sinking fast

134cskol

Hi Again but im not sure if my first attempt went in the chat room
help im in debt overspending by 150.00 a month have to use credit cards to survive the month as overdraft used up cards stopped have a secured loan
do i remorgage? sell up ( the house i ve put everything in to)? give up?
please help

calleyw

Hello,

Before we can suggest anything. You need to post a Statement Of Affairs.

Which is all income and outgoings. Including debts with interest rates.

And will see if you can help shave some off and help with £150 over spend every month.


Yours


Calley

OberonSH

Hi, welcome to the forum.

You need to post a Statement Of Affairs (SOA) so we can help you cut back, and also a list of debts with APRs and payments.

Read the sticky at the top of the thread lists for some hnts on how to do this.

wannabedebtfreebeth

Hi

I'm a novice at this but you are among friends now and someone who really knows what they are doing will be along with words of wisdom for you soon. Don't panic and don't despair - there will be help and hope I'm sure.

And yes, others got in there even as I was typing this!

In_Search_Of_Me

Just wanted to say dont panic & dont take any rash action! You've in the right place as lots of us here who have lots of debt and all struglling to get out of it! Post your SOA (list of all incomings/outgoings) and people can see where you can save money...other things you can do is get a spending diary to keep a note of every penny you spend and do things like take lunch to work etc (my parking alone used to amount to £150 a month and now its zero!)...the old style board gives lots of hints for saving money too but would start with SOA and go from there. Big hugs & welcome!

beanielou

Hi & welcome to MSE
Put up your SOA when you get a mo & we will see how we can help

halloweenqueen_2

I think theres probably a good chance the folks on here will be able to trim the £150 a month of your outgoings!!

134cskol

Hi everyone
and thank you all for your kind words and advice
I have morgage repayments of 930.00 per month
secured loan of 500.00 per month
endowment policy of 114.00 per month
petrol to work 200.00 per month
credit cards for wife and myself 450.00 per month 17.9APR with bcard
household costs inc food gas electric
water 500.00 per month
car insurances 70.00 per month because i do two jobs we need 2 cars
telephone inernet tv mob 137.00 per month

I also have an overdraft which i currently go over and the bank stops my card so to survive i have to use my credit card........ its catch 22
also if i have to pay road tax or the car breaks down or any emergency i have to use my credit card........
i have spoken to other people who say remorgage is this right to get more into debt?
should i sell up?
is there a way that i can get out of this mess and then maybe start to have a normal life?
Thanks everyone again

lynzpower

hi there

A few things from me

You need to do a SOA which if you look at Southern Scousers first time posters will tell you all about what one is and how to do one. Also you'll need to use Marins budget planner to look at

Say your housegold bills for you and wife, they need to be broken down, what do you REALLY spend on each one.

then we can help Also it helps you to get organised.

Re-mortgaging is certiainly not the best idea, especially as you have asecured loan already :eek: it will stretch the debt out for even longer and you will end up paying interest forever more.

Do this, then we'll haveanother look. Im here for the rest of the afternoon, so dont worry I shall give this the lynzpower treatment and im sure we will all be able to find you lots of savings, to give more to your debt so you dont feel like you are going under
hang in there
Lynz
x

Bargain_Rzl

Hi,

Please add to your SOA:

Your income (monthly) from job
Wife's income (monthly) from job
Benefits
Tax credits
Any other income

Total balance of each debt
% APR of each debt

Also if you're able to be a bit more specific about the items you've grouped together (i.e. separate figures for food, gas, electric, water, phone, internet, tv, mobile) it will be much easier for us to work out where the amounts can be lowered.

HTH

Jessiepig

Wow. some of your payments seem very high. I know that the people here will give you great advice, but I think they need more of a breakdown. i.e who is your secured loan with, why is your petrol costs so high and your household bills, how much is each one and for how many people. Your communications cost seems high.
Even with 4 mobiles,sky,broadband and house phone mine is lower than yous.
I do have debt but manage to keep household things very low.
I am sure that the £150 overspend will be reduced with the help on here.