1st time user and I need some advice on IVA if anyone can help!!

Mrs(no)money

I would like to start by saying that I am new to the message boards so please dont be too hard on me if I get things wrong! I have just logged in for the first time after viewing the site for weeks and become addicted!

Like you, I am married, with (3) kids, a mortgage and had credit card debts which gradually got worse and worse over the years. Last year, we decided enough was enough. After several years of doing balance transfers etc we went to the bank and took out a second mortgage for 20,000. This may not be what everyone else would choose to do but it was right for us. We can overpay each month (which we do) and the interest rate is a constant 5.5% - much better than trying to juggle several different cards and then ending up incurring late payment fees. Also, keeping track of which deal ends when was a constant nightmare. At least now we have a date when it will be repaid in full, (it coincides with our mortgage ending) and although it works out more in the long term, its cheaper per month, ie affordable. I dont know if a similar solution would work for you, but I hope you get things sorted.

BobProperty

Shammers wrote:

...
Water: 56
...
Income Protection Ins: £37
Life Ins: £48.94
...
Car Ins: 43
...

Maybe consider a water meter, probably borderline.
What do the insurances cover? What type of life policy is that? That's either a lot of life cover for a young couple or you could do better elsewhere.
Car Ins seems slightly on the high side, is it a high group? high risk area?

clairehi

Re the childcare. Is that fulltime for 2 preschool kids? Make sure you are getting all the tax credits you are entitled to and that you notify the tax credits office when your childcare costs increase.

Also, check whether either of your employers offers a childcare voucher scheme. This could save you and OH up to £70 ish per month each in reduced tax. My childminder accepts them, and I can pay them directly into her bank account so its easier for her than a cheque from me. For some people, taking childcare vouchers will reduce the amount of tax credits you get - Im not sure how this works but you should check it out.

Also, hopefully in a few years your childcare costs will reduce when the little darlings are at school!

HTH

Claire