All advice welcome...

happytobehere

Hi.

Okay (big deep breath) - my SOA:

Monthly Incomings:

Partners wage: coming home wage varies between £315 (bottom) and £450 (top) - average £400 p/w

My earnings: £360 p/month

University bursary: £270 p/month

University loan: £2200 p/year

Child benefit: £112 p/month

Total: £2525

Monthly outgoings:

Mortgage: £367
Home insurance: £19.91
Water: £19.83
Gas: £72 - Not paying off arrears. I checked on uSwitch yesterday and this seemed about right.
Elec: £82.50 - Not paying off arrears. I think I can switch to a cheaper supplier and will look into this today.Phone: £16 average
Internet: £17.99
Mobile PAYG: £10
Life Insurance: £37.49 - I think I can get this cheaper and will look into this today
Pet insurance: £19 (2 dogs)
Food: £250 - 2 adults, 2 teenagers
Car Insurance: £50.41 (2 cars)
Petrol: £60-80 - I have ME and spinal problems, so need my car. Don't use it for too much apart form uni and taking kids to school.Car Loan Repayments: £51.67 (finishes Nov 07)
Sky: £43.50 - Tied into a contract for a year
TV Licence: £12
Contact Lens: £15
Great universal £500 balance - £100 per monthNext: £300 balance - £35 per month
Debt:

MBNA Credit Card: Limit: £5300 - currently owe £5000 (£2700 of this is on a 3.9& balance transfer rate) - £170 p/month - I pay an extra £10 p/week
Tesco Credit Card: Limit: £5000 - currently owe £4700 - £160 p/month
First direct: Limit: £8000 - currently owe £5000 (Recently was £7700 - I swopped £2700 to MBNA) - £160 p/month

MOT: 2 x £34 - Have friends who are mechanics
Christmas: £600-700 - I buy several things over the year
Birthdays: Done for this year: £50 for youngest, £100 for eldest as he was 16

A couple of years ago, I think we made a big mistake and consolidated our debts (Our house turned out to be a money pit) and got a loan with First Plus. This is secured and for 25 years at a rate of 6.5% I think. We are currently paying £585 p/month. The loan was for £60000. :eek:

Situation:

Okay. A few years ago I was ill and had to leave work. I went to college and am now finishing my second year at university. When I finish next year, I will be working for the NHS and hopefully be able to walk into a job. We have managed just about for the last couple of years, we've had to put stuff onto our credit cards, yes, but I figured that as I would be earning more than I ever could before I went to college when I've graduated I'll be able to pay it all of then. My head has, I think, been well and truly in the sand....

Anyway, the pressure is starting to hit. I have sold things on eBay before and been very successful and will be doing this again in two weeks when I finish uni. We had booked a holiday for £2500 (I know, I know) for this summer, but we've looked into it and are going to cancel. We will lose our deposit of £480, but will get back the £1600 I've already paid and not have to pay the £900 yet to pay.

I looked into getting a loan to cover the credit cards and lower my payments, but I'm really not sure about this.

I only have to survive the next year and am trying to cut my costs left right and centre. But I would just like a little advice. I've tried to do a balance transfer to Virgin for the Tesco card(£4700) but they turned us down.

I have not missed ANY payments and don't want to do so, but they must have looked at my outgoings and decided against us.



Shall I try and get a loan and lower our costs as much as posssible for the next year?

I don't know what to do. please can someone advice me. I'm already beating myself up so that will save people a job! Thanks....

System

linda2604 wrote: »

Hi.

Okay (big deep breath) - my SOA:

Monthly Incomings:

Partners wage: coming home wage varies between £315 (bottom) and £450 (top) - average £400 p/w

My earnings: £360 p/month

University bursary: £270 p/month

University loan: £2200 p/year

Child benefit: £112 p/month

Total: £2525

Monthly outgoings:

Mortgage: £367
Home insurance: £19.91
Water: £19.83
Gas: £72
Elec: £82.50
Phone: £16 average
Internet: £17.99
Mobile PAYG: £10
Life Insurance: £37.49
Pet insurance: £19 (2 dogs)
Food: £250
Car Insurance: £50.41 (2 cars)
Petrol: £60-80
Car Loan Repayments: £51.67 (finishes Nov 07)
Sky: £43.50
TV Licence: £12
Contact Lens: £15
Great universal £500
Next: £300

