advice please !(be gentle )

katie_jane_2

income
husband wage £1,460.37
childtax £88
child ben £113
matpay £384
=2045 coming in
outgoings
water 30
internet 15.99
bt 55
cahoot134
house ins 24
mortgage 415
electric 20
roadside recovery 7
car insurace 26
council tax 92
tv licence 11
mobile phone 30
oil heating bill 25
sky 17.50
woolwich loan pot 25
virgin 70
food/housekeeping 300
kids clothes nappys 50
petrol/public transport 220
this is a quick breakdown im sure ive forgotten something my maternity pay doesnt start until 3rd october and ends in march so i need to get savvy during this period
cheers katex

YorkshireBoy

katie_jane wrote:

hi yorkshire boy thanks for the plan but as im no longer in employment i wouldnt get a credit card in my name and as we have upped limit within last 3 months on virgin card im not sure they would help but

You might still be able to salvage something from your situation.

The process in my earlier post involves moving high(er) interest debt to 0% cards. The more you can move, the more spare cash you will have to throw at your high(er) interest debt - this is called "snowballing".

It will help you to get additional credit cards elsewhere if you ask Virgin to lower the credit limit back down to, say, £2,500. This, coupled with a closed Barclaycard and JJB will make it easier for you to obtain 0% cards.

You don't actually need a high Virgin limit for my plan - it just makes it easier if you do. You can SBT from your current account in smaller chunks (with each one incurring a 2%, max £35 fee). The important thing is to move the debt.

Finally, many cards ask you for household income, not just your own. So you still may still be able to apply for one of your own.

Can you see a way forward with anything I've suggested?

katie_jane_2

to be honest the prospect of yet more plastic is quite daunting im worried about getting into a bigger mess as the only reason we have 2 cards is due to the mistakes made when i discovered balance transfer (didnt cancel original card and wound up with 2!)although maybe if i get my own and hubbys head round it all i will feel better about doing it!
cheers katex

YorkshireBoy

katie_jane wrote:

to be honest the prospect of yet more plastic is quite daunting im worried about getting into a bigger mess as the only reason we have 2 cards is due to the mistakes made when i discovered balance transfer (didnt cancel original card and wound up with 2!)although maybe if i get my own and hubbys head round it all i will feel better about doing it!
cheers katex

You're exhanging 2 cards for 2 more, therefore no increase. Yes, you need discipline, but I think you've learned your lesson now.

I wish you every success with whatever you do.

johannamse

Use 18866. 55 is very high for BT.
Get rid of Sky.
Reduce mobile. Switch to PAYG.

Don't be afraid to open more cards. I used to be like you. You can change. I wonder (dont take the wrong way) do you trust your hubby with money - is this the reluctance to open more cards? Get organised, Be really disciplined. You are being very very sensible tackiling this problem before next March.If you follow advice rfom other users and really reallt cut back, you could half your debt in that time. What a relief ey?

katie_jane_2

i am in complete control of cash husband is 1 in a million and gives me complete reign of finance so that is not a problem at all he rings before he takes a tenner out of speed bank.although looking at some stories on here i see why you ask.stuck with sky although to be honest we dont smoke anymore or go out drinking so i guess thats our one vice and i really would like to keep it.a phone in credit permenantly is necessary for husbands job its usually less than 30 a month that was a large bill i quoted to be sure i didnt underestimate on anything
thanks for your suggestions i cant believe how great you all are
thanks
katex

donnalove

you would have to weigh up the cost on remortgaging as you have just started fixed rate you normally have heavy penalties. you will probably be stuck, but remortgaging is not alway's the best option anyway.and your payment is quite low

sammyy

If the remortgage is for additional borrowing,you can just top it up along side the mortgage you already have(if its not too much according to OH wages).Our mortgage had 3 years left on the fixed rate and the additional borrowing actually worked out at a better rate then the mortgage.All we had to pay was about £200 odd in fees.

YorkshireBoy

sammyy wrote:

If the remortgage is for additional borrowing,you can just top it up along side the mortgage you already have(if its not too much according to OH wages).Our mortgage had 3 years left on the fixed rate and the additional borrowing actually worked out at a better rate then the mortgage.All we had to pay was about £200 odd in fees.

The problem with re-mortgaging to settle, or reduce interest on, debts is that you're turning unsecured debt, ie loans and CC debt, into secured debt.

As we all know, "your home may be repossessed if you do not keep up repayments on your mortgage". Source: Nationwide BS.

Edinburghlass_2

Have a visit to the Telephone Boards and I am sure we will be able to help you reduce your telephony bills