Help/advice

Bullyboy20

Ah wel is what it is.
Tbh we not had a holiday in such a long time so
Treating as 1.

DCFC79

OP you have to decide whats important here, if you want to reduce the debt then either get rid of the car, get a job that pays more OR get a job closer to home.

monetxchange

I’m glad you’ve come here for guidance, but I do agree that you haven’t had the lightbulb moment yet. Every suggestion on ways forward have been met with a reason why they can’t be done - bills can’t be lowered, can’t spend less on groceries, won’t use savings, having extensions built, won’t enter a DMP.

I know you’re feeling low about it and like the world is against you. I’ve been there. But there’s no other way out of this. However it occurred, you ran up the debt, you need to get on board with a plan to clear it. I just can’t see what you intend to do right now.

Have you looked into a DMP? You mention not wanting to ruin credit ratings - these aren’t important, and it seems you only want a “good” one as you’ll need more credit to get works done. The last thing you need is taking on more debt. I really hope we can all help you grapple with this before it gets worse.

Bullyboy20

Hi thank you for your message
I have looked into a dmp
But this
Extension is a must now tbh
But i cant now, in 3 years hopefully i Wil be able to. If do dmp no chance that happening.
I could potentially bring the mobile phones to 50 pay the store credit off with the sale of the car so save on car expeensives , cut down food bill slightly although this includes vape nappies etc.
Apart from this a cant reducing anything futher

Willing2Learn

Hello again Bullyboy20

I get that you have plans for your house. But you need a plan to tackle your budget shortfall. I don't see how you can carry on, with your debt increasing by £342 every month, due to the shortfall in your SOA. Yes you can save a few quid from your mobile phone contracts. Yes you can sell the car for £2,000. But neither of those things will deal with the fact that your SOA does not add up.

What are you going to do about the shortfall? How are you going to tackle it?

Grumpelstiltskin

Bullyboy20 wrote: »

Hi thank you for your message
I have looked into a dmp
But this
Extension is a must now tbh
But i cant now, in 3 years hopefully i Wil be able to. If do dmp no chance that happening.
I could potentially bring the mobile phones to 50 pay the store credit off with the sale of the car so save on car expeensives , cut down food bill slightly although this includes vape nappies etc.
Apart from this a cant reducing anything futher

You can reduce your expenditure if you really want to.

Nappies, as your wife is at home and the ages of your children she should concentrate on the children not wearing nappies 24/7. It can be done.

Vaping, stop it.

I could go on.

Food can be reduced if you both put your minds to it.

Willing2Learn

And while I'm here. I think that you have been misinformed about how a DMP (and associated defaults) would effect your plan to re-mortgage. I know for a fact you can get a mortgage with defaults on your credit file. You would not be able to use a high street bank though. But I do believe it is possible with a good independent mortgage broker who specialises in adverse credit.

Take a visit to the mortgage board in this forum. Ask the question: Can I re-mortgage when I have defaults? I believe you will be surprised by the answer.

Bullyboy20

Nappies not with my eldest hes autisic
Doesn't communicate doesn't talk etc
Its very difficult
No chance I will stop vaping Yet its my biggest stress reliever id give up food first
I only spend 10 per week on it compared to 20 fags a day like a used to, i am all up for no vaping just not the right time yet.
If i could reduce
Mobile to 50
No emergency fund
Food to 450
No car expenses
Plus pay off store credits
I think thats 450 less a month.
Am i talking a-load of rubbish here
Just trying come up with ways without going dmp route.

Grumpelstiltskin

You can bring your food bill right down. £450 is still way too high.

Have you looked at the Old Style board?

https://forums.moneysavingexpert.com/forumdisplay.php?f=33

You still haven't grasped the seriousness of your situation.

Bullyboy20

Yup i know its a grim situation
450 with vaping nappies is about right i think