Need help

Stuckinarut

I’m looking to clear my debts and then get some savings behind me.
I’m going through a rough patch with my husband, so not really looking for his help in clearing my feet as wont be speaking to him about it as want the savings to be there just incase me and kids end up on our own and needing it. I’m just wonder how I go about giving my income and outgoings, as we get joint tax credits and hubby gives me money to give me the same as him to spend each month as I only work part time.

Debtfreeforever

Hi stuckinarut, I'm sorry to hear that you having difficulties.

I am however not clear on your question - can you please clarify, so we can help?

Fireflyaway

Are the debts in your name only? Does your husband know about them?
In either case you need to write down whats coming in and what s going out. Then work out where you can make savings. Then tackle the debts. I'd probably do the baby steps method. Look at dave ramsey on youtube.
Re you and your husband have you talked properly about your problems? Money and debt causes a lot of issues. That might not be your problem but if it is then maybe work on this together?
I've always found saving small and regular seems to work the best. That way you don't dip into it and it doesn't take long before it builds up.

Stuckinarut

I don’t know how to put it in words, it makes sense in my head lol.

My husband is aware of the debts, and they are paid from our billing account, therefore in a sense hubby pays half. However he is happy with the amount that’s being paid, basically so he gets more money for himself, whereas I want to clear my debts. I have about £300 each month to spend on myself, so not sure where to start.

sourcrates

Stuckinarut wrote: »

I don!!!8217;t know how to put it in words, it makes sense in my head lol.

My husband is aware of the debts, and they are paid from our billing account, therefore in a sense hubby pays half. However he is happy with the amount that!!!8217;s being paid, basically so he gets more money for himself, whereas I want to clear my debts. I have about £300 each month to spend on myself, so not sure where to start.

Hi,

Are you a homeowner ?

How much debt do you have ?

Answer to these will start the ball rolling.

Stuckinarut

No i!!!8217;m a housing association tenant.

I have about £6000 in debt.

sourcrates

Stuckinarut wrote: »

No i!!!8217;m a housing association tenant.

I have about £6000 in debt.

Ok, depending what you can pay towards these debts, maybe a debt management plan would work for you, or if you have little money left at month end, a debt relief order, thing is, we won’t know until you fill in a statement of affairs, which you can do here :

http://www.stoozing.com/calculator/soa.php

Stuckinarut

That’s my problem I dont know how to do the soa, as my wage is heavily deducted with a credit union loan, council tax and 2 home computing schemes coming off, so £303 is paid into my account and hubby covers the rest of the bills.

Stuckinarut

Can anyone offer advice?

Debtfreeforever

Hi stuckinarut. The £6000 you are in debt with, can you please list the debtors and the interest you are paying and how much you are paying each month (if you do) we can give you a better idea of what to prioritise.

Can the £303 go straight to debt payments?

If you don't pay interest on the 6k, you be paying it for 20 months. If you can pay 303 towards it every month