Confused and need help!

hendo74

Hello all,
Im really new to this site,been trying to read through the help and understand how to get our family sorted out money wise.
So far iv cut out the £150 a month for 1 day a week for my son`s nursery by asking family to help us out.
Sky got cut in half,next month the broadband contract is up so that and the home phone will get sortedout.My mobile contract needs renewed in June so wait a bit to get that sorted.Hubby has cancelled his sports channel and gone onto smoking roll ups.Bank charge for having a royalties gold account£12.95 a month got cancelled.
We went to rbs about our bank loan,basically iv been off my work sick for 4 weeks now and realised on our joint bank loan we were paying 61 pound PPI WHICH DIDNT EVEN COVER ME!
Hubby cancelled the PPI on the loan and we are now thinking of taking out stand alone PPI.
Bank told us to pay off loan would cost us just over£9600 basically (long winded i know-sorry!)still got 51 months to pay it and we pay £228 now the PPI is cancelled would i be able to pay the rbs bank loan off with an interest free credit card and pay £200 a month to that or is that just a really silly idea?Whats the best quickest way to pay off this bank loan?
Thats our worst debt apart from the mortgage we took out 2 years ago fixed rate for 5 years paying £732 a month.Now we need to reduce everything else so we can still cover the cost of the mortgage!
Any advice tips help greatly appreciated we need it!

McKneff

cant give you any advice but just wanted to give you a pat on the back for grasping everything with both hands (or 4 if you want to include DH) and giving it a good shake, Well done :T

RAS

Hi

You need to reclaim the PPI payments that you have already made as it was plainly mis-sold.

doodledo_2

Hi and welcome to the forum.

The best place to start is to fill out a SOA (statement of affairs) listing all your incomings outgoings and debts. This will give you a good basis to start with and you will get lots more advice from the lovely peeps on here.

I have put a link to a SOA calculator here http://www.makesenseofcards.co.uk/soacalc.html which you can then post back on the board.

Good luck and keep posting

urg123

Hi

It sounds like you've made massive steps to review your budget.

Can you post your Statement of Affairs http://www.makesenseofcards.com/soacalc.html

This will let us to see if there are other ways in which you can shave off a bit more here and there.

I also agree that you should reclaim the PPI and I'm sure that Martin has some guidance on this on this main site.

Can you also think about ways of making extra cash such as selling stuff - there's a whole board on upping your income

Good luck with your journey

urg x x

angelflower_2

hi

well done on taking steps. I agree with RAS, reclaim the PPI first of all and use payout to pay off extra from the loan

The danger with getting/using the 0% card to pay off the loan is you may still run up further balances on the card. You may not pay the full amount off in time before interest starts again etc etc.

Why not post your soa and we can see where you can cut costs or up your income elsewhere? Groceries are nearly always on the hit list so head over to the old style boards for some tips there

hendo74

Thank you to everyone who replied,i will do as you`v suggested and see where to go from there!
Just looking at the grocery shopping tips am writing out my food list this morning.
Thanks again,much appreciated.

Blackruby

As a fellow roll up smoking, I found a tip on here that you can buy boxes of filter tips and papers from Wilcos for a couple of quid a piece and they last for ages. However, I smoke a brand (not sure if I can mention the name) that always comes with a pack of papers, so I have a small stock pile going here.

Definitely claim back your PPI, if it didn't cover you and you didn't know, then RAS is right and you've been mis-sold.