Losing the will!!!!

goonie_2

New to the Forum nad fed up with being in debt:

I am getting married this year and can't even afford it! venue is booked etc I have to come up with £5000 to get close to where I need to be.

At the moment I am paying out for my debts over 800 per month and these are crippling me!

Rough Idea of Debts:

HSBC:
Loan = £15,085 @215.51 pm (graduate loan)
Overdraft = £800

Egg Credit Card = £4360.29 @ 21.9% APR
Mint Credit Card = £3977.19 @ 18.9% APR
Virgin Credit Card = £3310.12 @ 15.9% APR
Coperative Credit Card = £3404.14 @ 9.9% APR

I also have a motorbike loan that I pay £120 (3 and a half years left) for a month with Black Horse.

We have a mortgage with northern Rock of £940 a month that i pay half £470

I so want to save for her big day but i just can't, I have got an extra part time job and with this i seem to just about break even. I don't even drink or smoke or go out etc.

Just need some direction and advice to get out of this rut.

Cheers guys

ltm07

Hi Goonie. Can't really advise you about what to do for the wedding i.e. whether to put it on hold for a while. OH & i are in the same boat as you & were meant to get married twice but put it on hold until we've cleared our debts & we've agreed that we're going to have a DFW type wedding when we're debt free! The only advice i can give is to put your SOA up on here,try shifting some of the debt onto 0% interest cards & also visit www.whatsthecost.com which is a great sight. Good Luck.

biglad

first of all welcome and your in the right place

if you could post a list of your bills etc, with everything included then myself and the fellow good people on here can try and trim down some of your outgoings.

i was in a similar situation 2 years ago not knowing what i was going to do but now everything is looking good again

get in touch with Payplan (im with them and theyre great) CCCS or national debtline and they may be able to come up with either a DMP or an IVA

You say everything is booked, does she know your money situation?? if so can you not cut back anywhere on the wedding, ie honey moon etc or is it too late

call me soppy but if she truely loves you then loads of money spent on the wedding doesnt need to be done. can none of your parents help towards the wedding

**Amy**

HI and Welcome.

As others have said it would be a great help if you could post up a list of all of your monthly incomings and outgoings so we can try and help you make some savings.

Secondly, can you transfer some/one of your cards onto a 0% card? Would definitely give you a bit of breathing space.

Thirdly, have you spoken to your OH about your debts? Maybe she doesnt know the full extent and would be happy to help out/postpone wedding??

Fourthly, have you tried selling everything/anything on ebay/amazon/play? You could make some instant cash this way, helping you out?

goonie_2

OK I my partner knows about my debts, but only told her recently, difficult to put off wedding as deposits have been paid etc. Kind of burried my head and hoped a magic solution would present itself.

Income:
1st job: £1647pm
2nd Job: £230pm
Total = £1877pm

Expenditure:

£800 to joint account to pay for mortgage food bills etc.
£215 for HSBC loan
£300 for Credit cards
£125 for bike loan
£50 Bike insurance
£30 personal insurance
£30 mobile phone
£30 life insurance
£101 student loans
£100 petrol costs

Total £1781

I think thats about it! my wares are out in the open!

MrsTinks

The main area to cut down on is where you haven't itemised really... I can only assume that your mortgage and everything else comes to £1600 a month as you pay equally into that account? well this is where you can probably make the biggest savings.
£100 petrol? Can you cut back on this?

I know you will loose the deposits etc but exactly how much are we talking about? Putting yourself into more debt to get married is NOT the way to start the rest of your life together. I'm getting married in May and we're only having a really nice do because my father is paying the majority of it. No way we could afford it otherwise unless we took out loans etc.

Wedding aside I think you need to speak to the CCCS etc and see if you can get yourself on a DMP with them. Get the intrest frozen and set up a repayment agreement with your creditors. Yes it will hammer your credit rating but if you don't things are likely to get worse as time goes on...

chevalier

goonie wrote: »

OK I my partner knows about my debts, but only told her recently, difficult to put off wedding as deposits have been paid etc. Kind of burried my head and hoped a magic solution would present itself.

Income:
1st job: £1647pm
2nd Job: £230pm
Total = £1877pm

Expenditure:

£800 to joint account to pay for mortgage food bills etc. Can you break this down a bit please. Reason why if say you were paying £100 a month on electric, then this would be way to high and an area where you could save. Also more than £200 a month for two of your for food, would be an area where you could save.
£215 for HSBC loan
£300 for Credit cards can you get a low life of balance cards and transfer the highest apr debt onto it
£125 for bike loan
£50 Bike insurancecheck with confused.com or similar to see if you can get this cheaper, then look on www.quidco.com or similar to see if your potential new company is offering cashback for switching.
£30 personal insurance what is this and why do you need this AND life insurance below. Either way these seem pretty high perhaps you can get them cheaper or stop them all together?
£30 mobile phone
£30 life insurance
£101 student loans does that mean you are above the threshold for paying them?
£100 petrol costs can you cut these down?

Total £1781

I think thats about it! my wares are out in the open!

you haven't mentioned, birthday, xmas, MOT, servicing, prescriptions charges, dental, optical charges, building and contents insurance, buying magazines so may want to look at those too.

You do have more money coming in than going out a month with the second job. But where does the difference go? Start a spending diary to find out!
regards
chev