help i'm new will sorting debts affect renew of mortage?

rayday2

I was on Tiscali for 2meg speed limitless broadband for £12.99 a month not sure if that helps.

chevalier

charliemouse wrote: »

Ok here goes....... having included things like clothes as we don't have the money to buy things like this :-(
thanks for your help

Monthly Incomings:

My salary - £1,700
Partners salary - £1000 (varies as husband self employed) never more than £1200
Benefits - £0

Total - £2,700


Monthly Outgoings:

Mortgage - £992.23 (£182,000)Can you go interest free for a year whilst you are getting used to finances with the baby?
Council Tax - £117.00you can ask to pay this over 12 months instead of 10, would help the monthly outgoings
Payment Shield House & Contents Insurance - £36.58 We pay £23 for these are you in a high crime area? Otherwise check on moneysupermarket.com to see if you can get it cheaper. Also if you do find it cheaper then check on www.quidco.com to see if you can get cash back when you switch. Lloyds at one point was offering £150 cash back if you switched to them for example.
Payment Shield Critcal illness & life insurance ( 2 People 1 x self employed, 1 x employed) - £191.07 break down of critical illness £42.58 + £36.51..... Life insirance (2 people) £70.04 Why do you use payment shield, surely they are more expensive than if you did it yourself?
Unemployment cover (me only as higest earner with specialist job) £17.19
Make sure that the ones for you OH will pay out as he is self employed. Many don't, and if these don't you can claim back what you have already paid by saying it was mis sold.

Self employment National Insurance - £10 forgot to add this originally
And are you saving for his tax as well?
Southern trent Water - £20
Southern Electric - £27.00are they the cheapest? Have a look at uswitch.com to see if anyone else is cheaper
Heating Oil (no gas etc in village)- £40.00

TV License - £10.99
BT Phone - £50.00On the main site there is an article about prefix numbers to get cheap calls, certain you can cut this.
Mobile phone x 2 - £50.00
Orange broadband - £19.99Is your mobile with orange? If so you can get the broadbanc free as you spend more than £35 a month on the mobile./

Pet Insurance x 3 dogs - £80.00
Dog food (special diet) x 3 dogs - £130Found this site http://www.innocentanimalproducts.co.uk/mpproduct.php, does vegetarian dog food (approved by the vegetarian society) 15kg bags for £25 worth a look?

Denplan (husband) - £11.50


Car Insurance - £30.82
Car Tax - £15.00
Car Servicing (2 x year) - guessing at around - £35.00
Car MOT - £7.00
Car Diesel - £130.00someone else suggested training it instead, or if you do company miles, can you claim some of this as expenses?

Van insurance - £30.00
Van Tax - £15.00
Van Servicing (2 x year) - guessing at around - £35.00
Van MOT - £7.00
Van Diesel - £180.00


Sky £21.99

Food - £350.00I feed 2 adults, 2 children and 2 cats on £100 less than this a month. And we eat good home cooked food (mainly cos the older one has allergies, so can't eat a lot of processed ready meals). It is not just a case of meal planning, though that will help. It is also doing shopping lists and not buying stuff mindlessly every week. Ie I haven't bought cleaning products for 6 months, because I am using up the small mountain I have under my sink!!!

Would also suggest shopping online, that way you can a) save your diesel b) save your time c) know how much you are going to pay in advance and d) you can often get vouchers from the vouchers forum for free delivery, extra points etc.

Total: £2623.68


DEBITS

Egg CC – Min Payment £145.00 - Balance £7,065 (limit £7,500) APR 0% 11mths

Egg CC – Min Payment £135.00 - Balance £6,697.67 (limit £10,000) APR 17.9% variable

MBNA – Min Payment £??????? - Balance £1152.75 (limit £8,000) APR 19% Variable

Overdraft - £6200 (at the moment) (limit £5,000) Barclays currently being charged £30 each time for being over limit.

total Min payments: £301.52+
Total Debit: 21115.42 at the moment, but seems to go up by the day!
Have a look at www.whatsthecost.com and plug in these debts into the snowball calculator along with the apr and the repayments. This will tell you your debt free date if you did nothing. (Not an option). Then it will show what debt you should be paying off first, ie throw as much as poss at it and minimums on the rest. And yes if your credit score is still good then trying to get a low life of balance card would help if you could transfer one of the higher apr card balances on to it.

