don't know what to do next!

Bluebirdsfly

Hi guys, am pretty desperate and not sure what to do

We are losing a battle at the moment and bank charges are making it impossible to break the cycle. We are charged every month for being overdrawn, which only makes things worse. For example, in dec and dd was refused, for sum of £25 and we are being charged nearly £200 by the bank for this. We can barely afford to buy food let alone just 'give' them this money, which we don't have.

Hubby earns about £1900/month and I work pt and earn about £900/month. We pay out for the usual stuff + childcare and still can't manage. We could prob scrape by if we could get even but we just seem to be in a worse place each month. I have a grad loan (about 5k left) which is £260/month and we have £15k on cc (scares me to even write that) Our mortgage is £1000/month.

What on earth can we do to get out of this mess without taking out more loans?!

Any advice would be really appreciated as I feel desperate and hubby is sticking his head in the sand.

Thank you

ghostmadlittlemiss

Don't worry, you've come to the right place. There are people here who can give you some brilliant advice to get debt free if you listen to them. Pop us up a SOA and we'll see what we can do.
Kayleigh

gfplux

hello bluebirdsfly,
Welcome to the board.
[FONT=Arial, sans-serif]Debt normally comes by spending MORE than you EARN. That is you are living a lifestyle you can not afford. We all know that, but sometimes we can not see the wood for the trees. If you want to get out of debt you have to change that habit today.[/FONT]
[FONT=Arial, sans-serif]Make out your SOA and post it here. (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically total the numbers. It can be saved (click on the help) and you can change it every day if you want. [/FONT]
[FONT=Arial, sans-serif]Also read this great post by southernscouser http://forums.moneysavingexpert.com/showthread.html?t=107280[/FONT]
[FONT=Arial, sans-serif]When making out your SOA (Statement Of Affairs) try not to guess at the figures, dig out the paperwork! However remember a partial completed one as a first step is better than none. [/FONT]
[FONT=Arial, sans-serif]It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. [/FONT]
[FONT=Arial, sans-serif]If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. [/FONT]
[FONT=Arial, sans-serif]In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.[/FONT]
[FONT=Arial, sans-serif]If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as (not all will apply to you:-[/FONT]
[FONT=Arial, sans-serif]If there is “other” Income explain what it is[/FONT]
[FONT=Arial, sans-serif]Mortgage – interest only or not.[/FONT]
[FONT=Arial, sans-serif]What is the age of any children.[/FONT]
[FONT=Arial, sans-serif]Council tax is it over 10 or 12 months.[/FONT]
[FONT=Arial, sans-serif]Electricity and gas any arrears.[/FONT]
[FONT=Arial, sans-serif]Water rates meter yes or no.[/FONT]
[FONT=Arial, sans-serif]Grocery's does this include gambling, booze and cigarettes.[/FONT]
[FONT=Arial, sans-serif]Mobiles, how many and when are the contracts up for renewal.[/FONT]
[FONT=Arial, sans-serif]If no contents insurance is it include with buildings insurance.[/FONT]
[FONT=Arial, sans-serif]If pets cost money, what are they.[/FONT]
[FONT=Arial, sans-serif]House or flat value, has it been valued by an Estate Agent and when.[/FONT]
[FONT=Arial, sans-serif]The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.[/FONT]
[FONT=Arial, sans-serif]When you have posted it and it does not look right or you want to change it, do so and repost it.[/FONT]


[FONT=Arial, sans-serif]Do not put off till tomorrow what can be done today, if you are serious.[/FONT]
[FONT=Arial, sans-serif]Good Luck
[/FONT]

pinkpinkuk

Hello Bluebirdsfly,

Congratulations on posting, that can be the hardest part. Welcome to the board and don't despair just yet. There are some lovely people on this board who will be able to give you some advice.

Bluebirdsfly

Thanks for you replies, good to know someone is listening!
I have had to 'estimate' a little as all paperwork is in my son's wardrobe...and he's fast alseep, so I'll have to update it tmrw with exact figures.

Answers to other questions...
Mortgage – interest only or not. - Not
[FONT=Arial, sans-serif]What is the age of any children. - 3[/FONT]
[FONT=Arial, sans-serif]Council tax is it over 10 or 12 months. - 10[/FONT]
[FONT=Arial, sans-serif]Electricity and gas any arrears. - No[/FONT]
[FONT=Arial, sans-serif]Water rates meter yes or no. - No meter[/FONT]
[FONT=Arial, sans-serif]Grocery's does this include gambling, booze and cigarettes. - None of those[/FONT]
[FONT=Arial, sans-serif]Mobiles, how many and when are the contracts up for renewal. - 2 contracts May & June[/FONT]
[FONT=Arial, sans-serif]If no contents insurance is it include with buildings insurance. - yes[/FONT]
[FONT=Arial, sans-serif]If pets cost money, what are they. - food approx £30/month[/FONT]
[FONT=Arial, sans-serif]House or flat value, has it been valued by an Estate Agent and when. - House, going by recent sale values of neighbours. Not valued[/FONT]

