Help - we feel like we've done everything we can, and we're still piling on the debt!

BlushingRose

HELP!!

Also, hello everyone...


Right, not really sure where to start...

Basically, we're a couple, living together, with a teenager.
I'm currently not working, not though choice, but through lack of job although I'm hoping that'll be sorted soon but as you can guess, this situation isn't helping us.
Himself earns a decent salery and we should actually be quid in at the end of the month, but that's so far in the other direction *sigh*
We have credit card debt of about £8,000 and a bank loan of about £15,000 and school fees (although these are only for the next two years, then he goes to uni)
We've transferred the credit card stuff onto two new cards so we're not longer paying interest.
We've changed our car insurence so we're not paying so much a month
BUT we're still not bringing enough money in.
Even when I was working, we were still down by about £400 - £500 a month.
If we didn;t have the bank loan, or the credit card stuff, we'd be fine.
My partner is towards the top end of his extended overdraft, and I'm to the top of mine too, we literally don;t have any money and are having to use our old credit card just to buy groceries once a week!
I can't see where else to cut corners..and to be honest, I'm panicking as I can't see where the money's going to come from.
Even when I am working, it's not enough by about £500 a month for us to even break even!
The bank wants us to put the loan onto the morgage but I don;t want anything else secured on the house!
HELP!!

*cries*

I can't see a way of of this

mrsspendalot

Hi

Right, don't panic. Grab all your financial details, grab a cuppa and write out your statement of affairs, which is basically a list of all your income and expenditure. Also list full details of your debts including APRs, balances and minimum payments. We can then see if we can help you.

Welcome to MSE

Triker

Hi there, firstly don't panic there's always a way through this.

Secondly please post a SOA the sticky post is above you that explains it all.


Here's the link for the SOA bit.

http://forums.moneysavingexpert.com/showthread.html?t=107280

Re groceries, you can probably reduce your shopping bill quite significantly, try having a look at the old style forum for ideas a plently.

http://forums.moneysavingexpert.com/forumdisplay.html?f=33

Well done for posting, we'll help where we can and point you in the right direction where we can't.:hello:

Triker

Great minds eh MRS S.:D

BlushingRose

Thanks Mrs..

I'm afraid I'm off out to an employment agency now (thought I;d post before I went and didn't expect such a fast reply!) but will try and do this when I get back.
Failing that, I'll do it this evening when himself is home as he knows where everything is.
We're in a terrible situation and can't see a way out of it...

BlushingRose

Thanks Triker,

See you both later....

mrsspendalot

There is always a way out of these situations

chimp_choker

Blushing rose,
My sig tag makes me proud every time I see it. From the depths of despair and attempted suicide because of the pressure from banks and cc companies to where I am today laid back completely composed and ready to stick 2 fingers up at the lot of them lets me see that even without a second income I can sort out my mess.
Do the SOA as soon as possible and then the help will come. One thing I am still amazed at is that we used to spen £70 a week on low fat chicken breasts..... FOR THE DOG and this didn't hit home until wee itemised things in our SOA. The dog now gets two full chickens a week and 3 tins of corned beef at a cost of £7.00 and he's no worse off for it.

BlushingRose

Thanks Chimp - we're going to go through stuff and post our SoA now..

tesuhoha

Hi, is there any chance of your son gaining a 6th Form scholarship. My daughter did this and it made the fees much more manageable.

doodledo_2

Hi and welcome to the forum.

Well done for taking the first step and posting here.

I think the best thing to do is write out your SOA for us and then you will see lots of advice come your way.

Good luck.