I'm new and need advice!

Loui-lou

Hi

I'm new to this forum but thought I'd give it a try for some advice.

In a sticky situation with money as we have more going out than coming in. We are now at the limit of our overdraft and our cards are being declined. Our monthly pay isn't even getting us out of our overdraft anymore.

I've got another baby due in January so will have to face reduced pay for a few months when I'm on maternity leave.

On the good side, the fixed rate on our mortgage ends in March next year, and hopefully the payment will be reduced by a few hundred pounds, which will ease the pressure a bit.

My husband is going to sell his motorbike and put the money towards the overdraft. We drive a 4x4 (we do live in the country by the way and it snows a lot!) which I could also sell and buy something a bit cheaper, using the change towards the overdraft and also help towards making payments for a while.

The only dilemma we have is that we've got a loan for the 4x4, selling it will not pay off the entire loan so we'll end up with a loan and having nothing to show for it. Also, the 4x4 is a brilliant and reliable car and I don't want to end up selling it and buying something that is going to be unreliable, costing me more money.

Should I sell the 4x4 for something cheaper or stick it out and hope things get better from March?

Thank you to anyone who takes the time to read this!!

Louise

jodan

Loui-lou wrote: »

Hi

I'm new to this forum but thought I'd give it a try for some advice.

In a sticky situation with money as we have more going out than coming in. We are now at the limit of our overdraft and our cards are being declined. Our monthly pay isn't even getting us out of our overdraft anymore.

I've got another baby due in January so will have to face reduced pay for a few months when I'm on maternity leave.

On the good side, the fixed rate on our mortgage ends in March next year, and hopefully the payment will be reduced by a few hundred pounds, which will ease the pressure a bit.

My husband is going to sell his motorbike and put the money towards the overdraft. We drive a 4x4 (we do live in the country by the way and it snows a lot!) which I could also sell and buy something a bit cheaper, using the change towards the overdraft and also help towards making payments for a while.

The only dilemma we have is that we've got a loan for the 4x4, selling it will not pay off the entire loan so we'll end up with a loan and having nothing to show for it. Also, the 4x4 is a brilliant and reliable car and I don't want to end up selling it and buying something that is going to be unreliable, costing me more money.

Should I sell the 4x4 for something cheaper or stick it out and hope things get better from March?

Thank you to anyone who takes the time to read this!!

Louise

Hi Louise, am a newbie myself but lots of clever and helpful people will be along to help. In mean time use this link http://www.makesenseofcards.com/soacalc.html and fill out your state of affairs for the brainy ones to advise on where you can make savings.
Well done for seeking assistance. X

GeorgeUK

It might be worth doing a statement of affairs to see if there are any areas of your expenditure where you can make savings.
http://www.makesenseofcards.com/soacalc.html

gfplux

Hello loui lou,
Make out your SOA (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically calculate the numbers. It can be saved (see the help) and you can change it every day if you want.
When making out your SOA 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 ever 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. After it is done it is very easy to keep it up to date. In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.
If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as :-
If there is “other” Income explain what it is
Mortgage – interest only or not.
What is the age of any children.
Council tax is it over 10 or 12 months.
Electricity and gas any arrears.
Water rates meter yes or no.
Mobiles, how many and when are the contracts up for renewal.
If no contents insurance is it include with buildings insurance.
If pets cost money, what are they.
House or flat value, has it been valued by an Estate Agent and when.
The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.
When you have posted it and it does not look right or you want to change it, do so and repost it.