Help with overwhelming debt

RHYSDAD

Hi Snoopy, found a link to homeworkinguk site, don't know if you are still after this type of work but hope it all works out for you. Well done on getting your new job and the very best of luck to you!!

http://www.homeworkinguk.com/

snoopy1229

Here is the SOA -

Monthly Incomings:

My salary - £1,336.00
Working extra £345.oo as long as I do 3 shifts per week every 4 weeks and tips on top...this will be as of 1st Nov when I do my first shift..eeeekkk.


Total - £1366.00

Monthly Outgoings:

Mortgage/Rent - £400 (go halves with with husband)
Northern Rock loan £200 (go halves with with husband)
Council Tax - £70 (go halves with with husband)
Gas - £40 (go halves with with husband) gas bill has gone nuts since increase
Electric - £20.00 (go halves with with husband)
Water Rates- £34.00
Phone - £30.00 (fixed contract whether I use it or not for next 16 months)
Food - £200
Car Insurance - £45.00 just renewed as of 1.10.06
Petrol - £80
Life Insurance £20, only three years left after 12 years of paying it, not worth cancelling, is it?
Dog food £15.00
Internet - £22.00
Overdraft £900.00
Clothes - haven't bought any, only buy if it falls apart or beyond repair.
Halifax £59.24 £3449.83 oustanding
MBNA £138 £6720.32 Outstanding
MBNA £30.23 £739.50 oustanding
CAHOOT loan 9.1% £122.00 £6458.80 outstanding
CAHOOT9.8% £2292.42 oustanding
EGG 17.9% £95.58 £5081.15
M&S 19.9% £180 £5279.78
Goldfish £178 (agreed)for next six months £5198.40 oustanding
Lloyds tsb £15.40 £500 outstanding
Haircut £30 once every blue moon when I can't see ot ask my sister whose training, hasn't scalped me yet so she's cutting it at mo!
Vet bills £50 this month, broke his tooth arghhhhh! though he doesn't cost me that every month!

That's about it, only visit dentist once a year and costs me £30.00 and I've been for this year.

toontastic

I was looking through that and got a shock at one section. You pat £15 a month for dog food !!

Have you shopped around for cheaper Gas, electric ? Who is your phone company with ? Seems expensive. How many is your food shopping feeding ? Did you shop around for your car insurance ? If not do so next year and remember to use Quidco. Have you got anything put aside for Xmas, Birthdays, Holidays etc ? Who pays for Tax car MOT ?

Eager_Elephant

Just putting this into separate areas and also adding more expenditure.

Monthly Incomings:

My salary - £1,336.00
Working extra £345.oo as long as I do 3 shifts per week every 4 weeks and tips on top...this will be as of 1st Nov when I do my first shift..eeeekkk.


Total - £1681.00

Monthly Outgoings:

Mortgage/Rent - £400 (go halves with with husband)
Northern Rock loan £200 (go halves with with husband)
Council Tax - £70 (go halves with with husband)
Gas - £40 (go halves with with husband) gas bill has gone nuts since increase
Electric - £20.00 (go halves with with husband)
Water Rates- £34.00
Phone - £30.00 (fixed contract whether I use it or not for next 16 months)
Food - £200
Car Insurance - £45.00 just renewed as of 1.10.06
Petrol - £80
Life Insurance £20, only three years left after 12 years of paying it, not worth cancelling, is it?
Dog food £15.00
Internet - £22.00
Haircut - £20.00
Vets - £15.00
Clothes - £20
Car Tax/ maintenance - £20.00
Medical - £10

Outgoings - £1261

Which leaves £400pm to service debts which isn't enough on minimum payments.

A lot of your expenditure could be reduced - is the food £200 each or do you do all the shopping, what about water rates - that looks like you pay the lot.

Has your husband got debt as well and does he know about yours?

Are you tackling this alone or as a joint problem?

I don't think you are going to be able to get your expenditure down enough to cover the minimums - if you are facing this alone then I would suggest contacting Payplan or CCCS or even your local CAB.

My only concern would be the joint loan - is this a secured one?
As you know all creditors are supposed to be treated equally but Payplan may allow you to treat this differently if you have a good enough reason, if it is secured then that will be treated like a mortgage.

HTH

EE

Mc4ndy

Hi

Well done for posting.

