Newbie in desperate need of advice

WASHER

Chose a bank not connected with any of your creditors, most banks will do the change over for you, First Direct did all mine, I simply applied online, got accepted and they asked my previous bank for DD and SO details and it was sorted, it took a few weeks to get it up and running properly, but no stress.

As for the credit card debt, (not the secured debt, this is priority over the unsecured debt at this moment), you could of course contact the CCCS, a debt charity for advice, or you could offer them token payments, say £50 to each creditor, Please note, if go do it this way or via the CCCS route, your credit rating will be effected and you will find it difficult to obtain further credit, and you will receive phone calls from creditors sometimes demanding more money etc.

I am simply telling you how it is, not to frighten but to tell you the truth, its not going to be easy initially until the DMP (debt management plan) is set up, but with the help of the DFW board and CCCS, you will be fine.

What are you wanting to do about your credit card debt? Any ideas?

WASHER

I've just thought, can you access your credit card statements online etc?

If so, log in and delete your work phone number from the personal info bit, they have a habit of phoning you at work if you are offering them lower payments and it can be a nuisance.

You can also write and tell them you want all communication in writing only, the board has templete letters to send to them.

Anyway, until you have made a decision on what you want to do, I'll stop waffling, I'm probably not really helping by adding too much info initially.

lucielle

Wow those grocery spends are high, even with a little one presumably in nappies. We are a family of 6 with numerous animals and my monthly budget is £336. Ask you wife to have a look at the oldstyle board as they have loads of nice recipes for little money.

Any insurances that need renewing try going through Quidco as they can sometimes better your quote and give you cashback. Good luck on your journey.
L

QueenBeruthiel

Your benefits seem low. Are you claiming child tax credit?

Worried-Angry-Shane

Washer: I'm now looking at changing banks asap. As for the credit cards, I will be seeking further advice how to tackle these but until I can start to free up some cash and get some more coming in, I can't even begin to plan how to deal with these. Thanks again for your input today Washer, although difficult, you've given me great introductory advice and I'm now detirmined to do all I can to get through this sensibly.

lucielle: my wife is all over the groceries/purchases, I now realise that we wouldn't be in this situation (well not as bad) if she'd been aware from the start and was given the chance to budget properly. thanks for your comments

QueenBeruthiel: Yes, we are recieving £40.25 Child Tax Credit and £80 Child benefit - do you think that the Tax credit is low then?

QueenBeruthiel

Not sure. I know people who claim to get hundreds a month. I find the system incomprehensible, probably by design.

But it's worth checking with Welfare Rights - for your wife, also.

kirstenc

I am in agreement about the groceries me, OH and DS (who has allergies which are expensive for basics) and a cat, budgeted £190 for this month and think that we will make do with £100 for the 3 of us!! so thats definately a route for the mrs, espescially if she enjoys cooking.

get her on the old style boards and batch cooking, freezing and meal planning. you wont believe how much of a difference this will make!!

good luck and well done

Worried-Angry-Shane

Guys, thanks for all your replies, much appreciated. I took home some really interesting and useful information yesterday, if anything your feedback has not only motivated me but also inspired me to get on with this and sort out the financial mess that we have got ourselves in. We have started to review our outgoings with a fine toothcomb (ala Money Makeover) and will be (have already been) making significant changes. I'll keep you all posted as to our progress.

Verbatim

You sound as if you've started off really well and I'm so glad you and your wife are both in it together as it's difficult if one partner doesn't see the need.

I'm looking forward to hearing how you're getting on and am sure you'll be able to balance the budget soon.

For me I find meal planning for the month the way to go. You don't need to stick to the plan as in it's Tues so it's.... but just knowing that you have enough in the freezer and cupboards to make 30 dinners cos you've worked it out and have the ingredients means you don't have to buy anything that's not planned (milk fruit and veg are planned and I make my own bread). The aim being to spend nothing outside the budget. Can get a bit obsessive though, but useful at the start!

belfastgirl23

Re the overdrafts, do you have anything you could ebay or sell in the meantime so you can reduce them asap?

Well done on the LBM!