My/ our debt in black in white. Advice needed!

Sammz

I'm sure you could get your home and contents insurance much cheaper. Mine was £96.60 and I'm getting £60 back from Quidco. I'd look around if I were you. https://www.moneysupermarket.com will compare a few places for you.

nutmegman

Skint-gall wrote:

Monthly Incomings:

My salary - £1000
Partners salary - 1215

Monthly Outgoings:

Mortgage/Rent & builidng insurance- £561
Council Tax - £140 (but £200 at moment as was approx month behind)
Gas/Electric - £80
TV License - £10.99
Tv/phone/broadband - £60
Food - £150
Travel £100
Contents Insurance £15.90
Driving Lessons for husband £60
Life Assurance/ Critical Illness £92.40
Smoking (him not me) £36
O2 for me £25
O2 for husband £25

Total: £1416.29

Total income £2215
Total outgoings £2115.50

Ok, you have done the right thing by looking at your income and your outgoings.

Now you need to do a real budget to list down every penny you spend, I dont see any monthly money allocated to the following;

Clothes
Entertainment
Do you have a car (Tax, insurance, MOT, service etc)
Christimas - yes it is wise to save every month
Holidays - or are you clearing your debt first

Then you will really know how much you can put to your debts.....Then when you have read through the matched betting information on this website you will start that and if you are focused you will clear approx £2,000 in around 3-4 months at a steady pace.

Good Luck

Skint-gall

Sammz wrote:

I'm sure you could get your home and contents insurance much cheaper. Mine was £96.60 and I'm getting £60 back from Quidco. I'd look around if I were you. https://www.moneysupermarket.com will compare a few places for you.

I have got a few quotes for it over the past few days but the other companies have proved to be more expensive so far. Would like to find somewhere that would pay me as they couldn't match my current price.

Skint-gall

nutmegman wrote:

Ok, you have done the right thing by looking at your income and your outgoings.

Now you need to do a real budget to list down every penny you spend, I dont see any monthly money allocated to the following;

Clothes
Entertainment
Do you have a car (Tax, insurance, MOT, service etc)
Christimas - yes it is wise to save every month
Holidays - or are you clearing your debt first

Then you will really know how much you can put to your debts.....Then when you have read through the matched betting information on this website you will start that and if you are focused you will clear approx £2,000 in around 3-4 months at a steady pace.

Good Luck

Clothes/ shoes have been catalogue that is why the bill is so high. Have got clothes for our Christmas so shouldn't need to buy any until next summer. When we wdo it will be because we have cash in our pockets and will check ebay first.
Entertainment- we try to have people over for drinks and dinner rather than g out. We both have two nights out for Christmas coming up but will try to finance these from Ebay sales. Also I hope to get some overtime before them although I can't rely on it.
We have no car but husband iis learning to drive and is due to take his test next month.
I have bought all christmas presents except two which in total will cost about £12-£15. I also have to buy cards but instead of buying special cards fro husbcan, mum, dad etc I will just write special messages inside.

Thanks for your encouragement.:T

Skint-gall

nutmegman wrote:

Ok, you have done the right thing by looking at your income and your outgoings.

Now you need to do a real budget to list down every penny you spend, I dont see any monthly money allocated to the following;

Clothes
Entertainment
Do you have a car (Tax, insurance, MOT, service etc)
Christimas - yes it is wise to save every month
Holidays - or are you clearing your debt first

Then you will really know how much you can put to your debts.....Then when you have read through the matched betting information on this website you will start that and if you are focused you will clear approx £2,000 in around 3-4 months at a steady pace.

Good Luck

Clothes/ shoes have been catalogue that is why the bill is so high. Have got clothes for our Christmas so shouldn't need to buy any until next summer. When we wdo it will be because we have cash in our pockets and will check ebay first.
Entertainment- we try to have people over for drinks and dinner rather than g out. We both have two nights out for Christmas coming up but will try to finance these from Ebay sales. Also I hope to get some overtime before them although I can't rely on it.
We have no car but husband iis learning to drive and is due to take his test next month.
I have bought all christmas presents except two which in total will cost about £12-£15. I also have to buy cards but instead of buying special cards for husband, mum, dad etc I will just write special messages inside.

