money help/advice please.

Sgt Tackleberry

Sgt Tackleberry

Sgt Tackleberry

Associate
Joined
28 Oct 2010
Posts
2,446
Location
Colchester
Guy's and girls,

I need some help/advice please.

Well i'm and financial messed up big time and i cant sort it out at all. back in august last year i got married and it cost me a fair bit! like all weedings do but me being me
i decided to pay for it on my visa debit card as i had enough money in there + with my overdraft of £3000 (yes i know now it was a big mistake).
Now upto this day i am living in my overdraft what i have now maxed out and all my other accounts (3) well but not as much as my account, maxium is £400.
I have been to my bank to see if they can help me and they can but its going to take time to sort it out like things do. What they have done for me is set up a joint account for me
and wife and have put all my outgoings into that account and setup a standing order from my account to go into it, so what is left over in my account is to start paying off my overdraft,
well i think this a good idea and went along with it but its a new month and my overdraft is maxed out and now im going into an unplaned overdraft and the its going so much more.

I have looked into getting a big loan (£5000) to pay it off and some money (£1500) left over so ive got something to ues, But no one will give me a loan due to my financial mess,
i have told them it was for home improvement but still no joy.

When i do get payed from work its go stright away and i am back to square one. My wife knows how bad it is and i have said to her i will sell my PC as i could get upto £1200 for it
but she no as its the family PC too, I've looked at what else i could sell to get soem extra money but theres nothing really to bring a big amont to help. I have asked
my family members and they cant help at all.

What can i do?, any help or advice would be good please.

Thanks Sgt T.
 
It can be worth doing depending on interest. But don't get that extra 1500 and if you do it you 100% have to close this overdrafts down. Otherwise you are more than likely just to run them up again. Then you have a loan and overdrafts to pay.
Oh they won't give you a loan.

Can you not cut outgoings, where is all your money going, have you done a budget and traced what you spend and on what.
 
You have to look at your outgoings and work out what you can reduce, sell your pc for a start, also if you have any mobile phone contacts up for renewal then do not renew them, same goes with Internet provider and tv entertainment provider, if either of you are not working then get a job, you are both in the same boat. Do you have a mortgage? If so are any of your debts secured on your house, do you have a car you can sell? If you do not require one then it will save plenty of money, hopefully you don't have a car each as that would be pretty expensive.

Do you both share the income or do you both have your own accounts? As said it does seem a little like your wife sees it as your problem.

I understand this is a generalisation and I could be wrong but I bet you both have contract mobile phones, top end sky/vm and a top end broadband service.
 
Consolidate the debt.
Sell valuable assists that you don't need that have no sentimental value, like your PC (replace it with a £400 laptop).
Get a weekend job.
 
Glaucus said:
It can be worth doing depending on interest. But don't get that extra 1500 and if you do it you 100% have to close this overdrafts down. Otherwise you are more than likely just to run them up again. Then you have a loan and overdrafts to pay.
Oh they won't give you a loan.

Can you not cut outgoings, where is all your money going, have you done a budget and traced what you spend and on what.
Click to expand...

I never got told why i could not have a loan i did ask but they said no.
I have budget rite down to the last penny. my total income for the month is £1946, my total outgoing is £1638 but for some reason there is never enough left over, i dont if my wife is spending some money or taking the odd £10-20 our from the cash point but she does know how bad we are and i have told this what we have and dont have..
 
If you think you can get about £1200 for the PC, then sell it and buy a cheap laptop. Yeah, you might not be able to play games on it or whatever, but when in debt you need to get priorities straight. If you can knock off a grand, then that's a big start.

Good luck.
 
Then you have 300 a month to reduce the debt, which is a fair whack. And you haven't budgeted down to last penny as you are missing £300.
Sounds like you also need to sit down with wide as if she's taking out money doesn't know how bacpd it is.
You could probably reduce food bill by a fair amount.
 
Raymond Lin said:
Consolidate the debt.
Sell valuable assists that you don't need that have no sentimental value, like your PC (replace it with a £400 laptop).
Get a weekend job.
Click to expand...

Can't consolidate my debt as I'm not enough debt to do that.

I have sold my Xbox 360, ps3, dsi and loads of games, all I have left is my pc but my wife dose not want me to sell it but I have told her we need th money.

cant get a weekend job due to my job I have.
 
