i don't know where to start

beckyandjack

can anyone help me know where to start with sorting my debts out?

have admittedly been stupid with my money but finally realised i need to sort it out pronto!

have credit cards overdrafts and borrowed off my boyfriends family!

currently i owe

co-op credit card 12,500 but not in my name
mbna 3700
lloyds tsb ccard 700
tesco/triton 3000
lloyds overdraft 2700
natwest overdraft 2000
natwest loans 12000
family 1775

is all rather depressing when i write it all down!

am paying minimum payments on mbna 85 and lloyds ccard 20
have written to lloyds and triton asking them to freeze interest and offered them 100 month each. triton want the full amount or 500 a month which i have told them is impossible so they now say they are taking me to court!

the loans are not in arrears and am able to make the payments and my natwest overdraft is currently interest free so not too worried about that.

pay minimum of 290 a month to coop credit card which is in oh dad's name and currently interest free

just feel as though i'm not getting anywhere and people keep threatening to take me to court and send bailiffs which is very scary. i'd rather not get an iva if can be helped........

RAS

Hi welcome

We need to know the minimum payments and APRs on all these, plus details of your income and your living costs?

Go and look at the snowball on www.whatsthecost.com

beckyandjack

ok here goes


income me 2200 sometimes more if o/t
oh 1000

mortgage 792
gas and elec 70
water 30
council tax 117
child care 600
petrol 80
food 250

loan 1 175
loan 2 76
loan 3 56

mbna 85
lloyds ccard 20
lloyds o/d currently 70

coop card 290

tv, bband, phone, mobiles 100

dmom

Hi beckyandjack,

I'm fairly new to this too but I'm sure you'll get lots of gret advice. It's pretty scary seeing what you owe on paper for first time isn't it? I'm in pretty similar situation. I've decided to sort out my debts and have signed up for a DMP with CCCS. Could be worth you looking at their website and completing their budget forms. This will give you better idea of what you can afford to pay. They build in things like Prescriptions, opticians, clothing etc. which you don't tend to think about.

You've definitely done the right thing in seeking help.

RAS

Thanks, getting there.

Do you get any CTC or WTC. Can you check www.entitledto?

Any chance of child care vouchers from work?

And can you post the APRS (interest rates) for each debt?

beckyandjack

no wtc and 40 a month ctc, am looking into child care vouchers, think nhs do busy bee ones if anyone knows how they work

chevalier

hi there
don't forget that both you and your OH can apply for childcare vouchers from your employers. Your childcare is ginormous. Is there anyway to up your OH income?

Also didn't notice child benefit on your list of income?

When you total up your income and outgoings you end up with £189 left over, but where does this get spent?

I would suggest it get spent on things that aren't in your SOA ie
road tax, MOT, service, car insurance, building and contents insurance, birthday, xmas, dental charges, prescriptions, days out, optical charges - you need to divide the yearly costs by 12 so that you know how much each month you have to put away each month so that you don't have to resort to the credit card.

"tv, bband, phone, mobiles 100" - this also seems high, if you have to have sky/virgin, have you looked at doing a combo deal, as I am sure it would be less than this. If your mobiles are high, then ask to go onto the lowest tariff until you are out of contract.

Food seems a bit high too, I only spend a little more than that with 2 children 2 adults and 2 cats to feed. There are loads of ways to cut back on the Old Style forum board.

best of luck
chev

beckyandjack

have been on snowball, best thing ever!!!!!

worked everything out for me, will now hopefully be debt free by 2011!

just waiting now for response from lloyds and tesco from the letters i sent them

ltm07

Hi & well done for coming on here. Stick around & there will be plenty of good people who will be happy to give you advice.

chevalier

don't forget to ask about childcare vouchers, when you go back to work on tuesday
chev

beckyandjack

will do, also have signed up for an extra nights o't a week in april so should get about an extra 300 to add to the pot