This is me

Thatsthewayitis

Well, I've been lurking for a while and I can see all the good support and feelings that are spread in this forum, so I thought I'd share my situation - any advice would be great.
I've realised I have debts - and want to sort them out. I've a partner (who is unaware), 3 children and a house - and just want one less stress in my life

Income: £3200

Outgoings:
Mortgage £1205
Council Tax £148
Gas & Electricity: £102 (Monthly DD ScottishPower)
Buildings Insurance £37
Phone £47
Water £27
Car insurgences (x2) £58
Life Insurance £37
Mobile £15
Petrol £175
Food £300

Debts

Egg CC £14200 currently paying £320 month
Cahoot loan 20125 currently paying £460 month
OD (Llyods TSB) £1500

Total income £3200
Outgoings £ 2960

Childcare/school things are paid by OH (earning £1000 month) I haven't included this as they are unaware. I know I should, and I probably will, but at the moment I want to keep it this way

It may not look it, but it feels awful at the moment, and I don't want it to get any worse.

Lucy1982_2

Hi

Welcome to the family.

Right I'm not great on bills as I live at home and don't have to worry about them.

Once all of your out goings have gone your left with about £240 per month spare. Are you actually left with this or is this vanishing money? If it just vanishes try a spending diary to see where is goes. If you are left with this at the end of each month are you paying off your overdraft at all?

Other than paying off your overdraft with this money can you overpay on any of your debts? This is a great way of beating the interest.

I hope that this helps a little more people will be along soon to help out.

But well done for getting this far and good luck

immoral_angeluk

Income: £3200 any chance of increasing this? Overtime etc?

Outgoings:
Mortgage £1205 Any chance of remortgaging to get a better rate or downgrading the house?
Council Tax £148 How many months is this paid over? If it's 10 like mine ask them to spread it over 12 which will make it a bit cheaper.
Gas & Electricity: £102 (Monthly DD ScottishPower) This seems high... have a look round for cheaper providers but bare in mind SP are dropping their prices in June (I'm with them too.)
Buildings Insurance £37 Check you can't get it cheaper than this...
Phone £47 Does this include your internet line rental and calls? you CAN get cheaper than this.
Water £27 How many months is this paid over? If it's 8 like mine ask them to spread it over 12 which will make it a bit cheaper.
Car insurgences (x2) £58 Are you on the cheapest deall you could find?
Life Insurance £37 Ditto above..
Mobile £15 If you don't use it much is it worth having?
Petrol £175 Would it be cheaper to use public transport? Any chance of car sharing?
Food £300 you can cut this down. check out the money saving old style board for ideas how. DON'T BE AFRAID OF VALUE FOOD!

Debts

Egg CC £14200 currently paying £320 month
Cahoot loan 20125 currently paying £460 month
OD (Llyods TSB) £1500 What are the APR's of these? If they're high is there any chance of getting a lower rate loan to cut your interest a bit?

Total income £3200
Outgoings £ 2960

Thatsthewayitis

Hi

the spare money vanishes.....who knows where?? A spending dairy looks like a good idea

I was, until last month, taking cash out on my cc - I've cut it up now, I didn't appreciate what I was doing.

Thatsthewayitis

Some further details of my SOA

Income: £3200 Can't increase - salaried job

Outgoings:
Mortgage £1205 Fixed term ends next April 4.99% A&L
Council Tax £148 Will ask for 12 months - great Idea
Gas & Electricity: £102 (Monthly DD ScottishPower)
Buildings Insurance £37
Phone £47 This includes internet, calls, rental - all in one
Water £27 Will ask for 12 months
Car insurgences (x2) £58 I think these are the best I can get, I renew in October
Life Insurance £37
Mobile £15 OH's phone...
Petrol £175 Car share/transport no go - shame
Food £300 Yeah - I need to re-asses my shopping

Debts

Egg CC £14200 currently paying £320 month 16.9%
Cahoot loan 20125 currently paying £460 month 14%
OD (Llyods TSB) £1500 9.5% (3000 limit)

Lucy1982_2

I was never brave enough to get a credit card (thankfully) but cutting it up is a good move and well done for doing it.

I would do a spending diary, it's amazing what you spend cash on once you start thinking about it. I would just stick everything through my debit card (that not like spending money so it never counted!) but now I pay with cash for most things and hate seeing my money go so I tend to spend less.

Crazy really!

immoral_angeluk

For the phone internet etc.. I've been told today that Tiscali do 8 mb unlimited broadband and free anytime calls for £17.99 a month. Add Bt line rental.. £28.99 a month.......

Queen.Bess

Welcome to MSE! You will find so much help, support, advice and offers here, so you've come to the right place!

I would have a look at your gas, electricity, water, insurances and phone bills. Use Uswitch.com for utilities and confused.com for insurance comparisons. Also, sign up to quidco.com as you can do the searching first, then go through quidco and get money back direct from the companies! (Hope that makes sense!)

Have a look at your food bill and see if you could cut down and maybe buy and make meals in bulk to save money.

GOOD LUCK!

Idiophreak

Just to complete the list of standard DFW suggestions - is there anything you could ebay to give yourself a kick-start?

tyllwyd

The thing that struck me is that you have debts of £34000 at approximately 15% interest - that is cripplingly high, no wonder you are struggling. Is your credit score OK - is there any way you can bring the interest rate down for even part of this debt?

Thatsthewayitis

yeah - ebay is a good idea too, thanks

On a different note, what's other's experience in not telling/telling an OH?
By not doing it I feel deceitful, more stressed - if I do it I know it will be a disaster - all my own doing, so at least I can not blame anyone else.

On a positive note - I'm going to keep a spending dairy, check out quidco/u switch, assess my food shopping and ebay my unwanted stuff. My problem then is to be disciplined enough to use this for debt repayment...