Advice required

scotsquine

Hope you can advise me, my husband and i have got into a mess and really need to know the best way to sort this out. Don't want to go to those consolidation co's that charge a fortune and as we have not yet missed a payment am hoping that we can sort this out without being out of pocket.

Here's a list of my incoming and outgoings:

Incoming:
husbands salary: £1700 per month
overtime: up to £400 a month
child benefit: £69.80
tax credit: £40.82

outgoings
mortgage: £633.09 pm
House/Content/Life Insurance: £149.70 pm
Loans/Credit Cards: £1200 pm

Loans
Egg: £2761.16
Egg: £2779
Egg: £3412.28
Tesco £3981
Northern rock: £6995
Northern Rock: 5400

Credit cards
Clydesdale Bank: £7000
Clydesdale Bank: £4000
Egg: 4100
Halifax: £5300

Thats it in basic terms. Can you let me know what other details you need. Also, how do i make this thread sticky?

I cant tell you how much it will mean to me to get some help with this. the spending has stopped and now its time to take action, but i am at a loss as to where to start.

silkglade

Hi hun and welcome to the wonderful place of DFW - :hello:

We need to know your payments to each of your creditors and what the interest rates are - also need to know how much you spend on food, petrol ect. If poss list them all separatley then we can have a good look for you and see what we can do.

Also is your hubby's overtime guarenteed each month

NO you do not need to make the thread a sticky

bonnie_2

You also need to do a more thorough soa. council tax, water, gas, electric.
Car tax, insurance, petrol, repairs. Telephones, tv licence, sky, internet etc.
school expenses uniform, trips etc. bdays,xmas,haircuts,holidays.

ifstar

Check out this post and it will show you what sort of information is useful to post.
http://forums.moneysavingexpert.com/showthread.html?t=107280
There isn't anything for food, petrol etc on your SOA.
It also helps if you can break down things like where you said House/Content/Life Insurance: £149.70 pm
as this looks fairly high and you could probably save a fair bit on this.

scotsquine

Hi folks,
Please see more detailed list.This will be scary stuff typing this out as this is the first time we have actually faced up to it and it has to be done. We are not behind with any payments just now but next month will be a different story. We did the usual, take money from one credit card to pay off the other etc etc etc but now the credit cards are just about to the max.

Incoming:
husbands salary: £1700 per month
overtime: up to £400 a month
child benefit: £69.80
tax credit: £40.82

outgoings
mortgage: £633.09 pm
TV Licence:£11.37
Petrol: £110.00
Gas: £40.00
Electricity: £44.00 (the utilities bills may be coming down soon)
Tiscali:£15.99
Council tax: £160.00
Pet insurance: £8.99
Sky: £18.00
Phone/mobile: £45.00
Mortgage protection insurance: £85.74
House Insurance: £34.11
Buildings insurance (not too sure if this is for this insurance but can't find relevant paperwork just now): £29.70
House keeping: £300.00
Credit card: £200 (balance £6987, Limit £7000, apr (monthly) 2.075 (cash), 1.736 (purchases) Clydesdale mastercard
Credit card 2: £150 (balance £4715, limit £6300, apr (monthly) 2.075(cash) 1.736 (purchases) Clydesdale mastercard
Credit card 3: £90 (balance £4025, Limit £4400, apr 16.9) Egg
Credit card 4: £120.00 (balance £5100, limit £5100, apr 21.9 (!!!!!) Halifax
Egg loan:£138.96 (balance £2761.16, ends 1/4/09, not sure of apr)
Egg loan:£120.67 (balance £2779.51, ends 1/6/09, apr7.66)
Egg loan:£128.24 (balance £3412.28, ends 1/10/09, apr 7.66)
Tesco loan: £212.58 (balance £3981, ends 1/02/09, apr10.5)
Northern rock loan:£78.60 (balance £6995, ends 21/10/25, apr 11.59?)
Northern Rock:£134.30 (balance £6446, ends 1/05/11, apr 6.5% - this loan had just been taken out and the first payment has just been taken off)

OMG!! I think I want to cry.to have to sit and type all that out has made me see what a mess we are in. I think i realise that realistically we need to take out a BIG loan to clear this.There's no point trying to pay one off first as we are not in a position to do that. If we got one loan we could pay that amout every month instead of paying money out all over the place. I'm hoping that the major banks will still deal with us so that we don't have to go to any of these consolidation co's that charge a fortune. Please help me.

