What are my options

Hax

As you have satellite TV, why not throw your phone in with it? For about £20/month, you can get the basic Sky package with free evening calls and free internet. You can also pay your line rental through Sky which works out a little cheaper too. That would be around a £40 saving - £40 you could throw at your debts via the snowballing method.

Good luck!

chevalier

The point about selling things being the last resort is that you are at the last resort! If you don't up your income, it is only going to take a major car repair, boiler blowing up (figuratively) or icy pipes, to tip you over into not having enough money a month.

So inventory your house. If you haven't used it or worn it in 6 months then sell it! Better the money paying off your debts surely?

The other reason for mentioning utilities (and I might add insurances)
Is that save 20 off your telephone, 10 off your cable, shave 50 off your food, and say another 30 off your insurances a month well that is £100 a month you have found quite painlessly - that can go to wards the highest paying debt.

Next you have £93 a month left after all repayment. Do you really?
Both start a spending diary to see where this goes. In theory you should be able to stick to the money in the SOA and not be increasing the debt. Is that really the case?

This is a financial reality check. You may have to do things your aren't very comfortable with to tackle the debt. If a second job for one or both of you is not possible per se, then what about doing surveys, mystery shopping, etc that you can fit around your actual jobs. Do you have skills like sewing eg where you could take in stuff to alter. Can you use what you do in your main job to generate extra income?

good luck
chev

chevalier

The point about selling things being the last resort is that you are at the last resort! If you don't up your income, it is only going to take a major car repair, boiler blowing up (figuratively) or icy pipes, to tip you over into not having enough money a month.

So inventory your house. If you haven't used it or worn it in 6 months then sell it! Better the money paying off your debts surely?

The other reason for mentioning utilities (and I might add insurances)
Is that save 20 off your telephone, 10 off your cable, shave 50 off your food, and say another 30 off your insurances a month well that is £100 a month you have found quite painlessly - that can go to wards the highest paying debt.

Next you have £93 a month left after all repayment. Do you really?
Both start a spending diary to see where this goes. In theory you should be able to stick to the money in the SOA and not be increasing the debt. Is that really the case?

This is a financial reality check. You may have to do things your aren't very comfortable with to tackle the debt. If a second job for one or both of you is not possible per se, then what about doing surveys, mystery shopping, etc that you can fit around your actual jobs. Do you have skills like sewing eg where you could take in stuff to alter. Can you use what you do in your main job to generate extra income?

good luck
chev

isy1011

Well done for posting. Im going to be harsh for once on this site because I think your light bulb moment hasnt hit.

To be honest you are not a way off needing to sell things. Nearly half your income is going out in debt repayments and some of that is just minimum payments.

Have you been locked into a cycle of using credit cards to supplement your daily expenses then getting consolidation loans? If so start a spending diary straight away to see where exactly your money is going. Your SOA doesnt seem accurate e.g. haircuts? entertainment? what never at all? no clothing? ever?

You have come to the end of getting more credit to pay off credit and you have to face up to that.

Its now cut back cut back cut back. You have a very expensive mortgage for your income. Can you downsize?