newbie looking for help!

poppyc

Hello - I'm new here and desperate to be debt free. I wonder if anyone could help and advise on one specific issue ...

I have a barclaycard debt totalling 6.5k - min repay - £175/month
I have a northern rock loan with about 3kremaining on it - £271/month

I am about to recieve £12.8k - I need to have £7k readily available to me at a few days notice.

Do I pay the nr loan off and put the money I save towards the b/c bill or pay part of the b/c bill off?

I am really bad with credit cards and take out loans to repay cards and then buld up the card level again - really tryong to break out of this so worried that if i use the money to reay card will use up the limit agian!

does this make sense - no i knw its not sensible - any advice (harsh or otherwise) would really be appreciated.

Eupho

poppyc wrote: »

Hello - I'm new here and desperate to be debt free. I wonder if anyone could help and advise on one specific issue ...

I have a barclaycard debt totalling 6.5k - min repay - £175/month
I have a northern rock loan with about 3kremaining on it - £271/month

I am about to recieve £12.8k - I need to have £7k readily available to me at a few days notice.

Do I pay the nr loan off and put the money I save towards the b/c bill or pay part of the b/c bill off?

I am really bad with credit cards and take out loans to repay cards and then buld up the card level again - really tryong to break out of this so worried that if i use the money to reay card will use up the limit agian!

does this make sense - no i knw its not sensible - any advice (harsh or otherwise) would really be appreciated.

Helloooo and Welcome Poppy :wave:

You have taken the first leap by knowing you need to sort out your finances :T

While you are waiting for some replies.. maybe fill this out (we all doo'um) It helps people (and you) get a better idea of what your money is doing.

There is a thing on here that shows you how to post it back onto this MSE website.
http://www.makesenseofcards.com/soacalc.html

Sit tight..'calm calm' There are lots of ideas and lots of help available. :wave:

GeorgeUK

What are the interest rates on the cards and loan?

It might be better to pay off the higher of these or possibly try to get a 0% creditcard (Virgin 0% for 16 months) so that you are paying less interest.

fluffychick

Hello Newbie.. I'm a newbie too! I'm currently just finding my way around the forum.. I haven't yet worked out how to post a new subject! IO have a question so would like some help with that please.
I hope you get the advise you request. I think paying off high credit loans and always paying bills for cards on time is the best advise I would give.

poppyc

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 650
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 60
Gas..................................... 100
Oil..................................... 0
Water rates............................. 120
Telephone (land line)................... 75
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 30
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 35
Contents insurance...................... 35
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
endowment............................... 120
Total monthly expenses.................. 2392

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 10000
Total Assets............................ 261000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(650)......0
Total secured & HP debts...... 97000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................6500......174.......0
northern rock..................3500......271.......0
Total unsecured debts..........10000.....445.......-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 2,392
Available for debt repayments........... 258
Monthly UNsecured debt repayments....... 445
Amount short for making debt repayments. -187
Personal Balance Sheet Summary
Total assets (things you own)........... 261,000
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -10,000
Net Assets.............................. 154,000

poppyc

soa .. it looks even worse on paper!

Numpty_Monkey

fluffychick, if you look near the bottom on the right hand side, of the DFW main page you will see
[IMG]file:///C:/DOCUME%7E1/COMPAQ%7E1/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG]
Click that and you can start your own thread
:A

Numpty_Monkey

poppyc wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2500
Partners monthly income after tax....... 0
Benefits................................ 150
Other income............................ 0
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 650
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 87
Electricity............................. 60 High are you on the best tarrif, look at comparrison sites and cashback sites,turn things off not on standby
Gas..................................... 100 as above
Oil..................................... 0
Water rates............................. 120 £2400 a year:eek: look at a water meter
Telephone (land line)................... 75 Very High, look at other packeges,free evening weekend calls, favourite numbers, free broadband
Mobile phone............................ 0 surprised that nothing here
TV Licence.............................. 0 Should be £11.80
Satellite/Cable TV...................... 0
Internet Services....................... 0 Is this in with phone
Groceries etc. ......................... 100 thats good:T
Clothing................................ 30 maybe reduce this for a few months
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 25 Any Insurance check out comparision sites and cashback sites
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600 Do you get child care vouchers?
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0 need to budget something here £10
Pet insurance/vet bills................. 0
Buildings insurance..................... 35as car
Contents insurance...................... 35as car
Life assurance ......................... 30as car
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 reduce this to £20 a month
Haircuts................................ 0 budget for this
Entertainment........................... 0budget for this
Holiday................................. 0 you can have one
Emergency fund.......................... 0budget for this
endowment............................... 120 whats this for?
Total monthly expenses.................. 2392

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 10000
Total Assets............................ 261000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 97000....(650)......0
Total secured & HP debts...... 97000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
barclaycard....................6500......174.......0 ??
northern rock..................3500......271.......0??
Total unsecured debts..........10000.....445.......-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 2,392
Available for debt repayments........... 258
Monthly UNsecured debt repayments....... 445
Amount short for making debt repayments. -187
Personal Balance Sheet Summary
Total assets (things you own)........... 261,000
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -10,000
Net Assets.............................. 154,000

Hi Poppy i've left a few comments in red, nothing really major a bit of budgeting and smarter shopping for services and you should be ok:cool:
The utilities are very high, are you paying off arrears?

Regarding your original question, if I read it right out of the £12.8K you will have £5.8K to pay towards your debts
My personal suggestions are
First pay off any arrears on your priority bills, mortgage, gas, electric water CT, if you have any.
Pay the loan off, you might get an early settlement figure,
Put £800 in an "Emergacy Fund"
Pay £2k off your card but don't reduce repayments, use the money freed up from the loan to increase your payments, along with any other savings we can make:A

Look at getting better deals on utilities phone, and insurance, budgetting for things
Welcome to MSE :A

staceydaisy

well done just being on here is a start

poppyc

Hi ... thanks for the advice - was thinking the same re loan / c/card ...
Yes I am in debt with the utilities companies plus I have a huge house - my ex never paid any of the bills I thought he was paying! Trying to reduce costs on house ... also trying to cut back on lots! I guess its just one step at a time!

Appreciate yr advice - sometimes feel like in a deep dark hole with no way out - but this site is showing me the way out I think!

Poppy xx

Numpty_Monkey

This site will show you the way out