Ok here goes - my SOA (this will be LONG)

Bumbelina

Don't often throw food out - the odd bit of fruit or veg maybe, but not much. Have been buying expensive fish eg prawn, monkfish (we try to avoid red meat) so will have to cut back on this. Really don't want to compromise on quality as I have been seriously ill in the last few years and health is a priority. Also have been buying about 3 bottles of wine a week, so that will have to go. Apart from that - thought I'd try shopping for meat at local farm shop and fruit and veg at the market, although it all adds to the petrol costs as I work from home and can't call in anywhere while passing.

I suppose £100 a month for 2 equates to £50 for 4 - so could work on bringing monthly bill down to £200? Is that more realistic? Feel like a complete novice at this!

moongarden

hi, i have two suggestions
1 have dirty windows till the hubby is bringing in money again
2 don't save 50 this month or next month for car maintenence etc

that will bring your outgoings below your income and leave you with £27.50 spare.

basically you are managing without hubbys income at the moment so when that comes back on stream could you not continue to live off the one income and use his income to clear debts and cover the servicing and tax for vehicles?

you should consider selling the car and bike - if either of them are worth more than the outstanding finance and if not you should consider if you have paid more than half on either look at the figures for surrendering them or ending early.

personally i have just got rid of the new car i had on HP and bought myself an older car for cash - so no monthly payments - its not as shiny as the one on HP but it does exactly the same job.

i count up your total debt not including the car and the bike loans as less than £5k - is that right?

if that is the case and hubby will earn (a rough guess) £1k a month you can be in a much better position in 5 months

lynzpower

I know what you mean about quality, Im not well myself and my OH has high cholestrol so we can even eat anything like eggs or cheese, and certinaly not processed meat or any junk.

But we eat a couple of vegetarian meals a week, chick pea & veg curry, stuff like that, which are really cheap to knock up, so this helps keep the costs down.

moongarden

just wanted to add that you need a pension a great deal more than you need an 05 plate car over an 01 plate with no debt.

also you have a car a bike and a van - more than quarter of your income is going on those

isgman

I hope everything works out ok for you all, as I always say..Things can only get better.. Good Luck

Bumbelina

The car is 6 years old and on 4 year finance. Have been paying it for 1 year and 8 months, so no early surrender. Wouldn't get back enough to cover the outstanding loan on it.

Bike is also on 4 year finance with only one year paid so far.

Total debts are about £5,200 on my credit cards and the secured loan of £21,000. DH also has debts arising from failed business amounting to about £22,000 (although he's meeting his accountant in a couple of weeks to sort out exactly what's what) mostly comprising bank loan, overdraft and two credit cards.

His take home pay will be about £1000, maybe a bit more, but he also has to pay maintenance to his ex of £150 a month which he is currently unable to pay. The CSA are not involved. His daughter is 17 but in full time education for another year, so will only have to pay this for one more year.

The bike is a tricky one - I know it's expensive, but he lives for it and a large part of our social life (such as it is) revolves around it, going to bike rallies etc (camping - v.cheap). We can't afford to go out apart from that. It would be a huge blow to his (already fragile) state of mind to get rid of it. Sorry if this sounds pathetic, but for the sake of struggling by for another few months until he can afford to pay for it himself, I really don't begrudge it him.

nadnad

Bumbelina,
you're not so badly off - your debt is manageable on 1 income so you'll be fine in August on 2.

You said you just need a new budget until then, however by then you'll have you OH's debt to start paying off I'm sure so you need to cut back as much as possible now.

The food is a big thing - meal plans work really well, you should easily be able to manage on £200 per month (cut out that wine!) = -£100 off budget
Window cleaner = -£5

Try to limit phone calls and cut a bit off your NTL - although I pay the same as you each month for TV, internet and phone - if you get into difficulties or if you have trouble when you have to start paying OH's debt then you could cancel the TV package.

Obvious things such as - are you getting the cheapest house and car insurance - have you checked around?

Find out about freezing the pensions.

What is the credit limit on the Halifax? can you ask them to give you enough to cover the other credit card (ie total £5200). If you can't then everything you have spare at the end of each month pay towards the MBNA cos thats a high interest rate.

As for the kids activities I know others have said to cancel them - but I disagree, its good for kids to have a routine and I would avoid cancelling anything for as long as possible.

As moongarden said - you can cope on one wage at the minute so when OH's wages come through you can put it all towards your debt.

maggiem

Bumbelina,
Check out previous Martin posting re negotiating with NTL - there was a long thread on it (not clever enough to post link) but I rang NTL and negotiated a reduction from £67 to £44 per month with 2 mb broadband (upgrading to 4 in June). Only a little but may help!

Good luck