debt help please

dancingfairy

Maybe set targets to work towards - ie one of the smaller cards to get you into the swing of things?

df

Apricot

I wouldn't say that you're not going to be able to move but it would probably be advisable to improve the situation of your finances before you attempt it as otherwise you are going to be stuck with a larger mortgage which may mean less money for your debt repayments.

I think that with careful planning these debts could be paid off in less than two years which is not that long at all if you think about it. Don't add the debt amount onto your mortgage as it could end up taking you a whole lot longer to pay it off which in turn would cost a lot more money.

Have a look at the "up your income" board here, there are lots of little things you can do to make a few extra pounds every month - every little bit helps towards the repayments. Have you got things that you could Ebay? You would be amazed at how much even things like old children's toys fetch.
Cut down on food wastage by freezing leftovers and cooking from scratch - lots of ideas on the oldstyle board. Earn vouchers for birthday presents etc from doing online surveys.
Sign up to Quidco which gives you cashback from most online stores (free money!)
Good luck!

samjo15

i am very interested in how on earth i can maybe pay off my debts in 2 years, im thinking those credit cards will go on longer than my mortgage!!

dancingfairy

o.k - say you free up 300 a month from the 'spare' money, maybe 100 on food? , 100 from overtime, ebaying etc? that's 500 a month - I'm not saying that you have to do everything and I think 2 years might be a little unrealistic but you set your mind to it and you'll be surprised what you can do.
df

rugbymum

samjo15 wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1060
Partners monthly income after tax....... 1700
Benefits................................ 0 child benefit?
Other income............................ 0 tax credits?
Total monthly income.................... 2760
Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 90
Rent.................................... 0
Management charge (leasehold property).. 12
Council tax............................. 124 10 or 12 months?
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 20
Mobile phone............................ 60 is this contract or PAYG? how many phones?
TV Licence.............................. 10
Satellite/Cable TV...................... 38 painful, but reduce package?
Internet Services....................... 0
Groceries etc. ......................... 500 this could come down - hard, but possible
Clothing................................ 0 3 kids? you must have something here
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 0 you must have something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 120
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 12
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 1889

Assets
Cash.................................... 0
House value (Gross)..................... 16000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 19000

As an accounts assistant IM NOT QUITE LIKING THE LOOK OF THIS!!

A few thoughts. I wish you luck on your journey.