Help needed please.

stagefx2002

hello

i am new to MSE but my sister recommended the site, after reading alot on this Debt Free Wannabes forum i have decided to talk. My self and my fiancee are n serious debt trouble we are in debt to creditors for £43285. I have broken this down below.

Mine

Nationwide Overdraft - £1439 limit of £1500
2nd Nationwide Overdraft - £1742 limit of £1750

Nationwide CC - £4644. £138 Per month APR 1.667% Per month
Mint CC - £1714. £38 Per month APR 1.456% Per month.
Morgan and Stanley CC - £2790. £56 APR 1.527%
Virgin CC – £3225. £64.40 Per month. APR 1.8735%
Egg CC - £6060 credit limit of £6000 APR 16.6% MIN Payment £123
MBNA Loan Outstanding £9600 ish Payment £256
Car Loan £12000 Payment £309 per month inc Payment protect

Fiancee's

Nationwide debitcard Outstanding £1552 overdraft limit £1700.
Egg - £850 £30 per month APR 16.6%
Nationwide CC - £2850. £87 Per month APR 1.667%Per month
Barclays OD of £989.49. £30 per month APR 1.22%permonth
Nationwide loan of £127.19 a month. Outstanding £5100
VW Finance £153 per month Outstanding £5000 ish




Other Outgoings

Natwest Mortgage - £842 per month. £126000
Council tax - £122/month
tesco life insurance - £48.87
Mobile - £38
Mobile - £100
Home Insurance - £18
Car insurance £70 per month.
Car Insurance £38 per month.
Sky £18 per month
BT £160 per quater
Electric £69 per Quater
Gas £26 per month
Water£29 per month


We just need help. Please am so scared.

david

brainfreeze

Hi David

Welcome to MSE and DFW. You have done the hardest bit by acknowledging the debt and putting it down on paper (screen). You will get loads of advice and guidance but before anyone can do that you need to amend your first post to include both yours and your fiances incoming figures - without that we can't see how tight things are for you.

However, based on the information you have given I've made the following notes

stagefx2002 wrote: »

Other Outgoings

Natwest Mortgage - £842 per month. £126000
Council tax - £122/month
tesco life insurance - £48.87
Mobile - £38 seems high - can you change the contract to a much cheaper one?
Mobile - £100 seems excessively high - same question as above
Home Insurance - £18
Car insurance £70 per month.over 12 mths this is £840 - are you driving a sports car or have you points issues - this is very high
Car Insurance £38 per month. same question - it's over £400 per year....can you shop around....do you really need 2 cars
Sky £18 per month can you cancel & get freeview...does this include internet
BT £160 per quater what's this for...phone and broadband...it's very expensive...can you break down what it covers and could you come out of the contract and opt for something much cheaper.
Electric £69 per Quater
Gas £26 per month
Water£29 per month

Things you haven't mentioned are

Groceries
Car tax/maintenance
TV Licence
Fuel for those two cars

If you go to this link there is a budget planner....even if you don't feel you can cope with working out a budget now...look at it as it points out almost everything you might be paying out but have overlooked.

Another excellent site to visit is whatsthecost - put your debts into that and play around with the figures and it will give you some idea of a debt free date. It might seem depressing at first but actually having a goalpost to aim for is really positive and you will quickly become obsessed by trying to bring that goalpost forward.

Finally, please try not to worry too much. Everyone on DFW is here for the same reason - some are much further along the road than you and me, but however we got those debts we all did it and we all now support each other to get out of it and look forward to a Debt Free future.

I'm sure others will be along soon with loads more suggestions.

nonsensefactory

Agree with all of brainfreeze's comments, you could make major savings here with a little bit of effort on these alone. Another point might be to consider selling your place, use the equity to pay off debts and rent until you have your debt to a more managable level. Where do you live ?

bluezone

ALso what are your incomings? And food etc? All these added can help to try and find a solution.