Feel I am sinking

slimshady_2

and really I am :-(
We are getting deeper and deeper into debt my outgoings are bigger than my incomings each month and therefore I am getting more and more overdrawn. 10k would wipe the slate clean. We are desperate for a family (I am 30) but we can't even think of it as we couldn't afford it at the mo. I really don't want to wait much longer and yet it will take us approx 3-4 years to clear this. I know its not a good idea but all we can come up with is something like a 10 year loan which reduces our outgoings soooooooooo much or adding to our mortgage. Have any of you done this? Which would be best and also does anyone know of any good loan rates at the moment?
Thanks

hypno06

Hi, first of all, put all your income and expenses (be really honest here) on an SOA and others will be able to give you help advice and the benefit of their similar experiences.

In order to move forward, we (and you) need to know exactly what you are dealing with.

Put your details down - the first step is often the hardest but also the most useful and important.

GettingThingsDone

Hi! (is that the real Slimshady?)

There are some brilliant people on here who can help you loads. Pop up the SOA and they'll help you see some light at the end of the tunnel.

G

slimshady_2

Thanks guys ok

Monthly Incomings:

My salary - £1130.00
Partners salary - £825.00
Benefits - £0.00

Total - £1955.00

Monthly Outgoings:

Mortgage/Rent - £570.00
Council Tax - £70
Oil - £45
Electric - £33.00
TV License - £10.99
Sky £47.00
Phone - £20.00
Food - £200
Car Insurance - £30.00
Petrol - £100
Life Insurance £9.00
Life Policy 16.00
Mort Prot 12.00
Internet 15.00
O2 20.00
Egg 300.00
Tesco 200.00
Next 30.00
Principes 20.00
Living money 200.00



Total: £1,918.29

and that is not counting nething like bdays etc throughout the month

Egg card 3600.00
Egg Loan 3400.00
Tesco CC 3500.00
Next 150.00
Principles 120.00

Thanks

slimshady_2

Thanks guys ok

Monthly Incomings:

My salary - £1130.00
Partners salary - £825.00
Benefits - £0.00

Total - £1955.00

Monthly Outgoings:

Mortgage/Rent - £570.00
Council Tax - £70
Oil - £45
Electric - £33.00
TV License - £10.99
Sky £47.00
Phone - £20.00
Food - £200
Car Insurance - £30.00
Petrol - £100
Life Insurance £9.00
Life Policy 16.00
Mort Prot 12.00
Internet 15.00
O2 20.00
Egg 300.00
Tesco 200.00
Next 30.00
Principes 20.00
Living money 200.00



Total: £1,918.29

and that is not counting nething like bdays etc throughout the month

Egg card 3600.00
Egg Loan 3400.00
Tesco CC 3500.00
Next 150.00
Principles 120.00

Thanks

GettingThingsDone

I'm no expert on these things, but I know Sky at £47 is going to be classed as a 'luxury'. Could you do without and have freeview? or drop down to the minimum package at £15?

All I can say is it looks like you're running quite a tight ship as it is, so congrats on that - I don't think I could even think about spelling SOA when I was your age (I'm 38 now!) let alone totting everything up i.e. head in the sand.

Generally, consolidating into loan is risky as there is a danger that you'll run up the debts again anyway and get deeper into trouble - quite a few people on here have had that problem. Especially if you transfer it from unsecured to secured debt.

It also appears to be the case that there is rarely a right time to have kids - most people seem to get through it one way or another. If only I'd realised that earlier though!

I think the main thing is to try and think positively about things - yes, 4 years does look like a long time, but on the other hand we're always complaining on how fast time flies by. I don't know how tax credits work or maternity benefits and home-working can fit into your life, but its all out there to be explored

iolanthe07

10k would wipe the slate clean.

Yes it would, but for how long? There are loads of people here who have "wiped the slate clean" over and over again, but unfortunately consolidating debt does not so much wipe the slate clean as transfer it to another slate.

Having said that, this may work for you, but you really have to be disciplined. Good luck!

mophead

I very nearly consolidated my debts 3 years ago i would still have 7 years to go with repayments and even more debt instead of 9months left to DFD.

Smashing

Sky £47.00 - ditch it, get freeview
Food - £200 - for 2 of you? Check out the old style boards to get this down. Where do you do your weekly shop? Start batch cooking and freezing.
Petrol - £100 - any chance of cutting this down?
Life Insurance £9.00
Life Policy 16.00 - you need both (or either?) really?

Living money 200.00 - what does this cover? Can you break it down for us?

and that is not counting nething like bdays etc throughout the month - these need to be considered and added to your SOA

lynzpower

OK, let me have a lookie at this with some cutbacks you might be OK. I agree with the poster above,. Ive consolidated umpteen times, until I said NO MORE! Loans over longer time keep you in debt longer and also charge you more int4erest over the longer term- not moneysaving!

Monthly Incomings:

My salary - £1130.00
Partners salary - £825.00
Benefits - £0.00

Total - £1955.00

Monthly Outgoings:

Mortgage/Rent - £570.00
Council Tax - £70
Oil - £45
Electric - £33.00 ( seems slighlty high, do ensure your drafts are excluded, change to energy efficient lightbulbs, everything off at the wall not standby and check out a raft of money energy saving tips https://www.saveenergy.co.uk )
TV License - £10.99
Sky £47.00 ( this can go)
Phone - £20.00 ( whats this, just line rental?)
Food - £200 ( for 2, this can be halved with savvy shopping , using vouchers, buying smart and using advice from the old style gang)
Car Insurance - £30.00 ( is this the cheapest?)
Petrol - £100 ( can you reduce journeys? Do you buy petrol @ tescos to get CC points towards shopping etc)
Life Insurance £9.00
Life Policy 16.00
Mort Prot 12.00 ( 3 lots of policies, do you need all these, I only have one?)
Internet 15.00
O2 20.00( is this the lowest tarriff can you go PAYG?)
Egg 300.00 ( APR?)
Tesco 200.00 ( APR,)
Next 30.00 ( APR i tihnk is 20-0dd percent)
Principes 20.00 ( apr also high on this)
Living money 200.00 ( whats this for???)



Total: £1,918.29 ( so you have 36.71 left over?)

and that is not counting nething like bdays etc throughout the month - you need to budget for these?)

Egg card 3600.00
Egg Loan 3400.00
Tesco CC 3500.00 ( without knowing the APRS on these, its unclear which to target first butonce the other cards are cleared youll have 40 to add to those, plus 100 each month from savings at your food shop, plus any extra savings)
Next 150.00 (once your Principles card is cleared, youll have 20 from there, plus extra sky savings)
Principles 120.00 ( Ok 2 months of cancelled sky &* the reg payments would clear this off)

Do you have to run the car?

Do you have anything else to sell?

Could one of you get an extra job, income can be made from selling things and also from mystery shopping, quidcoi, online surveys. Every penny counts-any extra money you make goes to the highest APR debt

google for whats the cost snowball calculator- put all your figures into it- and see how much quicker you can be debt free by using this tried and tested method

angelavdavis

Hi there, welcome to the board.

Start keeping a spending diary so you can work out what the £200 per month is going on, as you have already identified £100 for petrol and £200 for food (both of which you should work on to come down as suggested), this is £2400 per annum that could go onto your debts