Thanks for your encouragement.:T

Skint-gall

nutmegman wrote:

Ok, you have done the right thing by looking at your income and your outgoings.

Now you need to do a real budget to list down every penny you spend, I dont see any monthly money allocated to the following;

Clothes
Entertainment
Do you have a car (Tax, insurance, MOT, service etc)
Christimas - yes it is wise to save every month
Holidays - or are you clearing your debt first

Then you will really know how much you can put to your debts.....Then when you have read through the matched betting information on this website you will start that and if you are focused you will clear approx £2,000 in around 3-4 months at a steady pace.

Good Luck

Clothes/ shoes have been catalogue that is why the bill is so high. Have got clothes for our Christmas so shouldn't need to buy any until next summer. When we wdo it will be because we have cash in our pockets and will check ebay first.
Entertainment- we try to have people over for drinks and dinner rather than g out. We both have two nights out for Christmas coming up but will try to finance these from Ebay sales. Also I hope to get some overtime before them although I can't rely on it.
We have no car but husband iis learning to drive and is due to take his test next month.
I have bought all christmas presents except two which in total will cost about £12-£15. I also have to buy cards but instead of buying special cards for husband, mum, dad etc I will just write special messages inside.

Thanks for your encouragement.:T

Skint-gall

Dont know why it posted three time! Sorry

Sammz

If you're due for renewal soon Barclays has a nice deal - they will go one penny less than your renewal quote and send you £50. Oh, it's directline I'm with just now if you wanted to check them out.

I was £4 a month on contents insurance on a two bedroom flat in Aberdeen. For all I know you could be living in a mansion

Skint-gall

I'll give Barclays a try tomorrow. Its's a three bedroom detached house with extension. It's not a mansion but it can be expensive when all the things like council tax, insurance etc are added on!

lynzpower

The single- quickest thing to do to ghet rid of the debt is reduce the amount of interest and overpay your debts at every opportunity

Joint Northern Rock, balance £17000, £184 per month, approx 11% APR ( was tied to previous Together mortgae with NR and so still has 22 years to run!!!! We were a loan refused when we applied for loan to be rewritten).

Mines. Egg Loan Balance £10,787.74. ££215.21 per month. Due to finish 01/02/20012. APR 7.7%


Mines. Cahoot credit card. Limit £4000, balance £4098.99, £100 per month. 11.8% apr TRY TO MOVE TO o% or low life of balance!

Mines. Cahoot overdraft. Limit £2000. Balance £2089.99. Attempt to pay £80 per month. APR 9.8% Open a new bank account - try A&L you can get cashback through quidco & they match your OD at % for the first year- I just spotted you have an A&L account. Dig around & see what other 0% accounts would take this overdraft & close this account.

Mines. Choice Catalogue Limit £3600. Balance £329.86, Goods on approval £967.99. Pay approx £120 per month.I expect the APR on this is huge? Do check. I suspect this is the one to get rid off first, if you cannot find a 0% card to pass the debt to. For gods sake recycle every catalog in the house do not pass go etc get rid.

Joint Alliance and Leicester overdraft. Limit £900. ( are you usually at the top of the OD each month?)


Joint Smile Overdraft. Limit £500. Balance £494. This was supposed to be our parachute account as will be claiming back bank charges. ( smiles 0% isnt it?) TBH this should be the last thing on your list of concerns. Chop the card up for this, and leave it for a while.

You have too many accounts ( i used to too ) and it can make it impossible to work out whats going where, can lead to things bouncing and generally make things more chaotic.

I suggest a few things.

1. reduce the amount of interest meaning virtually every penny you pay is off the balance.
2. make savings as others have pointed out and put this surplus direct towards your most expensive debt
3.carry on selling,making money etc so that you can find extra overpayments. Dont be too shy to use vouchers towards shoppping, and be savvy with your clubcard.
4. i really recommend if youve not already reading the great ways to cut back hunt at the top of the page. theres stacks of tips in there on living frugally some really good ones too

Welcome
lynz