I need help, major debt

lynzpower

sorry didnt see
let me have a lookie

Zippeee
you have to include EVERYTHING- food smokes the lot.
then we can truly see
can you also include -the APRS and the total amount of each debt.

You can edit your post above- you dont need to re-write it all out.

lisa_75

smokybabe wrote:

If you were to work above 16 hours you can claim up to 80% of the childcare back through the tax credit system (child care element) if you use an accredited child minder, nursery etc. You can use the tax credit website to pop in some figures and see what you might be eligible for in the section (are you eligible for tax credits). Just a thought, as this could free you up to work during the day, as you are already claiming tax credits it should not take too long to sort out as it is a change of circumstance and not a new claim. However you would probably have to meet the fees for a couple of weeks until the payments come through.

If her husband is taking home £2000 a month she won't be able to claim anything towards her childcare. Only those on lower incomes are entitled to the childcare element of tax credits.

zippee

Thanks updated now.

in*the*red_6

Zippee I think you are still looking at this the wrong way round. You need to separate your debts from your essential monthly expenses and then work out what you have left for your creditors and then work out if you can make up the shortfall, i've rejigged your SOA (you'd better double check my adding up though!)

zippee wrote:

Incomings

2000 H’s Salary a month
116 Child benefit a month
13.00 a week child tax credit


Outgoings


BT DIRECT DEBITS £40.00 mth
BRGAS-GAS £21.00 mth
BRITISH GAS ELEC £30.00 mth
VIRGIN MONEY Life £20.82 mth
HOME IN ONE mortgage ppi £35.12 mth
ROYAL SUNALLIANCE hse ins £35.41 mth
TV LICENCE MBP £11. mth
DIRECT LINE mortgage £611.00 mth
AA MEMBERSHIP £15.25mth
SOUTHERN WATER £24.65mth
Council Tax £99.00mth
Food £300mth Cutting this back
Petrol £80 mth for two cars
Smoke £50 mth for tobacco
Haircuts?
Dentist?
Optician?
Car tax?
Car service/repairs tyres?
Car insurance?
Entertainment/mobiles?
Pet costs?
Birthdays?
Christmas?
Miscellaneous spends?

Total £1337.84 + ????


OWE:

Debt oustanding

Natwest loan £15,763 apr 6.9% 6yrs
Natwest Credit card £5,063 apr 4.9% for life
Cahoot loan £9000 apr 6.3% 6yrs
Black horse finance £2000 I don't know 2 yrs left to run
Mint £6,414.44 0% for six months due to run out jan07
Egg £1200 apr 18%
Virgin CC £8,241.26 apr 1.9% due to run out dec06
Dorothy Perkin £85.46 have no idea apr
Studio cat £114 again apr I don't know
Argos £150.49 no idea apr
Next cat £172 apr no idea

Monthly payments on debts:

BLACK HORSE Finance £41.67 mth
CAHOOT loan £158.85 mth
NW PERSONAL LOAN £258.41mth
Mint CC £144 mth
Natwest CC I need to make extra payement this mth
£226 mth
Virgin CC 40.19 mth
NEXT 20mth
EGG CC 36.85 mth
Argos 6.02 mth
Studio cat 10 mth
Dorothy Perkins 4.00mth
Additions Direct last payment 12.59 mth

Total: £918.39

Income £2168
Less expenditure £1337.84 =
Amount left for creditors £830.16 (realistically less)
Monthly overspend £88.23 as is (realistically less)


Is this better?

Thanks again x

nethesi

current suggested my comments
income
Salary 2000 2000
child benefit 116 116
child tax credit52 52
2168 2168
nly thought on income is hopefully you do manage to get a job, I know its tricky with a child.other thing is to discover quidco, pigs back etc, which wld help with treats, extra cah for loans