Burlesque_Babe

WELL DONE for writing it all down. That is half the battle I think.

scotsquine

Hi keren,
Thanks for that. In a strange way I'm kinda relieved to get it all out. Still want to cry though!!

SunderlandBlackCat

scotsquine wrote: »

I think i realise that realistically we need to take out a BIG loan to clear this.

NOOOOOOOOOOOOOOO!

Now you have the details of all your debts put them all into the snowball calculator

This will show you what to pay off which debts to clear them quickest & paying the least amount of interest.

newmum1

Just a quick note i think that child benefit has now gone up as of April.

Toto

scotsquine wrote: »

Incoming:
husbands salary: £1700 per month
overtime: up to £400 a month
child benefit: £69.80
tax credit: £40.82

outgoings
mortgage: £633.09 pm
TV Licence:£11.37
Petrol: £110.00 could you cut this? reduce journeys car share take public transport at all?
Gas: £40.00 is this the cheapest, shop around to see if you can reduce a bit
Electricity: £44.00 (the utilities bills may be coming down soon)
Tiscali:£15.99
Council tax: £160.00
Pet insurance: £8.99do you need pet insurance? could you put the same into a high interest savings account? unless ou have an old pet usually these are a bit of a rip off
Sky: £18.00 how about getting rid of this and getting freeview instead?
Phone/mobile: £45.00 are you tied into a contract? can you call the phone company and reduce the package? better still go pay as you go
Mortgage protection insurance: £85.74is this necessary? will it really cover you? check the ts and cs of the contract and see if this is worth the cost
House Insurance: £34.11 shop around, you will probably get much cheaper, sign up to https://www.quidco.com and get some quotes and cashback.
Buildings insurance (not too sure if this is for this insurance but can't find relevant paperwork just now): £29.70ditto to above
House keeping: £300.00how many does this feed? pop over to the old style board, you will find some great advice there for meal planning and reducing household spending
Credit card: £200 (balance £6987, Limit £7000, apr (monthly) 2.075 (cash), 1.736 (purchases) Clydesdale mastercard
Credit card 2: £150 (balance £4715, limit £6300, apr (monthly) 2.075(cash) 1.736 (purchases) Clydesdale mastercard
Credit card 3: £90 (balance £4025, Limit £4400, apr 16.9) Egg
Credit card 4: £120.00 (balance £5100, limit £5100, apr 21.9 (!!!!!) Halifax
Egg loan:£138.96 (balance £2761.16, ends 1/4/09, not sure of apr)
Egg loan:£120.67 (balance £2779.51, ends 1/6/09, apr7.66)
Egg loan:£128.24 (balance £3412.28, ends 1/10/09, apr 7.66)
Tesco loan: £212.58 (balance £3981, ends 1/02/09, apr10.5)
Northern rock loan:£78.60 (balance £6995, ends 21/10/25, apr 11.59?)
Northern Rock:£134.30 (balance £6446, ends 1/05/11, apr 6.5% - this loan had just been taken out and the first payment has just been taken off)

Well done for facing it all, it's the hardest part. I've put a few tips in your SOA, I'm sure others will be along with their thoughts too. Do check on https://www.entitledto.com to check you are getting all benefits you are entitled to.

Please don't get a consolidation loan, that is the worst thing you could do, we've all done it or thought it in the past, so you're not alone.

The best thing you can do is contact one of the free debt charities, payplan, CCCS or the CAB. They are very friendly, non judgemental and are really there to help. They can help you with a realistic payment plan and will negotitate with your creditors for you. They are there to help, and so are we. Keep posting here too, there is always someone around night and day to chat to, even if it's just a vent.

mousegirl

Toto is right, go to your local CAB office asap - they sometimes visit local libraries. Good luck, once you get help sorting it all out you'll feel loads better.