My last soa EVER - I hope :-S

Hannah111

I desperately need to sort this out.... Any advice would be brilliant.

What I owe...
Car Loan £6700
Virgin CC £634 - 16.9% apr
Egg CC £294 - 16.9% apr
Barclaycard CC £634 - 0% apr until may 2008
Overdraft £600

Total Debt =£8862

Outgoings...

Household bills come to £1000 a month, me and OH pay half each, lowered it all we can, got rid of sky, etc.

So... every month I pay out
£500.00 - Household Bills - inc petrol
£162.00 - Loan
£25.00 - Car Insurance
£25.00 - Virgin Cc
£15.00 - Egg Cc
£14.00 - Barclaycard cc
£50.00 - Mobile Phone - I am currently in negotiations with Orange
about ending my contract - Fingers crossed!!!
£791.00

I earn about £822.70 a month - leaving me with £31.70 a month for myself.

Now... the main reason for sorting out my money situation - (aswell as for peace of mind), is that I'm due a baby at the end of March. Luckily I have a lot of people that are giving me baby things that they no longer need, which will be a huge help. I am just really starting to worry as when I go down to maternity leave I will be taking a pay cut to £484.96 a month. Luckily, my partner will be takin on my half of the bills, but I still need to pay my own!

Please please please can someone shed some light on my situation. I'm close to tears after writing all of this down.

Thanks

Jacks_xxx

Hannah111 wrote: »

I desperately need to sort this out.... Any advice would be brilliant.

What I owe...
Car Loan £6700
Virgin CC £634 - 16.9% apr
Egg CC £294 - 16.9% apr
Barclaycard CC £634 - 0% apr until may 2008
Overdraft £600

Total Debt =£8862

Outgoings...

Household bills come to £1000 a month, me and OH pay half each, lowered it all we can, got rid of sky, etc.

So... every month I pay out
£500.00 - Household Bills - inc petrol
£162.00 - Loan
£25.00 - Car Insurance
£25.00 - Virgin Cc
£15.00 - Egg Cc
£14.00 - Barclaycard cc
£50.00 - Mobile Phone - I am currently in negotiations with Orange
about ending my contract - Fingers crossed!!!
£791.00

I earn about £822.70 a month - leaving me with £31.70 a month for myself.

Now... the main reason for sorting out my money situation - (aswell as for peace of mind), is that I'm due a baby at the end of March. Luckily I have a lot of people that are giving me baby things that they no longer need, which will be a huge help. I am just really starting to worry as when I go down to maternity leave I will be taking a pay cut to £484.96 a month. Luckily, my partner will be takin on my half of the bills, but I still need to pay my own!

Please please please can someone shed some light on my situation. I'm close to tears after writing all of this down.

Thanks

:wave: Awww... Don't cry preggy lady!

I say this kind of thing a lot on here but could OH take on the role of Manly Household Provider a couple of months early, and let you use the £500 you currently use for bills to clear your debts?

That way all the cards would be gone by March. :dance:

And all this stress is bad for the baby...

As for the car......

It's one of those decisions you'll have to make for yourself honeybun.

Personally I'd get rid, and either get a banger or do without wheels for a while so that I could stay at home with my babe as long as I could.

Other factors may come into play for you, so I won't harp on about it.

Ooh and the next time you feel tearful ring up Orange and use those tears to get them to let you out of your contract! :eek:

(It worked for me at least once!:o )

Let us know how you get on chick,

Love Jacks xxx

lindsaygalaxy

go to https://www.entitledto.com to see roughly what tax credits you will be getting onve the baby is here. It wont help now but may put your mind at rest a bit.

Also, sign up to all the websites to get yur baby freebies, feels great when they come. So pampers, huggies, sma, cow and gate, boots baby club, tesco baby club, johnsons(?), then ocourse your bounty boxes.

Is your car HP or Loan? If it is loan then i would sell the car, and if you need to, get a cheaper one, using the left over money to pay off your small CCs/Overdraft.

Also, its nearly christmas, so remind people the baby is here too:)

doodledo_2

Hi and welcome to the forum.

Congratulations on your pregnancy

Don't forget as well as your maternity pay you will also be entitled to family allowance which is about £72ish a month and also Tax credit which even at the lowest amount you get is £80ish a month. Check out the government sites as dependent on your household income you may be entitled to more.

I think someones idea of your OH taking on the households bills a few months earlier is a brilliant idea as means you would be able to clear those smaller debts.

dsljfreeman

Hello and congrats on the baby, I'm due my 2nd on Boxing Day, 5 more weeks :eek:

Child Benefit is paid 4 weekly at £18.10 per week for the first child, so will be £72.40 every 4 weeks, I'm not sure how much Tax Credits will be, might be worth having a look at the TC website for a quote to how much you could possibly get.

So if you were to look at things when you are on Maternity:

Incoming £484.96 a month

£162.00 - Loan
£25.00 - Car Insurance
£25.00 - Virgin Cc
£15.00 - Egg Cc
£14.00 - Barclaycard cc
£50.00 - Mobile Phone

£291.00 Outgoings
Leaves £193.90
CB - £72.40
TC - £80 (going by poster above)

=£346.30 - This is very good and if you were to use approx half of this to throw at your debts, they would be gone in no time.