help on where to start

PONDSAVER_2

I WOULD GLADLY APPRECIATE YOUR HELP
I have about £10,000 debt on 5 credit cards a loan and I am slowly sinking as each time i have space on a cc i have to use it for food etc - my hubby is in the same situation and it is a viscious circle that I need to break - I cann't get a loan to cover these cards as i have a black list for going over my credit limit. I try and pay minimum plus each month but this obviously skints me. We are also due to go on a driving holiday this year paid for out of a windfall but we need spedning money. I know it is a silly situation to be in and I know I need to put a stop to it ....but how. Please help me

lynzpower

Hi thee Pondsaver

Have a nose at southern scousers first time posters, and pop up a SOA. All the details in his sticky.

Once you have done this pop it up and we can have a look over it. See if we can find you some savings to up your payments and get you out of this hole

:hello: and welcome

highguyuk

Well done on a lightbulb moment.

Post up a SOA - Statement of Affairs. List all your incomings, expenditure and debt (including APRs). List everything you can think of, however small. This will take a bit of nerve, but then you can see exactly the situation in front of you, and we can take a look at see if we can help.

You may benefit from ringing the National Debt Helpline for further information.

Initially as a suggestion, your windfall should be put towards your debt rather than going on holiday and spending more money.

PONDSAVER_2

Thanks I will have a look at this soa after work and when I have put the children to bed - I know the windfall ( redundancy payment) should have gone on debt but we didn't have a holiday last year and we both felt we needed a treat - and its booked and paid for now it was a whim which I know has to stop. But I will list my debts and I have a feeling I will need a stiff drink after doing so.

southernscouser

Hey pondsaver and welcome to MSE and the DFW board! :hello

Do as lynz has sugested with the SOA.

Also, just so you know there is no such thing as a 'black list'! There could be many reasons you are being refused for more credit. This could include the percentage of your debt in relation to your income is to high, you have defaults or CCJ's, too many missed payments, not being on the electoral register, even your post code! :eek:

PONDSAVER_2

OMG I HAVE WORKED IT OUT AND I JUST DON'T KNOW WHAT TO SAY OR DO NOW.

IN THE DEBTS BIT THE ONES IN RED ARE EXACT THE OTHERS ARE JUST AN ESTIMATE i HAVE YET TO CHECK WHEN I GET HOME. GULP

INCOMING
Monthly Incomings:

My salary £1,202.99
Partners salary £1,000.00
Child Benefits £163.40
WFC £242.79
Total £2,609.18

Monthly Outgoings:

Mortgage/Rent £563.29
Council Tax £101.00
Gas £55.00
Electric £50.00
water not had a bill yet on water meter
TV License £11.07
Food £200.00
Car Insurance paid in full
Petrol £160.00 2 cars 20 each week in each
Life Insurance £18.27
kids swimming lessons £18.00
mobile phone £60.00 for 2
home phone £30.00
internet £17.99
cat insurance £14.39
egg loan £213.00
a&l loan £230.15
b&q card £50.00
xmas savings £40.00
citi £120.00
littlewoods catologue £40.00
kays catologue £62.00
hsbc overdraft £50.00
smile visa £50.00
mbna £70.00
mbna £70.00
accucard £50.00
egg £80.00
egg £80.00
bank subscription £7.50
barclaycard £52.00
spending £200.00 25 each week for 2 this includes money for childrens subs and tuck and odd spending
childminder £200.00 I get 250 from pauls wages throughthe voucher scheme wages above take that into account
£2,963.66
Total:
balance apr credit limit
egg £2,296.19 15.90% 2370
citi £1,950.00 2000
accucard £1,991.15 17.20% 2000
mbna £2,854.53 2900
smile £987.26 10.90% 1000
egg pauls £2,083.53 15.90% 2170
barclaycard pauls £2,100.00 2600
mbna pauls £972.21 1000
b&q card pauls £800.00
overdraft £800.00
hsbc overdraft £500.00
egg loan £9,594.55 6.70% 426.52 MISSED PAYMENTS EGGS ERROR
a&l loan £7,500.00 AS THEY PUT PAUL IN THERE SYSTEM DOWN AS DEAD!!
kays catologue £300.00
littlewoods catologue £176.10
total £34,905.52

Annie_Fanny

Ok Pondsaver - deep breath - I know you are reeling from the shock BUT atleast you are tackling it. You have made the first step and that should be applauded.

My advice is to ring one of the organisations below who will be able to offer you FREE financial advice:

Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/

Payplan
Kempton House
Dysart Road
Grantham
Lincolnshire
NG31 7LE
Tel: 0800 917 7823
http://www.payplan.com/

Citizens Advice Bureau (aka CAB)
http://www.citizensadvice.org.uk/

I would make the inital call as soon as you can as they will probably call you back after about a week or so to go throw your circumstance but will be able to give you great advice and HOPE! at the first call.

It will all be ok...

Annie

Annie_Fanny

Some initial thoughts....

