New To Forum-would Appreciate Any Help

deliciosa

Thanks

from what I have learned here (and I am not the most experienced so listen to other people too) is that you should try to pay off the virgin card first....

and do not panic, it is not as terrible as it seems!

Smashing

SHEARERBOBS wrote:

3. What shall we do about saving for our holiday in june if everyone is saying not to save!!!!!!!!!

You can't afford to go on holiday - you're paying for sky, £170 a month for entertainment...you need to STOP spending, not start saving for a week in the sun.

halloweenqueen_2

bunped it up so you could find it shearer!

lynzpower

I have to agree with Smashing. I looked at yesterdays posts and there is a real need for you guys to simply STOP spending money, and to make as much as you can.

Why not get hubby to enter as many competitions for hoidays as possible and when you win one youll go.

I simply cannot see anywhere in your budget to take savings from, as you have debt you need to pay off first.

Does your hubby understand the debt you are in and the problems you are having? Was he up crying with you all night?

tryhard_2

hi, welcome to MSE. having read your SOA virgin debt should be the first to be paid off; sky is costing you 552 per year and entertainment £2040; if you free up the sky £45.99 and entertainment 170 money over one year you will clear one of your cards.
you and your OH alone can make the decision if is it worth it
good luck

SHEARERBOBS

When I say holiday, I mean what we did last year which was 7 nights in our caravan @ £100. More for our little boy than anything.
That's why I feel so upset, for him. We're terrible parents bringing him in to our mess. Just don't know where to start - stopping spending obviously!
Where should i start with paying things off?
I've canceled my standing order into the savings but where should I now direct that "spare" money, and what about my O/D? Arggggghhhhhhhhhhhhhhh!!!!!!!!!!!

HazelEyes_3

Oh dear - your debt free journey will be harder if you don't have the support of your partner but that doesn't mean it can't be achieved. Instead you will have lots of support and advice from the great folks on this forum.

To answer your immediate questions:
1. The snowball calculator www.whatsthecost.com works out which debt to pay first
The snowball calculator will also work out your debt free date if you just continue with minimum payments and this may jolt your DH

2. Yes you can set up standing orders - most online banks let you do this fairly easily. You just need the bank details for internet bank payments which are usually on the back of your credit card statement; if not call customer services at the cc company.

3. My suggestion re the holiday would be to go along with your DH at the moment - he may have a different view later in the year as he sees the debts coming down from your efforts.

Keep posting - day or night - there will be someone to share your problems.

scotsgirl_3

Hi

I would agree with the others - pay of the things withthe highest interest first- eg credit cards.

Also, you said in your first posts that you should have spare money but never do. Get your bank statements out and look through them and find where everything is going. You might find it easier, just for a month, to try and always use your debit card as it lets you see exactly where you have spent money.

I suspect that for things like "food" you'll find that you aren't spending £300 by the time you add in all the smaller shops for bits and pieces - we did this and discovered we were spending £150 a month more than we thought without really realising!

I would also get rid of the sky, and reduce the entertainment and saving - I know you want a holiday, but realistically you are going to be better off in the long run if you put that money into paying your credit card for example.

SunderlandBlackCat

Hi Shearerbobs

If you follow this link http://www.whatsthecost.co.uk/snowball.aspx & fill in the details of your debts (Aprs, Amounts Owed, Minimum Repayments allowed etc) & the total amount you can afford to pay each month it will calculate what to pay off each to minimise the amount of interest you will pay.

Little_Miss_Winner

Hiya, I have just read your previous post, it's all a bit jumbled up. From what i could work out theses are your debts?

Overdraft: £1250 limit - currently £1200
HSBC loan: £5000 - £134 a month, 3 years left
Car HP: not sure but £185 a month, 4 years left
Homeowner loan: £168 a month, 15 years left @ 12.5%
HSBC card: £2700 - limit £6,000 @ 15.9%
Virgin card: £2700 - limit £5,000 @ 20%
Mint card: £2000 - liimit £2000 @ 0% six months
Sainsburys: £1000 - limit £1100 @ 3.9% life of balance

And these are your payments?

debt repayments:

Ocean finance - 168.00
HSBC loan - 134
HSBC card - 80.00
Virgin - 35.00
Mint - 45.00
Sainsburys - 30.00
Car - 185.00
Debt management (husbands) - £100

So starting with the first;-
HSBC LOAN £134 x 36 months left = £4,824.00
CAR HP £184 x 48 months left = £8,832.00
OCEAN FINANCE £168 X 15YRS = 168.00 = £30,240.00:eek:
HSBC CARD £2,700
VIRGIN £2,700
MINT £2,000
SAINSBURYS £1,00

GRAND TOTAL £52, 296.00

Do all the above include all the aprs? How much did you originally borrow from Ocean finance? Does the £168 a month include their apr?

Back in a mo....................