[FONT=co/p purier new]Statement of Affairs and Personal Balance Sheet[/FONT]
[font=co
urier new]Household Information[/font]
[FONT=co/p purier new]Number of adults in household........... 2[/FONT]
[FONT=co/p purier new]Number of children in household......... 1[/FONT]
[FONT=co/p purier new]Number of cars owned.................... 1[/FONT]
[font=co
urier new]Monthly Income Details[/font]
[FONT=co/p purier new]Monthly income after tax................ 900[/FONT]
[FONT=co/p purier new]Partners monthly income after tax....... 1800[/FONT]
[FONT=co/p purier new]Benefits................................ 0[/FONT]
[FONT=co/p purier new]Other income............................ 0[/FONT]
[font=co
urier new]Total monthly income.................... 2700[/font]
[font=co
urier new]Monthly Expense Details[/font]
[FONT=co/p purier new]Mortgage................................ 1036[/FONT]
[FONT=co/p purier new]Secured/HP loan repayments.............. 0[/FONT]
[FONT=co/p purier new]Rent.................................... 0[/FONT]
[FONT=co/p purier new]Management charge (leasehold property).. 0[/FONT]
[FONT=co/p purier new]Council tax............................. 140[/FONT]
[FONT=co/p purier new]Electricity............................. 30[/FONT]
[FONT=co/p purier new]Gas..................................... 69[/FONT]
[FONT=co/p purier new]Oil..................................... 0[/FONT]
[FONT=co/p purier new]Water rates............................. 25[/FONT]
[FONT=co/p purier new]Telephone (land line)................... 9[/FONT]
[FONT=co/p purier new]Mobile phone............................ 30[/FONT]
[FONT=co/p purier new]TV Licence.............................. 10[/FONT]
[FONT=co/p purier new]Satellite/Cable TV...................... 0[/FONT]
[FONT=co/p purier new]Internet Services....................... 19[/FONT]
[FONT=co/p purier new]Groceries etc. ......................... 350[/FONT]
[FONT=co/p purier new]Clothing................................ 0[/FONT]
[FONT=co/p purier new]Petrol/diesel........................... 40[/FONT]
[FONT=co/p purier new]Road tax................................ 0[/FONT]
[FONT=co/p purier new]Car Insurance........................... 25[/FONT]
[FONT=co/p purier new]Car maintenance (including MOT)......... 5[/FONT]
[FONT=co/p purier new]Car parking............................. 0[/FONT]
[FONT=co/p purier new]Other travel............................ 0[/FONT]
[FONT=co/p purier new]Childcare/nursery....................... 127[/FONT]
[FONT=co/p purier new]Other child related expenses............ 0[/FONT]
[FONT=co/p purier new]Medical (prescriptions, dentist etc).... 8[/FONT]
[FONT=co/p purier new]Pet insurance/vet bills................. 12[/FONT]
[FONT=co/p purier new]Buildings insurance..................... 37[/FONT]
[FONT=co/p purier new]Contents insurance...................... 0[/FONT]
[FONT=co/p purier new]Life assurance ......................... 30[/FONT]
[FONT=co/p purier new]Other insurance......................... 0[/FONT]
[FONT=co/p purier new]Presents (birthday, christmas etc)...... 0[/FONT]
[FONT=co/p purier new]Haircuts................................ 0[/FONT]
[FONT=co/p purier new]Entertainment........................... 0[/FONT]
[FONT=co/p purier new]Holiday................................. 0[/FONT]
[FONT=co/p purier new]Emergency fund.......................... 0[/FONT]
[font=co
urier new]Total monthly expenses.................. 2002[/font]

[font=co
urier new]Assets[/font]
[FONT=co/p purier new]Cash.................................... 0[/FONT]
[FONT=co/p purier new]House value (Gross)..................... 300[/FONT]
[FONT=co/p purier new]Shares and bonds........................ 0[/FONT]
[FONT=co/p purier new]Car(s).................................. 3.5[/FONT]
[FONT=co/p purier new]Other assets............................ 0[/FONT]
[font=co
urier new]Total Assets............................ 303.5[/font]

[font=co
urier new]Secured & HP Debts[/font]
[FONT=co/p purier new]Description....................Debt......Monthly...APR[/FONT]
[FONT=co/p purier new]Mortgage...................... 163......(1036).....0[/FONT]
[font=co
urier new]Total secured & HP debts...... 163.......-.........- [/font]
[FONT=co/p purier new]Unsecured Debts[/FONT]
[FONT=co/p purier new]Description....................Debt......Monthly...APR[/FONT]
[FONT=co/p purier new]grad loan......................5.5.......260.......0[/FONT]
[FONT=co/p purier new]cc.............................15........0.........0[/FONT]
[font=co
urier new]Total unsecured debts..........20.5......260.......- [/font]

[font=co
urier new]Monthly Budget Summary[/font]
[FONT=co/p purier new]Total monthly income.................... 2,700[/FONT]
[FONT=co/p purier new]Expenses (including HP & secured debts). 2,002[/FONT]
[FONT=co/p purier new]Available for debt repayments........... 698[/FONT]
[FONT=co/p purier new]Monthly UNsecured debt repayments....... 260[/FONT]
[font=co
urier new]Amount left after debt repayments....... 438[/font]
[FONT=co/p purier new]Personal Balance Sheet Summary[/FONT]
[FONT=co/p purier new]Total assets (things you own)........... 303.5[/FONT]
[FONT=co/p purier new]Total HP & Secured debt................. -163[/FONT]
[FONT=co/p purier new]Total Unsecured debt.................... -20.5[/FONT]
[font=co
urier new]Net Assets.............................. 120[/font]
[FONT=co/p purier new][/FONT]

suziewuzie

Hi bbf - didn't want to read and run.
Lots of experts (I'm not one) will be able to advise you and you will get out of this. My only comment is that your grocery bill would be easy to cut back - we spend around £200 a month (or less) for 3 adults and we eat well. Meal planning and cooking from scratch really helps - a look at the Old Style forum would help you I'm sure - lots of meal plans and ideas for using up what you already have in freezer/cupboards etc.

Good luck. I'm sure some more help will be here soon.

crawley_girl

Do you receive child benefit?

gfplux

Bluebirdsfly you have missed some zero's from your debts and the monthly payments
have a look at the section headed - Enter your UNsecured Debts e.g. credit cards and try and fill it out fully.
Did you mention and overdraft?
Re look at other area's where you may be missing zero's.
Then repost the SOA