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Need Help Sorting Out Debts etc.
britvic
Posts: 45 Forumite
Hi
Really need some help. Not sure where to start so will put the basics in and hope someone has some ideas.
I am married with 1 child of 5yrs. We live in a 2 bed semi worth bout 110,000 with a mortgage of 74,000. No car. My husband works a 9-5 job and picks up 1115 ish a month. I no longer work due to health problems, I get dla at 68 a month and incapacity of 190 every fortnight. No savings. Have a loan of 19,000 over 7 yrs (6.5 left) and an overdraft facility of 2000 and am 1900 into that. I have catalogue bills of about 60 a month and hubby smokes. Dont get tax credits etc. The overdraft is gettin more and more and we dont want to up our loan. I really need help cos dont know what to do to sort the debt but its getting harder each month.
Any help anyone?
Brit
Really need some help. Not sure where to start so will put the basics in and hope someone has some ideas.
I am married with 1 child of 5yrs. We live in a 2 bed semi worth bout 110,000 with a mortgage of 74,000. No car. My husband works a 9-5 job and picks up 1115 ish a month. I no longer work due to health problems, I get dla at 68 a month and incapacity of 190 every fortnight. No savings. Have a loan of 19,000 over 7 yrs (6.5 left) and an overdraft facility of 2000 and am 1900 into that. I have catalogue bills of about 60 a month and hubby smokes. Dont get tax credits etc. The overdraft is gettin more and more and we dont want to up our loan. I really need help cos dont know what to do to sort the debt but its getting harder each month.
Any help anyone?
Brit
0
Comments
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Hello and welcome britvic you are in the right place. If you feel upto it take a look at the stickies at the top of the board and write yourself a SOA Statement of Affairs, basically a list of all incomings followed by a list of all out goings. This will enable the good people on this board to start providing tips on how you can save money and which order you should tackle your debts in.0
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Hi Britvic
As a starter look at the links at the top of the page for problems debts etc.
Increasing your loan or OD are not the option, but until we know I bit more it is hard to advise you properly.
You can put up more details in a Statement of Affairs - see how below:
http://forums.moneysavingexpert.com/showthread.html?t=107280
Also have a look at www.entitledto.com to make sutre that you are getting all the help that you should be.If you've have not made a mistake, you've made nothing0 -
Right have done a statement of affairs, hope this is right
IN
My salary- 0
Hubbys- 1115
Benefit- 532
OUT
Mortage and council tax-527
Gas- 15
Elec- 61
TV license 12
Cable and internet- 60
Mobiles- 40
Life and pet insurance- 38
Build and contents ins -35
Loan- 286
Small 6mth loan- 60
catalogues- 60(til may 08)
Water rates-22
Think thats it0 -
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whoops sorry it posted before i had finished lol0
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Yeah thats right. Sorry not very good at this, probably why am having these problems. It has come to a head this weekend because wages went in today and about 900 of bills came out an we are 1650 into our overdraft, with a 60ish asda.com shop to come out on monday and a 286 loan payment due to come out on Thurs, so we will have about £4 to spend this week. An incapacity benefit payment will go in on Friday so that will help, but still not going to help in long run.0
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OMG and dog is going in to be neutered on Tuesday which is going to cost £52. Might be able to pay by cheque so money doesnt come out till Friday. Just am so stuck can't think of anywhere to squeeze a bit more from. I know I am not as bad off as some people but it just seems to get to a point where you cant manage it on your own. Thanks for the advice so far, looking at the figures is a bit scarey but it has to be done!0
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Have you applied for Working Tax and Child Tax Credit or are you assuming you don't qualify? My brother has a higher income and gets a bit, albeit not a lot.
OK...
Electricity. £60 a month sounds very high. I'm currently on £33 a month with British Gas (Click 4 tarrif).
Cable and internet at £60 is WAY too much. Sign up for Sky TV if you really must have it and get their free Sky Broadband.
Pet insurance is an outright con. Shop around for life insurance.
Don't need mobile phones. If you must have one, get it on PAYG and let people ring you.0
I did wonderThis discussion has been closed.
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