Brand new to this and need help!

MissDVL

I do think that even though your mum is a childminder and has to pay her own bills etc, it is a bit unfair to expect you to pay her as much as you do to look after her own grandchild, especially if she knows you're struggling so much with debts.

Other than that, well done for facing up to your problems and good luck withe everything. Can't give any decent advice I'm afraid as I haven't been in a similar situation! x

MissDVL

P.S. Congratulations on the new baby I'm expecting my first in April!

CASR25

MissDVL wrote: »

P.S. Congratulations on the new baby I'm expecting my first in April!

Ah - thanks for the good luck and congratulations on your first - it's fun and games!!!!



My mum and dad have been fabulous - they don't like taking money and havn't for ages - when my hubby got a good commision a few months back, we gave her some to put away for my mat leave. She does so so much for us and she is aware, in a basic sense, of the situation we're in!

I just feel guilty as we're taking a place - soon to be 2 places and that's alot of cash for my mum to be down!

But I'm actually about to look into a childcare benefit scheme that my LEA run and that another mum who's daughter my mum looks after, also a teacher, uses - i didn't know a thing about it until my mum mentioned it after our conversation about our debt - so fingers crossed!


Cx

Katie-Kat-Kins

IF your house IS worth more than the mortgage, why not sell up and either buy somewhere cheaper or move into rented accomodation for a while?

I'd really recommend cutting all your expenses right down, and keeping a spending diary, if your husband gets commission on top of what the SoA is most months and there are savings to be made I don't think you need a DMP you should be able to meet your necessary expenses AND your minimum repayments.

Why not go through your SoA reduce everything possible and see how low you can get it. Keep a spending diary to ensure you aren't overspending and see if you can get rid of that defecit. I suspect that you are spending the commission on extras and that is why you are struggling, a spending diary will discourage you from overspending and track what you spend on.

While you are on maternity can you SORN your car to cut expenses? Presumably you won't need to pay for child care either? You will be at home so can cut your grocery spend by shopping around, cooking from scratch and batch cooking.

Encourage your husband to get some extra work while your income is reduced too, a bar job or some cleaning or something to pull in a bit of extra cash would help.

Rather than a formal DMP could you contact your creditors explain you are about to experience a temporary drop n income due to maternity leave and ask what they can do to help. Perhaps some could offer a payment holiday or reduced minimum payments or extend the repayment term to help you out a bit.

CASR25

I'm thinking that might be a wiser choice but if our creditors won't do anything about the interest then I think it's going to take longer than we want to pay it all off. But i suppose if we put every spare penny towards high interest cards.... i think my husband and i need to sit down and work out a plan.

Any ideas?

Katie-Kat-Kins

Have you tried using the snowball calculator?

It can show you how any extra money you save can go toward bringing forward your debt free date.

Your immediate plans need to be to start a spending diary and cut all your out goings back to the minimum, you can probably still cope with the minimum payments even if you can't negotiate any breaks.

CASR25

Ooo - no but we will do.

I think we're going to sit down and look at a diary?

Are there any programs/templates to help?

dorisday

Hi again CARS25, what Katp says is so right try and keep away from having to do a DMP, nothing wrong with these of course and many thousands have been saved a life of misery with them, but because to will want to get a good rate of interest on your mortgage when this term ends you need to tread very carefully. You CAN do this between you and OH it just needs some very careful planning and again looking at your SOA there are plenty of areas you can cut back on, just remember pennies soon make pounds. And dmps,ivas etc are all on your credit reports for 6 years. You may have a lot of debt but keep paying it (but not just a minimum payment) and it will soon come down. Throw the largest amount at the debt with the largest interest and then when thats paid the next one with largest interest. Im sure someone will have told you about the cc calculator. Its brilliant!! Anyhow the debt thing takes a lot of sorting and you are about to give birth, so my wish for you is that all goes well and baby is healthy and comes out holding a huge bag of £20 notes lol xx

CASR25

Anyhow the debt thing takes a lot of sorting and you are about to give birth, so my wish for you is that all goes well and baby is healthy and comes out holding a huge bag of £20 notes lol xx[/QUOTE]




Eeeee - thanks for that, i think you're right and it made me laugh! :rotfl:

RAS

Hi

Join www.freecycle.org for stuff for both kids. Also the cheapest place to get much needed wardrobes.

Can you take a lodger? I know it is not ideal with two small children but the first £400+ per month is tax -free and could make a big difference to your situation.

Now you are out of debt with the utilties, make a note to read the meter each month and see where you are come December. Then think about challenging the amount you pay.