What a Right Pickle!

onamissionEU

This thread is brilliant! Very entertaining and offers great advice for people from ALL situations! Unfortunately I have to leave the office now so only a quick post but will check in again on Monday with my 2 Euro worth.. Just one point to note - OP; if you used the cash gift to clear ALL your debt and build a decent credit rating you would then be able to get a decent and longer-term mtge when the time comes. You would also then be able to borrow money for the renovations at a decent rate if you are still desperate to carry them out.

Alas, as other posters have said, I fear that (if this situation is real) you have no real clue about your financial situation and that "keeping up appearances" is more important to you and your wife... I hope you have your LB moment sometime soon - for the sake of your kids.

heartbreak_star

They certainly should be renamed debt cards! That would have made me think twice all those years ago! Glad you're onboard there.

Okay, I'll try and put it another way. I think those of us on low wages trying to cut a pound here and there find it frustrating when someone asks for debt help when they earn a good wage and it's blindingly obvious where £1800 a month could be saved!

Do your kids like the school? I don't actually have kids, I'm CFBC, but at 5 I'm sure I wouldn't have cared where I was going as long as the teachers were nice.

HBS x

pelirocco

You need to post a revised SOA , you will also need to keep track of your debt increasing if you only pay minimum payments or work out how you will repay your existing debt ( taking into account the interest that will be added every month).

I do find this thread slightly frustrating in so far as you keep coming up with extra money when challenged ( gifted money , wife still having an income even if she isnt working .......is this a project managers fee from the gifted money ? )

I dont believe you have enough room in your day to day expenses to not only cover your minimum payments BUT to pay off your existing debt .

The fact that children who are privately educated appear to do well in later life has a lot more to do with family and connections then going to a private school . At 5 years old your children will not get a head start on education , as others have said secondary level is where it counts , and of course there are good private schools as well as bad ones , just as in state education.You cannot afford the fees at the moment ( otherwise you wouldnt be in debt ) , how on earth are you going to find the fees as they move up through the system , plus all the extras .

Lucy1010

I'm pretty sure that even if a million posters advised the OP to take his children out of private education, he still wouldn't consider it.

You're all when it comes to this piece of advice :-)

pelirocco

From your original SOA

Monthly Budget Summary
Total monthly income.................... 7,200
Expenses (including HP & secured debts). 6,158.5
Available for debt repayments........... 1,041.5
Monthly UNsecured debt repayments....... 2,340
Amount short for making debt repayments. -1,298.5


Add into that the £1500 drop in wages your wife will be taking

Thats £2798.50 short each month

You arent going to find that money by saving a bit here and there , your debt will be increasing by god knows how much each month because of interest

You have no emergancy fund and no provision for one , what will you do when the boiler breaks down or the car needs a major repair ?

What will you do if interest rates go up? , I remember when my mortgage was at 16 % !

I think you need to look at more then stopping school fees tbh

And yes this post is harsh , because if this is for real you need a kick up the ar5e

pelirocco

Lucy1010 wrote: »

I'm pretty sure that even if a million posters advised the OP to take his children out of private education, he still wouldn't consider it.

You're all when it comes to this piece of advice :-)

To be fair to the OP how many other posters cant even get their heads around getting rid of sky

CH27

Lucy1010 wrote: »

I'm pretty sure that even if a million posters advised the OP to take his children out of private education, he still wouldn't consider it.

You're all when it comes to this piece of advice :-)

Everyone has a sticking point on their journey & everyone's point is different.

Lucy1010

pelirocco wrote: »

To be fair to the OP how many other posters cant even get their heads around getting rid of sky

True! :-)

Lucy1010

CH27 wrote: »

Everyone has a sticking point on their journey & everyone's point is different.

I know and I was making light of the situation...

However, this OP is not taking his children out of private education, I don't know how many time he has to tell you this....

Time_to_face_the_music

nomoredebtplease wrote: »

Credit cards should in my mind be renamed Debt cards (they wouldn't be half as popular then!).

I like that name suggestion but am not sure about the loss of popularity. Maybe CC companies could add a warning to the cards, this card will damage your credit rating, this card could find you in court, this card will stop you getting a mortgage etc.

In the same way that terrifying warnings and new photo campaign for cigarette packets doesn't seem to stop people smoking, I think lots of people would still want a purse or wallet full of debt cards.