Any advice to get out of £5000 debt? Please read....

wishicouldsave

Hi all, I have never posted on here, just had a quick read to find advice!
But things finacially just are not improving.
As it stands we owe about £5000. That may not seem huge to some people, but to us, it is.
My partners job isnt greatly paid, i only work part time, we do get ctc for our two children, we live in a rented house. We can never get ends to meet.
Our debts are a credit card, a bank loan, two overdfafts and one store card.
I am thinking, if i can, is it possible to take out another card to cover the whole lot of what we owe to make our payments less. We have direct debits for the store card (we pay £11 ish a month, but under £1 gets paid off) we pay the minumum on the credit card, and have s.o. for bank loan. We are paying things off, but we are getting more and more in debt other ways. We dont smoke, drink or go out. Yes we have the internet and sky tv. We havent had a holiday in .... well we have never had a holiday.
I have applied before to Virgin cards, but we were turned down, am now thiking about an egg one?
Can anyone give us advice? Or is there someone i can call or talk to to give us advice and help us sort out finances out?
We do not qualify for any help from the government as far as i know

Many thanks anyone in advance.....

savingwannabe

Hello pet i dont know much but maybe if you fill in a statement of affairs people can offer more help. I am sure a clever bod will be over soon. Well done in posting. People are v helpful here.

http://www.makesenseofcards.com/soacalc.html

plus the thread https://forums.moneysavingexpert.com/discussion/107280 may help too till a helpful person appears.

McKneff

Hello and welcome to the boards.

An SOA would be good as Savingwannabe says.

Its amazing what other people can see that you can cut down on where you didnt realise yourself.

Numpty_Monkey

Hi
Good info above,
Fill in the SOA, post it and let us have a look,
Honest we are the good guys,
at the moment you making the minimum repayments,
That is a good thing:T

The worrying thing is this bit
"but we are getting more and more in debt other ways"

Sometimes all you need is a change in budgeting, thats where the SOA bit comes in:D
But if you want or need to call anyone use one of these
Non-profit Debt Counsellors' List

wishicouldsave

Ah ok, thankyou all so much, I will have a look on the SOA and see what happens there. Will try to post it too.
Many many thanks

Fiddlestick

wishicouldsave wrote: »

We dont smoke, drink or go out. Yes we have the internet and sky tv.

Can you cut out the Sky TV?

If you are outside the minimum contract period you can cancel the subscription and keep the box and dish for free. It will essentially turn into a Freeview box and you can use the money you were paying Sky towards the debt.

I believe the minimum Sky package is in the region of £18 so this would be nearly £20 a month that you could put towards the debt

wishicouldsave

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 100
Partners monthly income after tax....... 1157
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1337
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 31.29
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50
Internet Services....................... 17
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 22.95
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.71
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 15
Entertainment........................... 4
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1458.07

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................2150......100.......16.9
credit card....................1218......35........16.9
store card.....................320.......12........29.9
Total unsecured debts..........3688......147.......-

Monthly Budget Summary
Total monthly income.................... 1,337
Expenses (including HP & secured debts). 1,458.07
Available for debt repayments........... -121.07
Monthly UNsecured debt repayments....... 147
Amount short for making debt repayments. -268.07
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,688
Net Assets.............................. -2,688





There ya go. Thats not inlcuding the overdrafts of about £700.....

dreamywings1

wishicouldsave wrote: »

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 100
Partners monthly income after tax....... 1157
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1337
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600 Do you not get Housing Benefit?
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 31.29 Seems high can you not get this capped ?
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12.12
Satellite/Cable TV...................... 50
Internet Services....................... 17
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 22.95 Have you not got an NHS exemption card?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15.71
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 15
Entertainment........................... 4
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1458.07

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................2150......100.......16.9
credit card....................1218......35........16.9
store card.....................320.......12........29.9
Total unsecured debts..........3688......147.......-

Monthly Budget Summary
Total monthly income.................... 1,337
Expenses (including HP & secured debts). 1,458.07
Available for debt repayments........... -121.07
Monthly UNsecured debt repayments....... 147
Amount short for making debt repayments. -268.07
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,688
Net Assets.............................. -2,688





There ya go. Thats not inlcuding the overdrafts of about £700.....

Make sure your getting the benefits your entitled to......... check HERE and fill in the online calculator.

Someone else will come along soon im sure to give you some more advise.

Good luck x

wishicouldsave

Hi dreamywings1
Thanks for your reply.
Nope we dont get housing benefits, we are very lucky though, our landlord hasnt put the rent up in 4 years. Most three bed houses around here are £750 a month. So very lucky.
We pay two seperate water bills here, one is a standard rate - everyone pays the same, the other is done on the either the amount of rooms in your house or how many people, so i believe!!! coudl be wrong though. But will still check.
Have not got NHS card anymore, did have when we were entilted to WTC, now we only get CTC.
Gutting as my teeth arent great and need glasses! AH well

But - on the plus side i did just call my store card to see if i could get rid of my account cover - and i coudl! So i did! thats £5 a month!

dreamywings1

Can I ask what ages are your children?

wishicouldsave

Hi Numpty mumpty,
What i meant was as we have not enough to live on anyway after paying the debts, we are goping more and more overdrawn each month - which is creating more debt.
Its a bit of a dark tunnel with a grey cloud over it!