how do i manage on this

hopeless_case_2

hi all after a long time of debating reading and watching i am now posting my soa hoping you can help.
here goes
incoming
£665 pension
£1100 wages
£520 tax credit
£120Family allowance
£112 IIB
total£2517

Outgoings
£800 mortgage
£565 Secured loan
£227 Car loan (48 months left)
£197 Halifax loan (12 months left)
£135 Abbey loan (17 months left)
£60 Barclaycard
£130 council tax
£140 gas /Electric
£160 Food
£80 Diesel
total£2494

just been refused a secured loan by welcome finance due to poor credit history am relieved really as i want less debt not more .

floss2

:hello:

Just a quicky to ask have you missed a few things off your outgoings?
Such as:
car expenses (MOT / tax / insurance)
home insurance (biulding & contents)
phone
internet
tv (licence, sky / cable)

Also, your gas & electric seem high? Is there arrears being paid on these?
Food could be cut (how many in the household?) see the Old Style board for help there.

And what is IIB?

:wave: Floss2 x

hopeless_case_2

Gosh yes
Insurance £28
Car tax £15
Car ins £275 yearly
Phone£30
Broad band £12
IIb is indusrial injuries benefit

floss2

hopeless_case wrote: »

hi all after a long time of debating reading and watching i am now posting my soa hoping you can help.
here goes
incoming
£665 pension
£1100 wages
£520 tax credit
£120Family allowance
£112 IIB - industrial injuries benefit
total£2517

Outgoings
£800 mortgage
£565 Secured loan
£227 Car loan (48 months left)
£197 Halifax loan (12 months left)
£135 Abbey loan (17 months left)
£60 Barclaycard how much is owed on this?
£130 council tax check Martin's article on Council tax banding to check your's is right
£140 gas /Electric - is this the cheapest suppliers? look at switching
£160 Food - need to cut this - look on Old Style Board for help
£80 Diesel - I guess this is to get to work? can it be cut down any?
Insurance £28
Car tax £15
Car ins £23 (£275 yearly) shop around for cheapest deal when up for renewal & use Quidco for cashback
Phone£30}
Broad band £12} Can these 2 be combined on a cheaper deal? see Martin's article...
total£2602

Ok, I've amended your SOA & retotalled it

hopeless_case_2

Will have a look at the broadband tel thing
Food is for a family of four one boy 14 one girl 9 so food is as cut back as i can get.Owe £2000 on barclay card Council tax is correct altough looking into seeing if i can get a rebate of some sort.Diesel cannot be cut back need car for work.Car insurance up for renewal in december and will def use quid co.
Thanks.Think i need an extra income.
It is the two loans which dont have long to run that are the bother.If i could have them on one payment it would be much easier.

floss2

Have you looked at mystery shopping? I used to work for Grass Roots, which were good (where I lived it was mainly local B & Q's, Asda, banks - you get paid to shop!)
Or ebaying / car booting to raise extra cash?

Can your partner get any extra hours or an extra job?

poodlehorse

What are the APRs on each debt and are there any penalties for paying back early etc? And don't think of yourself as a hopeless case, you're defo not that. Have you had a look around to see if there is anything you can flog on Ebay? And Quidco is just great. If you HAVE to spend money then getting that bit back really helps
Although £40 a week is not excessive for a family of four I still think you could learn a few tricks on OS to take it down a teeny bit. And it all helps.

hopeless_case_2

Well i am going to do the mystery shop thing and the ebay when i find the usb lead for my camera.Have just been to asda and bought flour to make cakes and pies unhealthy i know but must be better then crisps and choccie biscuits.Must get into the quidco thing.

hopeless_case_2

not sure on the apr but halifax was a £7500 loan over 5 years £197 per month.And Abbey was £135 over 5 years £135 per month.

Shineyhappy

Could you switch your mortgage to interest only for say 6 months and use the cash saved to pay off some of the debt?

Have you thought about joining up to online survey sites and places like pigsback to get some vouchers to use for Christmas? I would have a look round all the different boards on here and look back at some of the posts from the Olympic challenges hidden somewhere on this board. There are some great tips on getting money for nothing on quidco ie taking a free dvd trial gets you 14.50 so as long as you cancel it in time you are quids in and can watch the dvds before you send them back!

hopeless_case_2

great never thought about the mortgage interest thing. and will def do surveys every little helps