Please help, reaching the end of the road

nicp60

hamilton20 wrote: »

Hi - just wanted to add some words of encouragement to you so you know clearing your debt can be done. I am a single parent and I cleared over £100,000 of debt in around 8 years and I earn less than you. You just have to keep plugging away and you'll get there

Bl00dy hell!! Well done! :T

surfsister

Hi there looking at your costs the biggest ones are loan/car/food/utilities

Have your tried to consolidate your loans into one big loan? I've heard Martin mention it on his TV program and people seem to save a lot by doing this.Anyone on here know more details??

Have you shopped around for utilities?? Some are much cheaper than others and have you tried using less or insulating?

I'm sure that food could easily be cut if you have a joint effort - have you tried changing brands, shopping at lidl/aldi, getting veg at the market, cooking 5lb of mince in one go then having spag bol/shepherds pie and freezing the rest etc etc. A slow cooker is great to throw a chicken/gammon joint into boiling stock and eat at night.

Loads of ways to save, don't give up maybe take an afternoon without the kids and plan together ways to save, maybe kids expenses can be reduced too? But I'd explain the situation to the kids so they are on board too. Good luck we're all rooting for you and you are lucky to have a good settled job and a family!!

Weird_Nev

surfsister wrote: »

Have your tried to consolidate your loans into one big loan? I've heard Martin mention it on his TV program and people seem to save a lot by doing this.Anyone on here know more details??

OP says he cannot get another loan as his credit rating is now too bad. The £25k load may well be the result of earlier consolidation. Paying off debt with debt is generally a poor idea. Snowballing payments from highest interest, moving money about to get as much of it on a lower interest rate as possible, and other tricks are the way to tackle this debt.

First and foremost, income has to exceed outgoings.

OP - Have you had the "little chat" with your wife yet?
Without her on board, this will not be possible. Time to man up and face the music. The situation really isn't surmountable, but you need her help, in saving around the home and earning more at work.

And get rid of the car. Sod image, this is your families financial security you're talking about.

nomunnofun

triple_choc_chip wrote: »

Yes they are, they would have to pay 30% of it back though. It's on a sliding scale between £50k and £60k. I claim mine and keep it in an ISA - much like stoozing.

Full child benefit entitlement if pension, as appears likely, is more than £3000 per annum.