Im in a bit of a pickle, can anyone help me?

Strawberry_3

Im a mature student nurse, Im in debt its mounting up and I need to get it sorted out .
Ive got 2 years left till I qualify,
I receive a bursary of £556 a month,
Child tax credit £120 a month,
Child benefit £116 a month

total income - £792

Im repaying a loan of £5000, Ive got £3338 left to pay and Im repaying £105 per month I think the interest rate is 12% ish.
Credit card is now £6406 (cringe) minimum repayment is probably over £100 now, interest rate about 13%.
Catalogue debt£600, repayments vary its about £100 per month 24% I think (its next).

total outgoings (not including other household stuff) - £305 per month

At the moment Im paying the minimum on my credit card, so its just the interest thats being paid, I basically need to add it all together and start paying off the credit card.
I am thinking of taking out a loan to cover it all and pay one monthly repayment, so far Ive contacted my bank (Lloyds) who I have the loan with to refinance and they have quoted me £287 over 60 months which is to much I could probably manage £220 - £240 at a push.

This debt has been building over the last 3 - 4 years as Ive not worked (due to studying) for that time, at least £2500 of it is childcare cost from last year, fortunatly I no longer need to pay childcare as my youngest is now in school (YAY!!).

Can anyone help im starting to have sleepless nights
If you need more info let me know.
thanks in advance

moozie_2

Hello there and welcome

It would be helpful if you could post a full statement of affairs (see sticky at the top of the board by southernscouser). It would give us more information about your situation and your commitments.

I don't think a conolidation loan is the answer, You could look at balance transfers to lower APR cards but post your full SOA and we'll take it from there

Well done on coming here and getting started!

**purpleprincess**

moozie wrote:

Hello there and welcome

It would be helpful if you could post a full statement of affairs (see sticky at the top of the board by southernscouser). It would give us more information about your situation and your commitments.

I don't think a conolidation loan is the answer, You could look at balance transfers to lower APR cards but post your full SOA and we'll take it from there

Well done on coming here and getting started!

ditto we would be able to advise more if you could post a full SOA. Welcome and well done for posting, can be scary!!! But we're not scary!!

Strawberry_3

Monthly Incomings:

My bursary - £556
child benefit - £116
child tax credit - £120

total income - £792



Monthly Outgoings:

Council Tax - £68
Mobile - £10 payg
Food/toiletries - £320
Petrol - £30
school bus fare - £90
dinner/sandwich money - £50(changing to packed lunches next month)


total outgoings - £568

leaving me £224 to cover -
loan - £105
credit card - £100 min
catalogue - £100 (this varies)

total £305

so total incoming - £793
total outgoing - £873

eeeeek!!!


I also have a £1200 overdraft, Ive not been in the black for at least 14 years.

OH pays the rest of the bills and the mortgage, we have taken out loans alongside the mortgage for the last few years to pay for work to the house etc. OH could take out another loan to cover the credit card and catalogue and I could pay the £100 a month to him which would more than cover the repayments, or is that a bad idea???

The credit card juggling sounds good, but I know I cant do that. I would need a few to cover the amount on the credit card now and the minimum payments would be more than I could afford (I think).

**purpleprincess**

The £320 for food and toiletries, how many is this for? This could be cut down by quite a lot, take a look at the Old Style board for ideas

Strawberry_3

£320 per month for 4 people, £80 a week its including clothes for the kids as well tbh, at the mo I cook in bulk and freeze, cook from scratch, dont buy name brand products, I could probably do all the packed lunches on that as well though. Ive also done car boot sales and sold just about everything I can (apart from myself ). We dont have holidays, but Id be greatful for any other bugeting ideas.

Bestthingsinlifearefree

Hi Strawberry,

Are you sure you are in a bit of a pickle and not stuck in a jam;)

Strawberry_3

lol would that be a strawberry jam by any chance

Bambywamby

OUCH! at the school bus fayre. Is getting them bicycles out of the question?

Bambywamby

Just saw that you have a young tot - not a good idea for bikes then.

Have you tried your local council for bus passes?

Bestthingsinlifearefree

Strawberry wrote:

lol would that be a strawberry jam by any chance

:T (glad someone gets my jokes)

Seriously what are the interest rates you are paying on the debts, could you "snowball" i.e target the higher interest rate ones first or transfer to lower rate cards ?