How to get out of a bad situation...

sparklefrog

Actually just took out house and contents insurance today using tesco compare. My monthly amount is £14.83 for both together. Its worth the effort. You can get the link via the insurance tab from this very site

Petlamb

With your existing equipment you can go down to freeview through the sky box - so not having a terrestrial signal is not an issue (we don't here either).

7roland8

Yes son had Sky here but stopped when he moved out - I can still view piles of channels free through the box and dish (well in the winter as the trees grow too high but thats another issue!).

hoglet121

My goodness, we all have things we'd rather not do without, but have to in order to live within our means.

You really can't afford another loan - and if your husband can't see that then he is in total denial about his (and your) financial situation.

4 years ago my husband came to me and admitted he had run out of money. His head in the sand approach to his finances had meant that he had not only not realised he was in his overdraft, but that he had spent all of it and now had access to zero cash (this was before we had a joint account). He also had no idea how much he had outstanding cards (9 grand as it turned out....) Yes I was angry at first, and contemplated what sort of future we could have together if this was his approach to money, but we resolved to go forward together. We stopped spending money, period, that wasn't rent/bills/child maintenance/debt reduction, and lived off my wages for food etc And it really hurt at first. But it felt so good to take control and work our way out of the situation without getting ourselves further into debt. Over the years we have reclaimed what we almost lost.

4 years on, we have 1 loan outstanding, which is at a reasonable interest rate and we can afford the repayments. My husband has transformed from someone who was terrified to check his bank balance and open his bank statements, do someone who checks our joint account daily and instigates mature conversations about our finances.

Take the short term pain - in the long run it will benefit you so much.

tallyhoh

Trying to get loans to cover debts rarely works. You should be able to see that as you extended your car loan only 9 months ago & you are now struggling again.
Planning & keeping to a budget is the only answer, cut out things you can't afford on your income.
I have just paid my house & contents insurance, it was £109 for the whole year so looking round certainly pays.

aliasojo

bach230 wrote: »

The only ways therefore that hubby believes we can get out of this mess - that he created - is to go for one of two things...

1. Get a guarantor loan
2. Ask someone to take a loan out themselves and we pay them back the monthly payments

It's interesting that your husband believes the only way out is to go further down the same road of borrowing.

It's obvious to a blind man that your income isn't the problem, it's him.

He's of a mindset that is just wrong, end of.

If you opted for one of his choices, all that would happen is that in a few months time, you will be struggling to pay those loans too because he will have run up even more debt again.

You really need to get back to basics, the only way to get out from under this is to cut back and plod on.

Good luck. I think it will be difficult if only one of you is being practical, but that's not to say you can't do it.

bach230

In response to one of the previous posters, here is the summary of monthly income, expense and surplus that was apparently missed off my SOA post...

Summary of Monthly Income, expense and surplus

Total monthly income £2121.20
Expenses (incl. HP & secured debts) £1774.41
Available for debt repayments £346.79
Unsecured debt repayments £337.84
Surplus (shortfall if negative) £8.95

Personal Balance Sheet Summary

Assets £136540.64
Secured & HP debt -£60964
Unsecured debt -£7907.87
Net Assets £67668.77

I will see about looking around at buildings and contents. I know it won't make the problem go away but if we could at least pay less for that then it's money being saved. A computer course that he signed up to about 4 years ago and never ended up carrying on is due to finish in September so that's another £135 we can save.

I don't personally want to go down the route of another loan and i don't think my family do either. It's upsetting my mum quite a bit as she has said that myself and our son don't deserve to be in the position. I have always been a saver and since being with my husband i've shelled out a huge amount of money and am now left with a small pittance, as i see it, to myself!

Thanks to everyone who has replied xx

dancingfairy

Hi. You obviously need to sit down and have a BIG chat with your OH. You need to find out what he wants and what you want so you can try and reach a compromise. At the moment he perhaps doesn't realise/fully understand what his actions are likely to do to the family. Hopefully a few frugal months - stopping the childs ISA ( ), cutting back on the house insurance etc which is massive and you'll be back on track and when the computer course is paid off he might have a small amount of money to himself. You are right to put yourself and your son's future first though.
I hope you can both reach a compromise as to how best to jointly manage the finances.
Best of Luck
df

Dharma_Bunny

Tax Credits? Didn't see that on the SOA.

We cancelled the sky tv and use the box for freeview. Easy saving and you get all the freeview channels.

ILW

bach230 wrote: »

In response to one of the previous posters, here is the summary of monthly income, expense and surplus that was apparently missed off my SOA post...

Summary of Monthly Income, expense and surplus

Total monthly income £2121.20
Expenses (incl. HP & secured debts) £1774.41
Available for debt repayments £346.79
Unsecured debt repayments £337.84
Surplus (shortfall if negative) £8.95

Personal Balance Sheet Summary

Assets £136540.64
Secured & HP debt -£60964
Unsecured debt -£7907.87
Net Assets £67668.77

I will see about looking around at buildings and contents. I know it won't make the problem go away but if we could at least pay less for that then it's money being saved. A computer course that he signed up to about 4 years ago and never ended up carrying on is due to finish in September so that's another £135 we can save.

I don't personally want to go down the route of another loan and i don't think my family do either. It's upsetting my mum quite a bit as she has said that myself and our son don't deserve to be in the position. I have always been a saver and since being with my husband i've shelled out a huge amount of money and am now left with a small pittance, as i see it, to myself!

Thanks to everyone who has replied xx

Why will you not address your husbands spending?