Help really Worried we are going to go under!

imcognito

CLAPTON wrote: »

the way I see it

-you need 4,000 per month to continue as you are
-what was your average income over the last six months?
-how much has your debt increased/decreased over the last six months..
that should give you a feel for whether your SOA is realistic

basically you can't afford to be a SAHM and pay for child care ... if they stayed at home with you then you wouldn't need a second car or the associated costs.... this would probably save 400 per month once number 2 starts nursery
You need to cut out everything non essential until you can build up a float to even out the fluctuations in OH income and until you start seeing the debts go down

the alterantively are formal debt management options

a. bankruptcy... you have no assets... the house is worth less than the mortgage ... what would a rented property be in your area.

b. debt management plan...basically coming to an arrangement to pay less to your creditors

My spreadsheet only goes back to march but he cleared over £4000 in march april may July in june and august he cleared 2500.
this month will be 6000 due to pay mistake in august (should have been over 4K last month)

OK i dont have to put DS2 in nursery in december can keep him home, ds1 start school in a year, I can look at changing, am asking a friend as we speak how much her preschool is in top up fees (All have top ups here none are free!)

Edit - she pays about £50 a month in top ups will ring and see if any places now!

would have to do a month notice at this one tho.
#Would still need to drive to school as is further away - will ask dh about cars

imcognito

xcat_girlx wrote: »

with regards to giving the kids stimulation etc, instead of nursery, is there no mother and baby/toddler groups you can attend? better to pay a couple of quid to go to them than all of that for nursery.

will look into it, most are in mornings tho and thats when he naps! will have a look for more

xcat_girlx

imcognito wrote: »

will look into it, most are in mornings tho and thats when he naps! will have a look for more

or can they maybe go fewer days a week to pre-school?

imcognito

xcat_girlx wrote: »

or can they maybe go fewer days a week to pre-school?

Hiya thy do a minimum of 3 sessions a week at this place. Could drop DS1 back down to 3 again, but wills till have to pay top ups.

Oh I could cry at the whole thing

imcognito

You know!! A couple of months ago I was contacted by a journalist about an interview with the fantastic Martin Lewis was all signed up for it and then they never got back to us! Prob wouldnt be quite so bad if she had! Grrrrrrr

imcognito

Oh me again!!

Some of the debts (one loan one car one credit card) are in my name -can I go onto a DMP or anything without it affecting Dh?

I really dont want to lose the house tho, so when we(IF we get that far) remortgage as I dont work anywya could he get in just his name?

Or am i away wit the fairies?

xcat_girlx

imcognito wrote: »

Oh me again!!

Some of the debts (one loan one car one credit card) are in my name -can I go onto a DMP or anything without it affecting Dh?

I really dont want to lose the house tho, so when we(IF we get that far) remortgage as I dont work anywya could he get in just his name?

Or am i away wit the fairies?

not sure about dmp if you have no income of your own.

can dh not get a more regular paid job?

WorkingHardDFW

Hi and welcome

The hardest part is facing up to your issues.

Two things strike me from your posts, forgive me if others have already mentioned them:

Spending Diary: Its really important that you understand how and when you are spending your money so you can ID what can be saved. keep a spending diary and you'll be amazed how the little things add up over the months. Its been fantastic for us and its now 9 months old and still going strong. Its shown us where we were over spending/under budgeting and helped us correct our budget as we've gone along. For example at the start of the year I'd budgeted £15 pm for clothers (family of 5) well a review of the SD last month shown I'd already spent £340 on clothes ytd (essentials & sch uniform only) and therefore the budget was too low.

Your OH Income: Its great that your OH has the opportunity to make such additional earnings but if you are living to the max and not the min they debt starts to build up. I would pick a figure at the bottom end of the range of his monthly income and use that as his monthly income. Try working out the averages over a period of time. Re-do your SOA based on the suugestions with the reduced income. Then when you OH does have a good month that difference is a bonus and can be used to pay off the debt over and above the basic regular payments.

Some of our debt came from not budgeting income correctly and I've learnt the hard way!

I hope that this helps.

Good luck :cool:

imcognito

xcat_girlx wrote: »

not sure about dmp if you have no income of your own.

can dh not get a more regular paid job?

He can get an internal transfer i think which would raise his basic to £60k? (from £45) but there would be no oncall.. not sure what that is net tho

xcat_girlx

imcognito wrote: »

He can get an internal transfer i think which would raise his basic to £60k? (from £45) but there would be no oncall.. not sure what that is net tho

its a case of weighing up do you need good regular money or the occasional higher wage.