What is the best way?

lucielle

Yes post it here. People will look at it and make suggestions where things can be cut back or get cheaper quotes. Try to remember to budget for things like birthdays, car tax as well as normal stuff like shopping.

RAS

Shelley

Please click on the link that other people have provided, follow southern scouser's instructions and then post your statement of Affairs

Iam re-posting the link here http://forums.moneysavingexpert.com/....html?t=562271

It takes time, so I recommend that you do this in word or somesuch and then come back later and post it.

sonicshelly

Not sure if this is what I am supposed to do?

DEBTS
Northern Rock Loan, 3yrs 2400 £92.89
Egg Credit Card 1500 £50
Nationwide Credit Card 300 £10
Barclay Card 0% (finished April 08) 845 £100
Mortgage 59000
Overdrawn 1200
Total debt (excl mortgage )£6245


INCOMINGS
£1400 - One income
£112 - Child Benefit / CTC
= £1512


OUTGOINGS Anglian Water £33
Southern Electric/Gas £78
Mortgage £518 (inclues PP / B&C Insurance)
Childcare cost £128
Life Insurance £11
Savings Insurance £15
Council Tax £100
Internet Broadband £26
Mobile (contract) £35
Telephone £10
Savings for TV licence / car insurance / car tax / car MOT £80
Petrol £40
Shopping £280
Misc £25
total = £1379
grand total with debts = £1632

tesuhoha

What does the savings insurance do and how much have you got in savings?

sidnee

Perfect example of an SOA! A few things... No home (building/contents) insurance? Do you have Sky?

- Electric/Gas £78 - could be improved, ever thought of switching to get a better deal? Could save £20 at least...
- Savings Insurance £15 - unsure what this is about... could this be ditched?
- Council Tax £100 - is this over 10 or 12 months? Extending it to 12 months would lower your repayments slightly.
- Internet Broadband £26 - a bit high, there are deals around to bundle home phone and BB for less than £36.
- Mobile (contract) £35 - how long left on the contract?
- Shopping £280 - How many mouths to feed? There are many money saving ideas on other boards to lower shopping bills.

Definitely not a lost cause! You could turn this £120 deficit into a surplus very quickly.

sidnee

Looknig at your debts, £4,000 over 4 different companies. What are the interest rates on the cards? This is quite important to note, because the interest being charged on each card is why debts are being reduced as quickly, depsite you throwing £250 a month at them.

sonicshelly

thanks, hope this helps answer your questions, cheers

sidnee wrote: »

Perfect example of an SOA! A few things... No home (building/contents) insurance? Yes, its in with my mortgage payment

Do you have Sky? No, we just have free to air

- Electric/Gas £78 - could be improved, ever thought of switching to get a better deal? Could save £20 at least... Have thought about it, but last time I changed, it was a farce, and I am £120 in credit with gas, its electric which always seems to high

- Savings Insurance £15 - unsure what this is about... could this be ditched?
It was something I took out?????? Is like a accident/illness insurance but after so many years, it pays out, what I put in. Do wonder if it worth it, but we never save any money, so its better than nothing
- Council Tax £100 - is this over 10 or 12 months? Extending it to 12 months would lower your repayments slightly. Its over 10 months, thats how council do it, not sure if it can be changed.
- Internet Broadband £26 - a bit high, there are deals around to bundle home phone and BB for less than £36. A lot of the broadband are limited on downloads etc and ours isn't, however, hubby is going to look into this, just in case.
- Mobile (contract) £35 - how long left on the contract? 7 months
- Shopping £280 - How many mouths to feed? There are many money saving ideas on other boards to lower shopping bills. 2 adults and 3yr old

Definitely not a lost cause! You could turn this £120 deficit into a surplus very quickly.

sonicshelly

sidnee wrote: »

Looknig at your debts, £4,000 over 4 different companies. What are the interest rates on the cards? This is quite important to note, because the interest being charged on each card is why debts are being reduced as quickly, depsite you throwing £250 a month at them.

Barclay card is 0%, but that finishes April
Nationwide is 15.9% APR (not up on all these things really)
Egg is 16.9 APR

is that ok?

Sassamac

Barclaycard like to offer a 6.9% LOB (life of balance) deal, sometimes with no BT (balance transfer) fee. Its worth asking them for that when your 0% deal ends and putting as much as your credit limit will allow on there.
what is your credit score like? would you be likely to be accepted a new card? what are your credit limits - are all the cards maxed out?

webitha

hiya sonic just a quickie your shopping bill is to high i spend £200/£250 a month on my shop and that is for 2 adults 3 kids inc nappies for nighttime, all cleaning products, toiletries etc and fuel so you can certainly get that down head over to the old style board they are v v v friendly and will soon point you in the right direction to get that down