Worried!

janiebump

Any ideas? Help, i feel so low.

evab_2

natwest £12000 approx which is £147 a month over next 7 years.
egg card £200 £8 a month
mbna £1800 0apr til nov08 £60 a month min
Rbs £260 i pay £22 a month apr is 17.9
skycard £1066 interest free til august, i pay £30 a month
abbeycard £72, i pay £5 a month
halifax card £107, i pay £5 a month
virgincard £115 i pay £10 a month
What are the interest rates for these cards?

shopping we do well, i meal plan and spend for 2 adults and a 2 year old max £150 a month, sometimes less.

My car insurance is £43 a month then i have a loss insurance top up of £11 a month which means insureres pay full amount i purchased car for in event of write off/theft
Gas and electricity is £59 a month d/d
buildings/contents £18.24 a month
water rates £42.90 (thinking of having a meter installed as we are very careful with what we use anyway.
Bank charges are £12 a month What are the charges for, can you move to a different account?
Tv licence £11.61 a month
Paypal credit card i owe approx £280 this is dd of £9 a month

God that is bad isnt it, i get £450 every 4 weeks in smp, paid weekly, and £72.40 child benefit.

OK so minimum outgoings are £643.75 so obviously exceeding what's coming in, I think you really need to do as chevalier said and do a joint SOA as you clearly need some help here.

RAS

janiebump wrote: »

re payplan etc im sorry im so naive, but would this affect our house, would we have to sell?

CCCS, CAB and the national debt helpline all provide free independant advice to people in financial difficulties.

If they advise you that you cannot sort it out within your budget, then there are three major routes out. Bankruptcy and an IVA (the least likely option) all mean that you have to release any equity in the house at some stage (your half if OH does not have debts). In some instance people have too much equity to keep their house, in others it is possible to re-mortgage or buy back the Beneficial Interest. A DMP would not affect the equity in the house.

Will post up the link in a minute.

RAS

Here you are

Please ring one of them ASAP

http://www.moneysavingexpert.com/loans/debt-help-plan#help

janiebump

Will have to sit properly with oh and get him to write down his outgoings and figures, wow i cant believe my min payments are that much, its scary when you look at the figures.

janiebump

RAS wrote: »

Here you are

Please ring one of them ASAP

http://www.moneysavingexpert.com/loans/debt-help-plan#help

Thankyou, i will x

janiebump

we could change the mortgage to interest only for a while which would be approx £150 a month less the abbey have said so fiance could pay the gas n leccy, water and £50 extra a month to help me, plus if we switched to a water meter or to 12 monthly payments the dd would reduce as currently only paying from april til november for this.

janiebump

When i earnt it made approx £1000-£1200 a month so we were fine, now snookered, wonder if we could take our mortgage back out over 30 years, interest only for now, til both children get to school age and we then look at reypayment again. If the car goes that will pay a chunk off cards and then theres no insurance. Also the water board can spread over 12 months from april at £28 a month, i get approx £50 a month extra child benefit and theres always the landline and internet that could go. Also i know its not much but fiance pays £30 into a pension pm and £30 into an account for daugther, they could both stop for time being, and then the int and landline would be next, all luxuries, i do have a mobile i havent added to soa as its payg and i only ever put £5 on and i have text rates at 3p a text so very rarley use that, i text ma or partner and they ring me back.

RAS

Janie

Have you checked your entitlements on www.entitledto.com yet?

You do not seem to be getting enough income.

janiebump

no sorry powercut lol will do our teas and take a look, i will put all scenarios like in a years time, and now, and when baby arrives. I wondered if id be better off taking my name off mortgage, moving in with mam and declaring myself bankrupt instead of dragging partner into my mess, should just about cope while im on maternity but then i have no idea whatsoever will have to have a pt job lined up for poss weekend as soon as mat ends and maybe claim js allowance and look for something fulltime but that will still fit around children and partners work, such as bar work, or factory work on a night?