Its my time

ray50

I am finally, I hope, beginning to get my act together in regards to our finances, which have been on a downward spiral for the last 3 years. I have an idea in mind to generate income by starting in business as a reflexologist (qualified in 2002) this, I have been told today requires an outlay of a further £55 with a professional body to prove that I am still competent. That is another story.

I have until recently worked at the main factory of a well known producer of fish products (You may have seen the adverts on TV) :doh: and was earning £5.66 per hour – paid weekly- for what should have been a basic 39 hour week, but hardly ever was. I gave up the fishy life as it was screwing up everything. 13 hours a week travelling time, using public transport £15 a week in fares + £10 a week for a pint after work while I waited for the last bus home.

I now work 5 minutes walking distance from our home, at a residential home for elderly people with dementia. Now the hours are regular- not driven by demand-but, and it is a big BUT, I am now on a rate of £5.05. Not that it matters because I have found my niche in life and have the added bonus of saving bus fares and travelling time. I miss my pint though.

O.K. Down to the small print. Surprise (perhaps) No1…I do not own a credit card!!
My future wife does however, and it features in the breakdown below, why we have debts in the form that we have them is too complicated to explain. See what you make of it.

Income:

Private pension £39.00 pm
Tax credits (Estimated) £254.00 pm
Salary (Estimated) £650.00 pm


Expenses & Balances

Nat west Current -£1200.00 OD 29.6%
Nat west Advantage gold Current -£550.00 OD 29.6%
Capital 1 Bank £570.00
Anglian Water £1064
Crisis Loan (DWP) £507
BT £350
Shopacheck £751
London Scottish £705

Other things like rent and daily living requirements I can only speculate on at this time. I hope that OH like many in our situation will recognise the advantage of using this site, not that she is unaware of the problems we are having, but being human, we all tend to push it to the back of our minds don’t we? :wall:

That’s draft one complete. I intend to make use of the CCCS site soon, better to attempt to clear the debts that way than call it a day and declare bankruptcy. I will keep everyone informed of my progress. I am planning a debt free day some 2-3 years hence. Any takers at 5-1odds. No I’m not a gambler but we both tend to smoke to excess. :whistle:

THE_LONE_RANGER_4

right having looked at the current post you have done do you get family allowance? your tax credits dont seem much i presume you have children hence credits ? do you get working tax credits as your wages are low.....are you claiming rent rebate ?council tax rebate ? you need to contact cccs they will help along with people on here your debts are not that bad realy but i have not heard the shopacheck name for years whats there interest rate? i put them with the likes of provident obscene,never ever borrow from these type of lenders never never. also may i suggest you join a credit union they are ideal for low wage earners you save a regular ammount and can borrow up to 3 times the value of your savings paying only interest on the reducing balance join one look on the web for one in your area hope ive been of some help reguards andrew

wigginsmum

The Natwest interest rates are incredibly high; are these unagreed overdrafts?

Without a real breakdown of the rest of your expenditure it's difficult to suggest where you can economise.

ray50

I get working tax credit, so my new monthly wage although at a reduced hourly rate should increase the tax credit, unfortunately for me I started my new job at the wrong-for financial benefits-time of year...No accrued holiday pay from my previous job, and though I could be wrong...no tax rebate. Its kinda hard to make economies at the moment, my current line of thought is to close the Natwest gold account which has no money going into it and just runs up a heap of interest+ charges. One way I thought of to clear this is to apply...though I have a poor credit history,am unsure of the rating...for an interest free credit card or would the CCCS be able to help me deal with this. This is my first priority cos I'm just throwing money on the bonfire.

And NO these are authorised OD's

ray50

Silly me forgot to mention the Natwest loan. Currently being paid off at £120 pm for next two years :mad: Pay gas/Electric by seperate providers via meters. £20-25 per week. Dont wanna go DD till the bank situation is improved. Yes I know I can save :undecided Seems like my lightbulb is there but it aint switched on yet. TY for the info on credit unions,have thought about using them in the past and will check for local group. I know there is one. Eventful first day as in my eyes-an official NEWBIE Wannabe thanks for your support guys & gals I will update my info tomorrow :T

CLAPTON

I'm afraid that I can't make head nor tail of this thread, I think it would all be a lot clearer if you could repost you details in the standard Statement of Affairs format

If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of you situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant

wigginsmum

That just doesn't make sense to me; my authorised Natwest overdraft is 9.5%, not 29.6%! Can you doublecheck? It just doesn't seem right to me.

beanielou

I would also suggest that you try a credit union as they are such a great idea.
Even if further down the line you could replace even part of the Shopacheck borrowings with credit union loan that would be a big help to you.
Best of luck

mjh1977

Hi Ray: looks as if your main priority is to get rid of the nearly 30% APR on the overdraft. Could you get it merged with the loan (and make sure you cancel the overdraft facility)? I don't know if NatWest is the most competitive but that would surely be a good start. The quicker you get paying this off, the quicker you'll be eligible for better deals.

Sounds like the £55 outlay on a certificate could be a good investment if you can get some paid work practising reflexology - maybe start freelance and work part-time, but check out how it would affect tax credits.

I don't know what Shopacheck etc are but I've not heard of them in connection with good value. Perhaps PayPlan or the like would be best placed to negotiate better arrangements.

If as others say above you could complete a full SOA then I'm sure loads of people will have some more suggestions

M

ray50

I would like to make a public appology on here to my OH who has been reading the site quite extensively, and read the draught to the start of this thread. I completely agree with her that it sounds as if I am laying the blame for our present circumstances on her shoulders, I want her to know that this is not at all what I meant to convey and I appogise for my lack of thought when starting this thread. It is she that keeps me going, and she had built a cosy home for herself and her son before I came on the scene. I was off work for a year and we survived mainly due to her thriftyness and sacrifice. Qualities that are highly undervalued these days. :lovethoug

OH has always been able to turn her hand to home decorating and starts a new cleaning job tomorrow. What she has earned has always been enough to keep us afloat, and we are - tentatively - starting to create a budget to incorporate both our incomes.

We are both on the "Patches" and though its early days we have yet to see any financial benefits from this saving. We will soon. Good luck to any Newbies starting out

lynzpower

Are you getting the patches from your doctor? there are freebies to be had there, just ask your GP.