Help needed please

jo_wales

I currently have a cccs plan which is fine and am managing to pay. However I kept 2 credit cards which I initially paid off when I remorgated last yr. I am now maxed out again on them and have looked today and I can no longer to afford to pay them. I now have a huge mortgage which I have now put on to interest only, more cards I can't afford, and still need to have enough to live on, I am cancelling my pension plan at work so that will give me a bit more in my salary and trying to work out how to access the money I have already paid in as that will help me out. Any advice, I know it's all my fault, champagne taste on beer money but scared now.

poppy_f1

jo_wales wrote: »

I am cancelling my pension plan at work so that will give me a bit more in my salary and trying to work out how to access the money I have already paid in as that will help me out. Any advice, I know it's all my fault, champagne taste on beer money but scared now.

hiya and welcome
unless you are at retirement age you wont be able to access the pension funds

can you post a soa and im sure people here will be very helpful

SunderlandBlackCat

Have you taken any steps to stop yourself spending on the cards (ie cutting them up or freezing them in a block of ice) ?

As for cancelling your pension that is the one thing I would never advise people to cut back on as the tax benefits mean you don't see anywhere near as much increase in your take home pay as you think you will, you also lose any employers contributions so could actually be making yourself wosre off.

As poppy has already said if you post an soa we'll see what we can do to help (theres a template in SouthernScousers First Time Posters thread)

wherediditallgo

Definitely don't cancel your works pension unless you've only been in it about a year, & speak to the pension department before you do it anyway. You get tax relief on your contributions, so if you cancel it you won't see an increase in your net pay equivalent to what you were paying out. Your pension provides for your future, not just at pensionable age but also may give you life insurance, a chance of early/medical retirement, none of which cancelling it will make up for. I toyed with cancelling mine a couple of years ago, & now I'm so glad I didn't as I may have to take medical retirement in a couple of years.

jo_wales

21-Jun-07 Salary 1,327.00
21-Jun-07 Mortgage
(interest only from 21/6) 518.26
22-Jun-07 Next 100.00
food 200.00
25-Jun-07 Tesco card 150.00
25-Jun-07 Union Fees 9.75
Car loan to my dad 60.00
27-Jun-07 Council tax 65.00
27-Jun-07 Ikea 18.00

28-Jun-07 Citicards 150.00

02-Jul-07 Fraser card 25.00
02-Jul-07
02-Jul-07 Powergen 40.00
02-Jul-07 TV 11.37
02-Jul-07 CCCS 133.00
02-Jul-07 Suite 55.55
05-Jul-07 Tesco Life 22.06
05-Jul-07 Denplan 15.89
05-Jul-07 Sky 18.00
05-Jul-07 Phone bill 20.00
15-Jul-07 Internet 17.99
15-Jul-07 Tesco Ins buildings and contents 23.71
15-Jul-07 Water 26.50
15-Jul-07 Car Ins 27.41


Here's my income and exp for a normal month. Have been surviving on the surplus from my remortgage for the last 12 months and it is now running out. Have £1000 overdraft limit which I haven't gone into for a while, but on these figures I am over and above that by September. CCCS overall balance is approx £44k. Have now cut up my cards and not using them again. All advice would be very welcome. I do some part time petsitting but it is not regular income usually £100 or so every couple of months depending on the time of year. Pay £90 into my work pension fund at the moment. If I just pay what I can afford to my credit cards, what are they able to do. Also don't want to involve the CCCS any further as I'm not supposed to have any more credit. Thanks for replies so far, much appreciated

poppy_f1

are you just paying the minmum on the cards and whats your balance at on them and apr
also how long left to pay the loan from your dad (is there anyway you can stop this for a bit) and the suite

sky may be a luxury you cant afford to keep

what about things like going out, haircuts clothes etc or is that included in the food figure
if the food figure is just food then pop over to the old style board for recipies and ideas for meal plans

jo_wales

suite is paid in March 2008, 2 and half years on car haven't told parents all the details as they are both in their 70's and would worry so need to keep up the pretence.

Clothes, next account, haircut usually £25 every 10 weeks and comes out of food. Forgot petrol for work which is usually about £25 a fortnight.

Don't go out so sky is really my only luxury as I live on my own and would go nuts otherwise. Any other treats used to go on the cards.

Tesco is £3900 @ 16.9%
Citicard is £4900 @ 27.9%

Can't do balance transfers as have poor credit rating.

Generally try to cook from fresh as ready meals make the shopping bill higher. Have pets so they are also included in food.