Debt Spiraling - Need Help Fast.

Fingersoffish

That's what I need, hot, easy meals. I'll have a look. But it might mean investing in some tuppaware!

dionysia

The food at work definitely has to go. Are you 25 soon? Car insurance might reduce then. Your older child is part of the family and the expenses of seeing him are part of the family budget, so it means less on things like clothes, gifts and entertainment - you and your wife need to be on the same page there or the spiraling will just continue because of trying to spend like the car costs aren't there when they are.

If you can't cut the expenses you have to up the income. Could her family that you're living near help provide some childcare so she can up her hours, or could she get an evening job a couple of nights a week while you're at home with your daughter? If you can't cut the expenses and you can't up the income, then the loan from your parents looks like the only thing that's flexible - I know you don't want to delay this and that's admirable, but otherwise since your expenses are more than your income before any debt repayments are taken into account, the only way you can pay them back is by borrowing money somewhere else.

Fingersoffish

dionysia wrote: »

The food at work definitely has to go. Are you 25 soon? Car insurance might reduce then. Your older child is part of the family and the expenses of seeing him are part of the family budget, so it means less on things like clothes, gifts and entertainment - you and your wife need to be on the same page there or the spiraling will just continue because of trying to spend like the car costs aren't there when they are.

If you can't cut the expenses you have to up the income. Could her family that you're living near help provide some childcare so she can up her hours, or could she get an evening job a couple of nights a week while you're at home with your daughter? If you can't cut the expenses and you can't up the income, then the loan from your parents looks like the only thing that's flexible - I know you don't want to delay this and that's admirable, but otherwise since your expenses are more than your income before any debt repayments are taken into account, the only way you can pay them back is by borrowing money somewhere else.

My plan of action so far is to have a long sit down with the wife tomorrow night and try and iron some things out in that department. The problem we have is for personal reasons we don't trust 90% of her family to babysit for long periods(They are polar opposites of us and the way we raise our daughter), the only one we do is my sister-in-law who works in care and has long shifts etc.

I'm sure she'd be willing to look for an evening job, but the issue is finding someone who'd take her on when she couldn't start work until say 6.30pm.

bigisi

I notice you get the car serviced twice a year. For a vehicle that's doing long journeys as often as you (especially if it's diesel which I suspect it is) would be fine only being serviced once per year. If you're really bothered about it learn how to do an oil change and other basic stuff for the second service and have the full one done once per year.

sourcrates

How are you currently servicing the debt repayments ?

As there is not enough money in your income/expenditure to do so.

Solving this problem will go far beyond taking a few packed lunches to work, and cutting out fizzy pop, you have a monthly shortfall of approx £240.00, you cannot simply magic that out of thin air.

I suspect at present the shortfall is either coming out of one or more of your other expenses or its going on the credit card, this situation is not sustainable.

Either one, or both of you must increase their income, there is no alternative, at some point you will not be able to make all the contracted repayments, and somethings will have to be missed.