In need of serious help/advice

Krasnoludek

Hi

Autonational are super cheap for breakdown mine was 66 quid for 15 months

K

klane

If you take out RAC breakdown cover on their website - the basic policy, it is normally £44 - but currently £33 for buying it online. If you sign up to the site https://www.quidco.com and then buy it via them (only if you are a new customer), you also get £21 cashback, making breakdown cover effectively £12 for the year - instead of £10 per month!

jmhgibson123

just another little suggestion not much help for straight away but join a cashback site and some paid survey stuff for a little extra help and you'll get your insurance cheaper and cash back off it-as i dont believe you should cancel your insurance policies they are very important

Merlot

anniee1981 wrote: »

Hi,



Wife’s Salary (SMP)

£400.00

Husbands Salary

£1,230.00

Tax Credit

£90.68

Child Benefit

£135.85

Total Income

£1,856.53

Outgoings



Loan 1

£207.00

Loan 2

£264.00

Loan 3

£210.16

Loan 4

£319.46

Virgin Credit Card

£79.00

Mortgage (Interest Only)

£536.79

Gas & Electric

£78.00

TV/Broadband/Home Phone

£35.00

TV Licence

£11.95

Council Tax

£115.00

Water

£39.64

Car Insurance

£35.00

Camera Insurance

£5.00

Pet Insurance (3 Pets)

£21.36

Life & Critical Illness Insurance

£28.37

Motor Breakdown

£9.44

Husbands Life Insurance

£11.53

Buildings Insurance

£16.49

Home & Contents Insurance

£11.48

TGWU Union

£10.67

Emergency Home Call-Out

£5.25

Bank Account Charge

£10.00

Lloyds TSB OD Interest

£6.00

T-Mobile (Contract)

£40.00

Total Outgoings

£2109.21

Left With

-£252.68

I have had the you don't need all those policies but we do and have tried to find cheaper but can't. Our mortgage is interest only and almost used all the equity. Loan 2 is from my parents we can't stop paying that. I can't go back to work due to having a newborn baby husband could do extra hours in another job but there is no overtime available where he is. I would gladly work somewhere at the weekend but would lose my maternity pay.

We feel sick and WE KNOW it is our own fault but there must be something we can try, we DO NOT want to sell or go bankrupt, were thinking of an IVA or something similar but do we need to go to this step ?

Any advice would be so very greatfully received, as we can't sleep eat it's constantly on our minds. I am 27 and Husband is 29.

Thank You in advanced.

Welcome to the board, and congratulations on the birth of your newborn. Firstly, sleep is important to you just now, so I am going be a very harsh and I apologise for that in advance, I was in debt at the time my baby was born (10 years ago) and you need to at least get to a level were you are breaking even each month and not overspending without the essentials.

I agree Life insurance is important, especially as you have children, but as you have a reasonable amount of debt, any other insurance besides buildings ,contents, and car insurance are a luxury, you need to put food on the table today and I would say at this moment time you need to think about today and forget about tomorrow and the ifs and buts. (not everyone will agree with me, but you need food, petrol and clothes, far far more important today than insurance policies for the just in case, you cannot afford them)

As for the mobile phone, lower the tariff or get rid of completely, you cannot afford it.

I would also advise you to contact the CCCS as soon as possible, it is only a limited time before you are going to start falling behind with the mortgage, are any of the debts secured?

I really don't want to upset you, but you are in a difficult situation and you need urgent and free advice.

Do keep us posted.

Wishing you a peaceful night.

Merlot.x.

bexxie90

If the union sum paid for TGDW is yours then cancel now,you can also claim back any union fees you have paid whilst on maternity leave.

The child allowance doesnt look right either. I have two children and am sure it is just £120...i would check this if I were you.

Things will look a lot brighter soon. Have a look on old style board that is fab for keeping costs down.

