I want to get out of debt

SammyPops

Thank you very much for the help. Jobs done today:

1) Transferred £260 from Nationwide to Barclaycard. That was the max they would let me do. They wouldn't do 0%, but it's 5.9% for life which is lower than Nationwide.

2) Transferred £300 to Capital One from Nationwide. Some works spending has gone on that account, although I am expecting reimbursement for that this week, so will clear the recent transactions off.

3) Paid £70 off Nationwide from my current account (this months payment).

4) Transferred £50 from PayPal into my current account, which I earned by selling junk on ebay! I will send that to Nationwide when it arrives.

5) I forgot to say that I am disputing a £300 transaction on the Nationwide card. I have chased that up and they are busy processing it. I can expect an outcome in the next 2-3 weeks. Hopefully that will knock the remaining £300 off.

Once all the tasks above are completed, the Nationwide card should be clear

I will ring up in a month or so and see what Nationwide will offer me as regards BT's.

I don't think Smile will give me anymore money. I did ask if I would be able to get a loan to consolodate things last year, but the lady said it was unlikely they would lend more. I've since read on here that consolodation loads are not a good idea, so perhaps it was good they didn't offer?

The loan I have was taken out in Sept 03 for 5 years.

I'm also going to sell more unwanted stuff on ebay to make extra money, and looking into taking additional work on. I do have to be careful there as I am on WTC and CTC so may lose money and end up no better off!

I currently have two catalogues. Kays with a credit limit of £3800 and Littlewoods with a credit limit of £1500. I only order the odd bits of kids clothing and it would be unlikely for the balance to go above £50. Would the high limits have an affect on my credit rating? I can close the catalogue accounts if it would help.

Thanks again, and I will keep you updated

Michael_Morgan

Sammypops my heart goes out for people in Debt, juggling cards etc I am not going to add to anyone else comments apart from a great book The money Secret partly written by Rob Rarsons (A solicitor and Author of umteen books) and his Daughter a young solicitor dealing in the are of Debt, I'll send you a copy FOC if you want

Mike

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SammyPops

Thank you very much Mike. That is a very kind gesture

johannamse

Yes I Would reduce the 2 catalogue cards to 100 each. It will stop temptation and 6m to a year away, may help an increase in limit on another card.

westernpromise

SammyPops wrote:

I'm also going to sell more unwanted stuff on ebay to make extra money, and looking into taking additional work on. I do have to be careful there as I am on WTC and CTC so may lose money and end up no better off!

Which is scandalous, really, when you think about it.

SammyPops

It is, I agree with you!

When my ex first left, I went on Income Support. I was a bit depressed and needed to sort myself out before looking for work.

After 3 months, I felt well enough to look for a job so approached the job centre to seek assistance. I was told I could stay on income support till my youngest (then aged 2) reached 16, or 18 if he stayed on at school. I did get help from a Lone Parent Advisor, but the clerk on the reception desk thought I was mad for wanting a job!

Malestrom

Have you contacted your mortgage company to see if you can get a payment holiday? May also be worth doing with Smile - as you're self-employed, give them a big sob story about kids being sick, unable to work properly since Christmas, blah blah blah. You probably won't get anywhere but I was always taught that you don't get anything if you don't ask. Now assuming a miracle happens and the mortgage company gives you a one month payment holiday, you could pay that money straight into your highest interest CC debt. It won't make a huge difference on a monthly basis, but every bit helps.

A Debt Management Plan may also be an option you want to consider, although you seem to have things under control at the moment.

EDIT: I gather you included Child Benefit in your original income?

dougk_2

With regards to the catalogues - personally I would close the accounts totally. This would look good on your credit reports as they would be "satisfied".

Get your childrens clothes from Primark or similar - it will be much cheaper. All those catalogues are a rip-off IMO.

As mentioned try the mortgage holiday route (you maybe allowed) although you will have to pay a bit more back on the mrotgage, the credit card rates are worse and the payments can be redirected to clear these off.

Another idea (though you may not like the thought!) if you have space in the house consider a lodger , especially if you know anyone who wants somewhere to stay - you can charge a certain amount per year and not be taxed on it (think its £4 - 5k). If its someone you know you could have a resident babysitter!

jamieh_3

Hope you are finding all the replys helpful - wish they had this forum when i was in debt - lol!

I had almost exactly the same situ as yourself but had a good job and income of £40k per annum - then disaster struck - became disabled and divorced! All the advice ive seen given was exactly what i would have said myself but i also managed to get a reduction on my council tax bill as a lone parent - do you have that? I had £42 worth of debt plus my mortgage, now i dont even have half this amount - my last loan with be paid off this year, im back at work but not earning - just set up a new business venture so early days, but means im not entitled to any benefits, just got married again and also have a thriving ebay business which does give me an income and i pay taxes and Ni on this income.

I know it can get you down and you feel so alone in this situ but dont beat yourself up about it - weve all been there - some more so than others and you are doing fantastic so far - there are so many who would just take advantage of the new bankrupcy rules or go on benefits so well done. I know i'll most probably get shouted at for this but do try to have little treats whilst you are paying off your debts otherwise it will all get on top of you

Good luck with everything

regards Cathxxxx

SammyPops

Malestrom - yes I included Child Benefit in my income. I think I can take payment holidays on the mortgage, and will think about doing that and read the paperwork to make sure!

dougk - I will consider closing the catalgues. I rarely use them these days and you are right in saying shops are much cheaper. I recently discovered Ethel Austin which opened a new branch near me, and managed to get kids jogging bottoms for £2.50 a pair. Bargain!!

I'm not keen on a lodger though. Just don't like the thought of sharing my house with a stranger!

jamieh - yes this forum is brilliant! I was tearing my hair out, but feel much happier now I'm getting things in order and can see light at the end of the tunnel. Might be a very long way off, but it's there - lol. Glad to hear you got your own problems sorted out

We do have the odd treat. We had fresh strawberries and chocolate sauce in our pancakes on Tuesday. The strawbs were on half price in Tesco, although I had just popped in to get a bag of flour....... hmmm...... lol.