How to get out of a bad situation...

lancashirelassie

Hi,
I would halve payments to sons ISA. £40 towards first debt.
Check your house & contents insurance seems quite high to me. Check with Aviva they use more post codes than other companies which helps bring costs down. I would be aiming a reduction of 1/3rd. (I do like to pay this insurance annually, keeps charges down - next year maybe!)
Mobiles - check and reduce - try for a £5 reduction each.
Landline and internet needs looking at - try a package
Sat/Cable - get shut of for a while or at least go to basic. No your little boy does not need it either.
Unsecured debts the "correct" way would be pay off the dearest.
But for the spirit/encouragement do either the smallest or shortest then use the money to snowball the next one away.
Ditto to Basic accounts - I love mine.. do it on line.. no OD Brill.
Remember you can still set up Standing Orders to organisations and you dont have to accept Direct Debit it is your money after all and you & hubby should be incharge of it.
Lastly remove cards from Hubby!!
Good luck to you BOTH:)

fwor

As others have commented, you seem to be spending £90/month to Sky for a TV/internet/phone package.

You really need to move to Freeview instead, and then a combined internet and phone package which - including line rental - you can now get for under £20 a month. That alone will save around £850 a year.

RAS

bach230 wrote: »

My husband and I are in quite a bit of trouble with our overdraft, constantly being in it or even going over it now. We pay around £1600 into the account, more dependant on mostly my husband's wage, which covers pretty much everything just about. Unfortunately my husband is a dreadful spender and not only do we need money from somewhere to cover the joint account, my husband is now going over his own overdraft and has credit cards/store accounts which he is paying minimum payments on to.

I am going to put this quite bluntly.

The fact that you have a joint account and a joint mortgage is wrecking your credit rating as well as your husband's, so you have no chance of getting a loan.

The fact that you have a joint account is also placing you at considerable risk; if your husband swans off, you are the person left with ALL (not half, all) the debt. By extending your loan, you are also increasing YOUR exposure to debt, to pay off money he spent. We see this happen a lot on here and a good many good kind women and men on here have been wrecked financially and personally by taking on debt to cover their partner's extravagences.

The problem is not your income, it is your expenditure; you simply do not have a track on what is spent. Taking out more loans will NOT make that any better. What might help is going through the last 6 months to a year's bank and card statements and working out where exactly the money has gone becauie your SOA does not represent the true picture. The longer you allow this to go on, the worse it will get but you need to protect yourself in the short-term.

As a short-term strategy, I suggest you open a new basic bank account and make all debits from the joint account require both signatures. gradually close down that account.

You may need to go round and see what you have that you no longer use and sell it on e-bay, amazon or at a car boot sale. Keep that until you can use to pay off and close the joint accout. Your child's savings would also be much better used to clear that account.

You need to decide whether you main role is to pander to your parter's desire to spend or to secure your child's future. You may just be able to do both but it will require a massive change in your partner.

Once you have remove the problem of the joint account, I would then tell your him that either his salary goes into your account and he gets spending money, or he ships out. Either he wants to be a responsible adult partner and parent or not, and your child needs adults to look after him/her.

bach230

Buildings and contents insurance was taken out at the same time as the mortgage. Despite me advising hubby to possibly look around its too much trouble for him. We've got a few days before this renews so I could, with the help of my mum, shop around for this to get a cheaper deal.

Line rental is within our sky package as we have a complete package with them for the phone, Internet and tv. We have no aerial on the house so sky is our only way of watching tv. I don't want to go into reasons why I'd rather not cancel this!

Re. Mot and servicing - the last few years my parents have paid this for me, hence the £0.

Regarding clothing and birthday presents, we rarely buy any new clothes and don't buy a great deal for birthday/Xmas either. Obviously for birthdays we haven't got family birthdays every month so it's difficult to estimate a cost for this.

Groceries cost is a rough estimate as if I go on my own, I can spend anything between £30-£45 whereas if hubby comes it can generally be more than this.

Re. our sons isa, this is a payment of £20/week from our joint account which we agreed with my brother, for various reasons so this might need more looking at as to whether this is feasible - again don't want to go into too much detail.

ILW

bach230 wrote: »

Buildings and contents insurance was taken out at the same time as the mortgage. Despite me advising hubby to possibly look around its too much trouble for him. We've got a few days before this renews so I could, with the help of my mum, shop around for this to get a cheaper deal.

Line rental is within our sky package as we have a complete package with them for the phone, Internet and tv. We have no aerial on the house so sky is our only way of watching tv. I don't want to go into reasons why I'd rather not cancel this!

