Remortgage to pay off debt

weston800

Thank you for all of your replies. I just wanted to say that I am reading and fully digesting every one - I am extremely grateful and I am going to work hard on taking steps to complete the financial steps you’ve provided. 

I had never even considered about this being a mental/emotional cycle but now you have opened my eyes to this, it makes so much sense. I’ve read your replies to my husband and he’s also in agreement about this being a cycle. 

We are now not going to attempt to remortgage. We need to be responsible for this debt and learn how we get into these messes. 

I’m very proactive with keeping track of credit cards and I do this all electronically but we’re going to have charts pinned up so we can easily see the debts going down - I think this will help as it’s something readily available. 

We’re going to have a proper sit down and have everything out in front of us. Put all of our money together, have an account for bills then a small amount of disposable income each per week then every extra penny will go off debts. We could be debt free in 4.5-5 years which actually sounds a lot more attractive than 5 years added to our mortgage with huge interest. 

Yes my husband is getting professional help for his alcohol misuse. He’s doing. Amazingly well - it’s been extremely tough but he’s had a rough time as well and is finally coming out of it. 

The £50k started as £9k (had a driveway put in) then £20k wedding & honeymoon, £6k garden levelling then the rest was everyday bills & spending when covid hit - my husband was self-employed and lost a lot of work and then lost his own partnership entirely. I was also on a lower income myself back then. 

ladyholly

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

weston800

ladyholly said:

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

My dog is raw fed and I would flatly refuse to change that (I already use the cheapest supplier), it costs slightly more than kibble but we don’t have children (and don’t want children) 

kimwp

weston800 said:

Thank you for all of your replies. I just wanted to say that I am reading and fully digesting every one - I am extremely grateful and I am going to work hard on taking steps to complete the financial steps you’ve provided. 

I had never even considered about this being a mental/emotional cycle but now you have opened my eyes to this, it makes so much sense. I’ve read your replies to my husband and he’s also in agreement about this being a cycle. 

We are now not going to attempt to remortgage. We need to be responsible for this debt and learn how we get into these messes. 

I’m very proactive with keeping track of credit cards and I do this all electronically but we’re going to have charts pinned up so we can easily see the debts going down - I think this will help as it’s something readily available. 

We’re going to have a proper sit down and have everything out in front of us. Put all of our money together, have an account for bills then a small amount of disposable income each per week then every extra penny will go off debts. We could be debt free in 4.5-5 years which actually sounds a lot more attractive than 5 years added to our mortgage with huge interest. 

Yes my husband is getting professional help for his alcohol misuse. He’s doing. Amazingly well - it’s been extremely tough but he’s had a rough time as well and is finally coming out of it. 

The £50k started as £9k (had a driveway put in) then £20k wedding & honeymoon, £6k garden levelling then the rest was everyday bills & spending when covid hit - my husband was self-employed and lost a lot of work and then lost his own partnership entirely. I was also on a lower income myself back then. 

Your decision to not put the debt on your mortgage is great news. It means you will be tackling the debt how you choose to, rather than with your backs to the wall (as they say) with far fewer choices. Best of luck to you both for tackling your husband's alcohol issues, it must be very challenging.

MFWannabe

weston800 said:

Thank you for all of your replies. I just wanted to say that I am reading and fully digesting every one - I am extremely grateful and I am going to work hard on taking steps to complete the financial steps you’ve provided. 

I had never even considered about this being a mental/emotional cycle but now you have opened my eyes to this, it makes so much sense. I’ve read your replies to my husband and he’s also in agreement about this being a cycle. 

We are now not going to attempt to remortgage. We need to be responsible for this debt and learn how we get into these messes. 

I’m very proactive with keeping track of credit cards and I do this all electronically but we’re going to have charts pinned up so we can easily see the debts going down - I think this will help as it’s something readily available. 

We’re going to have a proper sit down and have everything out in front of us. Put all of our money together, have an account for bills then a small amount of disposable income each per week then every extra penny will go off debts. We could be debt free in 4.5-5 years which actually sounds a lot more attractive than 5 years added to our mortgage with huge interest. 

Yes my husband is getting professional help for his alcohol misuse. He’s doing. Amazingly well - it’s been extremely tough but he’s had a rough time as well and is finally coming out of it. 

The £50k started as £9k (had a driveway put in) then £20k wedding & honeymoon, £6k garden levelling then the rest was everyday bills & spending when covid hit - my husband was self-employed and lost a lot of work and then lost his own partnership entirely. I was also on a lower income myself back then. 

Really pleased to read this 
Well done 👍 it’s not easy to accept things but you can work this out and smash those debts 
Good Luck and do keep posting; it’s a good check up for you to see you through your journey 🤞

MFWannabe

weston800 said:

ladyholly said:

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

My dog is raw fed and I would flatly refuse to change that (I already use the cheapest supplier), it costs slightly more than kibble but we don’t have children (and don’t want children) 

I can totally relate to this 👍
it is possible to feed raw cheaper than this depending what brands you feed or if you diy 

noitsnotme

weston800 said:

ladyholly said:

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

My dog is raw fed and I would flatly refuse to change that (I already use the cheapest supplier), it costs slightly more than kibble but we don’t have children (and don’t want children) 

Our dog has been raw fed from being a puppy (7 yrs old now) and we don’t spend anywhere near that much.  He’s a medium size dog weighing around 20kg.  My wife buys it in bulk, a months worth at a time and freezes it.  I’ll check with her but I reckon we pay around a third of what you do a month.

SanguineOnSaturn

On a side note for your hubby maybe check out the reddit sub r/stopdrinking. It's a great community for anyone trying to stop or control drinking. He is not alone.

MFWannabe

Just had a quick scan of your soa 

mobile phones look high, if you’re not in contract look at going sim only £60 a month is way too high 

Gas and Electric- £300 is a huge amount for only two of you. Do you work from home? Check what you are using and see where you can cut back 

Holiday - £140 a month; this needs to go/ be cut right back. If you need a break then look for cheaper Uk holidays. That’s a lot of money you could be putting towards the debts 

noitsnotme

weston800 said:

ladyholly said:

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

My dog is raw fed and I would flatly refuse to change that (I already use the cheapest supplier), it costs slightly more than kibble but we don’t have children (and don’t want children) 

noitsnotme said:

weston800 said:

ladyholly said:

What animals do you have that cost £140 pm. We had 3 up until last year and spent nothing like that. I know pet food has shot up in price but could you find a cheaper alternative. Remember every penny saved is a penny towards your debt

My dog is raw fed and I would flatly refuse to change that (I already use the cheapest supplier), it costs slightly more than kibble but we don’t have children (and don’t want children) 

Our dog has been raw fed from being a puppy (7 yrs old now) and we don’t spend anywhere near that much.  He’s a medium size dog weighing around 20kg.  My wife buys it in bulk, a months worth at a time and freezes it.  I’ll check with her but I reckon we pay around a third of what you do a month.

I’ve just checked with the better half… up until just recently we were paying £15 a month for 15kg of chicken mince in bulk.  That’s just gone up to £22 a month.  And then about another £10 a month on oily fish and maybe £8 a month on goats milk.  He also eats vegetables.

If you’re buying prepacked then it’s going to cost a lot more.  The big savings are buying in bulk, splitting it up and then freezing it.  Even with the extra costs of running the freezer it’s going to be a lot less than £140 a month.