help to sort out finances once and for all

savvylass

Im writing this post to try and get some help and advice for my hubby, he has an unsecured loan agreement which is taking a huge chunk of his salary everymonth and he is really struggling with it and im worried as its getting him really down.

The loan is with Tesco
Outstanding Debt 15K (approx)
Its not secured on our mortgaged home
He has already claimed back PPI sucessfully
Monthly Payments £325
Time left 3 years (approx)

His work have cut his hours and with all our other monthly outgoings he is really feeling the pinch, he hasnt missed any payments but does find this very hard to keep on top of (he's bascially left with nothing to live on every month after hours in a stressful job) this is why im worried he seems really depressed about it.

the payments were originally £400 per month but getting bk PPI was great, however the extra cash each month was short lived as that was when his work cut his pay

does anyone have any tips on best way to manage this debt? he doesnt want to take the money over a longer period this would be last resort, we really want it finished as we would love to start a family but this payment just takes too much of our wage (its more than our mortgage each month)

any advice great appreciated

p.s he doesnt know im even posting but im hoping i can give him some positive tips after you guys help me to cheer him up

savvylass

also is it poss someone can do a check on our financies for us please if i give you details??

Pollycat

Hi there
use this link
http://www.makesenseofcards.com/soacalc.html

for a template for you to put down all your income and expenditure.
It's called a SOA (Statement of Affairs).

Then the good people on this board will give you lots of non-judgemental suggestions on how you could reduce your spending or increase your income.

Be as honest as you can.
If you're estimating what you spend in certain categories, say so.
Wherever possible, state interest rates of loans, credit cards etc.

Regards