Breaking news to partner!!

SueP19

Hi Ando, if you don't mind me asking is the £1500 after you have deducted all your expenses for your self employment. The reason I ask is that £18k a year and I am not sure thats enough profit per annum for your trade???? per year. Have you checked your prices lately, often self employed don't give themselves a pay rise, it may be worth doing some homework and finding out how much others are charging in your area. I am not suggesting you hike your prices up but it may be worth a look

njk0327

With the gas and electricity we get billed through southern electric/ gas but we are on the ebico rate basically the same company but alot lower prices, it's not a rate they advertise as far as i know so it might be worth phoning them up and asking you to swap them over for you.
If or when you move companies check the price per unit against each other not just what they claim they can save you.
Also it might be worth while checking out the old style board and the grocery challenge maybe something you can get your wife involved in too. Because we also have 2 kids and alot of pets and we shop on £200 per month for everything, though it takes quite a bit of clever shopping.
Also look in to bundling up your satelite, tv and phone packages it can work out loads cheeper.
Hope you don't mind me sharing a few idea's and good luck with the debt busting!

OverspendFool

Its one of the hardest things to do, admit to your OH whats going on but you have to bite the bullet.
I tried to get my creditors to accept lower payments but non of them would agree, the Bank of Scotland advised me to speak to CCCS or similar and then they would look at it again.
CCCS were brilliant and after I agreed to the DMP, the only thing left to do was tell my husband.
He maintains that as I had a solution in place he found it easier to deal with and he was proud that I had sorted it out on my own before telling him. He realised how much stress I must have been under.
Three years on I've still another 3 years to go before I'm debt free but we're working on it together, no more secrets, hidden letters etc.
So, my advice is to get some help from CCCS or similar and then when you tell your OH the reaction won't be half as bad as you're expecting.

Good Luck!

Porcupine

Ando wrote: »

Mobile phone............................ 35

Are you coming near a contract renewal period? If so, can you get a better deal? For example, get your phone unlocked (ask your old network or £10-20 in a shop) and then you have the pick of the networks. SIM-only contracts tend to be cheaper than contracts with 'free' phones. Or if you don't use it much, try Asda PAYG.

Clothing................................ 50

Can you hang onto the clothes you have for the moment, and not buy too many more?

Medical (prescriptions, dentist etc).... 100

You said elsewhere that this was mostly for the dentist. Do you really go to the dentist every month? Recommended checkup is every 6 months - so I'd expect more like £100/6 months. The kids get dental and prescriptions free, don't they?

Unsecured Debts
Description....................Debt......Monthly...APR
egg...........................13200.....200.......0
MBNA...........................8200......160.......34.9
barclaycard....................4200......100.......0
loan...........................3000......224.......0
overdraft......................2000......20........0
marbles........................2500......60........0
Total unsecured debts..........33100.....764.......-

Looks like those are fairly optimised, apart from MBNA. Watch out for when the 0% periods finish... you don't want to get into more trouble, so have a plan prepared.

Good luck!

ThinkingOfLinking

Ando wrote: »

Okay here it is. Cripes that was hard and painfull

Statement of Affairs and Personal Balance Sheet


Benefits................................ 100 Are you sure you're getting everything you should be? Go to the Entitledto website to make sure.
Telephone (land line)................... 30
Mobile phone............................ 35
Satellite/Cable TV...................... 42 There are cheaper packages out there for the 3, so shop around.
Groceries etc. ......................... 380 Look out for reduced items, take advantage of BOGOFs/bulk buys, try meal planning, using vouchers and also check out the Downshift Challenge on these forums.
Clothing................................ 50 This is one of the first areas to cut back - essentials only for the time being, eg school uniform and work clothes.

Medical (prescriptions, dentist etc).... 100 depending on income, you may be entitled to free prescriptions; ask the GP/pharmacist/dentist for a form to apply for a HC2 certificate. Cut back on how often you go to the dentist; twice a month per person is excessive!!
Haircuts................................ 40 You don't need a haircut every month. Try doing it yourself, or getting your hair cut by a student/junior. I have mine done for either free or just £4.50.

Hope these suggestions help.

dumpy

Others have commented on your SOA but some advice for when you tell your OH. (I was on the receiving end of this type of news)

They will be shocked, you have been thinking about the debt for some time but they don't know about it so expect questions like "Why and How". Expect them to take some time to think about it, they won't be able to take it all in immediately.

Don't clam up and refuse to talk, it affects her too so she needs to able to know that she can talk about it with you. Needing to talk about it will probably come after they have had time to take it in.

Don't get angry, it's not her fault. She probably helped spend the money but if she didn't know there was a problem, how could she keep to a budget?

Tell her everything, it may feel like you are making it easier by not including all the debt to make the amount look smaller and more managable but in reality you are just hiding things from her again and if/when she finds out the trust will have gone completely.

Have a plan and work together

Good luck.

Raini

Hi Ando, Just wanted to echo what Dumpy has posted. I too was on the receiving end. My ex OH (there were already fundamental problems in our relationship) told me he was £80k in debt because he literally had too & couldn't or wouldn't tell me where the money had gone. It was the dishonesty that hurt the most, his foolishness I could have got over.
Tell your wife & be honest. Good Luck x

pennystretcher

I know I'm repeating what other people have said already, but get the MBNA either moved to 0% or try to pay it off first since it is the most expensive thing you have at the moment.

Definitely have a look into combining the Internet/TV and telephone into one...and check your mobile bills - you should be able to get a better deal all inclusive minutes etc maybe for £25 - phone your mobile provider and say you need a better deal or you will go elsewhere.

I know that your partner will have a shock to start with, but it's not like you have been buying fancy new cars etc!

Also - check out online for online surveys that pay for you per survey and also there might be some sites where people are looking for someone to do odd jobs. And contact other electricians in the area as well in case they are looking for holiday cover etc...

The main thing is that you have now decided to sort this out - you will feel thousand times better after you take the first steps to the right direction!

All the best - let us know how you get on!

xxx

dumpy

"I know that your partner will have a shock to start with, but it's not like you have been buying fancy new cars etc!"

To be honest this would have been easier to deal with. It's very hard to get your head round someone spending thousands of pounds and not knowing where it had gone.

It's hard to describe how it feels to be told that someone has run up loads of debt without telling you. I felt as if the bottom had dropped out of my world. After a couple of days in shock I started to take it in.

At this point I really, really needed to talk about it and solutions and how we could take it forward, but he just didn't want to know. He was defensive and it's almost impossible not to ask "where has it gone?

So now I knew there was a huge problem but was helpless to do anything. It's a really horrible situation to be in.

Keep communication and be prepared for the OH to be angry and upset.

gb57

Sounds like your wife could help out, too - although she is not earning you said that she keeps the child benefit. At the moment, she does not know that money could be helping to pay off debt.

Everyone else has said it, and also mentioned where bills etc could be cut (£90 a MONTH on electricity??:eek: - hang the washing on the line and STOP using that dryer. Ditto spending on haircuts and clothes, vet and dentist etc. Can't you find an NHS dentist, they only charge about £16 for a check up.) - you MUST tell your wife so that you can face it together. She will be able to help and you will be stronger together.

Also agree that your take home pay does not sound much for a self employed electrician. Especially based on the quotes I have had round here for small jobs:rotfl:

Good luck.