SOA - Trying to make cut backs!

lynzpower

I agree that some of your outgoings can be shaved,. but Im really worried about this.

You need to make savings of over £500 pcm, and even with a little shaving back I doubt you would be able to realise more than 150.

I think its time your OH or you looked for another job- could you for aexample work evenings? or weekends?

Somehow you need to find this money from somewhere.....

You could offer token payments for your unsecured debts, but they are not really the problem, the problem is your mortgage and your secured loan.

Can you overpay your secured loan?

Your options aside from these slice-backs are:

Working more: someone / both of you need to find a way to bring in this money.
Selling stuff: do you have anything you can sell right now to bring down your unsecured ( although this is a small amount as Ive said before)

I will read this thread with interest, as Im quite worried about this, and hope that someone can help with this.

Are you on interest only at the moment? I wonder if there might be some help for you from the new interest schemes that Im reading on here from the government. r the chance- although im not sure whether you might be able to take a payment holiday - although this will of course make your mortgage more expensive in the long run...

I fear if something doesnt come up you will lose your home? Have you managed to keep up with all payments to secured loan and mortgage payments so far?

sorry to be the bearer but this looks quite serious to me... take care xx

lynzpower

I just wanted to bump this up so that others can help today.

Im really worried about you, hope someone else can help xx

jenchin66

Reading your first Soa is the £313 the car payment that ends in March, if so can you not pay it off from your savings?

MrsTinks

Right I think you have seen most things covered here - there is no getting away from the fact that you are looking at a very serious situation right now... Because your unsecured debts are so low and most of them are mortgage and secured debts then I don't think a DMP is the way to go - I will admit that given the current environment that's a little uncertain - lenders would rather have their money than trying to sell a repossessed house right now.
Does your husband have any mortgage insurance for self employed people at all that you can activate? Any PPI on the loan to call on (or if it doesn't cover him then reclaim!). He needs to find work and quickly - if that means stacking shelves in Tesco then stacking he'll need to go.

Lynz has pointed out the obvious gap - it's a serious one and you need to make a start with the points highlighted like Sky, elec, and so on to minimise your problem whilst you can.

lynzpower

as this has slipped down I wanted to bump this again to see if any of the weekend crew have any advice

Debt_Free_Chick

I agree with Lynzpower that it's going to be very difficult to find £500 a month savings.

But - hubby has little/no work at the moment ....? What does he do? Surely he can bring in some income, even if it's a part-time job until his work picks up? Tell us what he does and we may have some suggestions.

Your SOA is the classic two-income family one - it needs both to be earning in order to manage, so when one income is lost, the whole thing goes t!ts up. No criticism there - I think most of us are in exactly the same situation.

Hubby needs to bring in some money - no other option as far as I can see. Yes there are some savings to be made (and the sky/cable one is one to look at). Also, you say you don't use your car much - can you manage without it for a while? Get rid? How much would it fetch?

But hubby needs to earn some money.

Debt_Free_Chick

My guess is that you're actually spending more than £1500 a month, at the moment - petrol and groceries looks low and I would guess you're spending more on these than the amounts in your SOA.

lynzpower

especially as there is no provision for car insurance, and this is probably as the years premium has been paid in advance...

NuttyBird

Hubby has some work coming in now -(he is a Heating and Gas Engineer!) He was working on new build housing sites but as the builders have now slowed down (or stopped building) there is very little work.

When things were good I was able to save all my wages. So we do have saving to fall back on. I know they wont last for ever. A lot of the big expenses (house ins/car ins) I have just paid for the next year. I have a christmas and birthday fund for the next year.

The car will be paid off in March so that is another payment off the list.

I use the car once or twice a week thats it (petrol costs me about £25 per month)

I have a very full food cupboard (I think it could keep us going for 3-6 months!) Its a bit of a joke in our house! with us just buying Milk and bread, eggs and veg. I cook from scratch (mainly vegitarian foods)

Do you think I should clear off the credit cards with the savings?

Thanks for all your replies. (and sorry about me spellings!!))

Pinky15

Nutty Bird - Hi and well done on taking the first steps in getting yourself sorted out. Can I just reiterate what another member mentioned about your benefites. I also have 3 young children and know you are entitled to more. I am sure you should be getting at least £150 per week for your children based on your DH earnins in addition to this you should be getting £170 family allowance. Check your tax credits award on the link given. Also how young are your children as their are things such as sure start grants to help with young ones. Let me know how you get on hun! x