Living with in laws to pay off debt

Pollycat

I agree with January20 & bouncydog about doing a SOA (Statement of Affairs) on the Debtfree Wannabe board.

If your monthly income is £4K that's a fair amount and there may be other ways of reducing your spends so that you can throw more money at your debt.

It also depends on what sort of debt it is - i.e. credit cards, secured.

Re living with your in-laws:
you say you don't know them that well and the flat is small - can you really see it working?
Are you and your OH easygoing?
Are your in-laws easygoing?

Would there be rows (or bad feeling) about who uses the shower first in the morning?
What about cooking?
Would you share the shopping?
Do you like to eat the same kind of things?
It might not work if you like to cook from scratch and they are used to eating tinned meatballs and frozen chips.

Do they go to bed early and you like to stay up late? Or vice-versa.

Do you really like your current flat and the area its in?
If you gave it up would it be easy to get another one?
What would you do with your furniture?

I've never lived in council property but is it actually allowed for tenants to take in lodgers?

DarnIt_3

I have a wonderful relationship with my folks, as does my husband, we lived together whilst they built a house, there were times it tested out relationship I can assure you. But we managed!
If you are not as close it may well be harder. But, does your worry of debts outway your ability to get along under cramped conditions?

Oh, you said you bring in 4k? Is that per month? Might be worth you posting an SoA for us all to help.

Trajal

Obviously it's impossible to gauge how the relationship between you and your inlaws works, but I would generally add my voice to the choir of 'don't do it'.

You have decent income, and not unreasonable levels of debt, definitely do the SOA thing, it will clarify everything.

mustBdebt3

I'm back. lol

Well...I will get hubbys debt details and finish off our SOA.

We will be moving to a cheaper area in a month and downsizing, which should save us £300 per month.

We will have paid off one of our debts in September. Freeing up another £370 and to be honest, that's about it interms of cutting down outgoings in the month.

I understand what you all mean but am so desperate to be debt free. I feel like the debt is suffocating me and stopping me from living. We have a decent wage but cant even afford a car or to go on holiday because of the debt.

In laws own their council flat so it's allowed.

Joint income is 4k per month.

Pollycat

mustBdebt3 wrote: »

Joint income is 4k per month.

This is a really healthy amount of monthly income.

Let's have a look at your joint SOA and see what can be done.
For me, with you not having car outgoings, no kids and not saving for holidays, it's hard to see where this £4K per month is going.