In a bit of a mess...a

Head_In_The_Sand

Apologies if this is the wrong forum to post in, but we are in a bit of a mess which we have ignored for a long time, but need to sort it out now.

We have approx £35k credit card debt between us (mostly from IVF treatment), a mortgage of approx £1000 per month, car loan of £250 per month, childcare and we are struggling to get by on a combined income of approx £80k - we always run out of money about halfway through the month.

My partner has a credit default from last year through not paying a credit card for almost 6 months.

We need to restructure our finances urgently but I don’t know where to start. Anyone we have spoken to so far just seems to want to sell us a loan.

I am very wary of going down the route of a consolidation loan because I fear we will simply run up the credit cards again when things get tough.

Any advice? Where should I start?

[Deleted User]

A salary of £80,000 will give you about £4500 per month after tax.

So minus £1000 for mortgage, £250 for the car loan still leaves £3250.

How much are you paying on other expenses? Credit card, other bills, gas/elect/water, council tax, food, broadband, childcare etc.

Ideally you should post in the DFW board

Pixie5740

No, you don't need to restructure you finances you need to tackle the source of your overspending. Head over to the Debt Free Wannabe board for advice.

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Head_In_The_Sand

Thanks for the replies.
Can I move the post to the debt free forum?

I chose this one because my partners default adds a level of complication to any solution we try to find.

Head_In_The_Sand

Other main expenses are :-

Credit cards £600
Food £400
Utility £150
Tv & internet £60
Mobile bills £70
Childcare £400

Head_In_The_Sand

Also petrol £150

Head_In_The_Sand

Oh and council tax of £250.
And a loan if £60 for a new boiler.
(Sorry for the separate posts, but for some reason I can!!!8217;t edit a post)

MallyGirl

Head_In_The_Sand wrote: »

Thanks for the replies.
Can I move the post to the debt free forum?

I chose this one because my partners default adds a level of complication to any solution we try to find.

I have asked if one of the BGs can move this for you - I don't have permission to do it on this board.

marliepanda

Head_In_The_Sand wrote: »

Oh and council tax of £250.
And a loan if £60 for a new boiler.
(Sorry for the separate posts, but for some reason I can!!!8217;t edit a post)

Go the Debt Free Wannabe page and make a post with a SOA (statement of affairs) showing your incomings and outgoings. This doesnt have anything to do with your credit file so you're not going to find much help in this part of the forum.

Until you have all your finances in order you will struggle to get sorted. This will help.

[Deleted User]

Head_In_The_Sand wrote: »

Oh and council tax of £250.
And a loan if £60 for a new boiler.
(Sorry for the separate posts, but for some reason I can!!!8217;t edit a post)

That still only comes to around £3300 - £3500, leaving around £1000 somewhere unspent (based on £80k per annum, roughly £4500 per month).

Head_In_The_Sand

I have genuinely no idea where that extra £1000 goes - I guess it!!!8217;s top-up shops, treats and meals out etc.

Unless there us something else I!!!8217;ve not accounted for - there is maybe about another £159 worth of bills for home insurance and car insurances and breakdown cover etc.