£75k+debts

tomterm8

I think the best solution is to sell your home.

Earlier you asked if your creditors could force bankruptcy... I doubt it, since in fact you are still solvent (you have enough assets to pay off your debts). If you pay your secured loans + priority loans, the worst that is likely to happen is an attachment order (creditors get a part of your income) and a charging order (creditors recover part of the value of the house when you sell it).

p.s. you should return the car, and get a cheaper one.

[Deleted User]

Bestthingsinlifearefree wrote: »

I know it can be tough.

I had to explain to my wife the other night that we (at the moment) could not afford a conservatory at the moment

LOL that reminds me of the couple next door to me, the guy became redundant they spent the 25K redundancy on a conservatory, 6 months and 2 holidays later he still didnt have a job the house was repo-depoed due to missed payments :rolleyes:

Its not worth keeping up with the jones' I find with my mates is if your the "poor one" you get more respect and get free pints etc hehe. If your mates only want to associate with rich people that throw there money about then they arnt worth bothering with.

Bestthingsinlifearefree

Yant1 wrote: »

LOL that reminds me of the couple next door to me, the guy became redundant they spent the 25K redundancy on a conservatory, 6 months and 2 holidays later he still didnt have a job the house was repo-depoed due to missed payments :rolleyes:

.

Exactly Yant. We could afford to buy a new conservatory cash (using up some of our savings).

But with our reasonably scary / big mortgage of 115K and the loss of my wifes salary due to her not working to look after "the little man":j it makes more sence to keep our savings / cushion / rainy day money and protect the families financial position rather than splash out on a conservatory at this moment of time.

However explaining this to MrsBest is easier said than done;) hence I have empathy with Clovis situation and how he has got into that situation.

Wannabesaver_4

Clovis - I am currently selling my home to pay off debts. Its a big desicion (we are renting for a while after) but it does feel good knowing it will all be gone soon!

clovis_2

Wannabesaver wrote: »

Clovis - I am currently selling my home to pay off debts. Its a big desicion (we are renting for a while after) but it does feel good knowing it will all be gone soon!

We did discuss it on Friday and it looks like we may be making progress on that, at least in the realisation department. Have been scouring the property sites this weekend,when I've had a chance, but there's not much around in the price range (lower I add ). But we'll keep looking. If something comes up I think we'll just go for it. Obviously it's not what she really wants to do, but we are fed up with having no money, and as pointed out earlier, my salary is quite good, things shouldnt be like this.

I'm still working on the SOA, it's quite difficult to sort out isn't it.

Renting might not be a good idea where we live, rents are much higher than mortgage payments, plus got a 6mth penalty on the mortgage, good rate i think though, 4.89 fixed for another 4 years and we can transfer it and pay off upto 20k per year with no penalty.

clovis_2

Well I've got the payplan interview tonight, getting a bit scared about it now having spent last night trying to finally get most of the figures together, (need to do a bit more today). It looks like a complete mess, and I'm now convinced that they won't be able to help at all and it will mean definitely that we have to sell (with all the costs involved) and not just dmp, budget and spend sensibly.

We discussed it for hours last night going thru scenarios and each one got worse and worse. My wife is taking this really badly and it is so difficult not to start arguing with each other. It didn't help she had been round her friends yesterday, and the gardener was in the garden putting up 4000 pounds worth of fencing and the children just ran off and played out there all afternoon and her husband has just had his contract renewed for another 6 months at an even higher rate, and of course they still pay less tax than we do. Self employed IT guy of course. I'm in IT too, but just don't have the skills necessary to go contracting, so that doesn't help. Sheesh the more I type the worse it gets, i'd better get back to work.

chevalier

I am sure that there are ways we can find to save you money. You mentioned that you had a long commute to work, and that your children are in primary school. This being the case have you thought about moving closer to work (assuming the housing is cheaper there?) The children are adaptable at primary school age, and it might be more difficult for them to swap schools and friends later.

Regarding your debts. If payplan say you don't have enough disposable income, don't panic. This is when you go over your SOA yourself with a fine tooth comb, and where we can help you see where savings can be made.

For example what is your monthly food bill? There have been families of 5 on here before spending £500 on food, who have halved that amount by meal planning, buying value ranges, cooking from scratch, using up stuff from the store cupboard and freezer etc. This could be an area where your OH could really help (make them feel included).

You also mentioned about not getting paid very well in your current role, compared to contracting. What you need to remember that these people 'paying less tax' may be playing fast and lose with the Inland Revenue, so they may come to grief over this. The other thing is whether you company will pay for training? Or whether you could do some for yourself. I realise that it is another expense, and now may not be the best time to tackle this, but something to remember for later.

We will await your SOA with interest, and the best of luck
chev

hypno06

Hi Clovis, just read this one for the first time.

You said above that your kids go to primary school 6 miles away and there are no buses.

If this is the nearest primary that has capacity for your children, then the local authority should pay for transport for them one way or another.

My children went to a primary in another village because the local one was full. I used to drive them there and back but was then told that the local authority would pay for transport. I applied for assistance and for the last 3 years a taxi has collected and delivered them every day.

Might be worth a look online at your local authority under transport for schools or something? If you could cut out the cost of school travel every day it would be a help.

Hope things go ok for you.

Bestthingsinlifearefree

clovis wrote: »

Well I've got the payplan interview tonight, getting a bit scared about it now having spent last night trying to finally get most of the figures together, (need to do a bit more today). It looks like a complete mess, and I'm now convinced that they won't be able to help at all and it will mean definitely that we have to sell (with all the costs involved) and not just dmp, budget and spend sensibly.

We discussed it for hours last night going thru scenarios and each one got worse and worse. My wife is taking this really badly and it is so difficult not to start arguing with each other. It didn't help she had been round her friends yesterday, and the gardener was in the garden putting up 4000 pounds worth of fencing and the children just ran off and played out there all afternoon and her husband has just had his contract renewed for another 6 months at an even higher rate, and of course they still pay less tax than we do. Self employed IT guy of course. I'm in IT too, but just don't have the skills necessary to go contracting, so that doesn't help. Sheesh the more I type the worse it gets, i'd better get back to work.

Hi Clovis,

Could you post an SOA ?

There is no point comparing or keeping up with the Jones (they maybe drowning in debt to, to pay for the fence!)

If you earn 15K a year you need to live a 15K a year life style if you earn a 150K a year you lead a 150K life style.

What you cannot do is lead a 50K life style off a 30K salary or a 70K life style off a 50K salary.It will end in tears.

Your OH needs to have her "light bulb" moment.

You have a good income, you need to live with in your means.

Good luck with the pay plan meeting. At least you are looking at your options and not just ignoring the problem.

Best,

clovis_2

Thanks for the messages.

Nothing is simple is it. The school situation is complicated, needless to say we have to make the trek everyday.

Moving nearer work is not an option, that's moving nearer to London and prices go the other way.

Now the monthly food bill, that's one that will need sorting, Apparently the minimum we could spend is 150 a week, 'most others spend more than that' otherwise it'll be fish fingers everyday, or so I'm told.

Your OH needs to have her "light bulb" moment.

that sums it up, it still isn't happening , it's my fault you see.....