Could we Consolodate

skintandscared_2

Wow. I thought £120 for two people for a month was quite good for groceries!!! That's only £30 a week... which is what I spend (inc toiletries and cleaning products). I DO buy all the "value" products, spend all day Saturday batch cooking and freezing and can make three meals with one chicken. I will need to get to the Old Style board and see what I'm doing wrong!!?!!

RAS

NY_Girl wrote: »

I acknowledge that the mobile bills are quite high - we both pay £35 a month line rental and get a lot of free minutes in that and never go over. They are both 18 mth contracts though and have a while to go, but when they do finish I do think we could reduce that.

You have so little spare, can you try to reduce your usage and reduce your contracts? Even a spare £10 a month would help.

NY_Girl wrote: »

My husband travels a long way to and from work each day and that is why the petrol is high.

Is this the only way for him to get to work? If so has he really looked at lift shares, working from home, anything to reduce the costs of his travel to work? It is costing you far more than £200 permonth to get him to work (Assuming that one of your loans covers the car?)

You may also need to think about cutting out the entetainments a bit.

Other things to do.

1. Find those APRs, as you need to know which debt is most expensive, so you pay that off first.

We also need to know the maximum values on those cards and how many more payments on the loans.

2. Think amazon, e-bay and car boot sale. Could you sell stuff and get together some money to hit the most expensive debt?

3. Join www.quidco.com and use the comparison site to get quotes and then use cashback site to purchase.

4. Look at boost your income, freebies and comps for extra income and things for presents.

Raksha

I've not got anything to add, but just wanted to say you're not alone.

vikki400

Just a thought: could you take in a lodger? I know it is not how you want to start your married life, but it might not be for too long and it would give you a chunk of money (tax free up to £450 I think) to hit some debts.

Burlesque_Babe

I would suggest looking at finding a cheaper gas and electricity provider, use the comparison sites to reduce the car insurance and the same for your buildings/contents insurance.

Even if you save £5 a month on each of those, that's £15 you are better off.

NY_Girl

Hi Everyone

Thanks for your replies, it is so good to get other peoples take on it cause we are both really ashamed of the debt and have not told anyone, even our families and it was getting a bit much.

I have now updated the SOA to include life insurance and car expenses etc, there was also a typo on my original it had £200 for our credit card debt when it is in fact £2000 - doh!

Monthly Income Details
Monthly income after tax................ 1900
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3500

Monthly Expense Details
Mortgage................................ 1498.23
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 40
Gas..................................... 35
Oil..................................... 0
Water rates............................. 26.25
Telephone (land line)................... 15
Mobile phone............................ 70
TV Licence.............................. 11.95
Satellite/Cable TV...................... 27 (includes internet)
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 12.5
Car Insurance........................... 35.76
Car maintenance (including MOT)......... 90
Car parking............................. 0
Other travel............................ 120
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 30
Contents insurance...................... 0
Life assurance ......................... 48
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 35
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2499.69

Assets
Cash.................................... 0
House value (Gross)..................... 206000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 206000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 206000...(1498.23)..6.5
Total secured debts........... 206000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loans x 3...............6000......468.2.....8.9
Natwest........................3500......178.......12
Mint...........................3500......173.8.....8
GE Money ......................4000......100.......15
Barclays Partner Fina..........500.......70........0
Credit Cards...................2000......100.......0
Total unsecured debts..........19500.....1090......-

Monthly Budget Summary
Total monthly income.................... 3,500
Expenses (including secured debts)....... 2,499.69
Available for debt repayments........... 1,000.31
Monthly UNsecured debt repayments....... 1,090
Surplus(deficit if negative)............ -89.69

Personal Balance Sheet Summary
Total assets (things you own)........... 206,000
Total Secured debt...................... -206,000
Total Unsecured debt.................... -19,500
Net Assets.............................. -19,500

As long as your bills are getting paid and you have money for food I would just stick it out as long as possible. No luxuries and just basic living until 1 loan is paid off then it will get a bit better.

Yes we are just meeting all of our expenses but what is worrying me is that we have nothing put by for emergencies, i.e. we need new tyres on the car - that sort of thing and so our credit card is slowly growing. I have put below how much longer we have got on each of our loans and I hope we can ride it out like you say but worried about accumilating more!

loyds loan 1 - 8 mths to go
lloyds loan 2 - 1 year
lloyds loan 3 - 18 mths
Natwest - 3 years
Mint - 2 1/2
Barclays partner finances - 6 mths

Is this the only way for him to get to work? If so has he really looked at lift shares, working from home, anything to reduce the costs of his travel to work? It is costing you far more than £200 permonth to get him to work (Assuming that one of your loans covers the car?)

He is a policeman and works shifts so cant really get public transport after your post I did suggest to him that he share a lift with someone and he said he would ask about his colleagues but he didnt think anyone lived near us but fingers crossed we can save some money there!

You have so little spare, can you try to reduce your usage and reduce your contracts? Even a spare £10 a month would help.

You are right, gonna look into this.

Just a thought: could you take in a lodger? I know it is not how you want to start your married life, but it might not be for too long and it would give you a chunk of money (tax free up to £450 I think) to hit some debts.

We had a talk about this tonight and are not against totally against the idea, not sure if we could do it tho as there is no wallpaper on the walls in most of the house as I was really enthusastic when we first moved in, tearing off wall paper etc then realised we couldnt afford to decorate!! Also it is very small, might look into this though.

Thanks again for all your help.