Im over £3000 into my overdraft, and the charges are crippling me

ACon

Im getting charged £45 a mth on my overdraft, plus £20 a mth on my £1000 credit card debt. Im finding it impossible to pay back, plus live and support my two children with the charges. I applied for a loan at the same bank, (natwest) but got refused. I want it all in one acct, with weekly/monthly set pay back amounts but because Im unemployed they wont give me a loan.
I find it really hard to accept, as they gave me a £3,250 overdraft, and a £1,200 credit card, but say I dont qualify for a loan?? If I could clear this all into one loan, and just pay off one loan Id be in a much better position.
I really thought I could pay it back, but it got out of control. I dont want more money, I just want to be able to live, and pay this off so Im back to zero!

BeautyandtheBeast_3

Hi and Welcome!

do you not have any income at all?

xx

GeorgeUK

It might be worth posting a statement of affairs so we can see if there are any savings you can make and what the best way to tackle the debts is.

http://www.makesenseofcards.com/soacalc.html

ACon

I get 95 a wk tax credits, £30 a wk child benefit, and my hubby earns £220 a wk after tax. Most of that goes on rent/tax/bills/food

gfplux

Hello Acon,

Make out your SOA (link - http://www.makesenseofcards.com/soacalc.html ) and keep it up to date. Try not to guess at the figures, dig out the paperwork. However remember a partial completed one is better than none. It is in fact one of the most important things you will do to start on the road to recovery. If you want a lot of help on this forum, posting your SOA is the first and most important step.


Good Luck

ACon

just deleted one, it was incorrect, forgot a few things including hubbys van stuff, and his phone contract that hes stuck with for another 6mths.
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 908
Benefits................................ 530
Other income............................ 0
Total monthly income.................... 1438

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 380
Management charge (leasehold property).. 0
Council tax............................. 60
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 15
Mobile phone............................ 75
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 320
Clothing................................ 25
Petrol/diesel........................... 80
Road tax................................ 12
Car Insurance........................... 20
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 11
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 55
Presents (birthday, christmas etc)...... 50
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1350


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 600
Other assets............................ 0
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................3000......45........17
credit card....................1000......25........13
Total unsecured debts..........4000......70........-


Monthly Budget Summary
Total monthly income.................... 1,438
Expenses (including HP & secured debts). 1,350
Available for debt repayments........... 88
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 18

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,000
Net Assets.............................. -3,400

GeorgeUK

Council tax............................. 60
If paying over 10 months can you request to pay it over 12 months?

Electricity............................. 80
Gas..................................... 80
These are quite high - have a look at the price comparison sites to see if there are any better deals (uswitch, moneysupermarket)

Water rates............................. 45
Do you use a water hippo or anything in the cistern so you don't use as much water?

Mobile phone............................ 75
PAYG?

Telephone (land line)................... 15
Satellite/Cable TV...................... 0
Internet Services....................... 0
Is this a package deal?

Groceries etc. ......................... 320
This could be cut a bit. Have a look at the old style board for mealplan ideas and cooking in bulk to reduce costs. Have you moved down a brand (shops own?)

Clothing................................ 25
Might be able to reduce for a while.

Car Insurance........................... 20
Pet insurance/vet bills................. 11
Contents insurance...................... 0
Life assurance ......................... 0
Again, i'd look at the comparison sites to make sure you are getting the best deal.

Presents (birthday, christmas etc)...... 50
£50 every month?

Haircuts................................ 0
Entertainment........................... 0
Emergency fund.......................... 0
Should have something in these.

It may be worthwhile keeping a spending diary so that you can see exactly where all your money is going and allows you to budget more easily, finding cheaper alternatives or cutting back on unnecessary items.

dfh

75 for mobile phone? Check out the 30 day Sim deal from vodafone.600 minutes and unlimited texts for 15 pounds one month contract.

ACon

my mobile phone isnt too bad, £10 a mth on 02 and I get free calls etc, but my hubby is stuck to an 18mth contract, with 6mths left at 35 a mth. (just realised its £45 a mth not £75)

It said to give a present thing divided by 12, I have 2 children and spend roughly 250-300 each between christmas and birthdays combined.,(then theres other family) I also have a baby on the way.
The clothes again is an estimate over the yr, 2 growing children... I dont buy for myself usually, except recently maternity clothes.
Ive cancelled sky and internet, net is off in 2 weeks, 15 a mth is line rental and a few calls, will probably be getting this cut off too.
my insurance was for my new cheaper car, the cheapest on the comparison site. And Im pretty sure my pet insurance is the cheapest, we've just sold one dog to make a saving which devastated me.

I honestly cant see where else I can cut down.

I_know_my_ABC_and_my_CMYK

Your mobile bill does seem quite high, is there any way could cut this down? Maybe change to pay as you go? or change the calling plan?

Clothing, could you halve this or maybe only have the amount every other month?

The £50 each month is a little high, would you be able to halve this amount or at least drop it down to £30?

I don't know about your water bill as I am not on a meter but mine is only £23 a month.

Also is there anything you are not using that you can sell on Ebay to raise a few pounds and make some space?

I'm sure there will be others who can shave more off this for you, just don't give up

ACon

my water rates are set at £45 a mth, not on a meter. With my kids a meter would not be sensible. My son has behaviour problems and is obsessed with water.

Im on a payg meter for electric, and pay quartly for gas, although I know I owe about 300 on gas atm (they havent done the reading yet) It was the cheapest at the time for my area