£80,000

thejames

I've been going through this website all morning, I think I'm hanging on for support.

It was payday today and we've managed to keep in our over draft, yey! (which is £2500. Which I'd like to get rid of first, is that mad?!)

Really see the light at the end of the tunnel, thanks to everyone on here, the last three days have been tough and I know we still have a hill climb but it's been a weight off.

DVardysShadow

thejames wrote: »

] ... It was payday today and we've managed to keep in our over draft, yey! (which is £2500. Which I'd like to get rid of first, is that mad?!)

Not entirely mad. Firstly, it is a financial discipline to stay in the black, which underpins all the rest of your efforts - if it is not in the bank, you know you don't have it.. And secondly, bank charges are probably a higher effective APR than any of your other credit.

But because you are so close to the edge, just accept that you might not be able to deal with this until one or more of your loans have been paid off.

thejames

I've given our monthly bills a going over I hope at some point during the week (my husbands on nights so not a good time for him to be dealing with this) with the hubby to get everything on the table, APRs, full amounts, when loans, HPs finish. Etc,...

But have been looking today and I'm not sure what to make of it, if I go back to work full time it leaves us around £600 however we would have to use childcare so how much would be left I don't know.

As I said work have been over paying me (stress) so what I've put on my soa is what I believe I should be getting. We're coasting at present so we know we're not in this situation for long.

So once my wages go back it appears we are in £500 short each month, now at this point I honestly feel like just throwing in the towel, but at this point I just don't know what we do, I just can't believe we've messed up so badly.

BevieB

thejames wrote: »

Weve contacted them through our work a few years ago, and yesterday we spoke to the national debt line who stated that we can pay our bills.

I will continue to try with the food bill as I said in the first mail, my husband and I never worked as a team and now we finally are, which is why we go shopping together now, I do find it hard as I want my family to eat healthy so Im struggling with that compromise, I think we managed £400 last month but we had xmas and that was a £300 bill on three days.

Our mortgage is £215.000 we pay £267 interest only.

Are you saying that you are unable to have a DMP? Why are you only paying interest on your mortgage? If you were paying money towards repayment your available money would reduce opening up the facility of a DMP. Your mortgage is quite large so you must be on a very small interest rate

sparkley84

Hi there :-)

Just read this entire thread. Firstly a HUGE well done to you for facing up to things and trying to find a way out of this. I've just recently faced up to things too and its scary. You've taken that difficult first step and have received some fantastic advice.

I don't have much to add as others have said lots, but in terms of food, have you looked at Iceland? I used to be a bit snobby about food but Iceland have some good stuff, and junk type foods which your hubby might like, all at reasonable prices.

Take care x x x

thejames

BevieB wrote: »

Are you saying that you are unable to have a DMP? Why are you only paying interest on your mortgage? If you were paying money towards repayment your available money would reduce opening up the facility of a DMP. Your mortgage is quite large so you must be on a very small interest rate

What's a DMP I'm still not sure? I've looked on the boards but not sure, I know what an IVA is.

psychopathbabble

thejames wrote: »

What's a DMP I'm still not sure? I've looked on the boards but not sure, I know what an IVA is.

A DMP is a debt management plan, asking your creditors to freeze interest and repay an affordable amount. If you go through CCCS or Payplan they will go through your budget with you and work out an affordable monthly payment which they will split between all your creditors. I think that the DMP runs until you have paid them off.

ETA: the companies above are free to choose, do not use anyone that wants to charge you a fee for their help!!

thejames

I'm seriously considering the IVA route, I'm terrified to go back to work let alone go on a full time basis I fear I'm being very selfish in feeling like this.

merlot123

thejames wrote: »

I'm seriously considering the IVA route, I'm terrified to go back to work let alone go on a full time basis I fear I'm being very selfish in feeling like this.

IVAs are not for everyone and I don't they think they are free to arrange. Have you read Martin Lewis's article on IVAs?

You need to be contacting the CCCS or Payplan for advice before going down the IVA route.

merlot123

http://images2.moneysavingexpert.com/attachment/ivaGuide.pdf

The article from Martin Lewis regarding IVAs.