outgoings overtaking income

beggarsbelief

Hi everyone,

I am hoping for some advice as my brain seems to go into shutdown mode when it comes to dealing with finance. I have done a budgeting sheet and my outgoings exceed my familys income. To cut a long story short due to my wifes ill health and having 2 children who have had over 30 hospital admissions between them in 3 years I have struggled to keep on top of things. Both my wife and I have personal loans of 25k, we rent our property! We earn a combined salary of nearly 50k annually and continually struggle to make ends meet and I don't know what to do! Can we change loans to cheaper apr's, both loans are with Lloyds TSB and combined cost cost about £1200 per month our credit ratings are 3 and 4 or were earlier this year and we haven't missed any payments. Currently living on credit cards but repayments are starting to spiral. Please could someone just give me some advice on what to do as I feel clueless!

Many thanks

Beggersbelief

Uniscots97

Hi, why don't you post an SOA and that way people can make suggestions?

skylight

If you haven't missed payments, you are in a good position so far.

The only answer is to cut back on your outgoings. Harsh, but simple!
I agree with the credit cards and loans - 0% credit cards for 12 months will save you a FORTUNE in interest - check out Martins articles on the best credit cards - brown box on the left hand side if you scroll up). Get loans with lower APR.

What is most important is to put your SOA (Statement of Affairs AKA Income/Outgoings ALL OF THEM!!) on here. We can show you where to strip back those excesive costs and save a bundle too. And it will be harsh, but dont be scared to do it!

DontDoDebtKids

If you're willing to, post your SOA on here and we'll try to give you some advice on what to cut back on and how to re-arrange your debts!

PS Welcome to the board!