where do i start!!

egghead

hi over the past 2 years i have been living well out of my depth..


heres my soa hope someone can help, i have tried my best but with a family of 5 its hard!


income..£1800


outgoings.....

rent £400
water £38
tv licence £11
gas/electric £95
kids saving £30
phone b/band/ tv £30
petrol £ 30

loan £300
cc 1 £89
cc2 £60
cc 3 £80
cat 1 £110
cat 2 £ 160
next £40
cat £30
od £ 50


so approx 250 left for food, other bits and dabs, car maintenencs, tax, birthdays

help!!!! feel sick

alwaysonthego_2

egghead wrote: »

hi over the past 2 years i have been living well out of my depth..


heres my soa hope someone can help, i have tried my best but with a family of 5 its hard!


income..£1800


outgoings.....

rent £400
water £38
tv licence £11
gas/electric £95 (try moneysupremarket.com for cheaper quotes)
kids saving £30
phone b/band/ tv £30
petrol £ 30

loan £300
cc 1 £89
cc2 £60
cc 3 £80
cat 1 £110
cat 2 £ 160
next £40
cat £30
od £ 50


so approx 250 left for food, other bits and dabs, car maintenencs, tax, birthdays

help!!!! feel sick

can you give us more details on your loans and aprs, are you paying minimum or more

CCCS_Matthew

Hi there,

I work as a Debt Cousellor working for a charity called the Consumer Credit Counselling Service

From your post it's clear to see that you are quite concered about the situation that you in, especially as you have a large family. There are a number of ways that you may choose to deal with your current situation. As a general rule they all need to include a financial statement as the foundation from which to begin, which you have seemed to have started in this thread.


Whist we cannot advise you fully on your financial situation via this forum we do have an online electronic facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation. If you go to our website www.cccs.co.uk and click on Debt Remedy you can access our virtual counselling service.

CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.

Regards,
CCCS

egghead

yes sure....

laon minimum payment 300 only 40 more to go....17.8 apr:eek: :eek:
cc 1 £3000 3.9% life
cc2 £2400 11.9%
cc 3 £1100 6.9% life
cat 1 0% intrest only 6 more payments of £110:cool:
cat 2 0% intrest only 12 more payments of £160:cool:
next 24.9% only £300 left
cat 3 £30 last payment!!!:T

od 1300 overdrawn trying to reduce by 50 a month:eek:


jope this helps so im approx..23000 in debt!!!!

chevalier

For now you have to consider stopping saving for the children. You are borrowing money at a high apr to save it at a lower one, which is not a good idea. You can make it up when you get straight.

Your gas /electric are high. Not only check if you have the cheapest suppliers, but also talk to the family about not leaving things on stand by (as this uses nearly as much electricity as when the appliance is on), turn things off at the wall. Also check the setting of the water heater, if the water comes out scalding it is too hot, so turn it down a notch and save.

Do you have any bank charges you can claim back. See the thread on here for advice

Can you ebay anything to get a boost to your income

Are you getting all of the benefits you are entitled to - www.entitledto.com for more details

Do you both work, if your OH doesn't can they start? This would be the biggest boost to your household income, even if they worked when you were home to save on child care.

chev

chevalier

oh and cccs I know you are trying to help, but I don't think even a charity can advertise on these boards! You might want to contact a moderator to check, and besides there are links to your site at the top of the forum
chev

egghead

the gas and electric has been upped as i had a massive bill and cant swap over till its paid! 600 pound winter bill, i am disputing this matter at the moment.

egghead

chevalier wrote: »

For now you have to consider stopping saving for the children. You are borrowing money at a high apr to save it at a lower one, which is not a good idea. You can make it up when you get straight.

Your gas /electric are high. Not only check if you have the cheapest suppliers, but also talk to the family about not leaving things on stand by (as this uses nearly as much electricity as when the appliance is on), turn things off at the wall. Also check the setting of the water heater, if the water comes out scalding it is too hot, so turn it down a notch and save.

Do you have any bank charges you can claim back. See the thread on here for advice

Can you ebay anything to get a boost to your income

Are you getting all of the benefits you are entitled to - www.entitledto.com for more details

Do you both work, if your OH doesn't can they start? This would be the biggest boost to your household income, even if they worked when you were home to save on child care.

chev

the savings for the kids is a must i would feel devistated if i had to stop that as its ina child trust fund, only 6 years left to go:cool:

RAS

Hi some thoughts

egghead wrote: »

yes sure....

laon minimum payment 300 only 40 more to go....17.8 apr:eek: :eek: What is the value of this loan?

cc 1 £3000 3.9% life pay the minimum
cc2 £2400 11.9%
cc 3 £1100 6.9% life pay the minimum
cat 1 0% intrest only 6 more payments of £110:cool:
cat 2 0% intrest only 12 more payments of £160:cool:
next 24.9% only £300 left - this is where you put every last penny right now, then close the account
cat 3 £30 last payment!!!:T

od 1300 overdrawn trying to reduce by 50 a month:eek: What is your limit and what is the APR on this?


jope this helps so im approx..23000 in debt!!!!

Longer term, you need to talk to one of the debt charities, as suggested earlier.

angelavdavis

Hi Egghead and welcome to DFW,

You have had excellent advice so far, so make sure you take some of the advice provided by the good folk.

It would be worth entering your debts into the snowball calculator. It will highlight what you should pay off and how and also when you are likely to be debt-free.

Other advice:

Keep a spending diary for you and OH to monitor exactly where your money is going - its an eye opener and will help highlight areas where you could save more. It will help reveal where the £250 is actually going to.

Go over onto Old Style forum to find out ways to save cash on food/living expenses.

Look around to see if you can get a better deal on bb/phone/tv. Go with freeview if you are using digital, etc.