Debt Advice- SOA Posted

Smodlet

I respect your opinion, MrsSave, but doubt one can be effective teaching young people that actions have consequences when one has yet to assimilate that fact oneself.

westlothian

Thankfully that is for parents as first educators of their child. I do not teach any form of citizenship/PHSE and find the curriculum cluttered enough as it is. I can only focus on getting students through exams and my results were once again amazing.

westlothian

Smodlet wrote: »

I respect your opinion, MrsSave, but doubt one can be effective teaching young people that actions have consequences when one has yet to assimilate that fact oneself.

Typical to blame things on teachers. Take responsibility as a parent,

westlothian

MrsSave wrote: »

I do think this is unfair and uncalled for. Their jobs have nothing to do with their debts or the way they're dealing with them.

I don't think that they've had their lightbulb moment yet, and don't think that they're ready to deal with their debts and make the plans needed to move forward successfully, but that does not make me think for a moment that it will after their careers or the pupils they are teaching.

MrsSave, it is typical of teacher bashing. Parents have no responsibility to educate their children. Have you not realised that yet?

westlothian

ViolaLass wrote: »

You've just spent £19k on a new car. Could it go back?

Not without a huge loss which I would have to cover.

westlothian

MrsSave wrote: »

I think you and your wife need a proper sit down and a discussion now notig down all the changes you are going to make. Just think, if you pull your belts in a little now and manage £1000 a month towards your debts, in just over a year and a half you'll have an extra £1000 money every month to do with as you please.

The money you say you spend on birthdays ets, are you puttig it away every month? You need to decide on your budget and put it aside every month. I find YNAB a fab app where you "give each penny a job", though a spreadsheet or pen/paper work just as well.

Do you still spend on your credit card?

We have not spent on the card since May and the balance has come down quite a bit since then. We do need a budget!

westlothian

ERICS_MUM wrote: »

To be honest I don't think the OP is serious about this.

I am trying!

westlothian

Bedsit_Bob wrote: »

An extra £350 pm on the Credit Card, will cut the repayment time from 21 months to 11 months, and, perhaps more importantly, the interest from £1,181 to £535.

That's £646 in interest you will have saved, and you will have virtually halved the repayment period into the bargain.

Now that is a real incentive! Would be great to save all that interest.

westlothian

Karonher wrote: »

I would think that there have been enough suggestions about cutting back to allow you to sort things out without giving up too much. You can pay the bills and the bailiffs aren't at the door so as long as you are careful you can still do all the family things.

If you cut back on groceries and lunches, reduce entertainment/eating out, spend less on holidays and less on presents there is no need to cancel things completely. An extra couple of hundred a month paid off the credit card from the savings should see it paid off in about 15 months - less if your wife's extra hours happen.

I would have an emergency fund however just in case something does go wrong.

Thanks
we have never had an emergency fund but know that it is something we need. I get that some people here are in a much worse position but I want to stop our situation getting out of control through a shock or change in circumstances. The loan for the house extension is enough to service without a needles credit card and we have known about the extension plan since well before we took the loan- no excuses

westlothian

itchyfeet123 wrote: »

Not knowing you or your wife, I would suggest involving her in *making* the plan. Your SOA is unlikely to be accurate if it doesn't include both of your little cash expenditures that don't appear on the bank statement. The discussion and eventual plan won't be as productive if it seems like you're telling your wife she can't go to the hair salon any more. And the sacrifices toward the end goal are more likely to be equitable if you both figure them out together - as an example, your lunches are costing almost as much as your wife's hair, but didn't even make it into the SOA

Thanks
yeah I know it needs to be a team effort.