Ok here goes

becksdawe

Hi all,

This had been praying on my mind for ages - and I feel up to my neck in it. I'm 22 in September and living with my gorgeous fiance who is currently on an IVA. After that and his rent he doesnt have much to his self.

We currently live with his dad and the stress that causes me on top of making sure my fiance is sorted and dealing with everything else is huge.

I have tried talking to my fiance - who constantly borrows at least £100 off me each month but does pay me back - only to borrow again - to budget himself this month to £50 a week - with me paying for his travel to work (trust me its the only way I could get him to agree)

I have 2 credit cards - Barclaycard and Capital One.

Income : Comes out about £790

Outgoings:
Barclaycard: (Balance:£2,221.94 Limit £2250 APR 21.9%) Current paying min payments
Capital One : (Balance: £175 limit £200 APR 34.94) Currently paying £10 per month
Food Bill : (which covers my rent) : Anything from £130 - £200
Pet Food : £20
Savings: £10
Mag Subscription: £17.50

My overdraft limit is £100 - at 0% i believe - and i'm always up to the max.

Just feel I'm in over my head - I cant see where the rest of the cash goes. Have resolved that in July I'm going to try budget myself to £50 a week spends also - next month is a big month for me.

I've done a snowball - and its coming out at January 2041 when I'm paying minimum payments

kazl_2

Well done for posting. Not much experience with this but my initial thoughts are in red below. Sure someone else will be along soon to give more advice

becksdawe wrote: »

Hi all,

Outgoings:
Barclaycard: (Balance:£2,221.94 Limit £2250 APR 21.9%) Current paying min payments
Capital One : (Balance: £175 limit £200 APR 34.94) Currently paying £10 per month
Food Bill : (which covers my rent) : Anything from £130 - £200
Pet Food : £20
Savings: £10 Pay this off Capital One instead of saving it
Mag Subscription: £17.50 can you cancel this? Its £210 per year which would pay off Capital One

My overdraft limit is £100 - at 0% i believe - and i'm always up to the max.

Just feel I'm in over my head - I can see where the rest of the cash goes. Have resolved that in July I'm going to try budget myself to £50 a week spends also - next month is a big month for me. What do you spend £50 per week on?

I've done a snowball - and its coming out at January 2041 when I'm paying minimum payments

becksdawe

My savings are £10 per month and makes me feel I'm doing something for the future even though its so little.

My mag. subscription is a part-works and at once a week and the only magazine I purchase....

The £50 a week budget is what I've set my fella so assuming I follow suit he cant ask for any more. Doing this should in theory leave me with about £300 extra - but its doing it that will kill me.. I can see where it goes.
I buy my lunch everyday ( 5 days a week) I work early in the morning 4am starts and can not stand leaving sandwiches in the fridge over night.

kazl_2

Start a spending diary - one for each of you or a joint one. See who can spend the least each week :cool:
Write down everything you spend so that you can see where the money goes. It will give you a better idea what money you need each week and also where you might be able to make savings.
The interest for capital one is really high :eek: its good saving for the future but would you be better off throwing every penny you can at the credit cards for the next few months.
You dont want to end up with debts like mine

RAS

Hi Only have a few minutes, so this will be brief.

it is likely to be quiet over the weekend, so try to find out what you are spending money on, both you and the IVA. Sorry, i know that he is gorgeous, but his spending habits are pulling you both down and the next step for him will be bankruptcy. As it is, getting loans or mortgages will be difficult for several years, which is why he taps you all the time. Do not under any circumstances get any joint loans or loans in your name on his behalf.

You both need to start spending diaries to find out where it all goes. Then set out your fukll expenditure.

becksdawe wrote: »

Income : Comes out about £790

Food Bill : (which covers my rent) : Anything from £130 - £200
Pet Food : £20
Travel to work?
Phone?
Council Tax?
Insurances?
Clothes?
Toiletries
Going out?

Debts:
Barclaycard: (Balance:£2,221.94 Limit £2250 APR 21.9%) Current paying min payments
Capital One : (Balance: £175 limit £200 APR 34.94) Currently paying £10 per month - pay this off before you even think about saving. You are pasying 35 percent and only gaining 5%. Stick the extra £10 in the snowball and see what happens
Savings: £10
Mag Subscription: £17.50

My overdraft limit is £100 - at 0% i believe - and i'm always up to the max.


I've done a snowball - and its coming out at January 2041 when I'm paying minimum payments

Burlesque_Babe

Call Capital One. Pretend you don't know the APR and ask it. Pretend to be very shocked and say you didn't realise it was this high. give a bit of flannel about being a happy customer but if it is going to be this high you will have to change companies unless they can reduce it.

Mine came down to 14.9% straight away.

Go for it - nothing to lose!

becksdawe

Problem is - its so hard with my bloke - he just doesnt understand and makes me feel bad just talking about it :mad: I plan to keep all my recipets for the next month and just beause it will be a bad month ( I'm going away, need a haircut, have a leaving party to attend and a birthday or 2) dont mean Im gonna go mad.

poppy_f1

hiya
please dont take offence but apart from being blunt i cant think of another way to say it

becksdawe wrote: »

Problem is - its so hard with my bloke - he just doesnt understand and makes me feel bad just talking about it

and your fellas the one in the IVA but doesnt understand....sorry but i think he needs a kick up the backside unless he wants you to follow him into a IVA

somethings gotta give - cancel the mags for a bit and stop savings and use them to pay off some of the debt, no point ni earing 4%ish in savings but paying 20% to debt
you dont have to take sandwiches for lunch, make up some kind of pasta salad, and it wont spoil in the fridge overnight, if this is unrealistic then find somewhere cheaper for lunch

thye spending diary for you and your fiance is a good idea as if hes borrowing money from you then you can pin point where all the cash is going

i had to give up near enough everything when i was bad in debt and was close to contemplating a trust deed (IVA equivalent in scotland) but ended up selling my car, cancelling things like sky stopped buying loads of new clothes etc
and i've came thru it, ok i still owe about a grand on cards but its manageable, unfortunately for me thses past few months i've had to splash (or i didnt have to) out on a new telly and other things, i can manage my debt and get thru 90% of the month without borrowing
thing is when you come thru it (me anyway) you do begin to start thinking do i really need this and 9times out of 10 you dont