Help me please - I want to DO THIS this time and save my sanity

HateMyself_2

can i just publically thank lynzpower, she is helping me no end on msn - i think i almost smiled a little while ago! shock horror!

i have done snowball and if i can find an extra 100 a month the majority of debts will be gone in 43 months

HateMyself_2

i think my credit history is too screwed for new cards to be honest

i think barclays let us have 6.9% for life of balance though and i have 5 grand free on there

Bestthingsinlifearefree

Hi HM,

I think you need to sit down and have a financial heart to heart with your OH
and draw up a plan to tackle this together as one team.

A spending diary for both of you could be a good idea.

I don't think consolidation onto the mortgage is the solution.

Cutting your spending and increasing your income, is the way forward.

I wish you well.

Bestthingsinlifearefree

HateMyself wrote:

can i just publically thank lynzpower, she is helping me no end on msn - i think i almost smiled a little while ago! shock horror!

i have done snowball and if i can find an extra 100 a month the majority of debts will be gone in 43 months

If your deficit is £33 per month you can do this with the right plan.

Is there really no way you cannot survive with one car ??????

Bestthingsinlifearefree

OPTION C :beer: OPTION C :beer: :j :j OPTION C !!!

But get your husband on board so you can both support each other.

HateMyself_2

Ive chosen option C!!!

I am on the phone as we speak to O2 retention department persuading them I want to cancel. This will save £25 a month

newlywed

Tell your OH. In the long term it'll be less stress, lots less worry for you.

That's what I found anyway. Felt physically sick actually telling him but afterwards there were less arguments, less snappy comments from me over stupid little things. It was all from trying to hide it and sort it out myself. Letting him know that I needed his help and support helped so much. I called myself stupid, he never did.

david_hellier

According to my calculations you have £54 per week to spend on food, clothes, going out, smoking etc. This is an emergency situation. You must not spend more than this amount to avoid further overspending. It also assumes you get rid of sky and go digital.

Next to your mortgage your biggest overhead is the car. Is it possible to get rid/carshare/use public transport?

I suggest you write this amount (£54) in a little book on a Monday and keep a record of your spending. If you have even a penny over, carry it forward to the next week.

The calcs are as follows:


income weekly monthly
self 500.00
partner 1750.00
pension
child ben 126.00
child supp 174.00




total 0.00 2550.00
588.47 divided by 4.33

588.47 total weekly income

spend weekly monthly
rent/mortgage 565.00
council tax 101.00
elec 40.00
gas 40.00
water 24.00
secured loans
TV licence 11.00
fines
phone 50.00
sat tv 0.00
child care 112.00
hp 50.00
car service 20.00
road tax 17.00
car ins 75.00
petrol/park 180.00
pets 0.00
tobacco 0.00
medicine 10.00
A+L loan 239.00
A+L od 40.00
barclaycard 350.00
barclays od 80.00
egg 154.00
egg money 48.00
hsbc cc 15.00
hsbc od 5.00
mbna 30.00
next 35.00
smile 25.00
total 0.00 2316.00
534.46 divided by 4.33

£534.46 total weekly spend

Start= income - spend = £54.00 per week

Verbatim

Well done HM. You've taken control and leapt into action!:j :j :j

Attack the highest interest rated debts first.

all_hours

HateMyself wrote:

i think my credit history is too screwed for new cards to be honest

i think barclays let us have 6.9% for life of balance though and i have 5 grand free on there

Register with quidco and sign up for the free 30 day trials for equifax and experian - you get cash back too. You can see how your credit history looks.

You've listed the barclaycard as your OHs. Would you be able to transfer some of your debt on to it?

If so - BT your egg money card onto it and what you can of the MBNA - Do not spend on the barclaycard again - cut it up and put it in a drawer.

When the next egg money card statement arrives it will have some interest added. Pay off the interest. When you get the statement that shows a £0 balance - phone egg and ask them what they can offer you in terms of low life of balance transfers. Transfer the remainder of the MBNA on to egg money and cut up the egg card and put it in a drawer. If they can't offer anything cancel the card.

When you get the £0 balance statement from MBNA ask what they can do for low life of balance transfers. Transfer what you can of the other egg card.