Help!!!!

wallet_raider

I am new to all this although can I just say the web site here is FAB!!! I am really struggling at the mo with my loans, credit cards , overdraft etc and am really looking for a bit of moral support!! I have today filled in a personal budget plan and sent it off to all my creditors with offers of payment and I am now awaiting replies. I think the worst thing is facing it all and admitting that there are real problems!! Eeek I suppose this is a Light Bulb Moment?

redfaced

First of all Congratulations on taking the first step, we're only 2 weeks ahead of you and it's very daunting:eek: , you've done the right thing tho' and loads of people will be along soon to help you on your way to being DF. Good luck and keep posting/reading
Jo

CharliesAngel

Hello and welcome..... you're in the right place.

Well done on the light bulb moment! If you read Southern Scouser's sticky on the main page and let us all have your SOA - statement of affairs we'll be able to help you reduce outgoings etc.

Also try www.whatsthecost.com for help on snowballing.. an easier way than taking out more credit to cover your costs and a quicker way to pay things off..

I'd also highly recommend a spending diary, making note of every purchase... I was surprised how much I was spending on lunches and things I didn't need a week... plough these back in to your debts...

Hope this helps...

CA

immoral_angeluk

COngrats on your light bulb moment... the first step is always the hardst so well done. If you ever want to post up your SOA on here we'll be able to have a look through and see if we can help you cut your outgoings down.

taxi73

Hi and welcome...the first step is always the hardest...so well done..I agree with the others a SOA will help and also to keep a spending diary as it's surprising how what seem like little spends soon mount up

wallet_raider

Thanks for the support guys its great to know we are not alone and there is light at the end I suppose. Here is my SOA

Husbands Wage £1139.85
My Wage £300.00
Tax Credits £152.00
Child Benefit £120.80
Industrial Injuries£105.36

Total INcome £1818.01.

OUTGOING
Mortgage £309.34
Council TAx £111.00
Utilities £131.00 (gas, water, elec)
Life Insurance £54.90
Car costs £250.00 ( 2 vehicles tax, ins fuel etc both cars needed for work)
School dinners etc £60.00
Phone £45.00
Housekeeping £400.00 (food etc)
House Ins £21.99

tallyhoh

Life Insurance £54.90?:eek:

Is it something to do with the industrial injury? My life insurance is £8.25.

hypno06

My first thought would be to cut back the food - especially if paying for school dinners on top of this. I have 3 adults and 2 children plus a cat to feed and we don't generally go over £250 all in, including cleaning and lunches, and many on here will think that that is a lot!

Head over to the old style board, and they will give you loads of ideas on reducing your shopping bill.

Others will have some more ideas - I am pretty useless at the whole SOA thing!!

wallet_raider

Thanks for the support guys its great to know we are not alone and there is light at the end I suppose. Here is my SOA

Husbands Wage £1139.85
My Wage £300.00
Tax Credits £152.00
Child Benefit £120.80
Industrial Injuries£105.36

Total INcome £1818.01.

OUTGOING
Mortgage £309.34
Council TAx £111.00
Utilities £131.00 (gas, water, elec)
Life Insurance £54.90
Car costs £250.00 ( 2 vehicles tax, ins fuel etc both cars needed for work)
School dinners etc £60.00
Phone £45.00
Housekeeping £400.00 (food etc)
House Ins £21.99

Total Outgoins £1383.23

Debt : £3410.00 overdraft about to be called in!!
£644.33 Credit Card
£759.16 in arrears on a secured loan of £5000.00
Total Debt £4813.49 Doesn't seem a lot but when you know its there and you cant make any payments because your bank account is so far over your overdraft limit its the stuff of nightmares, I am ashamed that we have managed to get ourselves in this position and have no idea how to fix it if our creditors dont agree to our offers. We have had letter today from bank asking for the return of our cheque books etc . I feel sick.

wallet_raider

tallyhoh wrote: »

Life Insurance £54.90?:eek:

Is it something to do with the industrial injury? My life insurance is £8.25.

Yeah life insurance so high due to husbands worrying ability to attract all kinds of awful accidents!!!!Also we both smoked and although we dont anymore we have to wait 12months before we are classed as none smokers!!

immoral_angeluk

Husbands Wage £1139.85
My Wage £300.00 any chance of extra hours or you getting a better paid/2nd job?
Tax Credits £152.00 is this a month or a week?
Child Benefit £120.80
Industrial Injuries£105.36 how long will you get this for?

Total INcome £1818.01.

OUTGOING
Mortgage £309.34 could you downsize or remortgage?
Council TAx £111.00 ask if they'll spread the payments over 12 months if they aren't already.
Utilities £131.00 (gas, water, elec) can you break this down?
Life Insurance £54.90 this seems high check you're getting the best deal...
Car costs £250.00 ( 2 vehicles tax, ins fuel etc both cars needed for work) Would public transport be cheaper?
School dinners etc £60.00 can you break down exactly what is covered by this?? £60 is a lot for school dinners!
Phone £45.00 is this landline, calls, line rental, internet etc?
Housekeeping £400.00 (food etc) for how many people?
House Ins £21.99 is this buildings and contents or just contents?