I want to stop drowning

debtaghh

I am just trying to think of a way of getting the money together.

The problem with a dmp is that it won't include family debt as well as family credit cards so don't feel we will be that better off.

debtaghh

enthusiasticsaver wrote: »

Can you do the move yourself by renting a van for the day and roping in family to help? That should save on moving costs. Hopefully you will get all your deposit back although I think you said your dad has lent you deposit for the new place so presumably that will go to him.

Yes we always do the moves our selves. My dad has lent me the deposit and we are doing everything we can to ensure there will be no reason why we can't get our deposit back e.g painting

debtaghh

enthusiasticsaver wrote: »

Have you actually found a house yet or are you moving in with relatives initially? Presumably that may mean you can use your deposit from the old place as the deposit for the new one.

We have thankfully found somewhere.

enthusiasticsaver

debtaghh wrote: »

I am just trying to think of a way of getting the money together.

The problem with a dmp is that it won't include family debt as well as family credit cards so don't feel we will be that better off.

Unfortunately that is the downside of borrowing from family. The amount of debt you have to them is just extortionate too and I think you said they are unsympathetic in reducing or stopping repayments until you are in a better place? I think in your position you would actually have been better off defaulting on credit cards earlier rather than borrowing from family.

Ideally you would use the DMP to get on a more secure footing and also stop payments to family initially or pay minimum and gradually increase as the other unsecured debts fall off. However when it comes down to either rent or repaying your family I don't think anyone would blame you for putting rent first. Personally in your position I think I would prioritise bills as follows:

Rent and council tax
Utilities and food
Travel to work and essential outgoings - school uniform etc, haircuts, insurances, emergency savings,
Repayments to family
minimum Credit card and unsecured loan repayments
Christmas, gifts, holidays, entertainment and other non essentials.


Great news that you have actually found somewhere to move to though and that you will be cutting costs by doing the move yourselves.

debtaghh

Thanks. Yes my parents are unsympathetic

[Deleted User]

Definitely look into childcare vouchers. For every person doing it, you save £75 a month if you order the full £243 in vouchers. We both do it and save £150 between us! Very worthwhile.

I think £280 for a family of five should definitely be doable. Batch cook, swap some meaty meals for meals with pulses in, have a couple days a week of having basic things like beans on toast or spaghetti and tomato sauce a week and you'll do it.

Getting cash out and having to restrict my spending that way definitely works for me.

And well done on your new job!!

debtaghh

Thanks.

My child's nursery will accept the vouchers , it will only be £80, does anyone know how much we will save or how it works?

[Deleted User]

You sign up through the company that your employer has chosen, like edenred or kiddvouchers. It's usually quite easy on their website. Then you add the provider. The amount of money will come out of your gross salary and go directly to nursery. Then you get paid a little bit less net salary.
For example, for me, £243 come out of my gross salary and go directly to nursery, then I get paid around £170 less than I would normally. Meaning I've saved £73.
With £80, you'll likely get paid £60 less and save around £20. Still, every little helps!

badmemory

Are the savings only if you pay tax & NI?

wishingthemortgaheaway

badmemory wrote: »

Are the savings only if you pay tax & NI?

If you do salary sacrifice child care vouchers then yes.
If you do tax free child care then you have to earn a minimum of £125 a week (I think) before you can claim. I do, but not enough to pay tax & ni, and I can still do the tax free childcare account. But, if you get any form of tax credits you can't do tax free child care