What a Right Pickle!

exarmydreamer

The clueless rich become the penny wasting poor

Lucy1010

WOW, I've just spent ages reading this whole thread only to reach an anti-climax! What the hell?!

Did OP win the lottery or something? Gifted £50k when he sounded so so desperate at the beginning of his dilemma.... wow, I'm just sorry for everyone that wasted precious time giving valuable advice :mad:

merlot123

I do think some of the posters are being a little unkind to the op. Yes, I agree, for a full and frank soa and requesting help, the gifted money should have been mentioned, however he/they didn't want to use the money to repay debts, that is saying to me they haven't had their lightbulb moment yet, they want to renovate the house(that shouldn't even be considered until debts are fully repaid).

I can honestly not see how they are going to sort this financial mess out, they will still have £30k of debts, a huge mortgage, and only one salary when the op's wife gives up her job.

Maybe their is something else they are not telling us, it's their choice, but IMO they are heading for trouble ahead, I do hope I'm wrong.

Martin Lewis says he has never seen a debt problem that couldn't be solved. This problem is so easily sortable, but the op just hasn't seen the light yet.


Merlot123

primaryteacher

If I've read the OPs latest post correctly - the gifted sum is far greater than 50K. It is 50k of it that is to be put towards debt repayment and the rest is still there for house renovation / whatever (presumably a buffer for loss of one income / private school etc)

cutestkids

primaryteacher wrote: »

If I've read the OPs latest post correctly - the gifted sum is far greater than 50K. It is 50k of it that is to be put towards debt repayment and the rest is still there for house renovation / whatever (presumably a buffer for loss of one income / private school etc)

Yes that's how I read it as well.

The OP has really no clue and it will all come crashing down one day as they will learn nothing about paying back the debts and having to make real cutbacks.

They will be in the same situation or worse in 5 years as they are now.

LannieDuck

You're living in cloud cuckoo land if you think your situation will be improve by your wife giving up her job. Why on earth would she do that when you'll still have £30,000 worth of debt to repay, and very little spare each month with which to do it?

barbarawright

primaryteacher wrote: »

If I've read the OPs latest post correctly - the gifted sum is far greater than 50K. It is 50k of it that is to be put towards debt repayment and the rest is still there for house renovation / whatever (presumably a buffer for loss of one income / private school etc)

But, as has been said, even if all the debts are paid, an income of £4300 minus £1800 school fees minus £1800 mortgage leaves £700 a month which isn't really sustainable for long. I don't have children myself but my understanding is that they don't actually get cheaper as they grow older.

365days

Just my 2p's worth as a mum of an 11 year old and a primary teacher.

Kid's don't get cheaper they get more expensive. Carry on as you are and find yourself penniless when it really matters (Uni fee's, first cars, school residentials, massive growth spurts etc etc etc) or pull them from private school while they are still young and have enough money for later. Other wise your children may well have a VERY sharp wake up call, when dear Mum and Dad have to sell the house in 5 years time.

Have you actually visited the local schools? Or are you judging them by assumption?

365days

worried48 wrote: »

Well, I will still give the OP the benefit of the doubt. There is another solution. Homeschooling. That way wife gets to stay at home with the twins, twins don't mix with the nasty elements of society, and you save the school fees.

Unfortunately even if you do that, the saving in the school fees is not going to be as much as the loss of income, so even with a reduction of over half your unsecured debts, trouble will still be ahead. But I suppose you can get any arrears paid off and keep afloat for a little longer.

Here's news for you. You are part of society. Your kids are going to be part of it. Or are you going to sheild them from life altogether? What a narrow minded view, part of going to school is getting an overview of other people warts and all. Your kids are going to have such a culture shock when they find out that life isn't the sweetness and light bubble you appear to be creating.

heartbreak_star

OP, I think you're going to have a nasty wakeup call in a few years.

Really, pull the kids out now before they can tantrum at you for making them leave their friends.

How on earth are you going to manage with one income? This "gift" you're getting is at LEAST 4 times my yearly wage, and you don't seem to appreciate it.

Good luck. You're going to need it.

HBS x