My lightbulb is shining brightly!

Tashja

I am guessing in your family there is you, DH and 2 children ???

If so you could lower your food bill.

Also if not already a member join Pigsback - I am saving all my vouchers to put towards nappies and bits for our new baby but you could save for Pizza Hut vouchers as a tret or Boots vouchers for treats for yourself - this has saved me a lot of money in the past because I know I can treat myself but stick to the £10.

T xx

needawayout_2

Hi there, thankyou to those who replied. I thought I'd do a more details SOA....
I've also joined pigsback! thankyou! and yes,tashja you are right, it's myself, dh and two smallies aged 6 and 3

We are still worrying about whether to sell the house or not. I've sort of resigned myself to the fact that we pretty much, have no other choice(I have been researching and adding figures for ages now ). OH is clinging on for dear life (it's our first house )
I just want to get on with the inevitable . As it stands, if we sold up and went into rented for a while..... this is the situation we'd be in per month.....


INCOMING....

1500 minimum(possibility of O/T) OH
200 myself
116 child benefit
45 CTC

__________

1857






£500 rent
£70 elec(this should come down, we don't have a teen living with us anymore )
£50 gas or oil(depending on heating system)
£16 contents insurance
£32 gym(am trying to work out a way to get out of it)
£40 phone/bb
£80 mobiles(we are both in contracts, I want to go onto PAYG when I can get out of)
£250 food(is this resonable for a family of four?)
£30 cat and dog food
£40 car insurance(mine is now off the road)
£20 saving for yearly tax and MOT
£160 petrol
£12.50 bus
£15 haircuts
£50 entertainment
£200 cigarettes(I know I have decided to stop, in earnest, going to decide a date) Thats for 2 of us....
£30
pressie fund, xmas birthdays
£40 wine/beer



_________________

£1625.50
(I've added that lots of times and I think it's right :rolleyes: )

debt free :j ..with savings in bank. :beer:


I have probably missed lots off but I'm trying


The state of things currently aint looking so pretty, at ALL


INCOMING...
as above

£1857



OUTGOING...

£302 mortgage
£98 rent, shared ownership
£60 life assurance
£55 rates/council tax
£40 phone/bb
£16 house insurance
£71 elec
£60 gas
£80 mobiles
£40 car insurance
£300(am bringing it down now) food
£200 cigs(that is awful and quite frankly makes me want to cry)
£160 petrol
£40 entertainment/kiddies stuff
£163 payplan
£200 work credit union
£ 80 credit cards
£ 20 DCA...tiscali debt
£36 first national(nearly paid off)
________________________

£2021 _pale_


DEBTS
total of £11000 ish, owing to barclaycard, citifinancial,beneficial finance and orange, all on a DMP with payplan.
£10,000 OH work credit union
£ 1,500 3 credit cards, aqua and capital one(ridiculous interest )
£ 200 first national 0%
£2,500 overdraft(and getting charges added every month )


So there you go

consolidating isn't really an option, we have had quotes and we couldn't manage...it's all in black and white and staring me in the face. We need to sell the house and not EVER let ourselves get into this situation again!

First step, stopping smoking! 2nd step...MAKE A DECISION ABOUT THIS HOUSE!!!!! :mad:

I reckon the only option would be to sell, we can't transfer CC's to lower interest, we can't get lower interest rates on our loans and our mortgage is sitting at 7% as our credit rating is bad.

Please be nice to me

danielleindebt

well done for wanting to sort it out. congrats on wanting to stop smoking too. remember you can get help from you local chemist who do stop smoking schemes.

i hope you make a decision on your house situation.

needawayout_2

danielleindebt wrote: »

well done for wanting to sort it out. congrats on wanting to stop smoking too. remember you can get help from you local chemist who do stop smoking schemes.

i hope you make a decision on your house situation.

I hope so too(thankyou), if were up to me, I'd have it on the market right now. I can't cope anymore
I'm trying to be positive and thnk "well at least we have equity in our house e.t.c. at least we can make a fresh start" but it's hard, I don't want to lose our home

Gemmzie

Hi needawayout,

I'm a little confused about your debts, is it a single or joint DMP? Why do you have other credit cards which are not included? What is the credit union?

Bank charges - claim them back! Go back six years https://www.consumeractiongroup.com have templates and step by step guides.

It seems to me that renting is going to cost you £102 more per month than now. I don't think selling up is a good option, neither is consolidating

danielleindebt

if we were to sell up my 50% share in the equity would pay off my debts. it would mean moving into a new house with higher prices and soooo much hassle and i would feel guilty iykwim. we looked into it but if we did move it would have to be furter out of town and we would then require more petrol and a second car.

needawayout_2

hi there, we were stupid and got into more debt after we started the DMP
My OH's work has a credit union, you can basically borrow 3 times as much as you save and we have built up a lot of debt through them....
It wasn't included in the DMP as it is through his work and he is a police officer, he could lose his job over stuff like this
It's a joint DMP also...
Yes, we should claim our bank charges back but I'm really scared that we will be the ones that don't get them back :rolleyes:
From my calcs, it would work out cheaper to rent, maybe I'm adding up wrong, I don't know I've gone over it all lots of times.
I'll add up again....
We would have alsmot £50,000 of equity to pay our debts then save the rest, i can't see how we'd be worse off
thanks for replying, I appreciate it.

needawayout_2

dannielle, I do know what you mean, I am feeling rather crappy about the fact that we may to sell but I feel that we are stuck between a rock and hard place. We have zero life right now....and we are getting deeper into debt everyone month.
We also own just 50% of our house...
I've just realised that I have missed stuff off my SOA for renting...my brain is melting with all these numbers :eek:

Gemmzie

I see £500 rent vs £455 (£302 mortgage + £98 rent + £55 council tax) unless I'm missing something (not £102, sorry, brain sometimes turn off after 9pm :rotfl:)

Who do you bank with? You won't be! Join over at consumeractiongroup, they are lovely (just like here) and so helpful step by step, you can even have your own thread for each bank / credit card.

danielleindebt

so you pay 400 a month mortgage (with shared ownership)
and you'd be paying 500 a month rent if you sold up. so you'd be paying £100 a month more 4 renting than keeping the house.


i see what you mean about selling up though. im not very good at money (obviously) but im sure some one will have some good advice for you.

trying to sort it out it the best thing you could do. at least you r not burying your head in the sand.

keep us posted on whats going on. it seems a great community and people here will always help.