchers)
Partners monthly income after tax....... 1300
Benefits................................ 110 (child tax credit of £45 per month and child benefit £75 per month)
Other income............................ 0
Total monthly income.................... 2010

Monthly Expense Details
Mortgage................................ 1000 - based on your income this is incredibly high

Secured loan repayments................. 63 (car finance)
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 20
Mobile phone............................ 70 - you need to cut this back - reduce your package now and go PAYG ASAP.
TV Licence.............................. 12
Satellite/Cable TV...................... 50 - cut this out - you cannot afford it. Go freeview for a year or two. In the mean-time reduce your pacakge.
Internet Services....................... 0
Groceries etc. ......................... 150 (includes nappies and baby stuff!)
Clothing................................ 0
Petrol/diesel........................... 150 (for 2 cars, cant really sell one either) - thisis high. Learn to drive conservatively and review all journeys. I would suggest the equivalent to a spending diary just for car trips. Then work out what you can cut.
Road tax................................ 20
Car Insurance........................... 40 - seems low
Car maintenance (including MOT)......... 10 - ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 100
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 14
Buildings insurance..................... 35 - check with the comaprion sites and use ww.quidco.com or another cashbakc one to swap.
Contents insurance...................... 0
Life assurance ......................... 60 )plus critical illness and personal accident) - again check these
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2009

Assets
Cash.................................... 0
House value (Gross)..................... 220000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 226000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(1000).....0
Secured Debt.................. 0........(63).......0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,010
Expenses (including secured debts)....... 2,009
Available for debt repayments........... 1
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 1

Personal Balance Sheet Summary
Total assets (things you own)........... 226,000
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 226,000

You have nothig in for Christmas, holidays, presents, clothing, ents. Do you really do none of these or is this the extra spending that has got you into difficulties?