Cn anyone advise on this muddle?

'B'

Thanks that is fantastic advice!
Will ask My friend,he lives with parents and has no other outgoings so cant see why not!
Will see about the rest will certainly look into it and about the baby bond.
Thanks

meggiemoo_d

This may sound a bit strange but it may be worth signing up for mystery shopping companies as you can still have the occasional meal out but know you're going to get the money back (aswell as a tiny bit more usually - not loads though so don't get excited!!!)

Get in touch if you want more details!!

mom23

B wrote:

Hi that is what we are doing we paid off £5k in CC's since last June,if we hadn't have bought the car then by now we would have been able to manage a bit better,I feel so stupid/greedy etc etc.
I feel like going back to the bank and borrowing the money on the mortgage because i know by then we should be able but part of me wants to suffer in the sense that we will never get into debt again if that makes sense?
thanks B

Hi B
don't borrow the money on the mortgage!! this seems the easy option but it is not ( been there got the t shirt!!!) you will lull yourself into a false sense of security,
By following advice given on here you CAN DO IT, I have nearly 24k of debt and am on a very low income (although we have at least 130k equity) but by cutting down on food bills (120-140 a month for 2 adults 2 kids) and cutting down on utilities etc it is possible to snowball everything yourself!! believe you me you will feel some satisfaction seeing your balances go down. TBH i feel quite guilty because i am actually enjoying the challenge !!
Good luck

jayne26

its time to be realy honest with your mate and yourselfs , it sounds like you have been living way beyound your means , crazy priced car , lending to mates etc, . your too kind or bonkers . go and ask mates for five grand and you will be hard finding anyone who will, sit mate down and tell them the truth of you dept , and if they are good mates they will get that money they owe you back to you quick smart. this is the year to get straight and a year of penny pinching could be all you need to do. no big spends at holiday time birthday xmas for one year and throw yourself into overtime at work , ring your bad credit cards with high apr and see if you can get a lower rate. live on home grown veggies, dont by clothes " you have loads already" and do cheap free days out like years ago sandwiches and a bottle of pop. its amazing how much you can waste on petrol and treat , focus on one year of hardship , rest of life with not much dept and a happy stress free life , you can do it

'B'

Thanks
Yes I know what you mean in regards to my friend I ma going to ask hime for £350 a month and for food shopping I know I can do it cheaper,I was brought up as a single parent family and things were so tight money-wise luckily my mum taught me how to cook within a tight budget and my daughter and hubby will eat anything and thankfully (not blowing my own trumpet) I am a good cook!
All I am worried mainly about is when I go part-time,literally noit being able to afford the outgoings of payments,overtime is great where i work i can get mid-week and weekends and we can get £20 an hour on sat-suns. I needed to address the problem and get it off my chest. My hubby is well good and can talk about anything but he thinks I have got obsessed about money now and keeps telling me to stop going on about it as it is getting sorted and he doesnt want to keep talking baout how much things are at Tesco's,lol.

Thanks for all the support.
B

magentadreamer

Welcome to MSE,

I'd suggest a good look around the old style board on here - it's amazing with all the shopping/household tips to reduce your shopping bill. What money you save should be chucked at debt.

I'd take up any offers on overtime as well as this could all been used as debt repayment. I'd definetly ask the mate if he could up the repayments on the car as well explain to him your strapped for cash -if he's been made bankrupt he'll understand.

Is there no way at all you can get out of the car hire thing? As it really is one luxury you can't afford. Especially if you're not paying the mortgage, I'm assuming interest is being added on while you're having a payment break? If so from Jan-June I think they'll add on £2800.

I'd also see if you can shuffle the balances on your cards around as well, to get as much debt as possible onto the lower APR one's then hit the higher APR one's with as much cash as you can every month.

I'm assuming you're going part time at work in July as you're going back to work after mat leave? You mention how you both could do overtime on a sat or a sunday. Could one of those days be a regular day for you if going part time was due to child care costs etc? I worked a saturday morning for years when my little one was small as it saved me paying child care costs during the week.

'B'

magentadreamer wrote:

Welcome to MSE,
.

I'm assuming you're going part time at work in July as you're going back to work after mat leave? You mention how you both could do overtime on a sat or a sunday. Could one of those days be a regular day for you if going part time was due to child care costs etc? I worked a saturday morning for years when my little one was small as it saved me paying child care costs during the week.

Hi
No have a six year old. I have had enough of doing the full time and when I asked for part-time and signed the contract,I thought we would be okay for money. My company has been good and are letting me stay full-time til July but then I will be going part-time, so many arrangements have been put into place to accommodate my going part-time that I cannot retract back now also my mental health was suffering doing the full time as they were shifts and there were too many probs to go into on a personal level. But I can still always go on and do a weekend day and my husband can also get a lot of overtime too...bless him he is so tired,but he is a grafter who until he met me was fabtastic with money.

The car situation,reading the small print we have to pay back £11.000 to the finance company and return the car so this seems totally unrealistic. I ma going to throw any money we get at the debts and concentrate especially on the highest APR one.
Thanks B

Jarlawuk

Don't know if morgan stanley still do it but if you get a card with them they do 9 months interest free which then moves to 5.9 or something similar for life of balance which would help with your virgin + mbna card. Sometimes you can also escape the transfer fee if the operator is nice (had it waived once )

Bloke_with_a_simple_life

I think you will have to revisit the "part-time in July" decision. Just when your outgoings will rocket with the 800+ mortgage repayments, your monthyl income is about to plummet.

If you cannot reverse what has been agreed with your current employer, then:
1. Start looking for a new full time job immediately;
2. Consider a 2nd part time job.

With overtime - Get it whilst you can!

Disappointed with your husbands reaction - have you and him actually sat down together with your bills and several sheets of paper and tried to put a proper budget together - and work out the cost of the debts and when they will need to be repaid to get a big overall picture?

I think you will need to persuade him or tell him. I don't think he is seeing the true picture as well as you are. He could put putting his head in the sand and pretending it ain't there.

Good luck!

'B'

Hi
Sorry it came out wrong with him,he is working like mad and putting all money straightaway onto bills,he has sat down with me but now we have a plan he sais he doesnt want to keep going on and on,well I don't but I think it keeps things motivated if you chat about them.

The part-time bit is non-negotiable work have been so good giving me it as it is. Been on list for 5 years to get it so cannot back out now,luckily though when you are part time we get £2 hour more than full time rate so can seriousley make my money money up by staying on mid-week and weekend's. Also I do eBay and it all helps. In fact any extra goes straight for the debt's.