Much needed advice....

Cantdance_2

I would say you can probably get through without.

We were looking at an IVA but in the end realised that by cutting back we could actually manage not to have to do it, be debt free sooner and not completely !!!!!! up all our credit rating and future mortgage chances.

We managed to identify about £500 worth of savings from things like:

-Reducing our Sky Package
-Reducing our mobile package (will be cancelling both of the above but can't until August)
-Slashing our shopping budget from about £500 a month for 2 to £250
-Changing broadband supplier
-Selling the new car and buying an older one
-Asking my employer to change my pension contributions to a lower rate for the moment

There are plenty of things you can do if you're only £100-ish overbudget that'll enable you to keep going... and if you can save even more then that's when you can really start to pay off some debt!

James

Jase748

Just been on to my mortgage advisor to start the ball rolling regarding a re-mortgage. The obvious problem is that due to my current loan committments I may be declined the mortgage unless I actually consolidate some of the debt onto the mortgage. I'll let you all know what she comes up with tomorrow.

angelfire

Jase748 wrote:

At the moment it would be difficult for me to increase my income with a second job as I work as a CSI for the police on an alternating shift pattern which varies from week to week. My wife currently has 2 part time jobs, so not much scope for increasing income Im afraid.

W ould it be possible for your 17 year old to get a part time job to help out? He might at least be able to earn enough to contribute to his food bill!?!

Jase748

Just got in touch with my current mortgage company Standard Life. They have just offeredme a 3yr fixed rate at 4.95% bringing my monthly payments down from £649 to £585 . This compares favourably to what my mortgage advisor had to offer, also with the added benefit of less hassle. Its also effective immediately. So thanks for the tip :T

Regarding my son getting out to work. Well thats a little tricky as he's studying for his A levels and travels some distance to get to school. So he doesnt have a great deal of time. Also I think this may affect child benefit etc.

lynzpower

I dont think it does affect your child benefit at all, although https://www.entitledto.co.uk
would be able to confirm. I worked from 14- leaving home at 18 and i certainly dont remember my parents mentioning it....

southernscouser

Hey Jase. Well done on all the progress so far! Your making great strides. :beer:

Are you paying your insurance monthly? If so when is it up for renewal? It costs quite a bit more paying monthly rather than annualy. Are you paying the cheapest possible now?

Jase748

Im paying all my insurances monthly. Cant afford to pay one off Im afraid. I did get a really good quote as I do shop around for insurance deals.

BTW the gas and electricity will come down in the near future as Im in the process of switching. SO hoping to save around £20pm there as well