Where do I start....

lewpster

Basically I have been shuffling things about for the past 6 months or so, but now I am really bricking it. I have gone over my overdraft by £700(will not actually do so as I have cancelled the children's nursery direct debit & will pay by cheque so it clears on payday) but I do not know what to do.

I have applied for 2 loans - one with my bank, Nationwide and one with Black Horse but been turned down.

I even asked my parents in desperation but they have helped me out before and here we are back here again. I am so angry with myself, but have already taken steps so this never happens again.

I have just applied to open a basic bank account with Halifax to keep my bills seperate so fingers crossed that gets approved.

I have done a budget which in theory leaves me £100 a month spare, but all I want to do is wipe the slate clean.

How do I get back from here.......

I am expecting a call from my parents tonight. My mum was willing to help, but I went to my dad first and he said no and basically said I should quit work, live in a council house and raise the children :mad:

lewpster

Here are details of my incomings and outgoings with a revised budget....

Rent £695.00
Child 1 Savings £10.00
Life Insurance £8.46
TV Licence £11.61
Contents Insurance £15.90
Denplan £18.35
Northern Rock Loan £64.09
Child 1 nursery £513.05
Child 2 nursery £761.17
Next Directory £50.00
BT Vision Subscription £6.00
Pension £21.96
Savings £25.00
Powergen £60.00
T-Mobile £35.00
BT Phone & Internet £30.00
Southern Water £15.70
Council Tax £79.00
Child 2 Savings £10.00
Car Insurance £28.50
Petrol £200.00
Food £150.00
Going out £60.00
£2,868.79 OUTGOINGS

Salary £1020.00
Child Benefit £125.40
Tax credits £1499.80
Maintenance £350.00

£2,995.18 INCOMINGS

I also have to pay for 2 credit cards which are not listed on here. They account to about £130 per month and I still need to pay my overdraft back. I am going to go through the CSA regarding maintenance as I have to pay for all my children's clothes, shoes etc aswell as transporting them around to/from nursery.

Merlot

Can you post an SOA, we can then help you make savings on your outgoings?

Unless you are in desperate need of the money in order to keep the house, I would say, don't take the money from mum and dad, you need to repay these debts yourself with our help, and if you can do this, you are less likely to run the debts up again.

Merlot.x.

lewpster

I rent my house but I just want to clear my overdraft so I can start afresh It is my own fault, as I struggle on without asking ex for help and it has come back to haunt me again

poppyg_2

Can you cancel your pension and your children's savings until you can afford to pay into this again? I can understand you wanting to save for children's futures but I think you might have to stop this for now and maybe promise yourself you'll put in extra once your debts are paid off

Petrol seems very high - what are the reasons for this?

Going out £60, can this be cut back at all?

lewpster

I am not sure if that is the true petrol cost - it was just an estimation. I have to do a 30-40 mile round trip a day to get the children to & from nursery and to get to work. This could also include maintenance costs for the car.

Yes I could cut back on going out. I just allowed myself £60 so not sure what the set figure is?

Merlot

lewpylew wrote: »

Here are details of my incomings and outgoings with a revised budget....

Rent £695.00
Child 1 Savings £10.00 - cancel this
Life Insurance £8.46
TV Licence £11.61
Contents Insurance £15.90
Denplan £18.35 - cancel this I'm afraid, can you not get a NHS dentist? Do you access to a dental access centre?
Northern Rock Loan £64.09
Child 1 nursery £513.05
Child 2 nursery £761.17
Next Directory £50.00
BT Vision Subscription £6.00
Pension £21.96 - cancel this whilst in debt
Savings £25.00 - cancel this
Powergen £60.00 - high? do check u switch.com
T-Mobile £35.00 - cancel this, you cannot afford it
BT Phone & Internet £30.00
Southern Water £15.70
Council Tax £79.00
Child 2 Savings £10.00 - cancel this
Car Insurance £28.50
Petrol £200.00
Food £150.00
Going out £60.00 -
£2,868.79 OUTGOINGS

Salary £1020.00
Child Benefit £125.40
Tax credits £1499.80
Maintenance £350.00

£2,995.18 INCOMINGS

I also have to pay for 2 credit cards which are not listed on here. They account to about £130 per month and I still need to pay my overdraft back. I am going to go through the CSA regarding maintenance as I have to pay for all my children's clothes, shoes etc aswell as transporting them around to/from nursery.

I have added some things in.

Merlot.x.

tallyhoh

Do you have any savings already? Perhaps if you put off paying any savings until you were back on your feet. That would be £45 a month extra. You can always make it up to the children later.

lewpster

I only have about £300 in savings, £200 of which arrived in my current account today to pay 1/2 of the nursery for monday along with all my £250 30th birthday money :rolleyes:

Where do I go from here with regards to moving forward - I am over my overdraft and only by balancing and shuffling am I keeping away from charges......

I keep getting Welcome Finance ring me up but there is no way I am paying £14,000 for borrowing £4,000 but I can see no other option?

Merlot

do you have £300 & £250 then?

When is your pay date? Is the benefits paid weekly or monthly?

Merlot

Do not under any circumstances use Welcome Finance? I thought they offered secured loans anyway, and you don't own a property.

Consolidation is not the answer, reducing your outgoings and spending is.

I have just checked welcome finance page, they do offer unsecured loans at 64%, you will end up in a worse situation if you take one of these loans.