Remember to join all of the parenting clubs eg Boots Tesco, Bounty etc. Can get lots of vouchers ref this. Also there are many sites on the internet offering money for doing searches, surveys etc. It all adds up.

www.freecycle.org for baby things eg cots, etc if family can't be pursuaded to chip in. You don't HAVE to buy new for the baby, he/she isn't going to know. Also you often see clothes going for free on there too. You just have to go and pick them up. If you are in London for work, then have a look on gumtree.com as there are often free things on there for babies.

Right I really must go and get tea
hope this helps
chev

charliemouse

Help!!!!1 have just had barclays on the phone saying that they want me to pay back at least £1000 from our overdraft or else they will not allow anymore direct debits to clear & they will put a note on our credit rating so that it is effect in the future.


Can anyone help? what is the best thing todo in this situation? should i pay it off using a credit card????? until i can work out a better solution?

can any one help?

really don't need the stress what with the pregnacy as well.

P.S for those of you wondering...i am still in the process of sorting the mortgage out,.... we were waiting until the beginning of the month to see if the rate went down.

raq

i gather you have a fixed rate.

We have a mortgage of £130k , repayment over 23 years @ £900.00 ( sub prime ).

I gather your 's will go up in a huge way after the fixed rate?

bathgatebuyer

charliemouse wrote: »

Help!!!!1 have just had barclays on the phone saying that they want me to pay back at least £1000 from our overdraft or else they will not allow anymore direct debits to clear & they will put a note on our credit rating so that it is effect in the future.

Sorry I can't help with any helpful advice or anything, but I hope things get better for you soon. You have some really REALLY tough decisions to make in the next little while and some serious cutbacks to make. Things like SKY TV, pets, etc, and the insurance cover you have will seriously have to be looked at. Don't get caught in the same situation as I did where I paid out loads on insurance cover for myself over the years only to find out that it wouldn't pay out when I needed the financial support. Check the policy - it's a lot of money to be paying out. If your husband is not eligible because he's self-employed, claim it back.

Also, is the house insurance you have listed for buildings and contents? It looks a little bit on the high side.

Also, would TalkTalk be an option for broadband and phone? I pay £19.99 which is broadband and landline each month and I've not had a single problem with them in the 2 years I've been with them. Also, you don't have to change numbers at all.

On the food side, I spend about £80 on myself every month and that is good, healthy food with no ready prepared meals or anything. You should quite easily be able to get your food bill down to £150 - £200 or less without any great loss in quality of food or standard or living. (Quite the opposite, I've found!)

While we can all be really supportive to you and offer you suggestions as to how to make things better, being blunt, Barclays calling is only going to be the tip of the iceberg unless you start making some cutbacks now and focus some of your outgoings on reducing your debts.

I'm sure you'll do fine in tackling things over the coming months - I went from over £30k to just under £5k in 22 months and hope to be completely out of the hole I dug myself into within the next year. It can be done, but there are some hard decisions along the way

skint_spice

Did you not say you had some money saved in an ISA for your mat leave? could you not use this instead rather than increase your credit card debt? and then maybe if you cut back on the food spends etc you would pay this back to yourself anyway. I know it seems like scrimping when you first start thinking about spends but it becomes second nature and although I know I could save even more on my shopping (about £120-150 for 1 adult + 1 child with adult appetite) I'm happy as I used to regularly spend about £100 a week and still have to pop in each night to buy bits n bobs to actually make a meal.
You need to sort things out now though as after the birth is not the time to be stressing. Hope the pregnancy is going well. x