Re. Mot and servicing - the last few years my parents have paid this for me, hence the £0.

Regarding clothing and birthday presents, we rarely buy any new clothes and don't buy a great deal for birthday/Xmas either. Obviously for birthdays we haven't got family birthdays every month so it's difficult to estimate a cost for this.

Groceries cost is a rough estimate as if I go on my own, I can spend anything between £30-£45 whereas if hubby comes it can generally be more than this.

Re. our sons isa, this is a payment of £20/week from our joint account which we agreed with my brother, for various reasons so this might need more looking at as to whether this is feasible - again don't want to go into too much detail.

All of your effort will be a complete waste if your OH just runs up bills buying stuff to keep himself amused. You do seem to be in denial about this.

CLAPTON

stop finding reasons why you can't do things


house/contents insurance: spend the next hour on the internet and try price comparison site or try all those companies that endlessly advertise on TV

birthdays presents/xams- surely you can think back what you spent last year?

similarly with cloths

have you resolved to keep a spending diary; then at least you will know exactly what you spend on groceries each week/month

Betty_Crumble

fwor wrote: »

As others have commented, you seem to be spending £90/month to Sky for a TV/internet/phone package.

You really need to move to Freeview instead, and then a combined internet and phone package which - including line rental - you can now get for under £20 a month. That alone will save around £850 a year.

I second this, between the mobile, internet, tv and landline you are spending 132 pm. Half it at least theres £66 a month. Half the isa for now, theres £40.

Car loan.......................3200......146.3.....12. 9
Jacamo.........................419.87....30....... .0
River Island...................188.......8.........0
Amazon.........................1900......70....... .0
Barclaycard....................1500......50....... .0
BOS............................700.......33.54.... .0

so with that alone;
month 1 on river island leaves 82
month 2 finish river island and 24 on jacamo. Leaves 395.87
month 3 jacamo. leaves 289.87
month 4 jacamo. leaves 183.87
month 5 jacamo. leaves 77.87
month 6 jacamo. leaves 28.13 for the next debt

Thats doing hardly anything that takes effort with bare minimum cutbacks, taking your debt down 636 in 6 months and getting rid of 2 altogether is brill. Obviously ive done that very roughly as im assuming theres no interest on those.
It is so doable for you and you are in a better situation that most, good luck with it.

Betty_Crumble

i see you mentioned about not getting rid of sky, there is no single other item on your soa that will allow for so much money to be recouped, I know its hard as I have just got rid of mine (probably harder if you have a husband that is against it) when your money is your own again then it can go back on, its about priorities, sometimes i think you need to go without in order to see where getting what you want got you if that makes sense.

opinions4u

bach230 wrote: »

Buildings and contents insurance was taken out at the same time as the mortgage. Despite me advising hubby to possibly look around its too much trouble for him. We've got a few days before this renews so I could, with the help of my mum, shop around for this to get a cheaper deal.

10 minutes at Comparethemeerkat will show you that you could easily save £600 a year.

Line rental is within our sky package as we have a complete package with them for the phone, Internet and tv. We have no aerial on the house so sky is our only way of watching tv. I don't want to go into reasons why I'd rather not cancel this!

Re. Mot and servicing - the last few years my parents have paid this for me, hence the £0.

Regarding clothing and birthday presents, we rarely buy any new clothes and don't buy a great deal for birthday/Xmas either. Obviously for birthdays we haven't got family birthdays every month so it's difficult to estimate a cost for this.

Groceries cost is a rough estimate as if I go on my own, I can spend anything between £30-£45 whereas if hubby comes it can generally be more than this.

Re. our sons isa, this is a payment of £20/week from our joint account which we agreed with my brother, for various reasons so this might need more looking at as to whether this is feasible - again don't want to go into too much detail.

Either make changes or don't. Nobody else can make them for you.

Are you scared of your husband?

barbarawright

bach230 wrote: »

Buildings and contents insurance was taken out at the same time as the mortgage. Despite me advising hubby to possibly look around its too much trouble for him. We've got a few days before this renews so I could, with the help of my mum, shop around for this to get a cheaper deal.

Line rental is within our sky package as we have a complete package with them for the phone, Internet and tv. We have no aerial on the house so sky is our only way of watching tv. I don't want to go into reasons why I'd rather not cancel this!

.

I have a set-top aerial (cost c£6.99) and a hard-drive Freeview box (cost c£100). Works absolutely fine and the boxes last several years.