Really want to turn my life around

Danili

Hi dfw's,

Have been lurking around on the board for about 3 years now and have finally plucked up the courage to ask for some help!

I am a working mum and live with oh. Although I have adopted a lot of mse ways, I feel that this year is the time to get sorted and df. Oh has been in and out of work for the last four months which has not helped matters at all..
I earn £1500 per month and oh normally earns around £2000 per month. Our outgoings are approx £2100, not including debt repayments.

My/our debts are as follows - would appreciate any advice on a realistic time scale or most effective way to pay them off.

£3900 to parents (home improvements and emergency car repair of £1400 - arrrghh)
£3900 in overdrafts (£2k joint, rest individual)
£400 to oh sister
£3000 on credit cards (oh's)

Thanks.

poorandindenial

Hi Danili

There is a great tool called a snowball calculator that can help you work out the best way to pay off your debts, it will also tell you what your debt free date is if you put in your debts and interest rates and payments..

Other than that you will be told to post a SOA (statement of affairs) on here so that people can help you identify areas to cut back on spending so you have more money to throw at debt. Click here for advice on putting together a SOA

I am only a newbie but there are loads of really experienced people on here that can give you some great advice.

fletch3163

Well done on making the first step. You'll know from your travels round this site that there are many, many variations of assistance to be had but one thing seems to be constant and that's the SOA. I used to think it was awfully nosey asking but I've seen some miracles happen before my very eyes. I've watched (and sometimes contributed) as a seemingly hopeless case gets blown wide open by a fresh pair of eyes. It's a very emotional site too which I think adds to its character. People here genuinely seem to care about people they don't even know.

Good luck.

Danili

Thanks guys.

My SOA:

Mortgage - 1070.65
Council tax - 188
Nursery fees - 432.47
Contents insurance - 23.15
Buildings insurance - 8.63
Water rates - 33
Car insurance - 22
TV licence - 11.37
Mobile phone bills - 60
Sky (inc. broadband and line rental)- 37
Gas - 56
Electric - 59
Food, nappies etc - 160
Petrol - 80

We also get child benefit @ 72.40 and tax credit @ 43.16.

I haven't a clue what we spend on birthdays, clothes etc.

linniestorm

Hey Danili!!

Could you look at paying your council tax over 12 months instead of 10 Danili, that might reduce that monthly outgoing a bit.

You might be able to knock a bit off your sky bill by ringing them threatening to leave, see what they'll offer to keep you!

Perhaps look at reducing your mobile phone tariffs or swapping them for a lower price with more minutes, they're quite high (I'm assuming it's for 2 as you mentioned bills?)

Get yourself on uswitch.com and check about swapping your utilities for cheaper packages and change through quidco.com to get cash back!

That's all I've noticed for now, I'm sure others will have more suggestions!

sunshine38_2

Hi and Welcome

One thing that jumped out at me was whether you get any help with the nursery fees (I know they used to be a nightmare for me!). Does your employer/childcare provider use the busy bees vouchers scheme or can you get any extra help via tax credits for this outgoing?

There will of course be lots of other more experienced helpers along soon.

Good luck and keep smiling!

Sunshine