Drowning!!

snickersgirl

Again thank you for the support given and the comments made - it is making me look a lot harder at everything I pay out to see if there is some way that I can make a saving in order that I can reduce my debt quicker. In line with that I wonder if anyone could advise whether I am able to cancel the payment protection I am paying to MBNA (about £23 a month) and to HSBC Visa (around £37 a month).

Also I'm paying over £4,500 loan protection on the loan I got from HSBC in around September - is there any chance that I could cancel this?

Any advice or information would be greatly appreciated

roswell

Hi,

Theres a thread in here called Canceling PPI not sure where though may be a a few pages back, This will reduce your debt as well.




* Edited for spelling

brummiebabe

snickersgirl wrote:

February 2006 – Statement of Affairs

Income
1. Wages £1,230.18
2. Wages £226.72
__________
£1,456.90
Expenditure
1. Mortgage £363.33
2. HSBC Pension £25.00
3. HSBC Life £14.09 Have you shopped around for this -? get it cheaper
4. Mortgage Protection £20.06
5. Northumbrian Water £10.87
6. TV Licence £10.99
7. Gas £27.00
8. Electric £27.00
9. British Gas – Drains £5.50 Do you really need this?
10. Buildings & Contents Insurance £34.97 I'm sure you could get this cheaper - we pay £23.32 p/month with Esure
11. Telephone & Internet £36.00
12. Mobile Phone £56.80 This is a lot! Could you switch to PAYG?
13. Council Tax £60.00
14. Food, expenses & petrol £335.00 Try the old style board for tips re: cutting down shopping bill - join the 'Grocery challenge' - I've managed to cut down from £400 p/month to £270 or less (family of 4)
_________
£1,026.61 = £430.97 left for debt

Just some inital thoughts that might be able to cut your expenditure a little - giving you more to throw at your debts.

Best of luck - you've come to the right place for advice and support!!!!!

110frankie

Snickergirl it's really good to see that from your "shame and embrassment" posts today you sound so much more positive and upbeat.
Remember, millions of pounds are spent by companies trying very hard to drive us into debt - that's how they make their living, so getting caught is nothing to be ashamed of.
You keep going girl! One day this will all be over and you'll be posting messages like this.

mintymoneysaver

I cancelled my ppi for my credit card really easily, just phoned and told them I didn't need it any more.I think it's a bit more complicated for a loan though.

fairylights_2

Snickersgirl

I've been reading your thread this morning, and it's quite amazing to see how you're going through all the emotions as you start to face up to reality. Hugs to you for being determined to sort it, rather than bury your head in the sand.

First i'd contact payplan or CCCS - with your full budget as you've done it (good job for getting it all down so quick too!). They will be able to advise you your options, and then you can get deciding.

Big assumption here, but I think you're on your own? If so, can I suggest not just the mobile bill is too high, but also the phones, gas and electric? We are a family of four - and I'm at home with the kids most days - and we pay less on our bills than you do. If you are on your own, do you have the council tax reduction you'd be entitled to? (apologies if you're NOT on your own!). IF you've not claimed on your home insurance this year, I'd seriously investigate switching - try Barclays, since they've got a "we'll give you £50 to match your quote if we can't better it"o offer on. £50 would help clear some of those debts.

You're budgeting for petrol, but unless I'm blind no other car expenses? How's that? Do you pay someone else petrol money?

Finally, I'd think about suspending your pension payments in the short term - right now, a pension's going to be no good to you if you can't afford to get to retirement

Good luck - and stick with MSE - I can swear that they are the best thing for helping you stay determined to get debt free!

aHullKingstonRover

Hi SnickersGirl,

Once you've decided how to cut your expenditure to the minimum, you might also look at raising further cash throughout each month...

As mentioned by forum members in many previous threads, perhaps you might consider selling unwanted items on E-bay... request buyers to pay you by cheque (rather than setting up a Pay Pal account with E-bay), that way you can deposit money received from your auctions directly into your bank account.

Sorting out and selling the things you no longer want can also be psychologically positive move, marking the transition from the 'old' to the 'new' you... maybe your mum will help you do this, as it's an indirect way of involving her and also gaining some much needed support even though you don't want her to know the true extent of your debts at the moment...

snickersgirl

aHullKingstonRover wrote:

Hi SnickersGirl,

Sorting out and selling the things you no longer want can also be psychologically positive move, marking the transition from the 'old' to the 'new' you...

Thank you again again for all your kind comments and suggestions and for once in my life i am taking note and actually doing something about my debt. Not sure if I said this earlier but I have handed my mam all my credit cards, cheque books and cash cards and cannot now physically get my hands on any further money or credit - she knows somethings up because Ive done this but I don't really want to worry her which is exactly what she would do. I am in the middle of sorting out my accumulated books, dvds, cds etc and putting them up for sale to try and recoup a small amount of the debt that I have expended on gathering them up - but at the moment every little bit helps - in fact I have just received notice that I have sold two books through Amazon :j

angeldiva

Hi Snikersgirl

I'm sorry that I'm late in posting, you probably have all the good ideas already so I just thought I would give you some words of encoragement to say well done for deciding to take control of your debts. This site is the best place that you could have come to and Brilliant for selling those books! :T

I might do the same tonight actually…it’s a good idea!

aHullKingstonRover

Hi SnickersGirl,

Well done selling the books !

Why not keep a ledger of the items you sell?

A bit like a diary, you can refer to it and see exactly what goods you've sold, the date when you sold the items and how much was paid; initially, it might seem an odd thing to do, but it will soon make interesting reading especially when you can see at first hand, the money you're generating !