Debt Journey starting out - SOA included

Time2Go_25

Sncjw said:

Why do you have teo morgatws running at the same time? 

What on earth is a teo morgatws?

sharpe106

Think it meant to be two mortgages,i guess they either took a 2nd charge against the property or remortgaged 

TheAble

pdel61 said:

Sncjw said:

Why do you have teo morgatws running at the same time? 

What on earth is a teo morgatws?

It's where if you already have neo morgatw you get yourself a sonced neo.

Jude57

Just to point out that, if the SOA is accurate, it looks like OP can 'comfortably' afford their contractual payments. StepChange won't offer a DMP in those circumstances and the other debt charities probably won't either. I'm also not sure an IVA would be agreed by creditors who could argue the same thing. OP, please be very wary of any companies offering these solutions, and always seek free, impartial advice through one of the recommend charities. 
That said, there's lots of advice and support available here, so good luck with everything. The fact you and your OH are on the same page is brilliant, you can do this together.

tlc678910

Hi OP,
I agree with the advice you have been given. Getting rid of paid for TV (to use free view, catch up and YouTube for free) is a good idea. Also agree on the mobile phones. When they are out of contract go sim only for £10 - £20 if you need lots of data or even less if you don't.

I'm not sure your entertainment budget is realistic (with things opening up a bit now) you would have to be super disciplined to stick to that so maybe redirect the TV and mobile phone money there.
Do you eat out/takeaway? We have a chippy tea most weeks and the odd McDonald's (sometimes just the kids) and can easily be £100 a month.
I am actually very impressed if your grocery shopping is £250 a month or less at the moment. Track it to make sure (keeping receipts or reviewing bank statements). Include all small trips for milk etc. I suspect it might cost more than you think and this might be where some of the missing money is going.
Your income, expenditure (and debt) is quite similar to our own and after holding our debt stable/slowly increasing over many years the only time we have made big strides is recently with reduced outgoings due to lock down and overtime at work (carer). Any chance of extra work/ overtime/second job. At this (our) income level an extra couple of hundred + makes such a big difference. 

Andyjflet

Morning, well done for waking up, now you really need to have your light bulb moment.
Always makes me smile when people post an SOA, people then advise and then the OP justify why they are spending the amount they do, this says to me the OP havent yet woken up.....anyway I digress.
Get a budget sorted, get current, IE paying off your overdraft, then save £1000 emergency fund, then use your left over money to start snowballing the debts from smallest to largest. 

ryanm8655

Andyjflet said:

Morning, well done for waking up, now you really need to have your light bulb moment.
Always makes me smile when people post an SOA, people then advise and then the OP justify why they are spending the amount they do, this says to me the OP havent yet woken up.....anyway I digress.
Get a budget sorted, get current, IE paying off your overdraft, then save £1000 emergency fund, then use your left over money to start snowballing the debts from smallest to largest. 

I have the same reaction, not in a holier than thou way, just because I remember doing exactly the same as well as dismissing the warnings re: consolidation and lo and behold, I’m back

kimwp

@positiviT91 My car insurance allows me to drive other cars, I don't need to be specifically insured on them - have you checked if yours has the same feature?