big debts

shelly71x_2

HELP!!! :eek:in serious debt.....need advice as my spending out-weighs my income
2 x loans @ 200 each per mth
3 x Credit Cards @ 115 each per mth
How can I reduce all my outgoings to afford the 745 per mth on these??

sourcrates

Hi,
Maybe cut back on your food bill a little bit, em your loan and credit card payments are quite high, you should maybe contact your creditors and ask them if they will accept lower repayments as you are in financial difficulties ?, have you already defaulted on any of the accounts ? if your spending more than you have coming in you need to draw a line in the sand so to speak, stop making the loan/creditcard repayments and assess what you can afford to pay towards them that's within your budget, big scarey step I know if you've always made your payments on time, but you need to regain control of your finances in order to deal with this.

worried48

Post up your SOA and let people make suggestions.

sourcrates

It was there a minute ago, I think the op has deleted it !!

shelly71x_2

ok SOA back on...wow must have been something I did

blitzboy

How on earth do you spend £100 a month on electricity? We spend approx £10-12 a week!

Also, there's no reason to be paying £45 a month for a mobile phone when you're in a financial situation like yours. Suggest getting onto a PAYG deal as soon as you can, keeping your current phone.

~Beanie~

How many people is this SOA for? I'm guessing you have children, how many?

19lottie82

How many children / adults are in your household?

If it's a lot then £440 is quite a lot for groceries and drinks at home, this could prob be cut down if you meal plan and don't throw lots of "extras" in to the trolley.

Also, you can't afford £84 a month on a holiday right now.

£173 for gas and electric is extortionate..... are you paying off previous debt?

shelly71x_2

I have 3 teenagers at home... I have argued my electricity bill many times .. wouldn't mind I have a burner. The phone ismy hubby's due out of contract in January.. I have already gone on PAYG, and he will do the same. Over the years things have roller coasted. Had my house up for sale up to last month to try and sort things out, but no buyer.

shelly71x_2

When I filled in the budget I thought about how much my previous holiday was... no hols booked.

consultant31

Your electricity and gas bills are enormous. Look round for a better deal quickly.
Your food bill is high as well, how many people are you feeding?
Do you really have to spend £10 a month on new work clothes, plus £10 on clothes and £15 on children's? I know children are always growing but could you keep an eye on eBay or charity shops at least for 'playing out' clothes?
As someone else has already stated, your mobile phone bill is very big.. I imagine you have a fairly new smart phone and therefore you're probably locked into your contract for a while! Try ringing your phone provider and tell them you're in dire straights and see what they offer - you may get a surprise.
You really need to start a spending diary as well so that you can see where all the stray money is going - it's surprising how a magazine every week and a couple of coffees add up.

There's nothing so bad as can't be fixed with determination and a very beady eye on your purse. Good luck

Oops, sorry, it seems I cross-posted

One other thing - have a look on the old style board for ways of cutting down on grocery bills - they're brilliant over there