Help please. outgoings huge

Ilona

NineDeuce wrote: »

I often wonder whether these types of post are parodies or just people looking for attention.

I will stake my bets on the attention seeker....

I think that's a bit unfair, the OP is like millions of other people in debt, not sure how they got there, and not sure how to get out of it. Help is what they need, not name calling.

Ilona

[Deleted User]

Ilona wrote: »

I think that's a bit unfair, the OP is like millions of other people in debt, not sure how they got there, and not sure how to get out of it. Help is what they need, not name calling.

Ilona

I agree.


Expenditure creeps in and then you wonder where all the money goes.


You will be much happier with money in the bank to do nice family things rather than slave away to a long list of direct debits...


Cheers

Candyapple

phil_rich1983 wrote: »

Hi, hope this is the correct place.

We have a lot of credit card debt and overdrafts (circa £45k) so i would like to either get a second charge or some sort of secured loan taken out to pay all of these off with. Some of the credit cards are now running at 18%apr

I would imagine that our credit file is average, a few late payments in the last year as the bill have mounted, but all up to date now and being paid back at minimum rate. We are paying over £1k per month in minimum payment so a load is bound to be a cheaper alternative.

We have a mortgage but have about £110k of equity in our house.

thanks for any advice

OP I know that post is a year old, but did you get a secured loan then?

You mention that your cc payments have now been reduced from £1k per month to £235. Has your debt also reduced?

phil_rich1983

NineDeuce wrote: »

I often wonder whether these types of post are parodies or just people looking for attention.

But if one cant look at the fact that £120pm for 3 phones, £125pm for birthdays, £45pm for a coffee machine, £150pm for Christmas (what on Earth?) or £100 for a catalogue account is neither surmountable nor necessary, then one really does need to have a long hard look at themselves.....

I will stake my bets on the attention seeker....

Our family may not have any money but we certainly all have manners, something you are clearly missing.

Phones and coffee machine are in contracts, nothing can be done. We have asked to be reduced, they said no. Catalogue payment is paying off an old balance.
xmas and birthday money inst just for our kids, school friends parties, extended family parents, grand parents.

phil_rich1983

comeandgo wrote: »

Being self employed, I take it you are putting something aside for tax and NI?

yes, thats all taken out when invoice payments are received.

Ilona

phil_rich1983 wrote: »

xmas and birthday money inst just for our kids, school friends parties, extended family parents, grand parents.

Yes, but....you can't afford it. Did you get that, you can't afford it.

Ilona

phil_rich1983

We took 'advise' from a local financial adviser and we remortgaged, using a chunk of the released equity to pay off the cc's. That was always the plan as they were built up renovating the house. We couldnt release enough to cover all the cc's, we have not added to the CC debt since we did the remortgage.

Grumpelstiltskin

You don't have to spend so much money on Christmas, Birthdays, presents etc.

You are spending money you don't have, start by telling family you are cutting back this year and you will only be buying presents for children and you are putting a limit of £ 10 per present, and ask them to do the same

Shashy

phil_rich1983 wrote: »

Our family may not have any money .

I think this might be the epicentre of the problem. By almost all standards your family has LOTS of money. Relative to the national average, the global average and most averages inbetween; you are wealthy.

Your problem, which people are trying to help you realise via both cuddly responses and scorn, is that you spend a huge portion of it on things you do not need and right now, that you can not afford.

I think you may need to do some further reflection on the difference between standard of living and quality of life before people's attempts at help will stick.

[Deleted User]

Grumpelstiltskin wrote: »

You don't have to spend so much money on Christmas, Birthdays, presents etc.

You are spending money you don't have, start by telling family you are cutting back this year and you will only be buying presents for children and you are putting a limit of £ 10 per present, and ask them to do the same

No shame in that, family members in difficulty have said exactly that to us.


Well done in not adding to the CC debt.


Cheers