Debt:

MBNA Credit Card: Limit: £5300 - currently owe £5000 (£2700 of this is on a 3.9& balance transfer rate)
Tesco Credit Card: Limit: £5000 - currently owe £4700
First direct: Limit: £8000 - currently owe £5000 (Recently was £7700 - I swopped £2700 to MBNA)

A couple of years ago, I think we made a big mistake and consolidated our debts (Our house turned out to be a money pit) and got a loan with First Plus. This is secured and for 25 years at a rate of 6.5% I think. We are currently paying £585 p/month. The loan was for £60000. :eek:

Situation:

Okay. A few years ago I was ill and had to leave work. I went to college and am now finishing my second year at university. When I finish next year, I will be working for the NHS and hopefully be able to walk into a job. We have managed just about for the last couple of years, we've had to put stuff onto our credit cards, yes, but I figured that as I would be earning more than I ever could before I went to college when I've graduated I'll be able to pay it all of then. My head has, I think, been well and truly in the sand....

Anyway, the pressure is starting to hit. I have sold things on eBay before and been very successful and will be doing this again in two weeks when I finish uni. We had booked a holiday for £2500 (I know, I know) for this summer, but we've looked into it and are going to cancel. We will lose our deposit of £480, but will get back the £1600 I've already paid and not have to pay the £900 yet to pay.

I looked into getting a loan to cover the credit cards and lower my payments, but I'm really not sure about this.

I only have to survive the next year and am trying to cut my costs left right and centre. But I would just like a little advice. I've tried to do a balance transfer to Virgin for the Tesco card(£4700) but they turned us down.

I have not missed ANY payments and don't want to do so, but they must have looked at my outgoings and decided against us.



Shall I try and get a loan and lower our costs as much as posssible for the next year? Have you thought about contacting CCCS or Payplan? I'm not good at SOAs but other people are and will help you enormously. Lenny

I don't know what to do. please can someone advice me. I'm already beating myself up so that will save people a job! Thanks....

Hi Linda, we won't beat you up here. We're all in the same boat - albeit different sizes. Its good that youve cancelled the holiday. The first plus loan is a difficult one. Have you tried co

auntie_brenda

linda2604 wrote: »

Hi.

Okay (big deep breath) - my SOA:

Monthly Incomings:

Partners wage: coming home wage varies between £315 (bottom) and £450 (top) - average £400 p/w

My earnings: £360 p/month

University bursary: £270 p/month

University loan: £2200 p/year

Child benefit: £112 p/month

Total: £2525

Monthly outgoings:

Mortgage: £367
Home insurance: £19.91
Water: £19.83
Gas: £72 Yikes!!!!!! Are you paying off arrears???? Have you checked on uswitch that you're with the lowest company?
Elec: £82.50 Yikes!!!!!! Are you paying off arrears???? Have you checked on uswitch that you're with the lowest company? For both gas & elec - energy saving lightbulbs are v cheap now & really do save money. Check out grants for loft insulation etc. Use the oven for multiple dishes then freeze. Heating should be off now but make sure you turn down when autumn comes. Turn down water a little each day till OH notices!!!
Phone: £16 average
Internet: £17.99
Mobile PAYG: £10
Life Insurance: £37.49 Assuming you are both youngish this seems high? Check Martin's articles on how to get the cheapest.
Pet insurance: £19 (2 dogs)
Food: £250 Is this for 2 of you? Ouch! Get onto Money Saving Old Style to look for tips. Get a slow cooker - even in summer it is useful - e.g. cooks rice quickly and much cheaper than gas. Do the store cupboard challenge. You could easily cut this by a third.
Car Insurance: £50.41 (2 cars) When you renew check on quidco for cashback.
Petrol: £60-80 You have 2 cars but only spends this on petrol? Couldn't you make do with 1?
Car Loan Repayments: £51.67 (finishes Nov 07) This will help a lot.
Sky: £43.50 Cancel this!!!! Use freeview instead - anyway, shouldn't you be studying
TV Licence: £12
Contact Lens: £15
Great universal £500 A month???? Crikey, did you buy the company
Next: £300 ditto

quote]

Am not an expert on getting loans etc, but consolidating is a BAD idea - as many people on here will testify :eek: , but I can give some advice on the small stuff...... Hope you don't think I'm being harsh, but there are savings to be made here. Also, you have missed off things like Xmas, birthdays, car atx, MOT's services etc :eek: .