INCOMING
Monthly Incomings:

My salary £1,202.99
Partners salary £1,000.00
Child Benefits £163.40
WFC £242.79
Total £2,609.18

Monthly Outgoings:

Mortgage/Rent £563.29
Council Tax £101.00
Gas £55.00
Electric £50.00
water not had a bill yet on water meter
TV License £11.07
Food £200.00
Car Insurance paid in full
Petrol £160.00 2 cars 20 each week in each
Life Insurance £18.27
kids swimming lessons £18.00 (gotta go)
mobile phone £60.00 for 2 (The mobiles, home phone and internet can definately be trimmed back someone will be along to offer good advice on this.)
home phone £30.00
internet £17.99
cat insurance £14.39 (Do you really need this?)
egg loan £213.00
a&l loan £230.15
b&q card £50.00
xmas savings £40.00 (How much do you have in savings? Crazy to have savings when you have this level of debt. Plough savings into the debt.)
citi £120.00
littlewoods catologue £40.00
kays catologue £62.00
hsbc overdraft £50.00
smile visa £50.00
mbna £70.00
mbna £70.00
accucard £50.00
egg £80.00
egg £80.00
bank subscription £7.50 (Is this a payment for having the account? if so ditch it you can get the same or a better account for free. Who are you with?)barclaycard £52.00
spending £200.00 25 each week for 2 this includes money for childrens subs and tuck and odd spending (Children will have to do with snacks etc from home)
childminder £200.00 I get 250 from pauls wages throughthe voucher scheme wages above take that into account
£2,963.66
Total:
balance apr credit limit
egg £2,296.19 15.90% 2370
citi £1,950.00 2000
accucard £1,991.15 17.20% 2000
mbna £2,854.53 2900
smile £987.26 10.90% 1000
egg pauls £2,083.53 15.90% 2170
barclaycard pauls £2,100.00 2600
mbna pauls £972.21 1000
b&q card pauls £800.00
overdraft £800.00
hsbc overdraft £500.00
egg loan £9,594.55 6.70% 426.52 MISSED PAYMENTS EGGS ERROR
a&l loan £7,500.00 AS THEY PUT PAUL IN THERE SYSTEM DOWN AS DEAD!!
kays catologue £300.00
littlewoods catologue £176.10
total £34,905.52

domestic_goddess

PONDSAVER wrote:

INCOMING
Monthly Incomings:

My salary £1,202.99
Partners salary £1,000.00
Child Benefits £163.40
WFC £242.79
Total £2,609.18

Monthly Outgoings:

Mortgage/Rent £563.29
Council Tax £101.00
Gas £55.00can u change supplier
Electric £50.00 again look at changing supplier
water not had a bill yet on water meter
TV License £11.07
Food £200.00 check out the moneysaving old style board to cut this down
Car Insurance paid in full
Petrol £160.00 2 cars 20 each week in each
Life Insurance £18.27can this be reduced
kids swimming lessons £18.00 can you not teach them
mobile phone £60.00 for 2 can you change your tariff to cheaper one
home phone £30.00
internet £17.99 some companies do phone and internet as a package loads cheaper
cat insurance £14.39 have you ever used this
egg loan £213.00
a&l loan £230.15
b&q card £50.00
xmas savings £40.00 might be better off putting this to pay off debt, or at least reducing it for now
citi £120.00
littlewoods catologue £40.00
kays catologue £62.00
hsbc overdraft £50.00
smile visa £50.00
mbna £70.00
mbna £70.00
accucard £50.00
egg £80.00
egg £80.00
bank subscription £7.50 what is this for?
barclaycard £52.00
spending £200.00 25 each week for 2 this includes money for childrens subs and tuck and odd spending i know this sounds harsh but you can easily lose a lot of this
childminder £200.00 I get 250 from pauls wages throughthe voucher scheme wages above take that into account
£2,963.66
QUOTE]

I bet you are feeling a bit overwhelmed if this is the first time you have wrote all this down.... the worst bit is over now

halloweenqueen_2

When you have worked out what you can cut back on, you need to throw as much of this money as possible at the debt with the highest interest rate and still make payments on the others.
You need to get a big pair of scissors and cut up the cards if at all possible.
the spending of £200 definitley need to be cut down, if you could halve that to £100 that would be £600 at least by the end of the year. If the food was reduced by another £20 thats another £120, have a look at the insuresupermarket.com and see if you can get your pet insurance any cheapre if you really need to keep it. I think you should use the xmas money to pay off as much debt as possible, its very hard with children but with £35K of debt they need a secure home and future much more than the latest stuff for xmas, its us that want them to have everything!! Its very difficult.
Ditch the bank subscription they get enough money out of you without giving them another £7.50 a month thats another £45 at least by end of year.
Unfortuanately you cannot fund the lifestyle you have at the moment so you really need to overhaul everything, get rid of the b and q card, its too tempting to go in there and put it on the card. I would be inclined to keep the kids swimming lessons if they are value for money, is there any on offer anywhere cheaper? I'd also look at the other insurances you have and see if you can get them any cheaper.
Wish you lots of luck. Good for you that you are doing something about it.

PONDSAVER_2

Thanks everyone for the advice it was and still is a shock to see it written down and hubby will be shocked too when he realises how much it adds up to.

The cat insurance we took out when we had to pay £75 for some tablest but have never used it since - I will look into the cheaper gas electric and phone internet and mobile tariffs. I'll check this tonight when I am home from work

the £7.50 a month is a smlemore account where i get free rac cover and free travel insurance (I will be using this for hols in august) so maybe I could cancel it after this - I also get a discount on the apr for the overdraft i think it is the first £500 free??

The swimmin lesson i 'd like to keep as they enjoy it they go 4 times a month for a hour a session each (3 kids) so I think this is good excersice and disapline for them.

I will get ridof xmas savings - I have just emptied it actually before i did my SOA to throw at my overdraft.

I will try and cut down on the £25 each for me and hubby to spend but he smokes and plays snooker so thats most of it gone on that - don't worry i nag him!!!

Do you thinkit will be worth sticking some of my debts into my equity? not sure how much I have got in the house but is it worth finding out do you think?

Thanks everyone. Here's to the start to the DFD when ever that will be when I have worked it out.