advice needed please. had enough.

sweetpeas_2

hi guys in need of some advice again.
basically, the bank granted us a temp. extension on our overdraft. it was 1000 but theyve put it to 1500 until 23rd september. we are currently at 1600 overdrawn (so gone over it anyway), have no cash for petrol, food or baby milk, need to find enouugh money to take the bank under 1000 so that on 23rd the bank can remover the extra 500 from the overdraft.
so desperate, though of every option possible but so-far come up with nothing. dh gets paid 18th-approx £1300, but bills come out 19th-approx 1300 again. then i dont get paid till 30th which is obv after they are removing the 500 from our o/d limit.and in any case, the day after my pay day the mortgage comes out and takes all my wages anyway. tried calling the bank to extend it a few more weeks to give us a better chance to get the balance under 1000 but theyre having none of it. so desperate. if i had a spare 50quid id spend night in hotel wth kids-just to get away from the house and the over powering feeling of stress due to money, or lack of.

please help guys, its a low day, had enough.

noggin

southernscouser

Hey noggin! Keep your chin up. We are here to help.

It seems that your outgoings are higher than your incomings if you are getting into more debt. :think:

Can you post a SOA (see this thread) and we might be able to help you make essential cutbacks.

My advice would be to speak to the bank. Don't try and avoid the problem coz it won't go away. Try and see if you can reduce the OD by say £50 a month.

Eager_Elephant

Hello

Not sure if this is a good option, but do you have another bank account that you could have your wages paid into for this month and then arrange to pay the mortgage company by debit card or something.
Failing that do you have a family member who would have the wages paid into their account just for this month.

I'm just wondering why they won't grant an extension, even if you were given a few more weeks where would the money come from to get you below £1000.

I think opening another bank account is probably the best solution, even a basic one with no overdraft, that way this current account becomes another creditor and then you can pay them how much you can afford.

Not the ideal solution but the only one I can think of.

EE

calleyw

I agree with SS do get in contact with the bank.

Explain the situation tell them you will come to some sort of agreement to get the overdraft down over a period of time not just a few weeks. But don't promise anything that you can't keep to. Offer to keep going back for reviews every few months. Show them your Statement of affairs so they can see why need the help and why not to just take it away.

If you say can afford to find £50 a month to pay it off offer that. But no more.

A Statement of affairs will helps us to see if there are any cut backs you can make.


Is there anyway that you can get more income say a second job, selling on ebay etc to boost the income.

Once you have your SOA we can then come up with more ideas.

Please hang in there. It is stressful but it is only money and they can't take what you don't have.

All the best.


Yours


Calley

sweetpeas_2

My salary - £461 (will go up by £40-50 soon as opting out of pension scheme)
Partners salary - £1341.61
Tax Credit and Child Benefit - £285.84

Total - £2088.45

Monthly Outgoings:

Mortgage/Rent - £500
Council Tax - £82
Gas - £34
Electric - £35
TV Licence - £10.99
Sky £34.99
House Phone - £42
Food - £200
Car Insurance - £94
Petrol - £100
Insurances £83.29
Internet £19.99
Loan repayments £533
Warranties etc £89.49
Water £25.90


Total: £1884.59

This goes up and down a bit depending on petrol (husbands second job is delivery driver so sometimes we use more then £100 a month, but thats about average. Also we buy nappies in bulk once a month or so-so some months the food budget goes above £200 a month. But £200 is really the bare minimum 'cos its the lowest amount I can spread to feed a family of four. sometimes the outgoings are more like £2000.

Im trying to stay positive but its not easy when i am trying so hard to get by, let alone pay off debts in the process. It's just so depressing.
I wish i could curl up in a ball and forget about it sometimes!

advice much appreciated

southernscouser

Home phone could be half that. Get over to the telephones board for help on that one coz to be honest I haven't got a clue!

Car insurance £1,128 a year! Is this for 2 cars? When are they/it up for renewal?

Insurances. Can you be more specific with these?

Warranties. Again what are each of these for? Thats nearly a grand a year! Should the worst happen and most things break you could replace them for less than this!

Internet. I'm with Tiscali and it's only £14.99 a month and there are cheaper out there. Thats £5 minimum a month saved. Are you tied into a contract?

How many people is the £200 food for?

lynsayjane

ss, i think you were blinded slightly by your own longings...

get rid of sky!!!!!!

i got rid of it AND my tv license, and to be honest i'm not missing it.

i'm sure you can get your food budget down from 200, try the old style board for meal suggestions/shopping tips etc. i feed myself very nicely on 40 a month and i'm guessing since you mentioned milk formula one of you doesnt eat solids yet.

sweetpeas_2

hi calleyw
my dh works full time mon-fri and also 2/3 nights delivering pizzas. i work wed/thurs/fri all day (most i can do with 2 small kids. my dad babysits and he works mon/tues so id have to put them in childcare anyway so it really wouldnt be worth my while. plus i dont really like leaving them anyway, let alone for 5 days a week).
i also work 2/3 nights a week in local pub and am looking for a christmas weekend job.
we really cant fit no more hours in anywhere (not enough hours in the day, days in the week etc!). we barley see each other as it is, which we can handle cos we know we have no choice. but we dont want it to start to impact the kids by having to send them to families houses weekends if dh gets christmas job or whatever. we do what we do round each other so it doesnt affect the kids.

thanks for the help guys x

southernscouser

lynsayjane wrote:

ss, i think you were blinded slightly by your own longings...

get rid of sky!!!!!!

I did totally miss that!

calleyw

As SS says the phone bill is well out of control. I pay £10.50 a month for line rental with telewest and then about 50p on calls from them. And another £2-£3 on calls using 1866.com.

Internet could come down a little.

Food is ok but I am sure that even feeding four you could get it down a little. I feed two adults on a £100 a month. This month it will be around £50 ish as I eating out of the freezer to use it all up. So I am sure that you can get £25-£50 a month off. Go over to the old style forum. There is one poster who claims to live off £45 a month for her and two children.

Edited: I see that you included nappies in the food bill. It should be seperate as other wise you can't gauge what food is costing you. And for me if you can't eat it, it does not go on the food budget. Does not mean I don't mean buy anything other than food. But it does come from a different budget.

Sky has to go you can't afford it. Get a cheap freeview box or if they let you keep the sky box you can get free to air channels.

What are insurances you are paying and warranties are they really worth the paper they are written on. As that is nearly £173 a month :eek:

Shop around for all your insurances you should be able to get then cheaper.

You have nothing budgeted for brithdays/christmas/mot/tax/servicing/new tyres/hair cuts/clothes etc.


Yours


Calley

calleyw

noggin wrote:

hi calleyw
my dh works full time mon-fri and also 2/3 nights delivering pizzas. i work wed/thurs/fri all day (most i can do with 2 small kids. my dad babysits and he works mon/tues so id have to put them in childcare anyway so it really wouldnt be worth my while. plus i dont really like leaving them anyway, let alone for 5 days a week).
i also work 2/3 nights a week in local pub and am looking for a christmas weekend job.
we really cant fit no more hours in anywhere (not enough hours in the day, days in the week etc!). we barley see each other as it is, which we can handle cos we know we have no choice. but we dont want it to start to impact the kids by having to send them to families houses weekends if dh gets christmas job or whatever. we do what we do round each other so it doesnt affect the kids.

thanks for the help guys x

It was just a suggestion to get more income from extra work but at the time me included did not know that you where already working more than one job.

But is there not away to sell from home with ebay selling off toys/clothes that the children no longer need.

Yours


Calley