Just can't get out of the red ! please help us!!!!

Lily_Johnson

Hiya - can anyone give me some advice.

I have been out of work looking after my 2 little children for the last 18 months. Needless to say we are now up to our limit on our overdraft (£2k). They are on our case saying we need to make payments and get a loan with them. I just don't know what to do - should we get a credit card and do something with that or get a loan - just don't know what to do. Any advice. We need to get straight as I am now back at work and my wages are just vanishing into a vaccuum of debt.

Mrs_Sparkle

Hi and welcome to the board! If you post an SOA there are loads of people on here who will have a look and make helpful suggestions on how you can make savings. Personally I would try to avoid getting a loan or CC if at all possible- that's what got me into the mess I'm in! A controlled plan of paying a little off your overdraft each month would be the best method in my opinion.

Good luck!

all_hours

I agree with Mrs Sparkle - avoid getting a loan. Post your SOA and the other posters will give suggestions where you can cut back and save a little money. See southernscousers sticky thread for first time posters at the top of the this forum for a template.

lynsayjane

hey toots,
you've taken the first, and toughest step, youve acknowledged your in trouble and made a move to fix it, well done :T

now our best and easiest way of helping you is if you work out all your incomings and outgoings, get a note of your debts and the apr's on them and bung it all up on here. i know it's scary to actually total up how bad things are, but it's the best way to start with getting yourself straightened up.

if you've got two young kids check out the families and old style boards for help and advise on meals and stuff. they are all lovley and friendly around there too.

most importantly though, don't go anywhere, stay on here and we can help!

beanielou

Dont let the bank pressurise you into something that you dont need or want.
They just want to increase their profits

surfsister

can you consolidate your debts or contact them to gain more time? Maybe an appointment at the Consumer Advice office might be able to advise you? It's free and confidential.


Also always pay off as much off credit card debt as poss each month to wtop it building up but transfer it to a 0% interest card but still pay it off (check there are no penalties for the new card)

Don't ever use any store cards as intetrest rate horrendous about 27% on some!

Set a goal eg pay off so much by xmas or next summer to have something to work to then give you and family a treat as a reward.

The trick I have found is to enjoy being a moneysaver and to want not to overspend.

eg don't buy sandwiches at £1 a time make your own
Buy a flask and avoid starbucks.
Save in monthly high interest accounts some pay 10 or 12% per year. I save £20 a month for my own xmas club and only take it out at xmas then treat myself to a nice meal and buy my pressies.

Use Tescos clubcard points to buy gifts eg mag subs for xmas pressies Company is only £6 in points but looks like a nice gift. Also sailing mags/ladies mags/car mags etc.

Get petrol at Asdsa with an Asda credit card and get 2p per litre off always at the pump. But always pay it off when the bill comes.

Just a few ideas. Good luck to you!