Good luck and all the best
Bex.x

Wol2

pania wrote: »

Sorry guys. I honestly cannot believe that some people have recommended cancelling pet and contents insurance.
Having been the subject of a massive housefire, contents insurance is a must must must no matter how tight the scenario, there are other things that CAN be cut back on that should go first.
"you need a roof over your head"... Yes they do. What happens if life and CI insurance is cancelled and the main wage earner is killed in a car accident. There is no money to pay the mortgage and the roof is lost.
Vital insurances aren't Nice to have, they are MUST have.
What would happen to the pet if it was hit by a car or had an illness? vets bills can quickly run to hundreds if not thousands. what is the alternative to paying the bill? the OP earns too much for rspca treatment.
Sometimes advising the cancellation of policies is right, but please think carefully of the consequences before recommending they are cancelled.
I would hate anyone to be in the situation that we were in with only the clothes we stood up in and nothing else, with no contents insurance to place what was lost.
Or like my horse who would have been put to sleep yr and half ago for the want of a £10 pm insurance policy. I could ill afford it at the time, but the £3k vets bill would have been the end of me.

Hi Annie

First of all Big hugs to you.

I have not much experience of your situation...but I have to echo Pania

I have been flooded.......I would now never advise anyone to stop home or contents insurance...my claim is now running over £100k and we're not finished yet....and it would have been worse if it were fire instead of water......... and I also have pets that can't be insured (small rodents). I looked after my brothers rabbit this Easter while he was on holiday...it fell ill and cost me £150 in vet's bills over 24 hours. My piggies have cost me almost £500 in vet's bills over the last 6 months....something to do with the trauma of being flooded, relocated etc etc for them..(oh.....and the pregnancies resulting from them all being thrown in the upstairs bath together while the flooding was taking place.....:o )

My next door neighbour lost her husband very suddenly to a subarachoid heamorrhage...with no life insurance (it had lapsed as they had just changed their mortgage provider) . For 5 years now she has fought to keep the house and it was finally repossessed by the mortgage company in Jan this year.

i.e. I am not trying to put the frighteners on.....but I am saying please do not cancel certain insurance policies. (building contents and life) .....without considerable thought.... as there are potentially pretty large financial implications if, God forbid, you are unlucky enough to get "hit" by something. And you don;t need that type of stress right now.


So good luck Annie..and keep posting. A fantasic amount of advice has already been posted...please keep feeding back to to the posters on your thread.

Life can be a ***ch. But we're all keeping our fingers (and paws) crossed that things will start to get better for you.

Big hugs
Wol2
xxx

ms_london

Incoming
Wife’s Salary (SMP)£400.00
Husbands Salary£1,230.00
Tax Credit£90.68
Child Benefit£135.85

Total Income£1,856.53




Outgoings
Loan 1£207.00
Loan 2£264.00
Loan 3£210.16
Loan 4£319.46
Virgin Credit Card£79.00
Mortgage (Interest Only)£536.79
Gas & Electric£78.00
TV/Broadband/Home Phone£35.00
TV Licence£11.95
Council Tax£115.00
Water£39.64
Car Insurance£35.00
Camera Insurance£5.00
Pet Insurance (3 Pets)£21.36
Life & Critical Illness Insurance£28.37
Motor Breakdown£9.44
Husbands Liffe Insurance£11.53
Buildings Insurance£16.49
Home & Contents Insurance£11.48
TGWU Union£10.67
Emergency Home Call-Out£5.25
Bank Account Charge£10.00
Lloyds TSB OD Interest£6.00
T-Mobile (Contract)£40.00
Total Outgoings£2109.21
Left With-£252.68

Just reformatted slightly, will be back later with comments. Hang in there hun & welcome to MSE (I turned debt free over 2 years ago but cant stay away!) xx

CLAPTON

As I've already said, you need to redo the SOA to include everything you spend and to separate 'essential' spending from debt repayments... when you contact CCCS or Payplan they will help you do this anyway.


But simply adding your food and petrol bills and without making any allowances for other spending (I'm sure the little girl must cost something.. clothes, xmas, presents, parties etc)
then your deficit becomes at least 600 per month.
Basically on your currrent income you can't afford to make any payments towards your debts except to your parents.

Contact CCCS or payplan when you're ready
and also try out the CCCS online debt remedy
http://www.cccs.co.uk/online-services/debt-remedy.aspx

which is a very good starting point