Checking In before starting my Diary

jebeljees

Hi! I just wanted to offer support as this forum saved my financial life nearly 20 years ago. I was drowning in debt with the credit cards, loans, overdrafts and all that jazz, but moving forward, I'm 2 weeks away on exchanging on my second property, so there is hope! 

My suggestions
1. Sell both cars. They are costing you more than 500 pounds a month and you say will need more work spent on them. You don't need one as you work from home. You say your partner needs a car but her salary seems low and she leaves at 6am every day to travel somewhere far away (I imagine if needs a car) to work. Can she find something nearer? Find an alternative way to get to work? You can use the money from the cars to pay off debt, or maybe some of it for a cheap run-around paid in cash. I don't know about cars but you should read the blog - Mr Money Mustache which is another life saver. His post "your debt is an emergency" will help you a lot. He says never borrow money for cars and has advice on which to buy as well. I feel your car stress! 

2. Totally agree with poster above. Cancel satellite TV (there are plenty of shows on catchup or get netflix and cancel tv licence), find a cheaper internet provider (look on this site for Martin's recommendations), payg sim card. Cancel the entertainment budget while you have this debt (your debt is an emergency!). You can go for walks, visit the park, museums, visit friends - free stuff! With these changes and car money, you could have an extra £700 month to throw at the debt = nearly £1400 in total every month. 

3. You have a 3 bed house. Can you rent a room out? You can earn up to £7500 a year before paying tax. Not ideal but worth it to get rid of debt as soon as possible =  potentially up to £620 a month.  Mr Money Mustache also has lots of ideas about how to increase income. If the upgrading needed is purely cosmetic, could you paint/ upgrade it yourself? There are always loads of bargains on facebook marketplace.

4. The APRs are shockingly high. Any way to reduce these? Maybe check advice on this site. 

5. Can partner postpone paying the £50 a month for her insurance in her home country until you are in a better situation? Is there the possibility of her back paying at a future date? 

6. Drastic option, but I left the UK. The salaries are too low and the cost of living too high. If you can work online you could sell the house, pay off the debts and move to a cheaper country (partner's?) or get a job in a country that pays a higher salary (Middle East). Or if you can work online, move to a cheaper part of the UK. 

These are just a few of my suggestions, without knowing you, so take with a pinch of salt. Good luck! 

in_need_of_direction

It might be worth checking if either of your employers have some kind of death in service scheme that you may already be part of.  This could significantly reduce the level of life assurance needed.