High income but deep deep in debt-any advice?

Duncombe

gizmo111 wrote: »

Does your wife work? There is no income included for her or benefits for the child, just a huge nursery fee.

Thats exactly what I was going to ask. You're paying £1300 a month for nursery which, while nice, may not be a neccessity.

OP. You seem to have gotten used to living the high-life and are forgetting that you dont NEED to be spending money like you are.

I dont spend £900 a YEAR on food for myself, my partner and our son so how you manage to do this every month is beyond me.

"A single top can cost £20-£25". Yes, it can. But it can also cost £3 from Primark?

You may not WANT to move house...or change your daughters nursery but if you can't afford it then you may not have any choice.

Unless your wife and child are incapable of social interaction, why do they need (what I presume is Sky) at all? Alot of people manage without a TV - they go to the park, visit friends or even just play with each other?

I understand you have come here for advice, but based on the info you have provided you seem unwilling to help yourself spend less each month. That is your real problem. You have an income most people could only DREAM of yet you still manage to be in a ridiculous amount of debt. Borrowing more money will not help.

Rainmaker_uk

stephen25uk wrote: »

Christ, £2000 a week income and no cash left....life is tough

Thanks for that really helpful comment...

What is is about these boards that attracts so many haters? The man has a debt problem the fact that he earns a high wage is inmaterial to this and your flippant comment is insulting and says more about you than about him.

darkblue_2

I think people are so obsessed with the volume of the finances we're talking about that things have been missed.

First of all, get a copy of your credit report.

Why should someone clearing almost £8k not get a loan? Check your credit file for any inconsistencies or things which may be putting lenders off.

Check this site for how to do so, if you don't already know.

Paying off your most expensive loan, in this case the pay day loan, is obviously priority. So reduce your payments towards credit cards and overdrafts to the minimum payments and focus on clearing that horrendously expensive debt. Then take the next highest by APR and do the same.

This doesn't have to be a huge worry for you. You will conquer the debt and be a better person for it. Don't beat yourself up over it.

eyeopener2

Myabe this should be moved the Debt Free Wanabee Board?

Duncombe

darkblue wrote: »

Why should someone clearing almost £8k not get a loan?

Because the OP earns that in a month?

BoGoF

darkblue wrote: »

I think people are so obsessed with the volume of the finances we're talking about that things have been missed.

First of all, get a copy of your credit report.

Why should someone clearing almost £8k not get a loan? Check your credit file for any inconsistencies or things which may be putting lenders off.

Check this site for how to do so, if you don't already know.

Paying off your most expensive loan, in this case the pay day loan, is obviously priority. So reduce your payments towards credit cards and overdrafts to the minimum payments and focus on clearing that horrendously expensive debt. Then take the next highest by APR and do the same.

This doesn't have to be a huge worry for you. You will conquer the debt and be a better person for it. Don't beat yourself up over it.

I think it's safe to say that minimum payments are already being paid to CC's - £24,000 debt and £550 per month ?

CLAPTON

have a discussion with your wife ..surely she knows the situation
if you are all sorted in only 6 months then there is only 6 months of pain to go through

food etc max of 300 per month
clothes zero..do-able for 6 months

that gives you 900 per month without any effort

as your wife doesn't seem to work then withdrawing the child from nursery seems a real option.. it's only for a few months

then concentrate on the payday loans with the extra money and you can get rid of those in a few months

darkblue_2

Duncombe wrote: »

Because the OP earns that in a month?

Like Visa Infinite - lenders are always tripping over themselves to offer great deals on finance to professionals earning top salaries.

What I'm asking is why is the OP an exception.

debthelp100830

Firstly, many thanks for all the suggestions. I am not trying to justify the expenses. I will try once again and speak to my wife and try to cut some expenditure though the only point seem to be clothes, grocery.

I have already spoken to her about nursery but that discussion means i forget about my debt worries and get the threat of losing my daughter. my daughter is my life- and my weakness. anyone who threatens to take her away is able to manipulate me, and thats not going to change for a while. i am atleast now able to calmly write about it. she claims that she is looking for job and if she doesnt go to nursery, she cannot. clothes/grocery- i can put my foot down and reduce by say 200-250/mth and something i will try again. moving house needs 2 mths notice but more importantly, renting new place means putting up a hefty deposit, going thru a credit evaluation process, or moreover weaking my credit file further because it seems being in a property and being on same electoral roll for a few years help.

but i take your suggestions on board though the main issue remains, which to my mind is around 1500/mth interest i am paying on my debt that can be reduced to something like 300-400/mth so less mthly outgoing but also more importantly much better cash flow situation. it doesnt look like anyone thinks that can happen though. if i have decent salary and have capability to pay whatever debt in a year's time, why would not a bank let me do that- whats wrong with this reasoning?

MyRubyRed

debthelp100830 wrote: »

my wife is "looking" for job- for a few mths now. sorry, dont want to reduce this thread to !!!!!ing about my marriage. lets just accept that the expenses are a given if i need to save my marriage for next 6 mths. i have no mental stamina or time to fight that battle for the moment. i feel utterly depressed by lack of any sort of help from my family- so thanks for ridiculing me and calling it a wind up.

sorry guys, i just put the reality on thinking someone can help-

OP no one is trying to ridicule you but you have to face some facts. You can not afford the lifestyle you are "enjoying" at the moment. Yes your new job pays well and so hopefully you will be out of this mess in a relatively short time, IF you get to grips with it now. I understand that you want to give your wife and child the best, we all do. But the "best " doesn't mean you throw money away , which is what you are doing...if this thread is real:(