Advice/ideas for help with debt!

Beetle

Hi folks I'd really appreciate your help! My Hubby and I are in debt. Now. This isn't SERIOUS debt but it's debt all the same and we don't like it and its making us unhappy.
I'd say its the day to day budgeting (or NOT as the case may be!) that has kicked it all off but I went to the cash machine today drew out a tenner and realised that we're £300 ish pounds over our £3000 overdraft in our main account with Barclays. We have about £20 in our A&L account. Payday is not til the end of the month. We have a toddler to feed and clothe and fuel to put into both cars.
We sold our endowment to pay off credit card debt last year and the rest was put on a cheapo loan with moneyback bank which is now at about £4900.00 We were great up until that point.
Our egg card paying 16.9% has a balance of £580 ish.
HELP WHAT DO WE DO for the next few days?!!
1. Barclays won't let us increase our overdraft any further.
2. We have no money at the moment except possible credit card.
3. Barclays are going to start charging £30 for going overdrawn tomorrow.
4. We're both crap with money.
5. We have no savings to speak of.
I'm rubbish and work for a BANK myself yet never listen to my own advice plus Hubby hates borrowing!
Sorry, feeling a bit rubbish today but I would like your advice/input as to what to do in the short term.
Thank you all!
Beetle
x

lynzpower

hiya beetle

sounds like youve done what I did- no budgeting get us all into a state at some point.

First off what Id do is do a soa, income outgoings, debt,and the repayments

we can see if theres any savings to be made long term

what do you NEED money for until payday? How much do you NEED (not want!)

lynz
x

Lozzle23

I hate to say it but it may have to be the credit card (but I'm sure you've already thought about that). I know it's a pain but I don't suppose there's alot more you can do if the bank won't help you out.

bank_of_slate

Hi Beetle, welcome to the dfw family!
Firstly, I would make a strict list of exactly what you need until you get paid.
Write a list and cost it up, then draw just that amount of money from if you absolutely have to..the dreaded credit card.

The big problem with overdrafts is that it's a vicious circle! each time you get paid, you're losing money to last month's overdraft, and of course...once you go over your limit the bank will add charges, often £35 a time!

Next, you and your OH need to sit down together and write down ALL your incomings and outgoings, no matter how small! (An SOA)

Then, use that to compare prices for utilities, insurance, etc

In the future would it help to work out how much you need for the month, draw ONLY that amount out in cash and keep a spending diary, you need to be able to discuss this with each other and be sure that you're both pulling your weight.
Make shopping lists for food shopping and plan meals etc.

Ok, that's a lot of info, some people find it useful to post their full SOA on here as we are good at spotting extra areas where you can save.
Remember, we are here to advise and support, never to judge you or your circumstances!
...Linda xx

tryhard_2

hi and welcome to mse; look at the stuff in your freezer and kitchen storecupboards; you might have enough there to cook several meals;

raq

I agree with tryhard, all am sure the little one isn't desperate for clothes at the moment. Put a snowsuit on the littleone for now, where else would you be going this time of year. If you are desperate, try bootsales, I have sold and bought a load of great clothes for my little one's.

lynzpower

Hi Beetle, welcome to the dfw family!
Firstly, I would make a strict list of exactly what you need until you get paid.
Write a list and cost it up, then draw just that amount of money from if you absolutely have to..the dreaded credit card.

Dont draw it off in cash :eek: youll get charged unbelievable rates. If you ABSOLUTELY MUST, use the card for buying things with eg petrol if you have to.

But be strict and only buy what you ABSOLUTELY need only, no wants

melaniec_2

Well you have at least one charge to claim back off the bank are there anymore from the past 6 years? Have a look at the reclaiming bank charges board. It won't help in the short term but in the longer term it will be worth it.

As the others have said work out what you absolutly need until payday and only buy that. Have a look at the old style board for meal ideas some people are amazingly thirfty with meal ideas and by planning ahead you'll only spend what you need.

Good luck.

Beetle

Thank you ALL so much as they say, a problem shared is a problem halved...or more in this case. It does make me feel better. I will sort an SOA although still getting used to the TLA's (Three Letter Abbreviations)!!!! And I am seriously thinking of writing to Barclays, I will have a look as already have another account in place with A&L. The money they owe me will probably pay off our overdraft in one go!
thanks again folks, back soon!