Desperate for Advice, Huge Debt killing us

dram_2

Thanks for the concern about the fostering, its unfounded though. We have been caring over 10 years and the placement we have is long term been with us for over 9 years and approaching independance. It's also likely to be our last placement. We have told our fostering sevice about our worsening financial situation due to me forced to change jobs. We are still in a position were we live in a stunning detached home and always make sure all the kids want for nothing. If I ever thought for one moment it would have an effect on the kids we would be B.R. and living with our parents by now and stopped fostering. We discuss our problems away from the kids, they have no business worrying about money etc.
I am sure we can get outselves out of the situation we are in now, its the first time we have ever had money worries and have had quite a few notable problems to deal with i.e change of job for me and moving home 2 years ago and starting again in a new area.

2010 will be a positive year for us... first part of any problem is recognising we have one I guess.

tiff

The first part of any problem is recognising you have one, the second is doing something about it. There are a few things on your SOA that you can reduce in cost, and you need to really know how much you are spending on birthdays/Christmas and clothes as you havent mentioned those as far as I can see.

Smashing

Difficult to comment on amounts for certain things (grocceries etc) without knowing how many people in the household.

waterwatcher

Dram ..... good to hear re the fostering! Its good hear your view on it all and I'm glad it has been part of your considerations and discussions. A long term placement for 9 years deserves noting, a fantastic time of stability for someone. Sorry not much help re the finances I know but we all have our missions in life and your post hit a note for me. All the best digging yourself out of your financial prediciment!

gfplux

hello Dram,
I think you need to look at the whole picture that a properly filled out SOA will give you.

[FONT=Arial, sans-serif]Debt normally comes by spending MORE than you EARN. That is you are living a lifestyle you can not afford. We all know that, but sometimes we can not see the wood for the trees. If you want to get out of debt you have to change that habit today.[/FONT]
[FONT=Arial, sans-serif]Make out your full SOA and post it here. (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically total the numbers. It can be saved (click on the help) and you can change it every day if you want. [/FONT]
[FONT=Arial, sans-serif]Also read this great post by southernscouser http://forums.moneysavingexpert.com/showthread.html?t=107280[/FONT]
[FONT=Arial, sans-serif]When making out your SOA (Statement Of Affairs) try not to guess at the figures, dig out the paperwork! However remember a partial completed one as a first step is better than none. [/FONT]
[FONT=Arial, sans-serif]It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. [/FONT]
[FONT=Arial, sans-serif]If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. [/FONT]
[FONT=Arial, sans-serif]In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.[/FONT]
[FONT=Arial, sans-serif]If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as (not all will apply to you:-[/FONT]
[FONT=Arial, sans-serif]If there is “other” Income explain what it is[/FONT]
[FONT=Arial, sans-serif]Mortgage – interest only or not.[/FONT]
[FONT=Arial, sans-serif]What is the age of any children.[/FONT]
[FONT=Arial, sans-serif]Council tax is it over 10 or 12 months.[/FONT]
[FONT=Arial, sans-serif]Electricity and gas any arrears.[/FONT]
[FONT=Arial, sans-serif]Water rates meter yes or no.[/FONT]
[FONT=Arial, sans-serif]Grocery's does this include gambling, booze and cigarettes.[/FONT]
[FONT=Arial, sans-serif]Mobiles, how many and when are the contracts up for renewal.[/FONT]
[FONT=Arial, sans-serif]If no contents insurance is it include with buildings insurance.[/FONT]
[FONT=Arial, sans-serif]If pets cost money, what are they.[/FONT]
[FONT=Arial, sans-serif]House or flat value, has it been valued by an Estate Agent and when.[/FONT]
[FONT=Arial, sans-serif]The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.[/FONT]
[FONT=Arial, sans-serif]When you have posted it and it does not look right or you want to change it, do so and repost it.[/FONT]


[FONT=Arial, sans-serif]Do not put off till tomorrow what can be done today, if you are serious.[/FONT]
Good Luck