We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Need some advice PLEASE :) **update**

cmc_entertainment
Posts: 338 Forumite

hi there; just thought i'd post my current situation, and from reading the other threads; i'd have a go 
Here we go :eek: :
Monthly Incomings:
My salary - £1000 [takehome without overtime - paid weekly]
Partners salary - £0 - Housewife
CTC+CB - £144 [soon to rise Baby#2]
Total - £1144.00
Monthly Outgoings:
Mortgage/Rent - £260
Council Tax - £110
Gas - £20
Electric - £20
TV License - £18.90
Sky £36.00
Phone - £50
Food - £200
Car Insurance - £n/a
Petrol - £n/a
Life Insurance £n/a
Internet - £22
Total: £736.90
Debts ....
Mine:
Capital One - £1000 [29.9%]
Clydesdale Financial - £455 [7mnths left @ £65 - 0% - Home Learning Course]
Natwest Consolidation Loan - £~3000 [£87/m]
Natwest Overdraft - £320 [- Limit £100]
OtherHalf:
DPs Card - £250 [Limit £250]
Halifax CC - £1350 [Limit £1250]
Capital One - £170 [Limit £200]
Montly Repayments:
NW loan - £87
Clydesdale - £65
Capital One - £60
DP Card - £10
Halifax CC - current @ £40
NW Overdraft - £?
total - ~£287/month [budget excel sheet]
TOTAL DEBT: ~ £6125 [~ = rough guess on Natwest Loan]
The sticking point is Natwest want to clear the overdraft within 10 working days - if i cant i have to ring them - which is very likley.
Nawest loan comes out of the OD account - so i missed a payment last month - so 2 payments are due soon; and they WILL NOT allow me to pay via anyother way [has to be via a Natwest account] - last resort i belive is to open another basic Natwest account and then ask to switch the DD over; then that allows me to actually pay the loan and the slowly pay off my overdraft. [Comments please]
Have recently applied for £3000 via halifax joint app'l, but was declined due to my wifes CC being over the limit; and have applied for the same amount via Black Horse - in which i know that i will be declined - It was in the thinking of "how the hell do we go from here?".
Clydesdale loan isnt a problem - i believe @ £65 with 7 months left to pay @ 0%
Wifes Halifax CC - has agreed to pay something each friday [payday] to get the balance down - its just a pain in the a***!
DP card is what my Wife uses for herself and to get baby clothes on - min is around £10/m
I even thought of the Provident for clearing the OD and haveing the 2 payments ready to be taken :eek:
ANY help/comments will be very helpful
THANKS
cmc