I was just reading your thread and I got confused.. You say you owe just over £27000 loans and credit cards:

From your SOA
Halifax £59.24 £3449.83 oustanding
MBNA £138 £6720.32 Outstanding
MBNA £30.23 £739.50 oustanding
CAHOOT loan 9.1% £122.00 £6458.80 outstanding
CAHOOT9.8% £2292.42 oustanding
EGG 17.9% £95.58 £5081.15
M&S 19.9% £180 £5279.78
Goldfish £178 (agreed)for next six months £5198.40 oustanding
Lloyds tsb £15.40 £500 outstanding

I get this to be £35716 so I was wondering if you made a typo somewhere
Also what is outstanding on the NR loan, is this secured?

tyllwyd

About the life insurance - is this an endowment policy, which will mature in 3 years time? If so, don't just cancel it without checking exactly what this would mean - you could possibly lose out on a lot of money if you did the wrong thing. It would be worth digging out the paperwork and checking how much money you are expecting, and giving the company a call to find out exactly where you stand at the moment.

snoopy1229

In reply to the dog food I buy dry stuff which generally lasts 6 -8 weeks for a 15kg bag, sometimes longer, sometimes shorter depending on who is feeding him and how much exercise he is getting, so probably over estimated on per month and go on every 6 weeks.
We have gas and electric through edf but have just had our first electric bill through for £95.09 and we've only been with them for 6 weeks.
Figure they have estimated rather rather than read the metre so hopefully that will reduce as I'm forever turning lights off and the heating down!.
Gas bill due next month so will see what that is. I was paying £50 direct debit with British Gas that took a huge chunk out since when we change I had to apy that in one go. BG made a mistake last winter and out bill was only £60.00 and then I got a great wapping bill in Summer for £173.00 so hence why direct debit was high.
I went through confused .com for car insurance and went with post office and we did make a saving.
Yes I pay the water rates because my husabnd pays tv licence. We split it so it is fair, I work and do earn so I don't feel it is right he should pay for everything and we lived together for a 5 years so I guess we have just carried on doing what we were doing.
He does know about my situtation and helps me where he can, he said last he would pay £100 a month of one of my credit cards but he is self employed and although work is going very well, he's a builder and weather permits whether he is working or not so in winter things can get tight if we have really bad frosts as he can't lay.
I want to work my way out of this if possible and don't want to burden him with additonal worries of trying to cover my debts. I know marriage is marriage and we havea very good and understanding one. I am responsible for my debts and fell it unfair that anyone else should bail me out so to speak.
Right , what were the other bits..ohh , the life insurance is with sun axa, I pay a set amount for 15 years and seem to get the same amount back it would seem aftering looking at the years investment records. I presume that's not an endowment?! Took out and it seemed like a good idea but after 12 years I 'll come out with £3000 after paying roughly that amount in, would have been better putting it into a savings a/c looking back in hindsight...

Have I covered all questions?

If not I'll come back and answer, though again I at hospital tonight so more than likely it will be tomorrow.
Start making pudsd tomorrow to so fingers crossed I'll generate enough interest to start paying some cards off, doubt I'll be the next richard branson overnight or delia smith!!
Does anyone know where i can get plastic pudding basins from wholesale, tried looking on net and I just get lakeland limited! Just thought I'd ask simce you all seem to have a minefield of knowledge between you and may I thank you all for trying to help and not judging me for being in this positon.
The amount of £37000 and a bit is correct, I must have had a typo on the calcualtor..now I feel even worse.:o and:mad: arghhhh

snoopy1229

No I haven't got anything put aside for Christmas, Birthdays etc, generally try and make something, like pud or a bunch of flowers, got a diploma in flower arranging but not alot of money to be made on a part time score as I have to use hoildays etc to go get flowers and no one appreciates the amount of time taken doing weddings, it's a 16 hr day from Thur - Sat am and I can only take soo much time off without losing money eventually.

?!@*?!!, I can't remember the other question!
Oh food, generally £200+ between us.
He takes pack up and I shop carefully and cook a fresh dinner every night so we get our vitels! - buy veg from market sometimes but it goes off so quick. I try to plan meals weekly and stick to list so do chilli, spag bol, stew etc and plan forward so I only buy what we need, but 12pts of milk to keep us going for 2 weeks so I don't have to go to shops during week and end up spenging more, freeze bread loaves etc or otherwise you ending up spending loads more on things you don't really need.

snoopy1229

Well , completed first two shifts and would have got £15 in tips but have to share with others when I was the only one working?! hey ho....

Only do 3 hours really since it's not been very busy, guess November is a quiet month and not everyone goes out as their saving for Christmas.
Cooking puddings this weekend, my sister in law says if their good she'll serve them in their shop so best put my best pudding foot forward and cook like a women possessed. Got to get the stuff in so working out how much each pud will cost to make and how much I can sell them for....hopefully will make a little dent in the huge task ahead.

poppycracker

Good luck with the puddings snoopy, they sound delicious!