What would you do?

Thrifty_Pixie

i would sell the collection, pay off your debts quicker and end your DMP. THEN, and only then, would i consider getting pregnant again, and even then you could get by in your current house while your kids are small until you could get a deposit together.

it's all about priorities and planning.

i'm guessing that you will have a while to wait before you're approved for any major credit like a mortgage anyway after your DMP, so this would work as most people are asking 20% and above deposits at the moment.

no one has the right to tell you not to have another child, but surely you can see that you will provide for that child much better with no debt and no reliance on handouts. at the moment you say you aren't 'dependent' on handouts, but i'm guessing you're receiving SOME as you say you're a SAHM.

also, what happens if your OH loses his job? betting that your current 'better financial position' is permanent enough to consider taking on ANY extra expense at the moment is VERY dangerous, given the current climate. i would use any extra money to stablise your life so that you can take anything going wrong AS YOUR LIFE IS NOW.

good luck!

:coffee:

sistafromanothermista

MrsHunter wrote: »

Where exactly am I talking about accumulating more debt? Oh and my husband has been collecting for two years. Our debt was accrued a long time before that. Jeez it must be hard being so perfect!

No-one here is perfect or we wouldn't be on a money saving forum! However one thing we all (most) of us are, is realistic. This seems to be something you are not.
You have your head buried so far in the sand i am surprised a kangaroo is not hopping over it.
Get real. As SAAC said, you have not been spending 'real' money in the past which is precisely why you have accumulated so much debt.

Pay what you owe
Save hard to increase funds for deposit
Note to self never to get in this mess again

You really need to prioritise your life and that must start with increased amounts to your creditors.

megan01

MrsHunter wrote: »

Where exactly am I talking about accumulating more debt? Oh and my husband has been collecting for two years. Our debt was accrued a long time before that. Jeez it must be hard being so perfect!

Why was your husband accruing a collection worth at the moment £10,000 if you were already in debt?

broadpaws

hi there, I am not certain, but you maybe better saving for 50% f+F payment offers, if you increase your regular paymetn substainally they may not be as willing to accept such low F&F settlements ifswim?

too_much_debt

I'd forget the extension, I have three girls aged 8, 7 and 4 and we live in a 2 bedroom house, they have the biggest room now and we have the smaller double room, we have one set of bunk beds and one single bed in that room. My OH's brother and sil have 7 children and they live in a 4 bedroom house, their childrens ages range from 23 down to 3. 4 boys and 3 girls.

I'm assuming you still have most of the baby stuff if your youngest is only 1 so it's not like having a first child when you need to buy everything.

If you can sell the collection and pay it off what you owe soon, great.

Once_bitten

"My husband is a collector of games and has a collection estimated at around 10,000 however within 2 years it will probably be worth around £20,000."

Do you mean board games? Has someone made a definite offer of £10K? Why do you think it will double in less than two years?

FBaby

OP, before you make any decision, you need to be absolutely certain that your overwhelming desire to have another child is not clouding your ability to think sensibly. It's not a criticism, I have been there so desperate for a child, I found any excuses in the world to justify it.

Forget about the child for a second. Firstly, why have you accumulated such a huge amount of debt? It is NOT normal to be in such level of debt. It might feels normal to you because it has become your normality, but it isn't unless you and your husband have experienced serious trouble. If it was just overspending stupidly, are you completely certain you've learnt your lesson? The fact that you are here asking how you should spend more money seems to be an indication that such lesson hasn't been learnt.

Also, you seem to assume that the situation as it is now couldn't possibly get worse. How secure is your husband position? Do you have redundancy insurance, insurance in case of illness? Have you considered that although you have an extra £400 a month now, that your children will start to cost you a lot more as they get older?

If you have genuinely considered every options, learnt from your past error, and have worked out that your position is safe and you are not taking any risk, then go for it, but I personally struggle to see how anyone owing such a large amount, when only work partner is working, in the current economical climate, could actually be sufficiently secure to decide to bring another child to care for.

ValHaller

MrsHunter wrote: »

ValHaller wrote: »

I am completely unamazed at the precarious financial position given the collection he appears to have built up

How rude and presumptuous.

I apologise for not being amazed nor even making a fair go of pretending to be amazed. Although my defence, I did not know that good manners requires me to be amazed.

sistafromanothermista

ValHaller wrote: »

I apologise for not being amazed nor even making a fair go of pretending to be amazed. Although my defence, I did not know that good manners requires me to be amazed.

You really must try harder ValHaller. It really isn't good enough.

sickasachip13

MrsHunter wrote: »

Where exactly am I talking about accumulating more debt? Oh and my husband has been collecting for two years. Our debt was accrued a long time before that. Jeez it must be hard being so perfect!

Hi,

Well, I am far from perfect and certainly would not attempt to make such a claim. This is one of the reasons I shared with you our own desperate debt situation.

...so, not perfect, but puzzled - your husband started accumulating a collection of something - games?? - that is worth £10k, while you were in this much debt. Doesn't that strike you as odd or reckless at all?

And the increased financial obligations - you're talking about mortgages / extensions etc etc. And you're determined to have another child - that is certainly another financial obligation.

But, good luck to you. Maybe you should go to your DMP provider and tell them about your additional income, your valuable collection, your plans for the future and ask them for some financial advice?

SAAC