Some advice please

misslee1888

Hiya, I am looking for a little advice. I have just had a child and have got married this year, so with the cost of the wedding and the change for me to maternity pay our finance are alittle scewwif So a little advice would be great. I am due to go back to work on Monday after nearly a year off on maternity leave. So hear goes:

My current account overdraft: £1500 with debit interest of about £12.98 per month.
My Credit Card: £2145.53 which we are paying the minimum payment every month.
My partners current account: £7500 with debit interest of about £83.00 per month
My partners credit card: £1957.86 we are paying a little over the minimum amount.

We have a number of other things like ordinary expenses, but these are our undesirable debts. Not sure what interest rates are on the credit cards. They were on 0% deals until about November last year and I looked at balance transfer but the costs of the transfer fees were quite high and there is a rumour that I may be getting made redundant at work and the redundancy package is very good so we were going to use that to pay off the debit if I got made redundant. However, I want to do something now just in case this doesn’t happen. I am not really bothered if I get made redundant as I wasn’t sure if I wanted to go back to that job.

If you need any more info then please let me know. I would be greatful for any advice.

Jenna

Hi there,

Welcome to DFW ! I'd advise posting up your SOA (see the stickies on the board - I'm sure there's a link in there) and then we can advise you better.

It's getting late so why not make that your job for tomorrow morning? Settle down with a cup of tea & it will get done pretty quick.

You're in the right place to get this sorted

10past6

Phone the credit card companies and find out what interest your paying, then focus on clearing the highest one of first.

LilacPixie

Welcome to the board. I am also on maternity pay and boy are we suffering.

Bestthingsinlifearefree

Hi,

Congrats on the wedding and baby. Could you post a statement of affairs (all incomings and outgoings)? It will help people to give good advice. If you can find out the interest rate on each debt this will be useful.


There is always a way forward.

Best,

misslee1888

Hi guys

I have been having a bit of trouble with my internet connection. I will post the SOA tonight if I can get connected from my dads PC.

GeorgeUK

I would advise trying for a 0% card even if you aren't sure you will get the redundancy or not. If you do then great, you can pay off the debt - the transfer fee will be about 1 months interest. If you don't then you are not paying any interest and can reduce the debt quicker.

Just make sure that whoever you get a new card doesn't have the same card issuer as the account you want to clear.

misslee1888

Our Statement of Affairs

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1,399.23
Partners monthly income after tax....... 2,692.88
Benefits.(Child benefit)................ 80.00
Other income............................ 0
Total monthly income.................... 4172.11
Monthly Expense Details
Mortgage................................ 1316.84
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 213
Electricity............................. 72
Gas..................................... 70
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 50
TV Licence.............................. 11.95
Satellite/Cable TV...................... 81.79
Internet Services....................... 0
Groceries etc. ......................... 350
Clothing................................ 100
Petrol/diesel........................... 450
Road tax................................ 18.33
Car Insurance........................... 176.00
Car maintenance (including MOT)......... 20
Car parking............................. 0
Car lease............................... 196
Other travel............................ 80
Childcare/nursery....................... 250
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 36
Buildings insurance..................... 0 in with mortgage
Contents insurance...................... 0 in with mortgage
Life assurance ......................... 63.71
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Wedding Rings........................... 92.56
Debit interest on My Overdraft...........12.98
Debit interest on DH Overdraft.......... 83
Payment on My CC........................ 35
Payment on DH CC........................ 50
Student Loan ........................... 102.78
Princes Trust .......................... 100.00
Total monthly expenses.................. 4123.84

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 0

No Secured Debt
Unsecured Debts
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 4172.11
Expenses (including secured debts)...... 4123.84
Available for debt repayments........... 48.27
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 48.27
Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total Secured debt...................... -0
Total Unsecured debt.................... -0
Net Assets.............................. 900

GeorgeUK

Electricity & Gas - check the price comparison sites to see if you are getting a good deal.

Council tax - if paying over 10 months, ask if you can pay over 12.

Satellite/Cable - can you change to freeview or get a cheaper package?

Car insurance - £176 per month?

You may be able to cut down the food bill if you get cheaper brands and try sticking to meal plans - that way you can buy and cook in bulk and freeze meals for later in the month. Removes the temptation of impulse buys too. Have a look at the old style board for ideas.

I still think a 0% creditcard would be worth looking at.

clearing_out_my_pockets

Ouch. £450 a month on Petrol? What does your husband do for a living?

Kimonokawaii

Sky TV....swap to a recording freeview box, you can still pause and record!
Groceries...2 adults and a baby for £350? We do 2 adults on £100...try the downshift challenge to begin with.
Petrol...thats incrediable! £450? Is that for a commute?
Car insurance...I'm guessing you mean £176 a year??