Don't Know Where To Turn

Deepindebt_3

I have been lurking on this site for a while now and read SouthernScousers story yesterday showing how far he had got in a year. It really inspired me and made me realise that if I do not do something quick I will be even further in debt in a years time, and I really want to get out of debt. I am getting really worried now, not sure where to turn.

I was made redundant about a month ago and have managed fine for September, but it is going to be more of a struggle if I do not get a job soon. I have a husband who is working and earns a decent wage, but it still doesn't seem enough.

I know we can't keep running away from this and building up more debt, but really despair that we cannot do anymore. Our credit rating is good at the moment, but how long can we keep that up. Please help.

*zippy*

Hi Deepindebt welcome :hello:

Sorry to hear you were made redundant

If you have a look at Southern scouscers post (link below) it will show you how to post your SOA this will posters have a clear view of your situation and make suggestions where you can perhaps find some savings.

http://forums.moneysavingexpert.com/showthread.html?t=107280

You will get lots of help so keep posting and good luck with the job hunting

Deepindebt_3

thanks for the warm welcome zippy. I will get all the info together and post back in a bit.

duncans-mum_2

Welcome. You have "turned" to the right place. For advice, support. Once people have picked your SOA to pieces (meant in the nicest possible way) things may not seem to be quite as bad, and you can hopefully get in control.

Starry-eyed_surprise

Just wanted to say Welcome Deepindebt :hello:
You're in the right place for help and support. There are lots of knowledgeable people on here who can offer good advice.

postingalwaysposting

welcome we are a nice bunch here and we will support/help you in anyway possible you have come to the right place

Deepindebt_3

thank you all so much, starting to feel that maybe I will get the help needed. I am still looking into my outgoings and credit, but am dreading the total figure, doesn't look good so far. Going to go away now and find out the rest of the info.

Without_a_paddle_3

DO contact CCCS, they will give you much help and advice and help you get out of your funk.

Deepindebt_3

Right I think I have got most things together. So here goes:

Monthly Incomings:

Partners salary - £1256.99
job seekers - £248.95
child benefit - £126.31
Tax credit - £126.42

Total - £1758.67

Monthly Outgoings:

Mortgage/Rent - £805
Council Tax - £70
Gas - £20
Electric - £25.00
TV Licence - £10.99
Sky £18.00
Phone - £15.49
Food - £175.00
Car Insurance - £22.39
Petrol - £43.33
Life Insurance £32.78
Water - £33.49
Home insurance - £15.79
Specsavers - £8
car maintenance/mot etc - £10
christmas/birthdays - £25
Retainer for Childminder - £108.33
Miscellaneous - £150

Total: £1,588.59

Mint CC – Balance £2938.28 (limit £3200) APR 0% Min Payment £66.00

Halifax CC – Balance £7768.59 (limit £12400)APR 6.95%, 22.53% if any more gets transferred to this card. Min Payment £156.00

Overdraft - £992.01 (limit £1200) APR 13.9%

Capital one CC - £2185.56 (limit £4000) APR 17.79% Min Payment £65.56
MBNA CC - £1997.97 (limit £2000) APR 0% Min Payment £45.00

Total Debt £15882.41 Total Min Payments £332.56

I have about £600 redundancy pay left which I was going to divide over the next 3 months to allow £200 extra per month on our income. So the shortfall of £162.48 is covered for the next 3 months, but really need to do something. The miscellaneous inlcudes our booze once a week on a Sat night at home, husbands smoking and any other essentials that come up in the week. My DH has tried a few times to give up but no success as yet.

What do you think, can I make any changes?

Biffa

Hi Deepindebt,

Do you pay rent or is it a mortgage? Either way it seems quite high - what area of the country are you? And how many kids have you got - 2? Are you paying the childminder a retainer in case you find another job?

Sorry for all the questions! Welcome to MSE by the way!

Prudent

You will be entitled to non means tested unemployment benefit, based on your national insurance contributions, for six months. I think this is about £57 per week. You may be entitled to more tax credit too?