In trouble help!

Steve31_2

Hi, have been a fan of this forum for a while, and have been trying to sort out my debts for last 6 months, but can only afford to throw 200 a month at it, and the debt keep on getting bigger due to the interest!

Here are my debt!

Flexiloan (hsbc) 5000
Halifax Card 7300
HSBC Card 5000
Overdraft5000
Total 22300


Any tips on sorting these out? I would like to consolidate it all and pay 200 towards it each month. I have spoken to my bank HSBC, and told them the situation but they are not wilkling to help. Basically i have these debts and want to clear them but can only manage 200 a month.

Any tips?

dhassen

Steve31 wrote: »

Overdraft500022300

Hey Steve......

woah big overdraft?!! 5 billion? I assume that's a typo lol

Generally, consolidation is a baaaaaad idea, many otheres will agree with me, and many others will add they're input too.

Post an SOA and people can see where u can save, so you can throw more than 200 on your debts. By the way 200 aint that bad, lots of people would struggle to get that to throw at debts.

**Amy**

Hi Steve

Would it be possible for you to post an SOA? Showing your interest rates on your loans etc. as well, and how much you pay to them each month. Also your incomings and outgoings on other things (bills, rent/mortgage etc.).

That way we can try and help you possibly cut down on your bills etc. or offer some other helpful advice.

:cool:

Steve31_2

Well i can post an SOA, but its a bit different in our case as i look after most of the fixed biills my wife the more varialble stuff.

Here it goes - am afraid i dont have APRs on me at the moment but can update tonight. What i would like to do is put all the debt together and get a better rate as i cant survive any longer like this.

Salary2858.8
BT49.31
Council Tax177
Flexiloan200 5000
Halifax Card130 7300
HSBC Card130 5000
Overdraft interest50 5000
Mortgage1955.29
Southern Electric40
Southern Gas62
Train280
TV27.1
Vodaphone19.99
Water46.67

income2858.8
outgoings3167.36

Difference-308.56

As you can see im sinking more each month.
Notes
Mortgage is tied for 2 and a half years. I will get rid of phone in 3 months when contract expires, as i have a work one too. Have just switched utilitiy companies.

Am married with three kids, and i cant see anywhere else we can cut back. The only way i can see is getting a second job. I work in London and dont finish until about 7 each night. Thinking of call centres or something similar and just throwing all the extra cash at the debts.

Look forward to your replies!

poppyg_2

Water seems very high???

I definitely wouldn't advise consolidating, did this once and it didn't work for me as didn't help me to actually budget plan. I also think you'd struggle to get a loan unless secured against your house but others might know more about this

If you're paying out more than you're getting in wages how about contacting CCCS or Payplan and see about sorting out a DMP or you could try asking your creditors to reduce/freeze interest???

RAS

Steve

Thanks for the above, but it looks like many of the things on which saving can be made are currently being paid by your wife.

Can the two of you get together and do a joint SOA?

I know you keep stuff separate but it is amazing how often we find one partner in the doodoo and one merrily spending money that they do not really have because of the way they have allocated their finances.

You may have a problem with your whole family's finances or you may have one person spending and one person paying all the debts, which could be sorted by re-jigging the finances.

bank_of_slate

Hi Steve and welcome!
Your gas and electric is particularly high! I hope the company you've switched to is much cheaper, also what's the TV27.1?
Is that your television service or licence?
...Linda xx

Steve31_2

Wow thanks for the replies.

The 27.10 is for the TV licence.

Well my wife has basically the shopping car costs and kids costs.

We did have a joint account, but this was the reason we got in to debt so know we have opened her own account and she has a solo card and no overdraft. Since then we dont touch the joint account at all, just let it pay for all the fixed costs.

Yes we are living on a very tight budget. I just need to service my debts.

I will look into payplan and cccs - thanks

bank_of_slate

Keep posting on here for lots of advice and support Steve, show your Mrs too! Once you both get the DFW bug there'll be no stopping you!
...Linda xx

poppyg_2

Steve, that seems high for tv licence, are you paying that over less than 12 months?

Do you know how much is spent per month on groceries etc? There may be savings that could go towards cutting your debt

CCCS actually have an online remedy thing (sorry don't have link but it's easy to find on their website), you could do that if at this stage you don't actually want to speak to someone over the phone.

Steve31_2

TV licence is over 12 months DD, after first 6 months this reduces - basically in the first six months you pay for a year, and the second six months you are paying in advance for next years licence.

Groceries are about 50 a week, my wife is quite tight with shopping, she has a saturday job which she earns 50 quid cash for and that is all she will spend on food. Yes were all bloody skinny, and fed up of pasta! The kids eat hot dinners at school and love them so dont worry they eat ok.

I guess basically i just wanted to know if i can get any help with paying off my debts - looks like i will have to take a second job, but need something that wont affect my day job! Certainly do not want to go bankrubt or get evicted!