credit card debts

joanne2008

Sorry its 2 adults and 1 child, i am a self employed childminder, on full benefits and council tax benefit , (they disreguard 2/3rds of my income my partner is currently unemployed looking for work (his college went bankrupt).

I cannot downsize as i am already in a 2 bed flat. i can only care for a few children as im in a flat so im in a no win situation at the moment my partner is doing all he can to get any job. I have been considering taking on another job a few hours a week. i currently work 50 hours at the moment. I have sold all my stuff that i no longer need, my partner has sold all his.
I guess we just need to pray something will come up for my partner, it hasnt been a good year :mad:
Just opened my recent cc bill from MBNA last month i paid off £70.00 and £59.00 interest has gone on. :mad:
I know its my own fault juist dont know how to get out of this mess.

Jo

beanielou

Just keep plodding on meantime hun.

laura2481

hi, didn't want to read and run- thought I could say- don't despair! Things will get better! Also £300 per month seems a lot on groceries. Head over to the Old Style Money saving board for tips on cutting back on this- batch cooking etc

joanne2008

thanks every1.

JO

Fire_Fox

Your electricity bill is massive, three times the size of mine! We are two in a two bedroom all electric flat. Are you paying off some debt? Why no council tax listed? I assume you pay it, but the £1000 benefits includes council tax benefit?

Also your phone/ TV/ internet costs are high when added together - can you bundle them cheaper? Do you need more than one telephone? Can you buy a Freeview box instead of paying monthly?

Numpty_Monkey

joanne2008 wrote: »

Here it is :-

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 300 any chance of any of the Adults uping there income?
Partners monthly income after tax....... 0
Benefits................................ 1030 check entitledto.com to see you are getting all your benefits
Other income............................ 165
Total monthly income.................... 1495

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 595
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 107 can you reduce this, turn things off at the wall,turn heating down, switch to low energy bulbswhere posible
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30 look for bundle package for Phone/Internet/ satelitte = £30 for the lot?
Mobile phone............................ 10
TV Licence.............................. 11.5
Satellite/Cable TV...................... 11 as above
Internet Services....................... 10 as above
Groceries etc. ......................... 300 check out OS board,meal planning, shopping tips, batch cooking (will help reduce elec aswell
Clothing................................ 40 reduce for a few months
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 21 on benefits these should be free may need HC1 or HC2 form, or a season ticket
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11 checkout cashback sites for any insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 use daily clicks and surveys to pay for this
Haircuts................................ 0
Entertainment........................... 0 you need a bit of fun
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1166.5


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
natwest credit card............2752......75........0
natwest overdraf...............1750......0.........0
capital one ...................1750......60........0
tax credit overpaymen..........957.84....79.82.....0
tesco credit card..............1000.17...30........0
mbna...........................2752.22...65........0
Total unsecured debts..........10962.23..309.82....-


Monthly Budget Summary
Total monthly income.................... 1,495
Expenses (including HP & secured debts). 1,166.5
Available for debt repayments........... 328.5
Monthly UNsecured debt repayments....... 309.82
Amount left after debt repayments....... 18.68

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,962.23
Net Assets.............................. -10,962.23

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I've left some thoughts, cashback sites can be used for a lot of things , signups, shopping daily clicks,its free money
and

joanne2008 wrote: »

capital one monthly rates- 18.820% hope you mean 1.8820% = 25.1%APR or the figure is APR
MBNA monthly rates- 2.0751% = 27.9%APR
Natwest monthly rates-2.075% = 27.9%APR
Tesco monthly rates-1.313% = 17.2% APR

I've just converted the Monthly interest to APR (there is a mathamatical formula forit but it looks greek to me:o)
Use with the snowball calc that Hypno posted:A

joanne2008

thankyou numpty monkey,
I am going to re evaluate everything, i need my mobile for my work and also the landline too. Shopping are also partly expences from my self employed job (childminder) so it feeds 4 under 5's there snacks and lunches too .

We are on freeview and have broadband internet access (our entertainment)

Going to have a good look again tonight when littlies gone home and my littlie in bed.

Jo

GeorgeUK

capital one - 18.820% (APR or monthly???)
MBNA - 2.0751% = 27.95% APR
Natwest - 2.075% = 27.95% APR
Tesco - 1.313% = 16.95% APR

Have you had a look to see if it's possible to get a new creditcard with a 0% promotional offer? If you can pay less interest you would be able to get the balance down quicker.

You should only have about 3 credit checks in a 6 month period or your credit score may be affected. Don't apply to too many places at once.

joanne2008

My credit rating is ok, i am paying the minimum payment on everything and never missed a payment but i cannot get any more credit cards, i applied for 2 end of last year and was refused on both.

I get council tax benefit, and yes my electricity bill is high, we have storage heaters and 2 bed flat, i have energy saving lightbulbs where i can, use washing machine at night, have heaters on low unless its really cold.
I work from home so could explain why bill is maybe high. I have just finished paying off 2 years ago electricity debt which was over £600.

Jo

RAS

Joanne

What is the limit on those cards? Can you transfer anything off the most expensive to the cheaper cards?