Do you own your home? if so you could try and borrow against that? or do you own a car?

I had the same issue (well not as bad). I ended up spendings 10's of thousands of £££ on our wedding and I can't say that I am at all happy about it. Its a year down the line and it still drives me crazy to think what was spent between the two families and my self.
 
Colbaker said:
You have to look at your outgoings and work out what you can reduce, sell your pc for a start, also if you have any mobile phone contacts up for renewal then do not renew them, same goes with Internet provider and tv entertainment provider, if either of you are not working then get a job, you are both in the same boat. Do you have a mortgage? If so are any of your debts secured on your house, do you have a car you can sell? If you do not require one then it will save plenty of money, hopefully you don't have a car each as that would be pretty expensive.

Do you both share the income or do you both have your own accounts? As said it does seem a little like your wife sees it as your problem.

I understand this is a generalisation and I could be wrong but I bet you both have contract mobile phones, top end sky/vm and a top end broadband service.
Click to expand...

I work but my wife stays at home and looks after our son. My job keeps me away most of the time due to what i do (police officer). I have a contract phone what is £30 P/M. yes we have sky/BB/phone but that only £30p/m due to a deal i go the other day as i told them i was leaving! (it was £65p/m).

Glaucus said:
Then you have 300 a month to reduce the debt, which is a fair whack. And you haven't budgeted down to last penny as you are missing £300.
Sounds like you also need to sit down with wide as if she's taking out money doesn't know how bacpd it is.
You could probably reduce food bill by a fair amount.
Click to expand...

I have sat down with my wife and she says she does not spend a penny at all. We have reduce out bills down by nearlly £130 a month, over the last month that is.

Dr House said:
Do you own your home? if so you could try and borrow against that? or do you own a car?

I had the same issue (well not as bad). I ended up spendings 10's of thousands of £££ on our wedding and I can't say that I am at all happy about it. Its a year down the line and it still drives me crazy to think what was spent between the two families and my self.
Click to expand...

No we dont own our own home but we have a car but i need that to get to and from with work.
 
Sgt Tackleberry said:
I have sat down with my wife and she says she does not spend a penny at all. We have reduce out bills down by nearlly £130 a month, over the last month that is.

.
Click to expand...

Then where's the £300 a month going, surly you have online banking and can account for every penny.

Where does phone run out? Can probably get same or more on giffgaff for £10 a month.

Why can't you get rid of computer? She said its for family use. But as pointed out if you could sell if for 1200 you could by a more than adequate replacement even game playing one for under 400 especially using MM. Reducing your overdraft and interest payments.
 
Sgt Tackleberry said:
No we dont own our own home but we have a car but i need that to get to and from with work.
Click to expand...

Well if its worth a bit you could try and borrow against that. But to be honest if you make 2k per month after taxes you should be able to get a personal loan for 5 to 10k.

What about trying to bounce it around 0% credit cards for a couple of years which will allow you time to get back on your feet.
 
Glaucus said:
Then where's the £300 a month going, surly you have online banking and can account for every penny.

Where does phone run out? Can probably get same or more on giffgaff for £10 a month.

Why can't you get rid of computer? She said its for family use. But as pointed out if you could sell if for 1200 you could by a more than adequate replacement even game playing one for under 400 especially using MM. Reducing your overdraft and interest payments.
Click to expand...

I have been on to the online banking for all our account over the last 10mins and it does looks like she is taking the odd £10-20 out, so thats where.

what do u mean where does the phone run out?.

i want to sell my pc but eveerytime im about to she kicks off and moans about it!.
 
Sgt Tackleberry said:
what do u mean where does the phone run out?.

i want to sell my pc but eveerytime im about to she kicks off and moans about it!.
Click to expand...

When's the phone contract run out?

Have you said you would replace computer. A £400 secondhand comp you can easily game on these days. So you wouldnt lose anything, whilst gaining money.
 
Glaucus said:
When's the phone contract run out?

Have you said you would replace computer. A £400 secondhand comp you can easily game on these days. So you wouldnt lose anything, whilst gaining money.
Click to expand...

Phones runs out this june.

I have said that to her but no is always going to be the answer with her..

If i could should i a get a £500 loan to help me or not?..
 
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