spend
shopping 300 150 am assuming 5 week month, £30 a week shd cover a family of 3, with care!
petrol 80 80 left this as is, but try walking cycling more
treats 50 20 become disciplined, and keep a spend diary, left £20 in but you could hopefully get it lower
tobacco 50 25 assuming you cut back further - good luck, hope you can do it
home phone 40 25 if they wont reduce your DD threaten to move, if not move to a cheaper deal!
home insurance 35.41 35.41 shop around, but I'll take it that you've already got the best deal: prove me wrong!
PPI 35.12 0 cancel this unless its compulsory
Life insurance 20.82 0 ditto - check if your OH gets something from work
AA membership 15.25 10 am sure you can get a cheaper deal - am assuming £120 pa, still quite high
clothing 0 20 sorry to add… but with a growing daughter you'll need this
Christmas 0 30 diito! Assuming a monthly saving pot
mortgage 611 611 assuming you are tied in, if not look at switching, asking for a cheaper rate
Council tax 99 99 can’t see a saving here
BRITISH GAS ELEC 30 30 seems ok, but use energy saving tips
BRGAS-GAS 21 21 ditto
SOUTHERN WATER 24.65 24.65 you've already decided can't save there
TV LICENCE MBP 11 11 this is fixed and TV isn't a wild extravagance!
loan repayments
NW loan 258.41 258.41 if these are all minimum repayment you can't really do much @these
CAHOOT loan 158.85 158.85
Mint CC 144 144
Nat west CC 226 113 Double payment is one off
Virgin CC 40.19 40.19
BLACK HORSE Finance 41.67 41.67
EGG CC 36.85 36.85
next 20 20
Argos 6.02 6.02
studio cat 10 10
Dorothy Perkins 4 4
additions direct 12.59 0 last payment

outgoings 2381.83 2025.05

net movement -213.83 142.95

Debt oustanding

natwest loan 15763 6.9%
natwest cc 5063 4.9%
cahoot 9000 6.3%
black horse 2000 ?
mint 6414.44 0.0%
egg 1200 18.0%
virgin 8241.26 1.9%
dorethy perkins 85.46 ??
studio cat 114 ??
argos 150.49 ??
next 172 ??

48,204

I would guess that your store cards have the highest APR so would pay off next, argos, studio cat, DP first: check if I'm right though… this should be achievable in 3-4 months, by which time you'll have an extra £40 to throw at your other cards:p
After that pay off the highest ones first, also see if you can transfer any balances to lower rate cards, e.g egg to natwest.
Other than that others will be able to give you better advice about getting interest frozen, CCs, payplan etc.

Good luck and well done on being so brave!

nethesix

lynzpower

yes, your storecards are likely to be at least 20% - if i remember rightly next is 28. something

I owuld do everything in my power if I were you to root through every nook & cranny in the house & find some things to sell on ebay & amazon and get those store cards down. Even ifd you only make a fiver- you have paid a months worth of instalments early. It is not difficult to make money on ebay - even if you think you have nothing. You will.I certainly think you would be able to clear your next balance by selling in this way.

Also do you have any specific skills? Be it, child care, cake decorating, card making wedding planning? If theres anything at all ( even doing an older persons shopping for them gets you paid) do look into this, you may be able to make some money out of it.

All the best, and dont panic as nethesix has pointed out there ARE some savings ( check yourt insurance again thats at least a tenner more than I pay in inner london I bet my postcodes dodgier than yours ) so there may be a saving adn use quidco too for cash back.

zippee

Thanks again for going through my adjusted SOA, so sorry I haven't been back on, I do have trouble with my connection sometimes and with two toddlers it isn't easy!

We've paid all our debts for this month worked out what else is going out and when and have money to cover this in the account, I have sold two things on ebay and racked in another £100 so this has helped, we have worked out what we have left over for the month and it works out £66 week to cover fo0d shopping and extras, we have a chest freezer stocked so the shopping bills will be essentials.

I have spent the weekend trying to find ways of earning money, unfortuneately I am not very creative so that singles me somewhat. I don't have any qulaifications but am very good with a PC, I don't mind typing and I know my way around most of the office programs, the internet etc.. I's trying to figure out what I can do with these skills.

You have all been so supportive it's really nice, I don't know what I expected really.

Sunny_Angel

zippee wrote:

I have spent the weekend trying to find ways of earning money, unfortuneately I am not very creative so that singles me somewhat. I don't have any qulaifications but am very good with a PC, I don't mind typing and I know my way around most of the office programs, the internet etc.. I's trying to figure out what I can do with these skills.



Hi Zippee,

A friend of mine used to earn money from home using her typing skills by typing up estate agents particulars and documents, contracts etc. Just a thought but something like this may be the way to go for you. How about putting an ad up in the newsagents/papers as someone else i know paid a relative fortune to have a book typed up before sending it to potential publishers.

HTH
Sunny Angel.

zippee

Thanks Sunny Angel I'll have a look into that, that would suit me being at home all day.

anniestar

Hi zippee well done on your progress so far. You are doing really well. Have you had any success in lowering your BT DD. It is still possible lower the ammount yourself without having to speak to anyone. I have just lowered our ammount again with no problems. Its worth a go.