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What to do????

245

Comments

  • I can't offer any experience in telling your partner but you have said you know he'll be supportive so just go for it, the sooner it's done the better then you can get on without it hanging over you.


    Ideas to reduce outgoings:


    check benefit entitlements including working tax and childcare element. Doubtful if as your SOA says you are on over £7000 a month though.
    do either of your workplaces offer childcare vouchers? This may save a bit of money.
    ditch the cleaner and do it between you.
    look for 0% balance transfer on the cards


    I'd say you really need to sit down and work out a household budget including both incomes and all expenditure only then will you know where you stand and where you can cut back etc.
  • themull1
    themull1 Posts: 4,299 Forumite
    A cleaner is a luxury that you can't afford at the moment. Do an SOA using both salaries, and i bet with a bit of trimming here and there the debt will be gone quickly.
  • dktreesea
    dktreesea Posts: 5,736 Forumite
    With the mobile phone, rather than pay as you go, (very expensive) I would suggest just going onto a phone contract with them that is just for usage. You could probably get a reasonable contract for around £15 a month.


    I realise a cleaner is a luxury but I would hesitate before giving up that particular luxury. Good cleaners are hard to come by.


    With the £800 plus you have left over, I would suggest using half of it - just half, so that if you need things you have money left over to pay for them without going into further debt, - then pay off the most expensive debt first and gradually you will whittle through them.
  • p1nk18
    p1nk18 Posts: 18 Forumite
    Hi All,

    So I told my husband about my debt over the weekend and I am so please that is off my chest. However, he also said that his credit card debts are around the same amount. So things look dark. We both have a huge amount of credit card debt to pay off.

    Is there anyone out there that can help with some useful advice? Our mortgage is up for renewal in jan, we were thinking of switiching to an interest only payment for a couple of years, at the moment it is interest and repayment and that alone is 3.3k. If we switch to interest only that will free up some money to get these cards paid off a lot sooner.

    Thoughts? Any advice?
  • Jon_B_2
    Jon_B_2 Posts: 832 Forumite
    500 Posts
    £46k worth of debt then? What are your salaries? You definitely need to post a proper SOA.
  • Brightspark87
    Brightspark87 Posts: 1,466 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Debt-free and Proud!
    Hi - things always look dark before you see the light. You can do this! You must earn c£40k? SO therefore you owe about half your annual salary. This is completely do able - just have faith and go through this journey together xx

    Paid off all Catalogues 10.10.2014
  • p1nk18
    p1nk18 Posts: 18 Forumite
    Hi All, my salary is 42k, my husbands is 150k. I feel so much better already knowing that it is out in the open and that I no longer have this secret to carry around with me.

    Having said that, I am to embarrassed to say anything to family and friends about it too!
  • katy_ann
    katy_ann Posts: 1,094 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Welcome to the forum and good luck on your DF journey, I would definitely reccomend posting a full SOA as per the above link, this will help us to see where you can cut back and help make extra cash :)
    Debt free once - Back again | Current debt: £2479.50 - January 2025 | Make £2025 in 2025 #11 - £41/£2025
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    You don't have to say anything to your friends and family about your debt. It's none of their business. The important things are that you and your husband are being honest with each other and both being on the same page when it comes to tackling the debt.

    £46k of debt with your incomes is totally doable although I would say that the chances of getting an interest only mortgage are slim to none.
  • p1nk18
    p1nk18 Posts: 18 Forumite
    Hi Katy Ann, where is then link for the SOA please?
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