OK Here Goes!!

dottyanne

jitsuguy wrote:

Hi Dottyanne,

Do youhave anything you could sell on eBay to gain some cash initially to help with Mortgage payments? Plus would your Mortgage company allow you to go down to interest payments for a few months until you get on top of the problem?

Next thing on the loans and credit cards do they have PPI (Protection Insurance) on them if so cancel it as it probably wouldn't pay out as you are self-employed. This should help bring down minimum repayments and should start to reduce the balances on the cards as you will be paying more of the debt back.

Jitsuguy.

Hi there!

I am already selling on e-bay and plan to leave all the money in paypal this month till the end of next month - so hopefully whatever i make can go towards my bills/debts - a good firned of mine does this and it really helps her out. Also have cancelled PPi on everything as you are quite right in that being self-employed it is prob a waste anyhow. Thanks for your advice....

dottyanne

graemecarter wrote:

can I ask how you got into so much debt?

Was it trying to keep the business afloat or buying nice things for the kids (my weakness). If you address these things, that is a small step also.
I would firstly concentrate on switching to low APRs

Hi a bit of everything really, were both Divorced and our Ex's pretty much ended up with everything!! we had to start again, not too bad at first as we both had good jobs with good income, however OH made redundant and started this business, i now help with the business as well as cleaning job..the outgoings on the business are so high at the moment - trying to cut these back aswell.also with 6 kids between us its hard too. they arent spoilt in any way but there are some things that we just cant escape from spending on.........so there you go - ???

I WILL get out of this mess - its making me so depressed - hate dreading the phone ringing and the postman calling - my goal for this year is to just get back on track!!!

dottyanne

jitsuguy wrote:

DEBTS:
Egg Loan 20372.51 361.80 7.7% (up to date)
Egg Card 899.42 40.00 APR? (up to date)
CARS 93.71 MIN? APR? (debt recvoery for mobile)
DSS 3630.64 10 APR? (OH)
Capital One 1014.65 MIN? 17.9% (OH - in arrears!)
Barclaycard 858.24 MIN? 19.9% (OH - in arrears!)
RWDC 668.52 20 APR? (OH - Robinson Way Debt Collectors)
Great Universal 651.83 30 APR?
Barclaycard 300.00 MIN? 29.9%
Capital One 290.00 17.9%
RBS Loan 61.30 APR? (paid off this august)
RBS Overdraft 4000.00 MIN? APR?
Car Loan 37.19 APR? (got about 18 months left)


INCOME:

Weekly Breakdown:
Tax Credit - 178.57
Dad - 80.00
Child Benefit - 37.50
my second Cleaning job - £50.00
Maintenance - my ex should pay £25.00 per week but is always missing weeks!
OH income- 146.00

So before my income roughly - £2240.65 pcm

Outgoings -

All debts listed above and their minimum payments ( but alos behind with some)


MONTHLY OUTGOINGS:

Mortgage - 774.50
GE MONEY SERVCING(2nd Mortgage) £208.92
UNITED UTIL PLC (water) £49.82
TV LICENCE £11.07
POWERGEN £120.00
SKY DIGITAL £42.50
DIRECT LINE INS £36.36
DIRECT LINE LIFE £20.05
COUNCIL TAX - 98.00
LOAN TO BRO - 37.19
FOOD - APPROX £280.00
OH SMOKES - 125.00
KIDS LUNCHES - 120.00
GOING OUT - 25.00
CLOTHES - 25.00
PHONE - APPROX 30.00 PER MONTH (INCLUDING BROAD BAND)
HAIRCUTS - 20.00 (THERE ARE 5 OF US AT HOME)
CHILD CARE - 62.00 (TILL SEPTEMEBER ONLY)



Am I right dotty? I put it all together it makes it easier for people to see what is happening!

Jitsuguy

Thank you soooooooo much - although knowing me (idiot) ive prob forgotten something!!!

so whaddo i do now :eek:

jitsuguy

Just wait I'm sure some people will be along to help you out soon. Plus go through about 3-6 months of bank statements just to make sure there is nothing going out of your account you haven't put up here or didn't even know it was being taken out of your account.

Plus for got to put in original post that where there is the APR? or MIN? in the debts section could you find that information out so we can help you further. Plus it might be worth getting in touch with either CCCS or Payplan (I think) they might be able to help you out if you are struggling to pay all your debts. They will probably set up a debt managemnt plan with all your creditors.

Penny-Pincher!!

Hi Hun

Well done for taking the first steps in posting your SOA's:T Its very difficult digesting all the info isnt it?!

I think I waould start by scrapping the sky or at least reducing it, kids taking packed lunches rather than school dinners. Cheaper supplier for utilities (gas, electric, phone, broadband etc). You could possibly cut down on your food expenses per month too...pop over to the OS board and they can help with meal planning and using up what you already have. Can you get cheaper car/life insurance? Could you shop around for a better morgage deal? Also, do you have a good credit record, if so, you could apply for either 0% cards or a low LOB credit card?

Do you do any other work as you mention 2nd cleaning job

Hugs

PP
xx

xela_17

Hi dotty. Another poster (I think it was gingerfurball) had a thread the other day about how they had rung up their cc company and asked for a lower interest rate and they got it! I think it went down about 10%. You could try this, especially for your barclaycard which is really high. A great result for just ringing and asking!

skintchick

That water is VERY high, and if you're on a meter then you can take steps to cut that down.

Do you have a brick or special device in your toilet cisterns so it uses less per flush?

I am at home all day and don't flush if it is just a wee, to save flushes.

Don't run the tap while cleaning teeth, and don't run cold water down the sink while waiting for hot to come through - fill bottles with it and use to water plants.

Have showers rather than baths and don't stay in there too long.

I'm sure there are lots more, but I have never paid £50 a month for water even on rates, so you can definitely make some savings there.

lynzpower

Your electric seems a lot at 120 a month too.

In my flat there is just the 2 of us and we are certainly not on the cheapest provider ( but we are on the greenest!) , we only have lecky storage heaters & condenser boiler, no gas in the whole flat, and we pay about 25-35 a month. Are you turning all the lights off? Making sure that things arnt unnecasily on stand-by? making sure you are only doing full loads of washing? If youve got a tumble drier, reduce usaing that you will see, they use LOADS of electricity!

S._Tony_B.

Hi Dotty,

Thanks for your kind words earlier.

With your situation, I understand why a remortgage is a non starter, but have you approached your current mortgage people?

You could extend the term of your mortgage.
Maybe reborrow some.
A payment holiday.

None are long term answers but might give you a breathing space right now.

Ring them and ask, nothing to lose

dottyanne

Penny-Pincher!! wrote:

Hi Hun

Well done for taking the first steps in posting your SOA's:T Its very difficult digesting all the info isnt it?!

I think I waould start by scrapping the sky or at least reducing it, kids taking packed lunches rather than school dinners. Cheaper supplier for utilities (gas, electric, phone, broadband etc). You could possibly cut down on your food expenses per month too...pop over to the OS board and they can help with meal planning and using up what you already have. Can you get cheaper car/life insurance? Could you shop around for a better morgage deal? Also, do you have a good credit record, if so, you could apply for either 0% cards or a low LOB credit card?

Do you do any other work as you mention 2nd cleaning job

Hugs

PP
xx

Hi thinking of putting the boys back on packed lunches after the Easter Break, also my credit rating is a big fat 0 so i cant get a 0% card :mad: my own fault i know but hindsight is a good thing!!!

Sorry, but i am self employed - with a 2nd cleaning job (my mistake).

Thanks for your advice!