New To Forum-would Appreciate Any Help

icklejulez

I was in a similar poition, my hubby was used to having all little luxuries from nice cars to 'heinz' beans but this was because he lived at home and his parents took car off most things. It took him 3 years to come to terms that we simply could not afford that lifestyle and we to excluding mortage were 50k+ in debt. Once he realised the value of money ( I did this using lots of spreadsheets etc) he suddenly realised we had to sort it out. Our shopping has now reduced by 50% and he doesnt whine when we have 'value' beans. We aslo proobably eat more healthily. I have a 3 year old and a one year old so I could send you a copy of my food shop and food planner for a week. You really can save this money. We also sold our house in an area we love to move closer to work as we simply couldnt afford £280+ in commuting to work per month. Realities mean you have to look at your problems. My hubby and I got rid of sky few months ago - best thing we ever did, from the full package to digital tv now. We dont miss a thing. Do your online shop with tesco when extra point coupons are about check out :

http://loyalty-points.co.uk/forums/

and off £50 pw shop you could prob save up £100 (£400 converted) a quarter in points. Use these for a holiday or treats such as meals out and even sell them on ebay for approx 2.5times their value. Bit of extra cash. I also find online shops are cheaper as Im not tempted into things I dont need. I think of the deivery charge as petrol and little extras my kids would want such as juice.

Honestly spend some time on OS boards and learn the value of moey. I do not believe these days people know enough about moeny.

angelavdavis

Jackie, it might be worth posting on the credit card board for advice. I advise you to cancel in writing any credit you are not using and not apply for a couple of months until your credit rating has repaired itself, but check the other forum as they might be able to offer better advice.

angelavdavis

SHEARERBOBS wrote:

HERE IT IS.............
Monthly Incomings:

My salary - £769.00
Partners salary - £1410.00
Benefits - £687.00

Total - £2866.00

Monthly Outgoings:

Mortgage/Rent - £360 (£50,000 mortgage, 23 years)
Council Tax - £80
Gas - £21
Electric - £40.00
TV License - £10.99
Sky £45.99
Phone - £70.00 (partner's inc)
Food - £300
Car Insurance - £68.00
Petrol - £40.00
Nursery Fees - £550.00
Inland rev - £50.00
Pet Insurance - £20.00
Water - £21.00

Total excluding debts = £1680

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

total = £777.00

Extras:

Car tax - 15.00
caravan - 15.00
Savings - 120.00
entertainment - 170.00

Grand total going out = £2777

Think that's everything??? But never ever have any money!!!!!!!!!!!!!!!!!!

Why oh why???

Can anyone help, any suggestions?:rolleyes:

What are the balances on the credit cards/loans?

In addition to the advice already provided (sounds like a spending diary for you and your OH is a must), is it worth considering selling the caravan and using this to pay off the higher interest debts?

As well as saving the £15 per month, you can then get some breathing space and continue with the other money saving ideas that the forum members have suggested. Once you have got yourself straight, you can save and then invest in another caravan.

Another suggestion is to make up lunches for you/hubby and take these to work - I saved £75 a month avoiding the canteen at work.

SHEARERBOBS

icklejulez wrote:

I was in a similar poition, my hubby was used to having all little luxuries from nice cars to 'heinz' beans but this was because he lived at home and his parents took car off most things. It took him 3 years to come to terms that we simply could not afford that lifestyle and we to excluding mortage were 50k+ in debt. Once he realised the value of money ( I did this using lots of spreadsheets etc) he suddenly realised we had to sort it out. Our shopping has now reduced by 50% and he doesnt whine when we have 'value' beans. We aslo proobably eat more healthily. I have a 3 year old and a one year old so I could send you a copy of my food shop and food planner for a week. You really can save this money. We also sold our house in an area we love to move closer to work as we simply couldnt afford £280+ in commuting to work per month. Realities mean you have to look at your problems. My hubby and I got rid of sky few months ago - best thing we ever did, from the full package to digital tv now. We dont miss a thing. Do your online shop with tesco when extra point coupons are about check out :

http://loyalty-points.co.uk/forums/

and off £50 pw shop you could prob save up £100 (£400 converted) a quarter in points. Use these for a holiday or treats such as meals out and even sell them on ebay for approx 2.5times their value. Bit of extra cash. I also find online shops are cheaper as Im not tempted into things I dont need. I think of the deivery charge as petrol and little extras my kids would want such as juice.

Honestly spend some time on OS boards and learn the value of moey. I do not believe these days people know enough about moeny.

HI

YES PLEASE SEND ME THE MEAL PLANNER!!!!!!!!!!

THANKS

debbym

HSBC card: £2700 - limit £6,000 @ 15.9%
Virgin card: £2700 - limit £5,000 @ 20%

Move as much money off the Virgin card as you can onto the HSBC card - one phone call less interest. Pay off the Virgin one first. If you can move all the debt (as your figures suggest) cut the Virgin card up and don't let your OH apply ask for another one!

Little_Miss_Winner

Hiya Shearer,

How you feeling at the mo? You have made the (BIGGEST) first step by realising you have a problem, and by taking small baby steps to spend a little less, and paying off things with the highest apr's you will eventually feel like you are getting somewhere.

Keep posting, there are some tremendous people on these boards who will help you 100%

Hugs
pot
x

Maximillion

Jackiec09 wrote:

I now have an extremeley poor credit hisory and have been afraid to apply for other credit cards to reduce the cost of my debt as it will be another credit search on my record and the high chance of being refused. Can you offer any advice as to how you've managed this and where I should start/what cc companies?

Hi, try this credit card shuffle article:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102335753,51771,

(sorry if it doesen't work, my first link) there's a comprehensive list of deals that can be available to existing customers and how to negotiate to get them. I recently asked MBNA for a deal to transfer the balance off my other card. they offered a discounted six months but by the time you added the transfer fee and it then reverting back to original rate it wasn't worth it so I said I would close the account. They then offerred to half their standard rate undercutting my other cards standard rate by three percent and gave me 6 months at 1.9% I immediately maxed it out to my current account (one transfer fee) it went in today so I've paid off my other card and a loan (massive interest reuction). reducing my outgoings by about £200 (for the next 6 months any way)

There's a part of the forum devoted to cards & balance transfers. I found the article most helpful.

lynzpower

In order to improve your credit rating Id start getting some "settled" on your accounts

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

Ive bolded them for you. Move the credit limits downwards ( ring them up ) so for HSBC move down to 2700 and same with the virgin

Voila your credit rating will reflect that you have "paid off" effectively 5k

check your credit rating on line with experian in a few weeks or so to check that this has been done.

Once you have done thins youo will have less debt available to you, which means you are more likely to be offered new cheaper rate cards.

SHEARERBOBS

Thanks Lynz!!!!!!! Was It Yourself Who Mentioned The Meal Planner? And If So Can You Email It To Me?

Thnaks

bommer

Would it be worth transfering the 2700 on Virgin to HSBC as this has a lower rate and settling and closing the Virgin credit card? Also reduce your HSBC by £500?