Here we go :eek: :
Monthly Incomings:
My salary - £1000 [takehome without overtime - paid weekly]
Partners salary - £0 - Housewife
CTC+CB - £144 [soon to rise Baby#2]
Total - £1144.00
Monthly Outgoings:
Mortgage/Rent - £260
Council Tax - £110
Gas - £20
Electric - £20
TV License - £18.90
Sky £36.00
Phone - £50
Food - £200
Car Insurance - £n/a
Petrol - £n/a
Life Insurance £n/a
Internet - £22
Total: £736.90
Debts ....
Mine:
Capital One - £1000 [29.9%]
Clydesdale Financial - £455 [7mnths left @ £65 - 0% - Home Learning Course]
Natwest Consolidation Loan - £~3000 [£87/m]
Natwest Overdraft - £320 [- Limit £100]
OtherHalf:
DPs Card - £250 [Limit £250]
Halifax CC - £1350 [Limit £1250]
Capital One - £170 [Limit £200]
Montly Repayments:
NW loan - £87
Clydesdale - £65
Capital One - £60
DP Card - £10
Halifax CC - current @ £40
NW Overdraft - £?
total - ~£287/month [budget excel sheet]
TOTAL DEBT: ~ £6125 [~ = rough guess on Natwest Loan]
The sticking point is Natwest want to clear the overdraft within 10 working days - if i cant i have to ring them - which is very likley.
Nawest loan comes out of the OD account - so i missed a payment last month - so 2 payments are due soon; and they WILL NOT allow me to pay via anyother way [has to be via a Natwest account] - last resort i belive is to open another basic Natwest account and then ask to switch the DD over; then that allows me to actually pay the loan and the slowly pay off my overdraft. [Comments please]
Have recently applied for £3000 via halifax joint app'l, but was declined due to my wifes CC being over the limit; and have applied for the same amount via Black Horse - in which i know that i will be declined - It was in the thinking of "how the hell do we go from here?".
Clydesdale loan isnt a problem - i believe @ £65 with 7 months left to pay @ 0%
Wifes Halifax CC - has agreed to pay something each friday [payday] to get the balance down - its just a pain in the a***!
DP card is what my Wife uses for herself and to get baby clothes on - min is around £10/m
I even thought of the Provident for clearing the OD and haveing the 2 payments ready to be taken :eek:
ANY help/comments will be very helpful
THANKS
cmc
0
Comments
-
Right, if my maths is right, you have £400 left to service your debts, but you are spending only £300 doing so. Where is the other £100 going?
Also, get rid of Sky. You don;t need it and £36 a month will really help batter the debts.
You need to keep a spending diary for a month. Get a notebook and write in it everything you spend, be it 20p on a paper or 35p on chocolate.
Check out the snowball calculator at https://www.whatsthecost.com/snowball.aspx to see how every pound put towards your debt can bring your DFD nearer.
I think you can probably cut the phone and food bills too. I spend £60 a month on food for one hungry adult and a cat, so you could cut a bit off your bill I'm sure.
The phone is a place where you ought to be able to save a good £40 a month. I am with onetel for calls and spend hardly anything. Last month my bill was £2!!!! Although I am at work most of the time.
Other things to think about - can you rent out a room or a garage as storage for extra money? Get a second job? Can your partner do some work from home to bring in money, like ironing for people?
HTH:cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool::heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
0 -
I work that out:
Income 1144
outgoings 736.9
debts 287
total 1023.9
balance 120.1
So you have an extra £120 per month to make up the missing loan payment then start pay towards the overdraft. Could you ask the NW to increase your OD limit temporarily then reduce it by £50 per month?
What are the APRs on the other credit cards, loans and OD?0 -
Hello mate. Well done for posting.
I'm assuming Natwest won't extend your overdraft?
It's difficult because we can all suggest cutbacks that will help you long term but there's not alot that we can say to help immediately with the overdraft! :think:
Do you have sufficient credit on a credit card to transfer your overdraft limit on to that? However if you get paid weekly does that money not go into your Natwest account? Whatever you do don't ignore it. Phone them and explain that you are a bit short this month but have a plan. If they were to extend your limit just so that you don't incur any charges (which you can claim back when it's sorted but don't tell them) you would be able to sort yourself oput and reduce your overdraft each month.
Regarding your monthly outgoings, you are paying £226.80 a year for your TV license! How come?
Get rid of the SKY. Or at least downgrade packages. You can't really afford that luxury at the moment! Also are you tied into a contract with your internet. I pay £14.99 a month for 1gb BB! That would save you £84 a year! :j
Now I'm making an assumption here so apologies if I'm wrong, but it seems to me you are living beyond your means. The fact most cards are up to their limits or over suggests you are paying the minimum payment each month but then using them again!
You really need to sort this out or you will be going round in circles for years to come.
Start a spending diary and every day note down EVERY single penny you spend. Even if it's only 20p on a packet of chewing gum. At the end of the month it gives you a massive eye-opener as to where your money goes!0 -
Also do not apply for any consolidation loans! It is very rarely the best way to go and you could do with saving a search on you report for a low life of balance card or something!
Incidentally when was the last time you applied for credit and were you successfull? Do you think you would be accepted for a new card?
If so then consider a 0% for 6 months type card or a low life balance card (which I personally prefer)!0 -
The real option for me to offer you is quite frankly, what have you got to sell? Ebay, amazon, car boot sale, loot, anything. Im making 100 a month on ebay etc at the mo ( im sure Ill run out eventualy) Car boot sale could bring you in some cash by the end of the week? ( pick somewhere decent though, have a look on the bootsales/ebay board
Can your wife work? Evening job? BAr work, call centre, tescos?or even take in a bit of ironing or something to bring some money in?
Sorry I know this is rather obvious, but I think its the only thing I can suggest with short term impact:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
0
-
cmc_entertainment wrote:
Thats based on payments totalling £300 a month. Have you tried it by putting £350 a month?It just gives you that extra incentive to find more cash to throw at your debts.
I think maybe you should try applying for a new credit card with a low APR as all your debts have quite high ones! :think:0 -
revised £350 HERE0
-
southernscouser wrote:Incidentally when was the last time you applied for credit and were you successfull? Do you think you would be accepted for a new card?
If so then consider a 0% for 6 months type card or a low life balance card (which I personally prefer)!
think it was around 6-7 months ago when i consolidated my natwest od [around 1700 then] and 1k for cap one card which didnt get paid off - worst mistake :embarasse0 -
Does the TV license drop to £11 a month after 6 months?
Also you haven't included a water bill - even if you pay for this yearly you should add it to your monthly budget.
Add something to your budget for clothes. If your wife buys clothes on a 29% card and then only pays the minimum £10 per month, those clothes are costing you a lot more than they need to. How old are the kids? You can get decent 2nd hand stuff on ebay - brands like Next + Gap. Whatever else your wife is using that card for needs to be added to the budget rather than the debt.
So you owe £87 missed loan payment, plus you need to pay £220 off the OD. Without making any changes to your outgoings you should be able to sort this out in 3 months. If you can cut the food bill by £20-£30, reduce sky or get rid off it + reduce the phone bill this would give you at least another £50 per month to throw at your debts.
I agree with southernscouser try putting some other figures in the snowball calculator. It's amazing seeing the months just fall away and that debt free date even closer. In 2 years you could be saving £400 a month.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards