Please can someone help me - don't know which way to turn

lemoncheesecake

Thanks

We were overpaid by tax credits so we are on reduced payment from them. It is almost impossible for me to work out what his salary is until he earns it so I really dont want to go down that route because of the trouble in the past.

I'm not sure of the exact aprs on the cards but I know
HSBC - is an average APR - up to the limit
Capital One - is a very high APR (25%ish i think) available credit is about £600
- neither card has a missed minimum payment

Both loans run out in March/ April 2010 - neither have a missed payment. One loan is a fairly low APR, the other is high.

Mortgage is already on interest only. We part paid 1 payment and have to make 3 full payments plus £50 and they may add the £500 arrears to the balance. We have 1 of those payments left to make (Feb).

Will look at car insurance

Landline includes internet and calls

Mortgage costs incluce house and building contents

Not sure what PPI is???

Have some baby clothes to sell but nothing substantial

paybacktime2008

Right. Shop around for buildings and contents. I was paying £31 a month in with my mortgage....shopped around and got it for £106 a year.

RAS

Payment Protection Insurance - on any of the laons and cards?

When did you acquire the Cap 1 card?

RAS

lemoncheesecake wrote: »

Thanks

We were overpaid by tax credits so we are on reduced payment from them. It is almost impossible for me to work out what his salary is until he earns it so I really dont want to go down that route because of the trouble in the past.

I'm not sure of the exact aprs on the cards but I know
HSBC - is an average APR - up to the limit
Capital One - is a very high APR (25%ish i think) available credit is about £600
- neither card has a missed minimum payment

You need to know the APRs on all these and limits on the cards.

it is gettig to the end of the financial year, so rinf tax credits aND ASK THEM WHAT HAPPENS IF YOUR oh RECIEVES THE AVERAGE OF THE LAST THREE MONTHS INCOME FOR THE REST OF THE YEAR. aND WHEN AND HOW YOU CAN make a revised claim.

lemoncheesecake

the capital one card was acquired in nov 05 and it did have a payment insurance on it but I have just cancelled the PPI

The hsbc card was acquired in MAy 04 and has no PPI

not sure if that means anything?

Nargleblast

Hello Lemoncheesecake.

If you haven't done so already I suggest you log on to the CCCS website (Consumer Credit Counselling Service). Once on the site you can input your income and outgoings and they will suggest possible solutions to your situation. It does not cost you anything to be a client of theirs and they support you all the way. My husband and I (through a combination of life circumstances, cost of living rises, easy access to credit and our own stupidity) are heavily in debt but are now dealing with it with the help of the CCCS. We hope to be debt free (apart from the mortgage) in about 6 years - sounds horrendous but we feel so much better now we are doing something about our situation. You are not the first in this situation and you won't be the last if the current economic climate is anything to go by.

RAS

lemoncheesecake wrote: »

the capital one card was acquired in nov 05 and it did have a payment insurance on it but I have just cancelled the PPI

In which case reclaim the PPI payemtns you made previously.

beanielou

I think your biggest problem at the mo is that your mortgage is taking up about half of your income.
Have you been in touch with one of the debt charities yet?

tessie_bear

could u try and reduce grocery budget ? might be worth having a look at grocery challenge....i find it useful.....very friendly posters...good luck

MrsTinks

I think there have already been some good suggestions but another one to throw in the mix: Has your husband thought about changing jobs? Having a very unreliable income is not going to help you at the moment I'm afraid and the mortgage is a huge chunk of your income.
The way I see your SOA then the best option for now is a Debt Management Plan. I'd recommend either of the charities in my signature or you could do a self administered one if you're feeling up to it The only debt that matters at the moment is your mortgage and any arrears on council tax - the rest DO NOT COUNT AS A PRIORITY! Yes your credit rating will plummet but I really don't think that's top of the list of priorities right now