Need a bit guidance I think...

savingmummy

shonimac wrote: »

Oh, and by the way, thank you so much for your quick and comforting replies!!!!

Your welcome. We are all in or been in the same situation!
I just want you to know the bank person is there to advise you and is also there to do their job in selling finance products :eek:
PLEASE don`t fall for their words that make you think `wow` it is not always a good thing. IE my example :mad:

As it stands i think you will be ok IF you work hard to cut back and work out where the surplus is going each month!
Is your OH spending? how are there finances? Do they know about your debt?

niccatw

Hi Shonimac

Don't worry about your meeting with the bank too much; they likely view you as a future mortgage buyer!

Do you know if it's a general "financial review" that both BoS and RBS tend to do these days? If this is the case, they tend to go through your finances to with a view to selling you a loan or home insurance.

Please don't be tempted to take out a loan to consolodate your two BoS products. I had a BoS professional studies loan, met with an advisor and due to my naivety and lack of knowledge (some might say stupidity! And I could only agree ), they transferred ot to a massive overdraft as they "no longer provided that product". I was paying £80 a month interest and never getting anywhere. I eventually consolodated with an RBS loan and I'm still paying it today.

If you are able to make regular payments, preferably above the minimum and stick to a modest budget without becoming too stressed about your debt, then you might find this is a route that works for you.

It would be sensible to agree an overdraft reduction - at a level you can afford - at your meeting so you know your overdraft is going to come down by x amount each month. This will reduce your debt and take away the temptation to go back into it.

Anything else and I'd personally say I wanted to sleep on it (because I'm rubbish at say na, not interested .)

Good luck

psychopathbabble

I have to get myself to bed soon but just another couple of things that might help.... your head must be going dizzy with all this info!

Check out the weekly spend thread... you set yourself a budget for spending each week and see if you can stick to it. Certainly makes you realise how money money is frittered away on krap.

Also, the payment a day thread is useful.... after joining that thread I started to pay all my ebay money and other bits and pieces into my debt rather than just spending it.

Right... I'll leave you to think about all this info, be sure to check in and let us know how you get on.

Night x

niccatw

Wow, that was quick -you did your SOA in the time it took me to reply! Will go back and take a look at your SOA now!

shonimac

Thank you all so much!!

I moved back in with my mum (retired, on pension) in December, its a council house so the £300 covers household stuff right down the middle, and I probably don't spend as much as £150 on groceries I suppose! My car is both the insurance and breakdown combined (need the breakdown as my wee car's gettin on a bit), and there's no way i spend £50 on clothes every month, but maybe after 3 months i'll buy a load of new tops for work, comfy shoes etc (I'm a nurse) that would end up being equivalent to £50 monthly. Hair, again, is £25 every 6 weeks but i wasn't sure whether to make it monthly.

I'll definitely start the spending diary thank you for the suggestion!!

And the "lets reduce your overdraft by x amount every month" is my ideal situation, and one that i feel now i'd definitely be able to do! I just hope I feel brave enough to suggest it!!

Thank you all xx

niccatw

Hi again - agree with what's been said already re your SOA. The mobile and clothews budget jump out - you could get rid of your store card very quickly with your surplus and cutting back a little and still make real inroads into the others.

A spending diary works wonders for cutting down spending. When I'm strict about keeping mine, I can go days without spending any money. When I'm lax, I generally end up buying clothes in the charity shops! And a paper. And some chewing gum. And a coffee I don't really need...

The Crazy Clothes Challenge would be good for you too - you set yourself a budget for the year - mine's £100, but I only started this month (January sales got me!) and then try and beat it. It excludes necessities (lingerie, work shoes). I think most folks have a £100 challenge but you can set your own limit to suit your situation (i.e. be realistic - I'm not sure mine is!!)

And the Oldstyle money-making is fab for saving money on groceries, cleaning products etc etc (It's amazing what you can do with white vinegar, bicarb of soda and a lemon!!!)

MrsTinks

Any vending machines or canteen lunches at work that might be accounting for a £1 or 2 a day? It soon fritters away if you're not careful... and you can manage on less than £50 a month on clothes (even if it's an average). Ditto hair - either go without 2 weeks extra (that would make it about £12.50 a month - still more than others but we're not unreasonable )

savingmummy

I`m a nurse too
Comfy shoes is a must check out sales, put them on your birthday/xmas list!!
I used to buy quite expensive ones and they lasted ages (leather pumps from clarks)
Do you wear uniform?
I am not saying NEVER spend money on clothing, i just mean for now. Until your overdraft is cleared and your back on track.

I know its hard work as it is, but can you do agency work where you work?
I worked for the nhs but also was employed through an agency and got bank shifts on my ward and others too. Not only helped my income but it also taught me about other specialities too.
They normally have loads of nights and weekend shifts going spare.

Do you eat at work? soon adds up if you do so try and take stuff in from home.

bluebag

Re-the shoes thing, check out kids school shoes, usually good leather and suitable for work, most go up to size 6 and best of all no VAT!
Watch the pennies for the odd magazine, bottled water (umph!) the odd packet of crisps, bar of choccie all mounts up and it's easy not to notice.
I have two daughters at home and the rule is no buying snacks or drinks unless it's an unusually late shift. They take packed lunch and a bottle of squash.
I collect all the supermarket free magazines to read, and all the free newspapers available at the train/ bus station or handed out in town.
Hope you get on OK.
bb

ladybez

just a quickie. Are you getting your tax allowance for shoes, tights, laundering uniform, professional subs. etc. only small amounts but every little.......