I've mucked up. Really badly.

Mnd · 14 February 2018 at 10:23AM

lika_86 wrote: »

He has to get a job. He might want to do a Masters but as a couple you can't afford for him to continue to be a student when you are in so much debt.

Totally agree with this comment, you can't be expected to finance 2 people and the household costs and tackle your debt with no help. Especially if he doesn't know about your debts.it's impossible to do all of these things

mumofthetwins · 14 February 2018 at 10:25AM

With regards to the masters I work in reasearch in a uni with post docs PhD students and masters students and the advice I always give is unless you are doing a masters degree to further study a PhD it's not worth it. I work within the medical sciences faculty so may be dependant upon which field he is in ? X

ohbumstoitall · 14 February 2018 at 2:04PM

a_silver_lining wrote: »

Sorry I'm a little confused, does you DH make payments from his own budget for the car or does it come out of your joint budget? I'm just wondering who is paying for what debt or if your finances are joint?

So he brings in around £600 a month from his part time job and then has student finance three times a year (last one is in April).

I then have my salary minus the lease car. All the money goes into account and everything's paid for out of that. The loan for his car comes out of my personal account but it makes no difference as it's all the same money

lika_86 wrote: »

He has to get a job. He might want to do a Masters but as a couple you can't afford for him to continue to be a student when you are in so much debt.

Well, see this is the thing. He is studying for a degree he isn't going to use as he had a bad experience on a placement and doesn't want to pursue that path. He's interested in Human Resources but has been unable to get on a graduate scheme and has no experience. His degree is totally unrelated and he has worked in retail for 10 years. Hence doing a masters in HR.

mumofthetwins wrote: »

With regards to the masters I work in reasearch in a uni with post docs PhD students and masters students and the advice I always give is unless you are doing a masters degree to further study a PhD it's not worth it. I work within the medical sciences faculty so may be dependant upon which field he is in ? X

His would be a taught masters with the aim to be able to work in HR. He sent his CV off to a few recruitment agencies who implied he would have no luck.

They said he could either work in management in retail (but he went to uni to try to get out of retail) or he'd be on a relatively low paid admin job

Ian_875 · 14 February 2018 at 3:25PM

ohbumstoitall wrote: »

Well, see this is the thing. He is studying for a degree he isn't going to use as he had a bad experience on a placement and doesn't want to pursue that path. He's interested in Human Resources but has been unable to get on a graduate scheme and has no experience. His degree is totally unrelated and he has worked in retail for 10 years. Hence doing a masters in HR.

His would be a taught masters with the aim to be able to work in HR. He sent his CV off to a few recruitment agencies who implied he would have no luck.

They said he could either work in management in retail (but he went to uni to try to get out of retail) or he'd be on a relatively low paid admin job

I can't comment on your financial side of things I'm afraid but your husband sounds just like
me.

I went from working retail to a 4 year Primary Education degree. At 3 years in I knew it's not what I wanted to do (again, due to a few bad experiences on placements) but I still saw it to the finish. I spent the last year of Uni doing a dissertation (which by that point I had no interest in at all) and using all the other free time to job hunt. It's often been said I don't have any ambition, which I guess is true, I don't have a passion for anything really.

Having said that, I graduated at 27 and managed to get a job on an IT service Desk (despite having no IT experience really). Have had a career in IT ever since.

It's not something I'm passionate about, but I work every day and don't bring me work home. It sounds like your husband has the same fear I had of finishing uni and ending up in a job that requires so much out of hours work. Tell him from me, theres stuff out there that's strictly 9 - 5. He won't make as much as a teacher, but he'll be happier!

Candyapple · 14 February 2018 at 3:46PM

ohbumstoitall wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
HSBC...........................5252.98...135.......0
Family Loan....................5950......130.......0
OH DMP.........................9883.17...105.......0
First Direct Loan..............2577.77...112.......0
BarclayCard 2..................1210.3....35........0
Tesco Credit Card..............596.86....25........0
TSB 03/18......................1325.66...15........0
Amex...........................11000.....400.......0
Halifax Card 03/19.............2449.94...0.........0
BarclayCard 06/18..............2034.16...0.........0
Total unsecured debts..........42280.84..957.......-

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Since I gather the majority of these debts are on interest bearing cards, have you tried doing the credit card shuffle first?
https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards?utm_expid=.eVC13BNmTFGuRInWeIDaRA.0&utm_referrer=https%3A%2F%2Fwww.moneysavingexpert.com%2Fcredit-cards%2Fbad-credit-credit-cards#rule7

Failing that, have you entered your details into the eligibility checker to see if you can take out a new 0% balance transfer card?

https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.158286707.836260708.1518604827-2100201999.1518604827

Barclaycard, Halifax and Tesco credit cards you can increase your credit limits online, and all 3 offer regular 0% deals. Barclaycard offer them monthly - log into your online account to check.

Once you've moved around your debts so hopefully a lot of them will be on 0% interest, use the snowball calculator to work out which debt to pay the most towards in order to pay the least amount in interest and clear your debts.

http://www.whatsthecost.com/snowball.aspx

Cut up any cards that you will have cleared the balance from and close them.

ohbumstoitall · 14 February 2018 at 3:57PM

Ian_875 wrote: »

I can't comment on your financial side of things I'm afraid but your husband sounds just like
me.

I went from working retail to a 4 year Primary Education degree. At 3 years in I knew it's not what I wanted to do (again, due to a few bad experiences on placements) but I still saw it to the finish. I spent the last year of Uni doing a dissertation (which by that point I had no interest in at all) and using all the other free time to job hunt. It's often been said I don't have any ambition, which I guess is true, I don't have a passion for anything really.

