at breaking point... urgent advice needed !

Snaggles

Oh, no, sorry, I mean I earn Piggy points by doing all the free sign ups etc through Pigsback (there's a massive Pigsback thread somewhere with all the ways to earn points on it). Then when I have enough points, I order a Boots voucher, and then go to Boots and buy the nappies. Sorry, didn't make it clear!

Jacks_xxx

shazza1961 wrote: »

Hello,
To cut a very long story short, I m in debt up to my eyeballs and dont know waht to do !! I have been robbing peter to pay paul as it where
Here is my debt / outgoings:
Capital one card - £5500 - £200 a month
Abbey Card - £5600 - £50 a month
Lloydstsb Card - £5600 - £120 a month
Overdraft - £1800
Loydstsb Loan - £11000 - £283 a month 36months left
Abbey Loan - £10000 - £180 a month 4 1/2 yrs left

I also pay out:
£630 Morgage
£103 council tax
£86 gas/electric
£70 Phone/Net/Sky
£36 car insurance
£27 Morgage/redundancy insurance
£25 baby bond
£30 home & contents insurance
£114 nursery fees
£30 a month petrol

Shopping is £75 a week, if I have to buy toiletries and nappies its £95.

I have £1350 per month wages
£160 per month family allowance
£200 per month tax credits

I have 3 boys, eldest is 17, he has a part time job and attends college, I dont have to give him money :T the next is 12 and my youngest is almost 2.

Any advise is greatly appreciated, i dont know what to do

I dont go out, drink or smoke, please dont ask me to get rid of Sky

Thanks guys:T

:wave: Hiya sweetie,

Your income doesn't match your outgoings hon, so I can see how you've got into a pickle, but the bad news is that you've got to take it by the scruff of the neck and tackle it now or it will just keep getting worse and worse.

The good news is you've come to DFW and we can help you with that. :j

The first thing that struck me is no mention of an OH - and no maintenance payments for the kids either. (I'm a bit worried that I'm going to upset you by mentioning it - but is there any scope for getting anything out of your ex?)

Second. I wouldn't dream of asking you to get rid of your Sky honeybun (Sky+ is almost a member of the family in my house! ) but can you look at cutting it down because my love - right now you just can't afford it. (sorry)

We were on the £15 month plan for a while which had most of things we watch on it, but we recently increased to the £21 a month which seems to be everything except movies and sport.

We do internet and phone separately cos it seems to work out cheaper for us that way,but there's nothing for it but to do some sums and work out what would be cheapest for you.

Next, knock the baby bond on the head for a while. It's infinitely more important for your child's future that you get out of debt.

If you punch all your debt details into the snowball calculator at

http://www.whatsthecost.com/snowball.aspx

and then after you've seen how long it will take you to pay off the debts, :eek: add your baby bond £25 a month and see how many years it lops off. (Then add another £25 to motivate you to cut back the sky!)

(Our original date was in 2028, then we sold our cars and stuff and got it down to 2012 and after a couple of months on here we're looking at April 2009 according to the snowball and secretly hoping to manage it by the end of 2008. :dance: )

Then call CCCS or Payplan and ask for help. They are free and impartial debt services.

http://www.cccs.co.uk/contact/contact.aspx

http://www.payplan.com/contact-us.php

And keep posting. (We worry!)

There are loads of groups and challenges you can join for extra support such as:

http://forums.moneysavingexpert.com/showthread.html?t=581094

http://forums.moneysavingexpert.com/showthread.html?t=454457&page=70to name but two! :beer:


It gets better from now on hon.

Love Jacks xxx

doodledo_2

Hi and welcome you have definately come to the right place.

I just wanted to say that the Babybond has to go and as someone with a 2 year old I can understand how hard this is to do. I too use to save every month for my little girl but when coming on here I realised that it is more important for my daughter for us to become debt free and therefore, that money each month now goes on reducing our debt.

Once I get debt free I will be able to save a considerably larger amount for her each month so this is another motivation for me to get myself debt free.

Good luck.

Darren21

As an extra incentive to cut back on sky did you know you can do free dvd rental trials - often for 3 months at a time and then cancel and start all over again, many people have been renting free this way for years (myself included).

This way you get the latest films rather than the rubbish sky show again and again and again.

Do a search for Lovefilm and find the current 3 month trial code.