why I think I need a loan

Gemmzie

Hi t4hodgy, thanks for the SOA, I've just fiddled it around a bit to give a slightly different perspective...

INCOMING
Wages: £1191
Child Benefit: £72
Working tax: £22
Child tax: £185
Total: £1470 (try to stick to monthly or weekly, it's easier )


OUTGOING
Mortgage: £166
Endowment: £54.50
Rent: £150
Gas: £27
Electric: £40
Sky tv/broadband: £45 could you cut this down?
Council tax: £101
Phone: £17
Water: £30
TV license: £11.70
Mot: £5 (I think an MOT is £55 now)
Car insurance: £15
Shopping: £400
Pension: £40
Curry's Insurance: £4.50 Check you aren't covered elsewhere *
Total: £1102.20

Debts
Council Tax (£480): £0 This is a priority debt, pay this before anything else
Overdraft (?% APR)(£1500?): £0 Then get this back under the limit so the fees stop
Northern Rock Loan: £165 What's the APR? Can you make overpayments? What's the total loan amount?
Settee (0%)(total?): £48
Capital One CC (6.9%)(£9150): £260
Tesco CC (15.9%)(total?): £35
Total: £508 per month at present

Total Outgoing: £1610.20

Total: - £140.20

* = I can't see any home or contents insurance or petrol costs

You need to change how you manage things, because you're already making minimum payments which is dangerous at it pays so little off the balance.
Please sort out your council tax as priority number one

Good luck

Burlesque_Babe

I would suggest opening a new bank account so the charges on your current one stop. If you have charges - claim them back. Bank ones are on hold at the moment, but you can at least get hold of your bank statements and do the preliminary letters so you have your foot in the door when it is all sorted.

Regarding presents, I would go over to the Christmas board here

http://forums.moneysavingexpert.com/forumdisplay.html?f=101

or the Old Style board and tell them how much you have and who to buy for. Trust me, they will give you some great ideas for very little money. Also have a look at the freebies board for some ideas for stocking fillers.

Have a look at this for putting together baskets for presents. Then pop off to Poundstretcher/In-store/Wilkinsons to see what you can get. It will take a bit of time to put together, but there are still 5 weeks to Christmas.

http://www.scrapbook.com/forums/showtopic.php?tid/1204913/

I would also look to the Old Style board to cut your shopping bill. If you don't already meal plan, you will find it really helps as you can plan the week and you won't buy anything you don't need. I did a simple grid in Word of Mon/Tue/Wed along the top and Breakfast/lunch/dinner down the side and filled in as many boxes with what I already had in the house and then made a list after that. I then stuck the list on the fridge and crossed them out as the meals were eaten.

If you have any car boots coming up - see what you have to sell, they will be getting busy soon for Christmas.