Help, drowning in Debt!

sallyx

Hi Everyone
have just had a read through some of the posts and felt that it was time to face up to the reality that I am drowning in debt. I gave up work last august to look after by newborn baby and decided not to go back to work as I couldn't afford childcare. My husband and I thought that we would be able to cope on his income and overtime but after looking at the bank account today realisation is that we can't and I don't really know where to start.
My outstanding debt is as follows

Egg Loan £7,881.77 which is £370 pm
HSBC Credit Card £347.56
HSBC Credit Card (husbands) £1123.18
Capital Bank Car Loan £12531.06 which is £271.11 per month

I have filled in Martins debt/expenses questionaire and at the moment we are overspending by £487 per month. I can't cut back anymore and I don't know where to go from here. Can someone please give me any advice as this is really getting me down and my husband just seems to ignore the problem

Thanks

wendyl1967

Could you work in a supermarket maybe in the evenings or weekends then you do not have to worry about childcare. I did that for two years.

Or you could register as a childminder then you get to be at home with your own child. A few of my friends did that.

You could perhaps post on here your ingoing and outgoing expenses then others could see where they could help you.

**purpleprincess**

Hiya! Welcome to MSE and for getting the courage up to post. It would be really useful for us if you could post an SOA (statement of affairs) listing all your income, outgoings, aprs etc etc and we can give you some advice based on that. There are always ways to cut back, we just can't see it sometimes! Let a few pairs of fresh eyes take a look x

Sea78

Hi,

Welcome to the board! As said, why don't you post your SOA (see first time posters thread at the top of the board) and we'lls ee if we can help out. Ihad my little boy last August (11th) - can you believe it's nearly a year!!

Sea xx

Jessiepig

My daughter will be 14 on the 11th Aug. Thats gone quick.
When I had my first we thought we could manage and I gave up work and each month we slipped further behind and after nine months I returned to work part time.
Within 6 months we could afford to move to a bigger house. Its amazing how things can turn around if you try.
My children are too old but is there not child care vouchers available to help towards paying for child care. Just a thought.

sallyx

Ok here is my soa
Mortgage / Rent £575.00
Contents Insurance £15.78
Council Tax £130.00
Water £27.00
Gas Bill £40.00
Electricity Bill £40.00
Home Phone Bill £15.00
Internet Bill £33.99
Food £259.80
Car Insurance £38.85
Car Tax £12.38
Parking £2.67
Petrol / Diesel / Gas £40.00
Car Loan Repayments £271.11
Personal Loan Repayments £370.00
Credit Card Repayments £15.00
Childcare / Play Schemes £11.47
Hobbie /sports £11
TV Lic £10.99
Haircut £5
Dentist £8.33

Outgoings £1933.37

Salary £1166.52
Benefits £304.02
Incoming £1470.54

I hope this helps??
Thanks for all your posts

bluezone

Well I heres my tuppence worth!

"Ok here is my soa
Mortgage / Rent £575.00
Contents Insurance £15.78
Council Tax £130.00
Water £27.00
Gas Bill £40.00
Electricity Bill £40.00
Home Phone Bill £15.00
Internet Bill £33.99 This seems quite high could you not get this lower?
Food £259.80
Car Insurance £38.85
Car Tax £12.38
Parking £2.67
Petrol / Diesel / Gas £40.00
Car Loan Repayments £271.11
Personal Loan Repayments £370.00
Credit Card Repayments £15.00
Childcare / Play Schemes £11.47
Hobbie /sports £11 Is this for something important, if not then get rid of it as you cannot afford it.
TV Lic £10.99
Haircut £5
Dentist £8.33

Outgoings £1933.37

Salary £1166.52
Benefits £304.02
Incoming £1470.54"

This would give you an extra £30 month going on internet being £14.99 aa month and getting rid of sports and hobbies.
Sorry if I sound a bit harsh I'm sure others will be ablong with more advice x

dancingfairy

What are the limits on the credit cards and what are the interest rates. Can you shift some of the debt to cards with lower interest rates?

black-saturn

Heres my tuppence worth too:

Council Tax £130.00 - This seems high, is it a back payment?
Water £27.00 - This also seems high. If your not already on a water meter you could go onto one and cut down. I've cut mine down from £35 per month to £12 per month.
Gas Bill £40.00 - This seems high too.
Electricity Bill £40.00 - This is also high. Cut down on electric by switching things off that arnt in use, having candlelight in the evenings and not having TV on all day (not that I'm accusing you of that)
Internet Bill £33.99 - Very high. Look for another IP.
Food £259.80 - Have a look on my menu planners http://forums.moneysavingexpert.com/showthread.html?t=157526&highlight=black-saturns+menu and http://forums.moneysavingexpert.com/showthread.html?p=2340412&posted=1#post2340412 to see how I've got mine down to £43 per month for 3 people.
Car Insurance £38.85 - Do you really need a car?
Car Tax £12.38 - Ditto
Parking £2.67 - Ditto
Petrol / Diesel / Gas £40.00 - Ditto
Childcare / Play Schemes £11.47 - Is there a Sure Start in your area? If so you may qualify for free playgroup or playscheme places.
Hobbie /sports £11 - Go for a long walk or jog instead.
Haircut £5 - Grow it!!

Also have a look around your house for things like dvds you never watch anymore, cds you never listen to anymore, clothes you never wear anymore and books you never read anymore (or anything else you no longer want) and sell them on ebay. You will be amazed at how much money you can get for stuff like this. You can use that money for paying the debt off. Also use ebay, boot sales and charity shops as your first port of call when you are going to buy something.

redballoon_2

I think the food bill could easily be cut down in half at least. make sure you plan your meals out, only buy what you really need, make everything from scratch, make lunches, make washing powder instead of buying it etc..

all of these tips can be found on the money saving old style board.

you need to find £470 ish a month then or reduce your bills by this much.

do you need internet at home?

could you not have a car? or not have one until you are better off financially?

could you not approach your loan people and ask them to reconsider your payments per month?

lynzpower

Hi there and welcome

Just a few additions from me.

your utuilities are really high. Check out https://www.saveenergy.co.uk- have thinga off at the wall. turn your thermpostat down a touch on your hot water heater, and loads of other tips on saving energy. Have you got everything insulated & lagged as it should be, and of course you are on the cheapest provider.

You can easily get broadband for 15 a month, try tesco value ( adn myou get CC points too!) or madasafish for exmple.

Your food is really high there. Me & OH do 100 month, between us including packed lunches, picnics, toiletries & cleaning. Are you using disposable nappies? If so get some organic cotton ones, many on a discount scheme from your local council. Saves a fortune!!


Of course selling anything is good news, using vouchers towards your shopping, literally everything in the great ways to cut back thread thats pinned to the top of the page there are some cracking ideas in there.

Love
Lynz
x