Am I a terrible person?

Grumpelstiltskin

Are you sure Next is 0% interest?
Next Credit Options | Credit Accounts for Fashion & Homeware | Next

elsien

Well done for doing that, it's a huge first step. 
The thing about an SOA  is that it's always a work in progress to start with, as you juggle the figure and work out which guesstimates are ok and which are wildly out.
The SOA should include foreseeable expenses, so for example any regular maintenance and servicing should be on there, not just the MOT. No holiday this year, not even a few days away? 
And definitely something for your emergency fund as that saves having to hit the credit card when the boiler breaks, or whatever.
A lot of people find a spending diary helpful  - do you think your wife would be on board with that, just over a month or so to see what is evaporating where that you hadn't thought of. 

Sea_Shell

As others have said SOAs are a work in progress.

Spending diaries are a good idea too.

Alongside this you could try another exercise...each week list 3 things that you have now decided NOT to buy/spend, that you otherwise would have usually bought.   Then review how you feel about not having had that "thing".

Jackmessedup

I was worried that we are going to end up having to take a DMP or worse. Do you think that we can avoid this?

TheAble

You should really include your mortgage and car payments on the SOA. It's not a clear picture without.

Jackmessedup

TheAble said:

You should really include your mortgage and car payments on the SOA. It's not a clear picture without.

I have updated it

remote_control

Hi Jack,
It seems like Very has the highest interest and is also not crazy large (as a % of your total debt).
If you have stopped spending on any sort of credit (in my opinion that is step 1) then I would tackle the Very and ignore all the others (as long as they are on minimum payment). 
If you've got time I'd recommend this diary as it is relatively recent and the person is doing a great job getting rid of debt https://forums.moneysavingexpert.com/discussion/6235599/31k-of-debt-to-go-in-18-months/p1

Jude57

Jackmessedup said:

I was worried that we are going to end up having to take a DMP or worse. Do you think that we can avoid this?

As I've pointed out, if you can meet your contractual payments, reputable DMP providers aren't going to offer you a plan, nor any other debt solution really, because you are, on paper, in a position to pay your debts without defaulting. For anyone reading this who is considering going with a fee charging DMP company or magical IVA company, please speak to one of the charities mentioned in the sticky at the top of this board.

@Jackmessedup, you can absolutely get through this but there's no quick fix. It's taken a while to build the debt burp and will take time to clear it but it can be done relatively painlessly based on your SOA. You've made a start, it'll only get better from here.

warby68

I think this stage of pulling everything together and facing up to it is tough.

Your debt is high and some of the rates painful - that does mean it poses quite a significant background risk should anything untoward happen and affect either of your earning capacities. Also the amount that you've built up probably also means quite a big lifestyle change will be needed to stop that rate of overspending over and above any repayment plans you might have. Those 2 things put me in the camp of sharing the amount with your wife. Its a risk she might not be aware she's living with and its going to take a good bit of joint effort to sort.

I know that's a bit gloomy but I do think its realistic where you have £60k+ of debts equating to a year's net income plus vehicle finance. That level means you might struggle soon for any more credit and certainly for good rates - some of your current rates suggest that's been the case for a while.

That said you can very easily cover all your essential bills so it is a case of how hard and how quickly are you going to tackle this once you have the full picture (looks like the mortgage and vehicle finance are not in the SoA yet). Broadly it looks like you can manage this yourself without any debt solutions but not sure 2 years is realistic at first glance. So keep working on that SoA and your budget to see what's realistic after looking at where ALL of your money has been going. Don't forget to factor any already made commitments such as holidays. 

Good luck

Jackmessedup

warby68 said:

I think this stage of pulling everything together and facing up to it is tough.

Your debt is high and some of the rates painful - that does mean it poses quite a significant background risk should anything untoward happen and affect either of your earning capacities. Also the amount that you've built up probably also means quite a big lifestyle change will be needed to stop that rate of overspending over and above any repayment plans you might have. Those 2 things put me in the camp of sharing the amount with your wife. Its a risk she might not be aware she's living with and its going to take a good bit of joint effort to sort.

I know that's a bit gloomy but I do think its realistic where you have £60k+ of debts equating to a year's net income plus vehicle finance. That level means you might struggle soon for any more credit and certainly for good rates - some of your current rates suggest that's been the case for a while.

That said you can very easily cover all your essential bills so it is a case of how hard and how quickly are you going to tackle this once you have the full picture (looks like the mortgage and vehicle finance are not in the SoA yet). Broadly it looks like you can manage this yourself without any debt solutions but not sure 2 years is realistic at first glance. So keep working on that SoA and your budget to see what's realistic after looking at where ALL of your money has been going. Don't forget to factor any already made commitments such as holidays. 

Good luck

Thank you. I appreciate your comments. I have updated the SOA now with my mortgage payment and the car finance is the halifax entry on my unsecured debts. I used their car buying scheme.