Need to get out of debt urgently - HELP PLEASE

clarab_3

Ebonydeluxe wrote: »

Thanks guys for your help so far.

HOF stands for House of Fraser - sorry.

Yes I have tried to consolidate, then started spending all over again as the balances went to £0. But one loan was for a home move, I couldn't believe how much it cost to move home.

I am single, no partner.

I will cut up the HOF cards and monsoon. I have some vouchers on the monsoon one. So will delay until I have spent them - no I'm not going to add to the balance.

I will start a diary. And you are right it is the little spends that add up. I very rarely carry cash, so I use my card instead. I stopped shopping for the week and changed to a daily shop to just buy what I needed for the day. Big mistake - I think I spend more this way, but I don't waste as much food as I was before.

Should I go back to a weekly shop? Or should I try the £1 per day challenge (£1 for each child as well)?

Ebony, can only speak for myself, but I find that meal planning, then doing a big fortnightly shop online works for me. I withdraw a minimum amount of cash from the bank for fresh milk, fruit/veg, and any other top up I need. It might work for you too. If you don;t have to go to the shops because the fridge freezer is full - some of the temptation to shop or make impulse buys goes too.

Ebonydeluxe

clarab wrote: »

Ebony, can only speak for myself, but I find that meal planning, then doing a big fortnightly shop online works for me. I withdraw a minimum amount of cash from the bank for fresh milk, fruit/veg, and any other top up I need. It might work for you too. If you don;t have to go to the shops because the fridge freezer is full - some of the temptation to shop or make impulse buys goes too.

I will start doing this and leave my card at home.

hattiefats

:TAs a former shopper who loved expensive clothes and wasted god knows how much on buying them (half of them never got worn!) I can relate.
I sold loads of my stuff on ebay and when I needed something new bought it on ebay too! In fact one of my nicest tops cost £2 on ebay and everyone at work asks me where I got it!! Once you get in to money saving its quite addictive not to mention less worrying as you are chipping away at debt all the time.
Good luck to you and congrats for making the decision to sort things out.

inmypocketnottheirs

Are you receivng any maintenance or support for your children?

Ebonydeluxe

inmypocketnottheirs wrote: »

Are you receivng any maintenance or support for your children?

No, not at the moment, but it is being chased. I wouldn't hold my breath for it though.

firestronaut

Ebonydeluxe wrote: »

Hi Guys:hello:

Too scared to cut them up as I have been using them to help me make some of my min payments. Sad I know - using debt to pay off debt. I am playing a juggling game at the mo with my debts.


My SOA

Monthly Income Details
Monthly income after tax................ 1770
Benefits................................ 285
Total monthly income.................... 2055

Monthly Expense Details

Rent.................................... 450
Council tax............................. 81
Electricity............................. 42.5 There's plenty of ways to cut your usage if you know the right stuff. And are you with the cheapest supplier for your area?
Gas..................................... 42.5 See above.
Water rates............................. 15
Telephone (land line)................... 40 This seems really high. Basic line rental is usually around £11.25 a month
Mobile phone............................ 40 Again, this seems really high. Have you tried phoning your mobile provider to downgrade?
Satellite/Cable TV...................... 26 This can easily be cut. You can use a basic package for much cheaper. Or just use a freeview box!
Internet Services....................... 10
Groceries etc. ......................... 200 This is a very decent amount. But try cutting it a little more by using cheaper brands and planning meals.
Clothing................................ 150 :eek: I currently spend less than £8 a month on my clothes, and around 15 on my 11 month old baby.
Petrol/diesel........................... 70 It might not be manageable with kids, but have you tried walking or using public transport just ONCE a week? It all helps.
Car Insurance........................... 95 Shop around at your next renewal, this seems high.
Childcare/nursery....................... 216

Total monthly expenses.................. 1478

Description....................Debt......Monthly...APR
Barclaycard....................2795.84...62.9......24.9
Lloyds.........................3465.28...69.31.....14
M&S............................1777.66...44.44.....18.9
Loan...........................3200......144.4.....6.4
Loan...........................3687.71...147.6.....7.9
Loan...........................2672.53...165.4.....6.4
Loan...........................5139.88...153.1.....6.4
Monsoon........................303.65....12.15.....18.9
NEXT...........................863.24....75.3......26.49
HOF............................618.77....24.75.....24.9
HOF............................981.14....39.25.....29.3
HOF............................213.44....8.54......22.44

Monthly Budget SummaryAmount(£)Total monthly income2,055Monthly expenses (incl. HP & secured loans)1,478Available for debt repayments577UNsecured debt repayments947.14Amount short for making debt repayments-370.14

Appreciate the help, thanks.

If it's POSSIBLE, try and cut back on the amount you give to your low APR loans and cards and pay back the high APR cards first.

Start a spend diary to help you make cut backs, and look around the board for tips and tricks.

Ebonydeluxe

firestronaut wrote: »

If it's POSSIBLE, try and cut back on the amount you give to your low APR loans and cards and pay back the high APR cards first.

Start a spend diary to help you make cut backs, and look around the board for tips and tricks.

The loans are set DD, not allowed to change them.

When I get the urge to plurge I will come on this forum for help, I know you guys will help talk me out of silly purchases.

I know Martins 3 questions to ask when making a purchase: Do I need it? Can I afford? Can I get it anywhere cheaper? But I always talk myself into a spend, saying "just this last purchase, then I'll stop".

Believe it or not, when I was a teen and in my early twenties I used to be so smart with money, then the more I earnt, the more I spent. Started shopping in more expensive shops aswell. There is a difference in the quality, but it is about buying what I actually need.

:beer:2010 is going to see a new me, debt free and hopefully, eventually saving money.:cool:.

Ebonydeluxe

firestronaut wrote: »

If it's POSSIBLE, try and cut back on the amount you give to your low APR loans and cards and pay back the high APR cards first.

Start a spend diary to help you make cut backs, and look around the board for tips and tricks.

I think I might walk to work more often, this will help with the losing weight. My only issue is time, when I collect kids by car, journey time is around 5 mins. Walking takes around 30-40 mins and is filled with complaints. I don't mind though, I wanted to purchase a bike to ride to work and then had one in the next sale, but decided against because I have no space in my house.

Walking it is then. Just have to organise my time better.

LittleMissSlim

Just out of interest are you sure you are getting all the benefits you are entitled to? Have you been on entitledto.com to check? I only ask because I was shocked at how much I would be able to get if I was a single Mum again.......

Good Luck - I am just starting to deal with my debts, I think its even more important when you have children - I am like you and want them to grow to be savers rather than spenders like me!

Ebonydeluxe

LittleMissSlim wrote: »

Just out of interest are you sure you are getting all the benefits you are entitled to? Have you been on entitledto.com to check? I only ask because I was shocked at how much I would be able to get if I was a single Mum again.......

Good Luck - I am just starting to deal with my debts, I think its even more important when you have children - I am like you and want them to grow to be savers rather than spenders like me!

Thanks I will do that today.

Well good luck with your mission and hope to hear how you are getting on.