More to pay out than we have comeing in help!

fizzel81

Ok where do i start have spent the last few years liveing well above our means and since hubby was re posted back to the uk we lost 350.00 per month on wages plus others such as cheeaper petrol for the car and tax free living, just a year after moveing back from germany we are well and truely stuck we owe a complete fortune

This month just like any other we have top pay out on the following things and once again i expect that one or two will have to be missed

car finance 235.00
bains and ernst(huge mistake) 245.00
capital one card 50.00
barclay card 190.00
kays 150.00
additions 28.93
mobile phone bill 184.00 (could kill dh god knows how he has spent this much)
next directory 149.94
household bills gas elec phone sky 150.00 approx

this is without food,petrol and anything else we need to buy for 2 adults a 2 year old and my 7 months old baby, its seeming to the point of super scarey and i cannot see any way out :mad:

Kevicho

what are your total debts? (include minimum monthly repayments and interest rates please)

It may be that you will be able/need to get some 0% balance transfer cards to transfer some debt onto a cheaper interest rate

Also work out exacltyl how much the food and other outgoings come to so we can see how much would be left for debt repayment

Finally if you can post your income as well then we can work it all out for ya (or have a go)

Keep your chin up

Kev

Debt_Free_Chick

OK

The first thing to do is to prepare a budget ignoring your debt repayments ... everything you pay out including rent/mortgage, heat, light, power, food, insurance, TV license, insurance, car costs or travelling.

Can you do that first and post it here please? We can help refine this budget and then look at what you do about the debts.

You live first ... what you have left over goes towards your debts. Don't panic ... just do the budget and post it here

Debt_Free_Chick

Kevicho wrote:

Finally if you can post your income as well then we can work it all out for ya (or have a go)

Keep your chin up

Kev

Almost identical posts, at the same time! Spooky, or what :eek:

:j

Kevicho

Nah, i think were prob both at the stage where we have the same answers engrained on our brains lol

One of my friends says i should become a financial advisor, but iod rather just point people to here than give out my lame advice

lynzpower

Hello & welcome!
oh first of all there are some very simple ways to cut back

One- get OH to go on pay as you go. He will certianly realise what hes spending and how quickly with that.
2- ditch your sky package. Even threatening to leave gets big discounts, but leave altogether if you can

I presume you went with B&E as a debt management programme? But am i right in thinking youve ran up credit again on kays/additions etc ?Or are they from before the B&E?

We will need a full SOA to be able to help best- like waht your APRxs are, what your income & all your outgoings liike landline, internet insurances etc

All the best
xx

Lucifer

Once you have posted a ful SOA, much more help will be offered. However as a general rule of thumb, store cards have a much higher APR. I think next is around 24.9%.

Most important thing to remember is to keep the roof over your head. Do not default on mortgage/rent and council tax. Credit, store cards and loans can be sorted out afterwards.

Don't panic, you have come to the right place for help. Well done for posting.

fizzel81

went with b+e as hubby thought it would help, we left the barclay card and catalogues out of it all thinking we could carry on paying them as normal.

Income approx 1400.00 a month

we have no rent it comes out of wages before we get them
Electric 27.00 month
Gas 27.00 month
phone approx 40.00
tv licence 11.00
car insurance 74.00
sky tv 42.50
baby milk and nappies 45.00
playschool fees 80.00
food try to stick to 40.00 per week totalling 160.00
petrol 60ish

we have a car on finance costing 235.00 per month all i know is we have exactly 3 years this month comeing on the contarct as such for paying this

Now the debts
b+e work with us for the following, barclay loan 10095.00, egg card 4596.00, city finance 1856.00, 2897.00 to arrow card
i owe 2678.00 on barclay card apr is 19.9%
capital one is 294.00 apr 2.207%
kays 567.00 no apr
additions 289.00 apr is about 28.8

the next directory is a one off (wescot letter) they have closed my account

lynzpower

I make that after your outgoings, you have 833.50 to service debts. am i right there?

What payments are you making to B&E. and others usually ?

fizzel81

about that
we pay b&e 245.00
the car 235.00 then any of the others we can afford on top

magentadreamer

Have you thought about going with one of the DMP's that doesn't charge you? such as CCCS or Payplan?

I'd say your first action needs to be to get the mobile away from DH - £184 for a month is horrendous, I'd expect some silly teen to run up that type of bill TBH - sorry if that sounds blunt but it's a bill you don't need.

I'd also look at your car insurance £74 a month is alot, ditch Sky or reduce the package down as well. Could you swap the car for an old banger and save yourself the £235 a month?