Feeling scared

Brassic

Hi there all,

I thought I'd do a quick post to introduce myself. I'm a mum living with hubby and our baby daughter, as well as his two daughters from a previous relationship. We have recently somehow managed to get a mortgage, so now have our own house, but our outgoings have overtaken our incomings, and we're getting scared.

I only work part time, as childcare for 3 is a burden on it's own. After reading the website through and filling in Martins budget I now have a much clearer idea where we stand (hence feeling scared) and have contacted one of the debt charities. We have our consultation next week.

In the mean time I have started some part time jobs, one as an Ann Summers party organiser (it fits in round the kids and so far seems to be bringing in some extra cash) and am currently going through the last stages of my childminding application.

<Takes Deep Breath>I've worked out that without mortgage we are currently £58000 in debt <gulp>. Things are looking pretty desperate

Looking forwards to getting some good advice and tips for staying afloat.
Brassic.

heybigspender2006

Hi,

Welcome to MSE everyone here is really friendly and helpful hope you stick around If you give a bit of a breakdown of what everything is/where it all goes then some guys here might be able to give some suggestions.

MrsTinks

First step is done Now get a SOA put together with full APR% and monthly payments, any outgoings you have (car, tv licence, debts, grocery, etc) and your monthly income and I'm sure we will be able to make it seem acchievable

Chin up - you're amongst friends here

lynzpower

Hello Brassic

Dont worry about feeling scared, with the support you will find here, it will give you the strength to carry on and fight another day, every day.

Lots of love
Lynz
x

CosmoCat

hello and welcome.

check out southern scouser's sticky thread on posting an SOA.
look forward to getting your information, i'm sure there'll be alot of help here!
don't be scared.

halloweenqueen_2

Good luck to you Brassic, you've taken the first step and worked out your debts, If you can put your statement of affairs up I'm sure there will be lots of suggestions to help you.
If you have anything like sky tv costing you money cancel it, look at your phones, mobile and landline and see if these can be switched or ditched.
The old style money saving board has a wealth of ideas for cutting costs on groceries and leaning, every little bit counts.
Look at your possessions, is there anything that can be sold off, little bits and pieces on ebay and books on amazon keep the money trickling in, its worth a go!
We will do the best we can to help you, try not to be scared - you're amongst friends here!!

leni

brassic, I used to do ann summers and have 2 ebooks of games and other party promotion stuff, email me and I'll send it to you!

leni

domesticgoddess

Hi Brassic, welcome to DFW, the good news is you've had your lightbulb moment, there is plenty of advice and help here.


All the best
DG

LJD1_2

Hiya
You'll be in good hands on this board, lots of really helpful and friendly people. The SOA is a really good idea as it helps you know exactly where you're at, good luck with everything.
xx

Brassic

Ok, scary figures forthcoming :

Monthly Incomings:

My salary - £1050
Partners salary - £1668.63
Benefits - £179.80

Total - £2,898.43

Monthly Outgoings:

Mortgage/Rent - £835.67
Council Tax - £104
Council Tax arrears from 2003 - £80
Powergen - £100
Gas - £40
Electric - £40
Water - £62
Mobiles - £38
Home Phone - £30
Insurances - £71.51
Shopping - £350
AA Membership - £9.2
Car Insurance - £58.64
Petrol - £50
Cahoot Loan - £93.12
Egg Loan - £326.67
Hubbys Cahoot Loan - £110
Mums loan - £100
CC repayments - £67.64(ish)
Barcalys - £200
Childcare - £121.24
Sky - £21
TV Licence - £10.99
Lottery - £12
Charity - £2

Total: £2740.08

Creditors

Egg - 16247 @ 7.7%
Cahoot - 6000 - 19%
Cahoot - 5000 - 11.5%
RBOS - 900 @ 6.95%
Barclaycard - 300 @ 0%
Barclays - 13000 @ 0%
Mum - 15000 @ 0%
overdrafts - 1500 @ mostly 0%


Notes - Husband WILL be dropping the stupid lottery monthly dd :mad:, childcare is actually more but I buy childcare vouchers out of my salary so that's taken care of. Credit card is not accurate cos I have recently called up RBOS and got them to lower their rate for me (from 12.97% to 6.95%) <proud moment> and transferred over my barclay balance so not sure what minimum amount will be just yet.

The 200 quid to Barclays is interest free on a business debt of hubbys that we had the account frozen for.

The mobiles are both down to lowest tarriff and hubbys will be cancelled when term is up.

The extra council tax is due to us apparently defaulting back in 2003 (something we only learnt of last month), and powergen is due to their fantastic estimated direct debit billing system going wrong, and when we moved we found out we owed them 700 quid. :eek: (I tried to fix this by upping payments earlier in the year when I noticed, but obviously not by enough to make a difference before we moved) These have both got about another 8 months to run.

That puts our spending just over our income, but it doesn't take into account saving for car tax/mots, clothes, school trips, b'days etc etc etc. It also doesn't take into account that we're supposed to be paying mum more (around 200-250).

Very scary figures, any help would be much appreciated.

Brassic

I'm off to the car boot sale next week, and am currently hunting around for things to sell on ebay, but tbh, they'll go on surviving as opposed to paying off debts.