Having said that, I graduated at 27 and managed to get a job on an IT service Desk (despite having no IT experience really). Have had a career in IT ever since.

It's not something I'm passionate about, but I work every day and don't bring me work home. It sounds like your husband has the same fear I had of finishing uni and ending up in a job that requires so much out of hours work. Tell him from me, theres stuff out there that's strictly 9 - 5. He won't make as much as a teacher, but he'll be happier!

You sound exactly like my husband! Can I ask, how you managed to get the job on an IT service desk? Did you have an interest in tech.

ohbumstoitall · 14 February 2018 at 3:59PM

Candyapple wrote: »

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Since I gather the majority of these debts are on interest bearing cards, have you tried doing the credit card shuffle first?
https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards?utm_expid=.eVC13BNmTFGuRInWeIDaRA.0&utm_referrer=https%3A%2F%2Fwww.moneysavingexpert.com%2Fcredit-cards%2Fbad-credit-credit-cards#rule7

Failing that, have you entered your details into the eligibility checker to see if you can take out a new 0% balance transfer card?

https://creditcards.moneysavingexpert.com/?balance-transfer&_ga=2.158286707.836260708.1518604827-2100201999.1518604827

Barclaycard, Halifax and Tesco credit cards you can increase your credit limits online, and all 3 offer regular 0% deals. Barclaycard offer them monthly - log into your online account to check.

Once you've moved around your debts so hopefully a lot of them will be on 0% interest, use the snowball calculator to work out which debt to pay the most towards in order to pay the least amount in interest and clear your debts.

http://www.whatsthecost.com/snowball.aspx

Cut up any cards that you will have cleared the balance from and close them.

No they are all 0% apart from the Amex and my loan. Everything else at the moment is interest free. I'm just in the process of shuffling from the TSB card to the HSBC card as it's about to run out. Can't decide whether to hold on to the TSB card and hope I get an interest free offer within the next few months or whether to cut it up. I don't think I'll be able to get another card for at least 6 months so worried if I cut it up I might be getting rid of any leeway.

Candyapple · 14 February 2018 at 4:14PM

ohbumstoitall wrote: »

No they are all 0% apart from the Amex and my loan.Everything else at the moment is interest free. I'm just in the process of shuffling from the TSB card to the HSBC card as it's about to run out. Can't decide whether to hold on to the TSB card and hope I get an interest free offer within the next few months or whether to cut it up. I don't think I'll be able to get another card for at least 6 months so worried if I cut it up I might be getting rid of any leeway.

That's good news at least.

Still heed my advice regarding Barclaycard, Tesco and Halifax. If you can increase your limits on those (assuming you have 0% offers, easy enough to check) then you can at least transfer some of the Amex onto 0% as well.

TSB don't offer balance transfer deals to existing customers - at least they didn't in my experience when I held a card with them for 3 years. So assuming once you've cleared that balance onto HSBC, I'd close the TSB one as otherwise it will just be an open card and temptation for you to spend if you are feeling weak.

ohbumstoitall · 14 February 2018 at 4:19PM

The below is our current monthly budget:

Parking for University: £30
Dog Walker: £88 Once a week whilst we're both out all day
Cleaner: £66I can't clean as I have psoriasis my the ends of my fingers and my OH works nights this just keeps us afloat
Work Social Club: £10pays for a monthly trip out with my team
Mobile Phone : £27two mobiles
TV Licence: £13
Pet Insurance and Healthcare plan for two dogs: £82 I always feel like this is loads but it covers 2 x insurance and all the flea, worming etc and they trim the dogs nails and we get a healthcheck with a nurse so it's worth it
Rent: £600 this is cheap for my posh town
Gas and Electric: £98 high currently as we used more energy this xmas than usual as we had the door open for a while to let the dogs out
Water: £35 Is what it is! We're on a meter
Virgin Media Fibre: £28 cheap internet, no tv. we can't have any other internet provider in our property

Pet Food: £50 the dogs eat a high quality kibble and some tins. They also get YS cooked fish and offcuts from the butchers for free
Childcare: £60 wrap around care but doesnt cover summer childcare as I don't know what it will be. currently paying half term childcare out of my childcare vouchers that I saved
Car Maintenance and Tax: £30we have 2 cars but only pay for 1 as the rest is in my lease
Home Maintenance: £25various things
Home Insurance: £10cheapest i can get it
Medical £20prescriptions for me
Clothing £20the minimum we can get away with
Gifts £10large family and OH refuses not to give gifts so I do it on the cheap
Giving £2RSPCA
Stuff I forgot to budget for £50 also emergency fund
Debt payments £1030.86yup

Spotify £4.99 Instead of buying music we have one spotify student account that we share
Pocket Money to cover uni expenses for myself, OH and school trips £110 £50 each plus £10 for school trips

Total £2499.85.

So if I'm looking at March to July. that comes to £12499.25
We'll bring it £11744.

However I know I'm going to get a £1000 bonus in May or June. And also a salary increase in April. So we should be able to make it til July. In the meantime I can do my best to bring that Amex down. And if in July there is no chance we can survive for the next year I can consider a DMP for myself.

marliepanda · 14 February 2018 at 4:23PM

Am I misreading or do you have nothing on there for food?

Contents insurance? (actually Im guessing thats down as home insurance? Home usually covers building as well, can you get a cheaper contents only one as you shouldnt be paying to cover your landlords property)

Car insurance?

Unfortunately there are a lot of things on there that are luxuries, the cleaner (can you not use rubber gloves) spotify, the pocket money even, RSPCA money. You will need to make sacrifices if you want to save money...

Also seconding the ebay link for any skincare you want to sell

I've mucked up. Really badly.

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