Help please. outgoings huge

Candyapple

Candyapple wrote: »

Please list all credit card limits, along with outstanding balances.

How much is remaining on the kitchen finance, over how many years?

Do you have any other loans / overdrafts / car finance etc?

It's good that you haven't added any debt, but can you please answer the above?

Also, did you ever get that CCJ removed?

NineDeuce

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

Harsh reality approach

NineDeuce

phil_rich1983 wrote: »

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.

Ok so your post is saying: -

"Please help me reduce my expenditure. I cant reduce half of it because it is all under contract, and the other half I cant because I am not willing to. I have too many other people to think about".

Seriously. £150pm for Christmas presents is £1,800 per annum. £125pm on birthday presents is £1,500 per annum. £780 on haircuts per annum.

Why would you have a reluctance to cut that down when you are supposedly in financial dificulties?.....

ReadingTim

phil_rich1983 wrote: »

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.

I'm not sure of the relevant of this post, but turning unsecured credit card debt into debt secured over your house isn't a sign you're coping financially, especially as it hasn't even covered all of the credit cards. Yes, you haven't added to them, but at minimum repayments, you haven't reduced them much either.

You're teetering on the edge, and a few slow months work-wise, a couple of unexpected bills or a couple of rate rises plus general price inflation could easily tip you over the edge and into a hole which is very hard to get out of. You could give yourself something of a safety net by cutting back on the discretionary spending, but you seem very unwilling to do so. Why this is, I don't know, but I don't think there's any more help anyone here can give - it's up to you to take action.

Out of interest - what sort of help were you hoping for?

[Deleted User]

NineDeuce wrote: »

Ok so your post is saying: -

"Please help me reduce my expenditure. I cant reduce half of it because it is all under contract, and the other half I cant because I am not willing to. I have too many other people to think about".

Seriously. £150pm for Christmas presents is £1,800 per annum. £125pm on birthday presents is £1,500 per annum. £780 on haircuts per annum.

Why would you have a reluctance to cut that down when you are supposedly in financial dificulties?.....

Or do the Mr Money Moustache thing and extrapolate unnecessary expenditure/savings over 10 years to be truly shocked


Cheers

phil_rich1983

Candyapple wrote: »

It's good that you haven't added any debt, but can you please answer the above?

Also, did you ever get that CCJ removed?

We had a ccj from an electrician but we had it set aside as the court sent the papers to the wrong address, then the electricain dropped the claim. So, no ccj.

All credit cards are up to date, not sure how listing them will help? There are 9 with between 300 and 1k on the, most at 18.9% and 2 at 21.9%

Kitchen has 3 years to go, 0% finance.

bertiewhite

phil_rich1983 wrote: »

car £300 pm ( all costs including finance)

Haircuts £65 pm

What car is it? Is it on PCP? Sell it/give it back/downgrade.

Haircuts - get some electric clippers and do it yourselves, even if it's only for the males. My wife does mine, I can't remember the last time I paid for a haircut.

[Deleted User]

Until you are out of contracts/loans paid off the only easy savings are energy bills/kids clubs/food shopping/hair cuts/presents/annual bills/anything you can do on car costs?

Perhaps set a strict budget for expenditure? For example we are rationalising kids clubs enabling us to loose one car as all it will exist for shortly juggling said clubs at £000's per year!

Cheers

fiisch

I used to be in a not too dissimilar situation... It took me to earn a disproportionately high income for six months owing to an unexpected period of contracting to realise we were being ridiculous.


Despite a 100%+ wage increase, we still felt poor, and the extras just went to paying off debt. I've always had the mindset, if we couldn't afford our monthly bills, I'd go out and earn more, but there is a law of diminishing returns are you earn more/pay more tax etc...!


Fortunately, after going permament, we've kept up the momentum. What I've realised is there are so many things that you can cut if you look at your bills critically enough, but you have to be brutal.


Read Mr.Money Mustache, look at what you can cut in the short-term, but echoing what others have said - your current position is a bit precarious, especially over the longer term with interest hikes on the horizon etc......

phil_rich1983

bertiewhite wrote: »

What car is it? Is it on PCP? Sell it/give it back/downgrade.

Haircuts - get some electric clippers and do it yourselves, even if it's only for the males. My wife does mine, I can't remember the last time I paid for a haircut.

Its a vw touran, £199 is pcp, but just done a webuyanycar and they have offered £500 more that the finance settlement so booked an appointment to take it in tomorrow. hope they dont screw down too much.