Help wanted, I have lots of debts and due to income changes, now struggling heaps!

ceejaydee23

We have sat down and looked at things together, and have realised it is only this month we will be struggling, and even then, since i have stocked my freezer, i can meal plan properly, and only buy whats NEEDED and make sure i stick to shopping lists! for the weekly shopping. but thank you very much for mentioning about that Breakdown cover! Its definitely going to be looked at, as it really will save over £100 a year! So will be changing as soon as we can!

bloodofareptile

ceejaydee23 wrote: »

OUTGOINGS

RENT (98.06 a week *4)

£410.00

Just a small thing, but this isn't calculated correctly if you do indeed pay weekly. There are slightly more than 4 weeks each month, so rent that's listed weekly is done specifically to make people think the property is cheaper than it is.

You actually need to multiply the weekly amount by 52 weeks, then divide by 12 months. So 98.06 *52 / 12 = 425/month... which answers where 15 of your unaccounted pounds are going each month!

ceejaydee23

we have 2 free weeks a year so the rent is calculated over 50 weeks, and is just under £410 a month i did put the correct amount on the 2nd SOA i posted! I have also been looking at alot of other threads on here and have stated to my other half i'm going to start doing a shopping diary to see just where i am spending money, and in the hope that i might shed a few quid off that spending in the porocess. As i'm BAD for buying crap to be honest!

I was also wondering if maybe we were to have a joint Bills account, and anything thats left, is what we pay our shopping and petrol with, and well hopefully anything else that might crop up!

At the moment I have 2 bank accounts one with Natwest that now has no money in it, as we had put my maternity grants in there to use for christmas and baby related purchases.

Have also had word from my O/H's brother who will be starting to pay us back for the holiday to florida we took him on back in october 08!

zarazara

Firstly, very well done in getting it down on paper and facing it all. Excellent .
Now then, I was, until recently, in a similar position. So I had a good long look at things and then a talk to myself and other half. We decided this, cancel the TV , sold the tv set ,raised a few pounds,cancelled the licence. saving a small amount here,but it all adds up. Next, make a shopping list,and stick to it [thats the hard bit!]. make simple,cheap cleaning products,eg vinegar,bicarb etc,theres lots on utube,recipes etc and also on here in Old style money saving section. then it was decide to not buy any clothes for 12 months challenge. make do and mend,alter,repair,do without. its great fun ,actully,and you discover skills you never knew you had. we also cancelled birthdays and xmas,but told everyone first not to expect cards and presents as we couldnt afford it. Then we learnt to economise on food,sandwiches for works lunch and a flask, cheap but healthy evening meals etc. again theres loads on this site ,recipes etc.
then, PAY OFF the cards,and as each one gets paid off just cut it in half and inform the company you have cancelled it. just keep one for emergencies, and i mean emergencies,not just thers something half price in the shops.
Best Wishes, have fun with it, I looked on it as a challenge,it began as difficult and became and exciting and fun when I realised I was winning and beating the system. And dont forget,keep us informed about how you are doing.
As for the forthcoming little one,CONGRATULATIONS! and concentrate on getting relatives and friends to help out with stuff,clothes,cot etc,theres loads second hand and the NCT do great sales of stuff so you could join a local group,a good way to make friends too.

sylee_2

Please help, I got signed up to DFH Finacial solutions to try and sort my finaces, but after thinking it was the easiest way out I have realised it was probably the wrong decision as it will take 5 years to clear my debts. What do you suggest I do to get my debts clear. I owe about 7K. can I switch the debts to someone else is there any suggestions. please any advice would be much appreciated.

ceejaydee23

5 years to clear debts isnt bad actually, as my personal loan itself is over 9k paying back and was 13k including interest over 5 years, the creditcards are my problem really as if i keep paying them back at the rate i am its going to take 26years and 8 months on one of them, and 17 years and 2 months the other! (according to the CC calculator in here! )

Zarazara to be honest, my baby is now just over a month old, and has sniffles because i've lost weight since before my pregnancy, even my prepregnancy clothing is not fitting properly! i desperately need new bras and a hair cut (not had one since July last year same goes for my daughter) but i'm having to put up with wearing my dodgy bras.

I don't mind cooking, but cleaning isnt my speciality so beleive me if someone else could do it and save me the hassle id gladly go for it lol,

I'm trying to think of other ways i might beable to use some skills or talents to try and earn/gain more money during these harder times, maybe deliving betterware (i would say avon but i tried that years ago and was very norty and owed them £80ish which they gave up on but have got a nasty mark on my credit file cos of it)

ceejaydee23

I have read on Martins recent email, that cockups from HMRC on overpayments after notifying them of changes to childcare, are not our responsibility to pay back? Do you think its too late to try and claim back? As since April last year i have been on reduced payments(as getting their money back) after they failed to take off childcare costs after i phoned and told them i wouldnt be requireing them as i was changing my working hours!

ladybez

Sylee, you may be better starting a new post about your issues as things may get mixed up or missed. The general advice is NOT to go to any fee charging organisation to sort out your debts, either contact one of the debt charities, or do it yourself. Often there management companies take a chunk of your monthly payment for "fees" whereas you would be better using these sums towards your debts.

happyd_2

Hello ceejaydee

I don't have a short-term, or quick fix solution, but I'd like to share my personal story with you, if that's ok.

A little over 5 years ago, I started my first Site Build It! site, and the first year I focused on getting content on the site - actually made small change in that first year, but that is not where my focus was.

In my second year the income grew (I had about 100 pages on my site, and had an ebook for sale). From my third year the income grew steadily, although I was actually doing less on my site. At this stage I don't think of my "site", but actually regard it as my online business. And the reality of this is that the past 2 years I've not very close to nothing on my site.

I've started my second Site Build It! site, and will be developing that over the next few months to a year.

I know a lady who also has an SBI! site, and similar to myself, her site "runs itself". She is using the income from teh site to pay off debts, savings, and it is her goal to eventually have her site as her retirement fund.

The real for me with my SBI! site is that when I was laid off work the end of Sep last year, the income from my online business helped (and helps) us stay afloat.

One of the big attractions for me joining SBI! was the Action Guide - this "business manual" guided me, step-by-step, from choosing a site topic, to finding profitable keywords, building relationships with my visitors, all the way to methods and ideas for monetizing me site.

I must just mention that SBI! is not a quick fix solution, and it will take time and effort to build your online business, as that's what it's about: building an online business.

I hope that helps.

Best regards.

HappyD

ceejaydee23

Hello All, would just like to say thanks to this forum, Its amazing how just reading other peoples situations and having some handy hints and tips and just generally getting it down in word form can help things, and put things into perspective.

At the end of the day my situation isnt dia, and its not likely to be! So from reading other peoples threads and there suggestions and advice, I have come to think, 1stly continue to pay the CC's what I am, £75 and £65 a month, and the personal Loan as it is, Its got what 39 payments left, and on the next payemnt the outstanding balance will be under 9k which to me with each 1k off the balance is a milestone! once that is paid it will release another 232 a month to make more of an impact clearing the credit cards if not already cleared (if by any stroke of luck)

Also I will be calling The CC dept of HSBC to close the CC account so i cant actually spend on that card! Its the card with the mich higher interest rate.