A Bit Of Advice

headsinashed

Hi all just would like a few pointers on what to do next,as the debts i've got are becomming out of control.i've got a £18,000 loan,£6000 on a credit card and a £95,000 morgage

take home 1600 a month

morgage 700 inc insurances
c/tax 102
gas 43
elec 36
tv 12
acc ins 11
pension 20
sky 22
pet ins 25
house ins 30
telephone 40
b/band 10
tesco loan 232
c/card 130
fuel 120


leaving about £70 a month for food and car insurance, i just don't know which way to turn ,any advice would be welcome
cheers Paul

hypno06

Are your insurances:

a) absolutely necessary
b) the best value you can get

are you making the minimum number of journeys in your car - any way of reducing the amount of petrol you use by walking more etc?

How much longer do you have on your tesco loan?

Any chance of getting a different credit card and doing a low life of balance transfer to lower the amount you pay each month on interest?

Keep a spending diary to see where every single penny you spend goes to.

More will be along to comment soon!

IWantToBeFree_2

Is your council tax over 12 months? If not, change it, it will cut down the monthly payments.

See if you can get cheaper gas and electric, & use quidco to switch.

Do you really need accident and pet insurance?

Lose the Sky, get freeview instead.

Telephone seems quite high, especially combined with broadband, can you go on a package, maybe even tie your tv in with it as well, something like Virgin?

Can you switch your credit cards onto a 0% card, or a life time balance card with low &?

Numpty_Monkey

:hello:
hi and welcome to the most helpful place you will find

Have you had a look at the newbie guide, and DFW dictionary,they will help you get around
http://forums.moneysavingexpert.com/showthread.html?t=562271

http://forums.moneysavingexpert.com/showthread.html?t=672601

hope that helps:A

Merlot

headsinashed wrote: »

Hi all just would like a few pointers on what to do next,as the debts i've got are becomming out of control.i've got a £18,000 loan,£6000 on a credit card and a £95,000 morgage

take home 1600 a month

morgage 700 inc insurances - Can you break this down into mortgage and insurances please. Is the mortgage repayment or interest only?
c/tax 102 - Spread over 12 months and not 10 months
gas 43 - Too high, check u.switch.com via Quidco
elec 36 - same as above
tv 12
acc ins 11 - Is this Life insurance?
pension 20
sky 22 - Get Rid - absolute rubbish on it
pet ins 25
house ins 30 - too high, is this buildings and contents, check out Tesco as per Martins E-mail tips - right right of screen on click on the highlights.
telephone 40 - Far too high, are you with BT, if so change, check out Martins advice on the phones tab at the top of the screen (pale blue tap)
b/band 10
tesco loan 232 - Whats the APR and how much is the total?
c/card 130 - As above
fuel 120


leaving about £70 a month for food and car insurance, i just don't know which way to turn ,any advice would be welcome
cheers Paul

Paul,

I can see where you can make changes to your outgoings, you may want to look at the debt charity website of CCCS, have a read its very informative. http://www.cccs.co.uk/

Merlot.x.

CCCS_Alan

Hi Headsinashed

Welcome to the boards. You should be looking at putting your self before your creditors in the food chain as to speak. You need to eat before they get paid, if you don’t keep eating it could affect your health which in turn can affect your job.
Check comparison sights to see if you can get better insurance quotes and is it the right time to be saving for a pension when you can’t afford to eat?

You may have to consider your house help solve your problems. Could you switch to interest only mortgage to increase your surplus. If it has 2+ rooms could you rent them out to get a regular rental income? How much equity do you have in the property, is it enough to clear your debts. Is it feasible to stay in the property when you could possibly rent cheaper and afford your debts and living costs?
Any of the ideas could possibly help with your situation but it’s up to you to take the steps required.

You could also try our online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation. It may provide you with some ideas to move forward with your situation.

Good luck and keep us informed on how things are going

CCCS_Alan

headsinashed

hi all thanks for the replys, i feel a lot better today knowing that someone has taken notice
on looking at the credit card the apr is 19.9% :mad: (i think?) i need to swop to a lower apr but what do i do , just ask? but who?
the insurance on the morgage is £16.15 i have critical illness ins which will be cancelled tomorrow as will the pet insurance, which will save me £66 a month:o . the other insurance is an accident plan though work which is to good to give up
the tesco loan i don't know the apr but will call them to find out.
i will post with more info soon

regards Paul

headsinashed

just a little more bad news,the washing machine has just expired:mad:
(has been making very funny noises since xmas)

mummytofour

Try the friday ad

Hell1

Try freecycle, they are great. Also do you need pet insurance? [EMAIL="Don@t"]Don't[/EMAIL] know much about it, but a friend tld me they never really pay out... Good luck, don't worry, you'll be getting great advice from loads of lovely people on here soon...