First time here

madasapinkcat

Dear All, I'm making the first steps to becoming debt free (I hope and pray) by coming on here and facing my fears.

I'm just about to contact the CCCS about it, but thought I'd share with you my embaressing debts.

I'm 32, just married, and although my husband knows I have these debts - he won't help me pay them off as they are MY debts. He will however, pay most of our day to day living expenses, so that most of my income can go to pay off my problems.

So, here I go:

My Salary £1,400.00
Pub work (sometimes) £150.00

Total £1,550.00

Outgoings

Total £1,497.50

Car Service £600.00
(Husband paid for this, and I'm paying him back monthly £200)

Virgin Loan (6.9%) £15,300.00 :eek:

NatWest overdraft (limit 2000) £1,200.00

So - this is me. The worst thing about this story is that we would like to start a family in the very near future, but how will I continue to pay off these debts if I am not working. I plan to go back to work after the baby is born, but for a few months, I won't have income. This is all my stupid fault and I wish I could turn back the clock :embarasse

Sammz

Welcome to the forum!

You'd be best to give a full Statement of Affairs (list all your outgoings) so the experts can help.

tyllwyd

Hi and welcome!

If you would like people to give you their viewpoint on what you can do to improve your situation (which is not always comfortable reading, so brace yourself!), you will need to give a bit more information about where your money is going - there is a thread here to show you where to start http://forums.moneysavingexpert.com/showthread.html?t=107280

AMILLIONDOLLARS

Welcome!

Do you know whether you can make over-payments on the loan, this will help. If hubby is paying for most of your living expenses, I would use a £1,000 to paying off your overdraft, after paying hubby 200 You would be left with 200 to last you through the month. Obviously this would leave you with nothing for christmas, so maybe think about your Christmas spend then any surplus goes toward paying off your O/D


AMD

bride2be2006

Hi there and welcome, I am in a similar situation, just married and we really want to have a baby (I have a 13 year old daughter from a previous marriage) but I am so panic stricken about how we would afford it! OH is starting work for his Dad in January though so I am hoping we will have a bit more spare cash to save up. I have started Shop and Scan this week which hopefully will bring in some extra money and I am selling some stuff on ebay, trying to think up some more money making schemes too.

Good luck, post your SOA and then people can help you

madasapinkcat

Wow - you all answered so quickly!

I've realised I mis-calculated the spend per month, and have a little extra - but if I don't get the bar work each month, then I'm only just within my wage.

Full SOA below:

My Salary £1,400.00
Pub work (sometimes) £150.00

Total £1,550.00

Outgoings
Rent £410.00
C Tax £85.00
Gas £20.00
Electric £20.00
TV License £10.50
Loan £310.00
Mobile £45.00
Food £180.00
Car Insurance £35.00
Petrol £90.00
Car Tax £12.00
Personal allowance £200.00
Lunch per week £15.00

Total £1,432.50

Car Service £600.00
(Husband paid for this, and I'm paying him back)

Virgin Loan (6.9%) £15,300.00

NatWest overdraft (limit 2000) £1,200.00

I hope that this is more like what you were after? Thank you already for reading and replying x

Sinkingindebt_2

HIya, Welcome! Im new too, and you will find a lot of support here!

Can i ask what the personal allowance is for?

Oh and you didnt include water rates home phone/internet (sorry I missed water out too!)

Good Luck xxxx

madasapinkcat

Sinkingindebt wrote:

HIya, Welcome! Im new too, and you will find a lot of support here!

Can i ask what the personal allowance is for?

Oh and you didnt include water rates home phone/internet (sorry I missed water out too!)

Good Luck xxxx

Hi there! The pa is for clothes, things like make up and shampoo etc, food for myself medicine (I'm asthmatic and suffer from depression so have a few to pay for each month), and for going out...if I ever do! I completely forgot about the water rates - however I can swap water for my lunch each week as that would count in the pa.

Home phone and internet are paid for by husbands company x

Mrs_Sparkle

Hi there- welcome! Totally understand about the starting a family bit... I'm taking maternity leave in 2 months and the thought is very scary to say the least.

With all your outgoings did you say that your husband was going to take some of these on to free up more of your income for clearing the debt? Sorry if I've misunderstood.

I think a lot of us here wish we could turn back the clock but please don't waste any time with regrets... you're doing the right thing now and that's what counts x

dancingfairy

so if you pay back the £200 per month you are spending more than you are earning? Is that correct? You also don't seem to have any debt repayment there either - does that mean that you don't make any payments sometimes or am I confused? The obvious things to save on are the mobile - can you reduce the contract etc, lunch per week - that's £60 a month to go to repaying your debts if you bring in packed lunches etc.

Also what are the minimum repayments on the debts?

madasapinkcat

Mrs_Sparkle wrote:

Hi there- welcome! Totally understand about the starting a family bit... I'm taking maternity leave in 2 months and the thought is very scary to say the least.

With all your outgoings did you say that your husband was going to take some of these on to free up more of your income for clearing the debt? Sorry if I've misunderstood.

I think a lot of us here wish we could turn back the clock but please don't waste any time with regrets... you're doing the right thing now and that's what counts x

Hi Mrs Sparkle - those figures are with my Husband taking on some of the debts. I pay as much as I can each month, and he pays the rest. If we go out at all he pays 80% of the time, and he pays for things like the cleaner, the holidays, the Christmas presents, my gym fees and the vet bills.

I've asked for a lot more shifts at the pub, although they have full time staff in I just fill when they can't. I do know that 2 are leaving in the new year, so I'm hoping to take on much more of their shifts! x