Good luck!!!

Conor_3

Regarding Great Universal...

Become an agent. That way you get 10% cash commission back on every monthly payment you make....

Ditch the pet insurance...it's a con. The amount you have to contribute towards any claim is usually more than the bills are. There's always the PDSA/RSPCA if you need a vet.

CLAPTON

can you explain what debts universal and next are
i.e. amount owed, monthly payment and apr

also can you add the minimum monthly payments to the other debts

happytobehere

Hi.

Sorry for frightening you! I put the balance for Next & Great Uni instead of the monthly repayments. I've now fixed this and updated the bits you were asking about.

I'm so grateful to people giving me thier thoughts... Thanks

helping_hubby

I disagree with ditching pet insurance. I don't know how PDSA/RSPCA works...but surely everyone can't use it otherwise we'd all be using it? If you're like me you'd do anything for your pet and £19 a month is a huge peace of mind. That said, have you shopped around?

Definitely visit the Old Style board. There are so many ideas on there for cooking from scratch and bulk cooking so you can save lots on your food bill.

As mentioned above check out Quidco for when you get insurances as there may be some cashback to be had. Of course still shop around with other companies as even with a cashback deal it still might not be the best.

If you have the time and patience look into things like Pigsback. My OH and I have earnt £30 in vouchers since February - over a year this could contribute to christmas? You can claim Waitrose/John lewis, leisure vouchers, odeon tickets, and loads more.

spud30

I also disagree with ditching the pet insurance. £19 for 2 dogs is quite cheap (I pay £36 per month for 1 select breed dog)

Your gas and electric bills are huge. Mine used to be similar amounts, and I have managed to cut my bills by more than half by switching lights out, turning heating down/off, unplugging mobile chargers etc.

Don't consolidate. I've done it a few times, and always ended up in worse debt.

happytobehere

I've just swapped to Scottish Power Manweb, which should save me £237.42 per year on my gas / elec.

I've also swapped my life insurance and that will save me £10 per month.

I dont want to get in any more debt, and am determined to try and cut back as much as possible so I can last till next June. Then I'll be earning good money £20kish) and be able to start paying everything off.

I have £8.50 with Pigsback and £216 in Tesco Clubcard deal vouchers (£44 in actual vouchers) but I'm using these to take the kids out over the summer (we've already got a free day at Alton Towers)

I'm keeping the pet insurance as my youngest dog has had a couple of health problems when she was younger and I know that if I cancel it she'll be ill again!

I'll get £1100 in cash back when I cancel my holiday. I think I'll use £300 of this and pay the car loan off, which will save me £51.67 a month.

I've been looking via this site at Payplan's IVA solutions. although I haven't defaulted on any payments (and I'm determined not too) IF it ever came to it I'm worried that as I need to register with the Health Professions Council when I graduate, would having an IVA or contacting my mortgage company to freeze payments for a while affect it. Does anyone know?

Thanks for all your advice...

Ytaya

Depending on how severe your ME and spinal problems are, you could claim Disabled Living Allowance (DLA). You'd be surprised what's considered to be a disability from their point of view. Even if you only get the lowest amount (£16.50/week), it's worth having. For example, if you get DLA and are working 16 hours a week, you can claim tax credits - worth much more than £16.50/week! You can probably also get free prescriptions, too.

Your leccy and gas seem really, really high. Look into a slow cooker - much cheaper for cooking. Do you and the kids all have separate TVs and stuff? Getting together in the evenings and watching things together can cut your leccy bill - fewers TVs and lights on.

You can definitely cut your food bill, too.

Good luck!

spud30

Just had another thought Linda.

Are you not entitled to any tax credits? You only mention child benefit.