We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help needed ....
breezerbum
Posts: 6 Forumite
Hi
My husband and I have unfortunately got ourselves into a situation where we do not have much cash to live on each month due to our debt.
We have looked into 'trust deed scotland' however, this would not be suitable for us because of my husband's occupation. I even looked at just doing it myself but because we have a joint personal loan, this would not be possible also.
We have a 15 year old child who seems to 'drain' our money - there is constantly something needed - be it music lessons, membership to bands or clothing.
Is there anything we can do - other than starve? Aparently, one of the debts I have (store card) value £5300 will take me 17 years to pay as I am only paying the minimum each month.
Any advice would be appreciated.
Thanks
My husband and I have unfortunately got ourselves into a situation where we do not have much cash to live on each month due to our debt.
We have looked into 'trust deed scotland' however, this would not be suitable for us because of my husband's occupation. I even looked at just doing it myself but because we have a joint personal loan, this would not be possible also.
We have a 15 year old child who seems to 'drain' our money - there is constantly something needed - be it music lessons, membership to bands or clothing.
Is there anything we can do - other than starve? Aparently, one of the debts I have (store card) value £5300 will take me 17 years to pay as I am only paying the minimum each month.
Any advice would be appreciated.
Thanks
0
Comments
-
Post an SOA so we can suggest cuts in expenditure.
Tell the 15 year old to get a part time job.0 -
Link for SOA (statement of affairs) here:
http://makesenseofcards.com/soacalc.html
You can format for MSE at the end and then remove any links before you post it.
People will be able to give you better advice once they see it.0 -
Get a statement of affairs posted here (some one else will show you how soon am sure)
Allow your son a budget every month - say 60-80 quid (max)
For pocket money and memberships etc.
We cant have everything we want.
Cut down on mobile bills
Sky packages
Nights out
Takeaways.
Drop a brand
Shop in the German supermarkets.
the £1 supermarkets are good (especially for toiletries)
Cancel all your cards....close the accounts...
start paying them back
Its a long journey but congrats on starting0 -
like the others said post a SOA to see where your money goes each month,
and in the mean time explain to your 15 year old that band membership :huh::huh: and music lessons are not a priority, and he/she will have to learn they can not have everything. Or a small job for them to pay for it themselves, surely that's better than as you say 'starving'
sorry do you work or just your husband?Pay ALL your debt off by Xmas 2023 #59 £7008 Paid £570 Owing £6438 #1 H1 £151, #2 H2 £100, #3 O £200, #4 M £1500, #5 Z £295, #6 C1 £340, #7 L £1084, #8 N £840, #9 C2 £19300
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards