credit card payments plus my SOA

PONDSAVER_2

I can't afford to pay off what i need to on my cards this month - I am over thie limit on them I can afford the min payment bnut that won't bring me back into the limit zone to prevent me from getting charged. On one of the I am reclaiming charges from them and the other I am way over - my husband is the same on one of his. Can I ring them and tell them this or will they just hassle me even more.

I am really cutting back this month now and have doen a budget and soa below


INCOMING
Monthly Incomings:

My salary £1,202.99 1199.53
P salary £1,200.00 1232.11
Child Benefits £163.40 163.4
WFC £242.79 340
Total 2935.04 2935.04

Monthly Outgoings:

Mortgage/Rent 613.94
Council Tax 101 0
water 20
TV License £11.07 11.07
Food £200.00 200
car mot tax savings 50
Petrol £160.00 2 cars 20 each week in each 160
Life Insurance £18.27 18.27
kids swimming lessons 9
karate 36
mobile phone 50
home phone 25
cat insurance 14.39
egg loan 222.1 8467.01 6.73
a&l loan 230.15 9300 11
bank subs 10
childminder 650
total 2420.92
min payment balance apr credit limit
b&q card ip 45.57 1194.21 24
citi ip 62.9 2096.64 24 2000
littlewoods cat ip 43.88 215.07 0
smile visa ip 79.29 1057.12 15 1000
mbna ip ? ? awaiting stetement
mbna paul ip 94.5 1127.56 1000
lloyds tsb ip 45.32 2060.76 2000
egg dd 47.11 2355.35 21.9 2370
egg paul dd 85.04 2210.01 21.9 2300
extra egg paul ip 24
barclaycard pauls ip 16 265 24 260
Total: 543.61 30348.73
needed -29.49

Sorry about the spacing here it doesn't really transfer over well from excell

pudding06

Hi Pondsaver,

sorry I cant work out hte double figures for your incomes - maybe i@m not awake yet lol,

how many kids have you got?

Places to get the emergency min payment this month - karate - could you give it a miss for a week or so? (ie save £9)

house keeping - can you plan meals around the freezer or store cupboard to save some of the £200. ( to give you the extra £20.49) try O/S boards!!!!

otherwise - can you cut your petrol usage(s) combining journeys, walking more etc

£50 for mobiles is expensive - can you go PAYG?

just some thoughts for now - but others wiser and much more awake than me will come along soon.

pudds

jitsuguy

Hi Pondsaver,

Firstly, try and cut back on the Food bill - try Old Style board as pudding06 has said.

Secondly, make sure all the loans and credit cards (CC) have no PPI (Payment Protection Insurance) on them. As this will be eating away at the money you are paying in.

Plus what is the 'bank subs' of £10? Plus could you cut back on Karate, ie only once a week as opposed to twice?

Jitsuguy

jitsuguy

Oh! One last thing do you really need two cars?

Jitsuguy

PONDSAVER_2

Hi thaks guys I have 3 kids 11, 6 and nearly 2 - need 2 cars for our jobs until we move then maybe could get rid of one. also have 2 cats

Its the credit cards i am worried about I can make minimum payment but not clear back into the credit limit and am scared of ringing them, I had ppi insurance but cancelled it last march but they werwe still taking it out so I am in heated argument with one company abou theat alrady and claiming my charges back.


b&q card min 45.57 bal 1194.21 apr 24

citi min 62. bal 2096.64 apr 24 limit 2000

littlewoods catologue min 43.88 bal 215.07 apr 0

smile visa min 79.29 bal 1057.12 apr 15 limit 1000

mbna need statement bal approx 2900

mbna paul min 94.5 bal 1127.56 limit 1000

lloyds tsb min 45.32 bal 2060.76 limit 2000

egg min 47.11 bal 2355.35 apr 21.9 limit 2370

egg paul dd min 85.04 + 24 bal 2210.01 apr 21.9 limit 2300


barclaycard pauls min 16 bal 265 limit 260
Total: payments 543.61 debts 30348.73
needed -29.49

I try to OS alot of the time which has cut food bill down alot.

Meal planning works for me.

I have some MS money coming in too so hopefully that will get us by a bit - its also a 5 week month eeekkk!!

Thing is i should cut credit cards up but what happens when at the end of the month there is no petrol etc that is when it is needed and I use them and then go over the limt :eek: :eek:

all_hours

It's better if you phone them and let them know you're aware you're over the limit and intend to get it back in order in the next month or so. How have you been managing up until now - have you kept within the limits and made payments on time?

I can't see an amount for electric or gas on your SOA - do you not pay these?

What does ip mean next the the cards?

jitsuguy

Could you do a few balance transfers to move some of the money at high rates to credit cards with lower rates if there is space on the card? This might help reduce the size of some of the payments. Plus have you looked at getting a 0% card, if you're credit score will allow it.

It might be worth contacting CCCS or Payplan and setting up a DMP (Debt Management Plan) before things get really out of hand. Because at the moment you are going round in circles and not reducing the debts.

Jitsuguy

PONDSAVER_2

all_hours wrote:

It's better if you phone them and let them know you're aware you're over the limit and intend to get it back in order in the next month or so. How have you been managing up until now - have you kept within the limits and made payments on time?

I can't see an amount for electric or gas on your SOA - do you not pay these?

What does ip mean next the the cards?

Yes I have gas and electric but pay those when the bill comes - I really need to do a uswitch on them and put them in my SOA!!

IP means i do an internet payment on them and dd its direct debit - just for my info on my spreadsheet really.

Don't think my credit score will let me have another card.


[/QUOTE]It might be worth contacting CCCS or Payplan and setting up a DMP (Debt Management Plan) before things get really out of hand. Because at the moment you are going round in circles and not reducing the debts [/QUOTE]

I have thoght abou this but we are wanting to sell up and move ( to a cheaper house cheaper mortgage etc) and I don't want to shoot my possibilities of getting a mortgage again not quite sure how it works do they get the interest etc stopped?

jitsuguy

They usually get the interest stopped and reduce the payments to something more manageable. But if you are selling up and buying then it may be worth contacting them and telling them what you are planning to do. I'm assuming you are going to pay most/all of the maney made towards the debt?

Jitsuguy

PONDSAVER_2

yes definately - I had my lightbulb moment last year but it has took a while for oh to come round to not spending - and he still does but hopefully the whip has finally cracked on him now.!!

I have looked at the payplan website and filled in their online enquiry form and seconds later someone rang me but I am at work at the mo she is ringing me back on monday evening.

We are hoping that we have made about 30k on this property we have a 98k mortgage and hope to sell for £130k - 140k we will obviously use some for debts and then a deposit on our next house. But you never know when it will sell - going on the market in about 2 weeks as we need to paint the outside of our house and pretty the garden up abit.

Phew I feel a little weight has been relived already.

all_hours

You need about £400 to get the cards under the limits.

You also need to do an SOA that includes everything. So for the utils add up the last years bills and divide by 12. Does your provider give a discount for paying by DD?

Do you have anything you can ebay to raise extra cash?