Where to start?

Kevicho

devonsdreamer wrote: »

MONTLY OUTGOINGS
Rent £595
Water £40
Gas & Elec £67 -are these the cheapest you can find? check out comparison sites, and use a cashback site to switch
Council tax £127 - is this spread over 12 months?
Car insurance £50 -as with the gas/elec
House insurance £14 - as above
Life insurance £43.03 - as above
Mobile phones £60 - this is quite high, if you could cut down on usage, or change to cheaper deals then this is certainly something to look for
TV licence 11.37
Pre-school £96 - have you checked for voucher schemes?
Petrol £60 - just use the car for essential journeys, although ive seen worse bills
Clothing £50 - use ebay and charity shops for the little ones, youll usually find clothing of sufficient quality that way at better prices
Dental £5
Tax mot upkeep £50 - does this go into a high interest savings account ready for withdrawal when needed?
phone, net, tv - £30 is this the sky deal or virgin?
Nappies £16 - have you tried reusables?
Food £300 - the old school board will probably help you halve this, look for info on meal planning and shopping hints and tips
School expenses £5
Gifts £30 is this savings for christmas? It may be you can make cheaper gifts or go bargain hunting
Entertainment £20 - what entertainment? you may be able to do most things for free such as cinema, dvd tarting, or just doing family things instead
Total 1669.40


MONTLY INCOME

wages 800
Tax credits 480
Child benefit 120.80
benefits 161

Total income : 1561.80


So before I even pay debt I am already overspending by 107.60 (that is if my maths is correct)

My debts stand at

DEBTS TOTAL MONTLY PAYMENTS (interest £) APR
Amex 3000
Barclaycard 4000 83 (54.54)
Capital 1 591.18 29.95 (15)
Asda 892.02 26.76 (13.39)
Virgin 3682.37 5 (0)
Overdraft 1 a 1249.08 (13.36)
Overdraft 2 b 2800 (22.41)
Overdraft 3 b2 1400 (24)
Loan 10,000 138.44
Eye payment 1080 83.05 (0)
Catalogue 1 L 374 123.76 (0)
Catalogue 2 a 200 40 (0)

Total debt: 31694.26 mothly min payments £529.96
min int added monthly £141

I think that with our current situation you should contact one of the debt charities, such as CCCs or payplan to help you negotiate with your creditors.
One thing to look at is getting rid of most of the insurances, as reality wise i bet they dont offer the cover you expect.

Id also like to sympathise with your current situation, it sounds like you are doing the best thing for your niece, getting her away from a bunch of people who dont sound very nice will be best for her in the longrun.

I think its criminal her mum doesnt pay, also id check with some of the family charities to see if they can confirm what you have been told, re the benefits.
If it is true what you have been told then i think that stinks.

Anyways best wishes and good luck

devonsdreamer

Many thanks for all the replies - I am going to go to CCCs and get the help I need to deal with this - I will also be taking all the advice regarding ways of cutting back on what I spend- I have made reductions all round already but I am sure I can cut back further- I will cancel the life insurance

Thanks again everyone

RAS

Hi

I agree re talking to CCCS, but you still need to get your expenditure and income to match. Otherwise you will not even have £1 per month to offer and you would still be racking up more debt.

Your food bill and phones need to be cut. It looks like your car and life insurance could be cheaper, check and switch via www.quidco.com.

Any chane of a better paid job for OH, or better because of the tax and NI situation, some part-time work for you, even if it is evenings or weekends?

tryingtodobetter

Have you thought about a lift share to college? Either split the driving each week or share the cost of pertol. I agree with you about what you say about Devon being expensive however the beautiful countryside more than makes up for it. Walks on the moor or by the sea are great inexpensive days out with kids. I agree about contacting CCCS or payplan they can offer great advice and support.

devonsdreamer

Well I have spoken to CCCs and payplan and they both suggest that bankruptcy is the only option so guess that is it