£19k debt with 2 kids and single income, need help on where to start to reduce.

[Deleted User]

Silver_Queen wrote: »

Please make sure you get ALL the benefits you're entitled to - at the end of the day, if you're entitled, you're entitled. The system is there for a reason, it's to help people like you. Ignore what they say at the desk - who cares what they think.

Also make sure that your wife is getting all the benefits she's entitled to as well.

Apologies, I didn’t explain myself properly. He spoke to me like this as well as running my situation through a calculator showing that I was way above the max earrings for universal credit as I think anything over £1300-1400 take home pay is the cap (Apparently, even though entitles.to says I should be getting £317pm after taking into account my income and whole living situation etc).

I might disputes it or contact citizens advice as it seems others with earnings higher than me with 2 kids at least receive something.

[Deleted User]

MallyGirl wrote: »

breakdown cover can be found very cheaply if the car is decent - use topcashback and look at something like rescuemycar. Does your phone really need insurance - if you lost/broke it you could get a cheap PAYG.

Also, where is the £16 pm in your SOW?

Yeah the car is only 2yo, I’ll check thanks. Me and my wife have relatively new high end iPhones so they need insuring, but I will definitely be either downgrading at end of contract or going sim only.

Oops I missed it off my SOW!

culpepper

If your wife isn't working , she can pass on some of her tax allowance to you. We do that as I don't work but OH does. Its not huge but every little helps.

onwards&upwards

LunInf wrote: »

I have heard that advice, makes sense as it could be reducing my interest instead of sitting there.

Also, I would switch but my current bank is offering phone insurance for my self and my wife plus breakdown cover for £16pm, not sure if I could get it that cheap elsewhere but could look around or see if contents could cover phones also.

The monzo app looks great!

Don’t switch to Monzo, just open a new account.

If you aren’t opposed to switching go for an account that offers a cash incentive then use it to pay a bit more off your card.

HSBC are offering £175 to switch if you apply by midnight tonight. Get on it!

[Deleted User]

onwards&upwards wrote: »

Don’t switch to Monzo, just open a new account.

If you aren’t opposed to switching go for an account that offers a cash incentive then use it to pay a bit more off your card.

HSBC are offering £175 to switch if you apply by midnight tonight. Get on it!

Apologies if I’m misunderstanding. Do you mean open a new account and each month transfer money to monzo for bills to come out of or just for spending on etc? Otherwise wouldn’t the app be useless as money would be going into and out of my other account?

[Deleted User]

How secure is your tenancy? Is it an AST that you have because if so you really do need an emergency fund otherwise where would the money for a new deposit and overlap of rent come from plus the other costs of moving?

[Deleted User]

LunInf wrote: »

Yeah the car is only 2yo, I’ll check thanks. Me and my wife have relatively new high end iPhones so they need insuring, but I will definitely be either downgrading at end of contract or going sim only.

Oops I missed it off my SOW!

Have you considered selling the iPhones and getting significantly less high end handsets instead?

onwards&upwards

LunInf wrote: »

Apologies if I’m misunderstanding. Do you mean open a new account and each month transfer money to monzo for bills to come out of or just for spending on etc? Otherwise wouldn’t the app be useless as money would be going into and out of my other account?

Yes, I do something similar. My salary is paid into my ‘main account’ that I got a cash incentive for opening, the bills all come out the next day, then the rest is scattered to various savings accounts and a Starling account for spending.

When the banks are giving away free money and you’re in debt, take the free money!

onwards&upwards

Lover_of_Lycra wrote: »

Have you considered selling the iPhones and getting significantly less high end handsets instead?

They’d still be bound by the contract even if they sold them, and unlikely they’d get enough to pay it off in full.

[Deleted User]

onwards&upwards wrote: »

They’d still be bound by the contract even if they sold them, and unlikely they’d get enough to pay it off in full.

I know the OP would still be bound by the contract but selling the expensive iPhones would free up some much needed cash and less flash handsets would be less expensive to insure if insurance were needed at all.