Help to clear debts under £1000

gettingtheresometime

Well assuming that it's not attracting interest one way of looking at this, is that the debt will be cleared in 16 months...ie September 2017

However in 5 months time, you'll have an extra £22 to throw at the debt which will bring the debt clearing date to May 2017.

We have a freesat box, it's one of the recordable type and you can also pause live tv. Any money that you save off the package can be used to lower the debt free date.

tori.k

Chazz.Collins wrote: »

Hi everyone<

.

I will ask him to increase a little - I just hate asking, lol.

I think you just have to see it as your lives cant move forward until the loose end of the past have been tied up.

redpete

Paying something over 6% per month is better than 'getting nowhere fast'

asparagus1968

So, is it costing you to have your partner living with you? Does your partner work full time?


http://www.stoozing.com/calculator/soa.php here is the link to a full SOA which may help get a better picture.

Chazz.Collins

Thank you to everyone for your advice :-)

Sadly HMRC hit me with another debt of £500 because my partner moved in a month ago, even though I stopped claiming Tax credits 2 weeks ago.
Anyway, after phoning them and being told I couldn't add it to my existing debt, as they were from 2 separate claims, they were insistent that I pay both debts together, which was going to cost me £100 a month, which I could ill afford, especially with the cost of a new car looming.

So, I did what most would probably consider a step backwards, but I applied to my bank for a loan of £6000.
With that £6k I have paid off all my HMRC debt (was the only real debt I had apart from this loan), have bought an efficient and cheaper used car, paid off all the insurance and breakdown cover (my insurance is high because of my mileage) and still got a small amount left over.

Yes, I now have a £6k debt to the bank, but it's on a fixed rate at £142 a month, which I can afford because the debts and bills I am no longer paying cover the repayments. It seems a bit like robbing Peter to pay Paul, but it makes me less stressed that I'm not going to be hit up for any more by HMRC, and not having to pay various different people/companies, as it's all being paid to one place.

Oh, and partner has now taken over the food shop to give me a little more breathing space :-)

So thank you all for your advice!

skintchick

What is the situation with your home? Do you own or rent? I'm really confused by your partner only paying £300 and for his food. That's about what a lodger would pay.

If you're living together he really ought to be paying half of everything. Never mind what he used to pay Mummy, he's a big boy now and needs to pay the going rate. This would help you enormously as currently you are subsidising his lifestyle.

Based on your figures he should be paying £395.50 BEFORE food, so on your figure of £150 food, that's £545,50 with food.

I think you really need to address that to be honest.

Chazz.Collins

Hi @skintchick - my apologies, I hadn't realised I had another response!!

He does pay what he can - he actually laid out for me what else he was paying that I wasn't aware of, and there were things that I was like 'duh, how could I forget?'
He pays all his car expenses and fuel, he pays for the software for his side job (he's a digital artist), he pays for all his major purchases (e.g. cameras, again for the side job), his mobile, etc, and on top of that, he earns about £7k a year less than I do.

He is also putting away whatever he has left at the end of the month, after giving me the £300, towards our wedding in 2 years... I can't fault him for that, it's a very sweet gesture.

Either way, we're in a good place now, better than we were :-)