Hi everyone-new, worried and in need of some help please

marriedworriedmum

Hi There,

Ok this is all pretty new to me but i have been reading this forum and was overwhelmed with how much help and support is out there from complete strangers,its amazing and its really given me a bit of hope that maybe someone can help us?

I'll start by saying im not proud of the debt we've got ourselves into, and i dont want anyone to get the wrong impression of us either,we're not keeping up with the Jones, or wag wannabes we are just a young family who got ourselves in a bit of a mess(ok big) and now its keeping us awake at night worrying about of Little Ones future and that kills us....

We both work, (although im P/T) we have one child , one car (an old banger but it goes!!) we have recently been lucky enough to get a cheap house in a very good area so thats great BUT..

We owe a LOT:
It started with us owing hardly anything and then we got married, went on honeymoon, i got pregnant had to go P/T our daughter needed surgery which meant i had to take unpaid leave from work for a significant time, my dad died and i helped pay for funeral costs etc....it goes on and on
I think there must be a way we can cut back somewhere??my husband thinks not but please can someone help i dont know what else to do, i dont want to worry my family they have enough on there minds and i dont want to tell my friends whether thats me being proud i dont know but i'll take any advice! thank you!

Income:
Me: 540
Partner:1,250
Tax Credits: 125
child benefit: 80

OUT:
house: £279
c/tax: 129
gas: 55 (DD per month)
elec: 51 DD per month
water 54 DD per month
tv/cable/telephone and broadband: £54 DD all together with sky
mobile: 15
Car ins: 38
Groceries: 200 (inc milkman)
petrol: 50
nursery:64
entertainment:40
insurance house/pets etc:15

Debts:
Credit card's
M&S mastercard £8,000 min pay £200 per month
credit card llyods tsb £1,500 min pay £30 per month
halifax mastercard £7,000 min pay £133 per month
M&S chargecard £3000 min pay £90 per month

loan £5,000 pay back £179 per month

other store cards etc £50 per month combined (£5 here and there min pay)
we have so far managed to keep up with all these apyments but its been robbing peter to pay paul as my mum says lately...
Its shameful when i write it down and my dad would have been so ashamed any advice is gratefully recieved, and before you say i...i know ive been silly x

catspaw

Hi,

you've come to the right place, someone with far more experience will be along very soon.
Is your Tax credit monthly? it looks very low if it is. And shouldn't you be able to claim working tac credit/nursery credit?

RAS

Hi

Welcome and well done for addressing the situation.

Can you do a full statement of affairs as here http://www.makesenseofcards.com/soacalc.html

The reason is that you have car stuff but no car tax for example.

You need the APRs on the cards and loan and to know what you limits are on the cards as well.

One thing that does stand out is the water DD - have you explored the possibility of a meter?

gfplux

Hello marriedworriedmum,

Well done to you for taking the first step to sort your problems out.

I would also recommend that you fill out your numbers using the SOA calculator.
This not only prompts you to remember certain expenses, such as car tax as mentioned by RAS and TV licence as another example. It also adds up the figures for you.

I would also suggest you start a spending diary TODAY to see exactly where the money goes.

Good Luck, looking forward to your next post.