major help

meglan

hey everyone. im new to the site but have become addicted!!!! i need help with my debt problems. i have a huge overdraft, loan, and credit card and for some reason i cant kick them!!!!!
iv run out of ideas to kick my !!!!!! into gear, but my ideas never go far or seem to help!!!!!
i need some help...........PLEASE

Gillby1

Can you post some more details? You're in the right place, Meglan! Good luck x

meglan

thanks gillby1, i was really nervous to post this.

well. i have a £2000 overdraft. cc for £1400, singing lessons £400,
my mobile is ridiculous - but that is cos i call family overseas. i have a loan for £5000. I know its not as bad as other ppl on this site, but i find that im getting more and more depo bout it, whereas my hubby doesnt really care bout it. i spend bout £180 on ciggies a month. £60 on transport. my mobile is always bout £100.
which is more important to pay off first, cc or loan. when i applied for these i was desperate, a first timer and had no cash - now im battling.

skintchick

I'm afraid you need to slash the mobile significantly - get a landline deal to call overseas, probably ditch the singing lessons for now (I've had to drop my salsa classes so I know how painful it is), give up smoking or at least cut down...

POst a full budget and we'll help as much as we can.

Also post full debt lista nd APRs

Bagpuss1973

meglan wrote:

thanks gillby1, i was really nervous to post this.

well. i have a £2000 overdraft. cc for £1400, singing lessons £400,
my mobile is ridiculous - but that is cos i call family overseas. i have a loan for £5000. I know its not as bad as other ppl on this site, but i find that im getting more and more depo bout it, whereas my hubby doesnt really care bout it. i spend bout £180 on ciggies a month. £60 on transport. my mobile is always bout £100.
which is more important to pay off first, cc or loan. when i applied for these i was desperate, a first timer and had no cash - now im battling.

Hi meglan

Well must admit I was a bit surprised with the singing lessons and smoking?? Surely they don't mix and if you can kick the habit after time it will improve your voice too! Another incentive perhaps.

If you gave up the singing lessons could you not find a decent choir or something to keep your vocal chords fit?

I would also try to 'phone family from a landline I think you can get special deals for this but I am sure someone will come along and help with that.

As for the cc and loan you need to check that your won't get penalised with penalties for paying a loan early and have your got a decent rate on your cc? Shop around for the best deal and then especially if you get a 0% deal throw all your spare cash at it, to be honest if you can give up the singing lessons for a few months you should have no problems sorting out the cc and overdraft.

Sorry to be harsh but that's the way I see it. I do understand about giving up the lessons because I've done it myself but just keep plugging away at home with the scales and going over everything you have been taught to keep your voice up to stratch.

Murtle

as skintchick has said, post a full budget.

What are you incomings?
What are you outgoings? all the living costs?!
What are you cc and loan apr's?? and the term of the loan?!

When we can see a full picture of where is what we can help advise what to do next!

Good luck and well done for posting it always takes a little courage to contemplate life changes!!

meglan

Income: £2600 pm

Outgoings:

CC: £1000 - £20pm
Loan: £5000 - £133pm. apreciation is 7% over 5years. i think. iv paid the interest off already though and bout £500 of the loan.
Insurance: £ 72 pm
Transport: £100 incl hubby pm
Food: £ 200 pm
Hmv: £216 – £16 pm
Argos: £180 - £6 pm
Singing: £400pm
Cigarretes: £130pm
Savings: £50pm
Sponsership: £10pm
Rent: £275pm
Council tax: £43.16pm

thats it really, i should be covering everything, but somehow i just cant keep track. i dont know how to be drawing up my budgeting cos it never ever seems to work. apparently ill get penalised £60 for every 1000 i pay off early on my loan.
i cant give up the singing lessons - thats my career, im a musician. the smoking i know....its disgusting. i really do appreciate the honesty on this site though...thanks everyone. i need a good kick up the bum!
is what i posted correct with regard to the info???

Thefunkygibbons

You probaly need to get rid of the HMV and Argos cards first, then start on the CC

Can you pay the argos card in store/ Just a thought because on ebay you can get argos vouchers at 90% of face value so that would save a couple of quid

However, the real challenge is the smoking, you know it has to go

As for phone calls

Any chance you could move to Voice Over Internet using Skye?

meglan

is it good to cut up store cards and c.cards once its paid, or is it good to keep it for credit scoring reasons.

i know my questions might seem a bit dum!! but im a newbie after all

skintchick

Just a few thoughts here:

If the singing lessons are for your job, can you see if they are tax deductible? Would your employer pay for them or are you self employed? IT's a lot of money going on them.


GIVE UP SMOKING! I did six years ago when I bought my house and realised I had to pay the solicitor and I hadn;t budgeted for it! HAven't looked back since. I used to put the money in a jar then treat myself, but you could throw it at your debts and keep a paper record so you can motivate yourself by seeing how much you've saved.

What is the insurance for? That's a lot of money too.

WHat's the sponsorship for?

YOu should put the money you are saving towards your debts as you are undoubtedly paying more interest on them than you get on the savings. Do you have a pot in your savings you could use to pay off some of the debt?

If there's only the two of you, you can spend less than £50/week on food - have a look at the old style boards for tips.

If you ditch the sponsorship and fags, and put your savings towards it too, then you have an extra £190 a month before you've even looked at getting cheaper food/insurance/etc.

Hope this helps a bit.

mountainofdebt

Agree that by posting a full budget would help people help you.

One small thing though ....isn't smoking bad for a singing voice?