Help scared and worried

RAS

I am beginning to wonder if this is a wind up?

spuddy1

I don't want to be mean but I feel as if all of you lovely MSE people are wasting your time giving good advice to this lady - she is obviously in cloud cuckoo land! Anyone who thinks spending £10K on a car is reasonable has got some serious spending issues!
Just reading this thread has made me very annoyed with this lady for wasting peoples time!

newlywed

RAS wrote: »

I am beginning to wonder if this is a wind up?

I don't think so. I think if you were used to a steady, regular income of over £6k a month and still living beyond your means you'd have a hard time realising what the government would really expect you to live on.

I think the savings/reductions they are planning would have been suitable if they still had the same income as previously. They would then be able to manage and reduce their debt.

I'm thinking the reality of their income being £0 per month instead of £6k per month hasn't really sunk in very far.... yet

Katie-Kat-Kins

misspoppy wrote: »

Hi

I think there are two schools of thought on this forum, slash everything eat as cheap as possible pay everything back asap and those that want to pay it all back but be reasonable about it. If you went on a debt management plan they would give you a reasonable budget to live on and I think it would be fair to ask to you to try to live within those budgets. Many people won't understand how you have got into this position as you were fortunate with your salaries but whilst some of the comments might sting a little they are trying to help.

My practical suggestions are take the most costly car off the road, sorn it and only use the most fuel efficient car, saving tax, fuel and insurance.

Monitor how much you are actually spending on food, last month I think we spent £350 for two of us but we could have been better eating out of the freezer and just buying fresh veg. Try going to lidl or Aldi for fresh fruit and veg, it hate going but the savings are huge, they are also great for cans like tomatoes. Check your freezer what meals can you make so you are reducing how much you spend. Do one shop a week so you don't keep nipping back and spending £50 each time. It would be worth making a spending diary which when you see how much you are spending wasting makes you think about how much you are spending, my other half was astounded when I told him how much I alone had spent on food last month.

Hairdresser, tough one, you don't want to admit to people you are skint I understand that, but if you've been going for years maybe you could explain on the phone even get her to change your style for one that can be maintained less often or ask to use a more junior member of staff.

Entertainment, well tough one but what do you do for entertainment, if its eating out well realistically it will have to change or have you got weddings or family do's you are commited to try to plan the month and see what you have to do and try to cut out what you can, invite people round they are more likely to talk behind your back that you are still keeping up with the Jones even though you've lost your jobs rather than if you cut back.

Clothes do have to stop, there is no other way of dealing with it, you could ebay old stuff you don't wear and use the moeny you make as your shopping budget maybe.

I hope these suggestions help.

She has no income........

.......and massive debts.

Normally I agree with you, if you have an income and can afford minimum payments then your advice is spot on, no point being a martyr just to pay your debts off a couple of months early.

But she has no income and quite possibly will have no income for a considerable time, so I think your advice is irresponsible.

My very good friend lost a highly paid job last autumn, she thought she would get a new one and got a cheaper but still nice place and reduced her expenditure in the sort of ways you are suggesting. 10 months later she has not got a new job, is facing having her JSA cut and is in bigger debt with no prospect of anymore credit and no way of paying off the debts she has.

She wishes now that she had found a place that could be paid for in full by housing benefit and had started living the life you can afford on JSA immediately as she would be having a much easier time of it now. She has sold everything she has on ebay now and is asking people to let her sell their stuff for commission just to get some extra cash. I'm sure the OP doesn't want to be in this sort of place in six months time, but she is in far more debt than my friend was when she lost her job so it is only a matter of time unless she is incredibly lucky!!!

lazy_daisy

I am starting to think RAS is right, surely no-one can really be this daft.

Skint_Catt

£1,200 a month rent with no income!!!!! :eek: :eek: :eek: OH and I have a joint income of £58k but pay £500 a month rent. You really have NO idea what's just hit you!

Go to the Old Style Board and TAKE NOTICE! You can get your shopping down to under £50 per week for 2 of you MAXIMUM!

Haircuts HAVE to go - go for a 'restyle' and grow it out!

And I bet you really have enough food in your cupboards/freezer for at least 2 weeks (with only a small top up of fresh stuff) - I do and I have NEVER spent your level! Try Martin's 'drop a brand'. I'm not talking about Value this and Value that but buy own brand where possible - bet you won't even notice the difference with a lot of stuff!

I would also be against you borrowing £20k from your friends - a) it's £20k deeper in debt :rolleyes: b) what if the same thing happened to them and they needed it back tomorrow and c) borrowing ALWAYS wrecks friendships.

Keep a spending diary too - write EVERY penny down every day and I bet you spend more than you think on 'bits'!

Good luck.

Mister_aaa

Your definition of frugal (5k a month) and mine are two very very different things.

What happens in 18 months if you havent got jobs then, and have 100k debt and no savings and no house?

misspoppy

Hi

I really don't see where you are getting £88k from, you owe near £100k you have to pay back all the loans you have you can't borrow £20k off a mate how will you pay it back it will be a total nightmare. I think you need to be realistic until you and your husband get jobs you are facing bankruptsy life has to change long term you don't own a thing everything is on hp or credit card.

How is your job hunting going? What are the chances of your husband finding a job?

I'm really very shocked by your last post that's really quite unrealistic.

WorriedofSurrey

Hi

Have to agree with you RAS, I thought the same thing.

Anyhow, if it is genuine, I think you may have your figures slightly skewed!

If your husband receives £26k tax free and you have £2.5 at the moment, then you have £28.5 available to you. You will still need to continue paying your mortgage, all the other essential monthly payments, together with servicing your credit card debt.

You do not have £83.5k available, you will only have that if you sell your house, which realistically, may not happen for some time, if you found a buyer tomorrow, it will still take a few months to complete. You say a friend has offered a £20k loan. How are you actually planning to pay this back and surely now is not the time to take on further debt?

If this is a genuine post, then you need to take a long hard look at your spending, it is way way out of control, even when you were both earning a lot of money. Now you aren't.

WoS

sarahs999

SkintNScared wrote: »

being frugal and spending £5k a month

:rotfl::rotfl::rotfl::rotfl:

Read around the boards. There are people here surviving on £4k for a year.