In need of some advice - SOA attached

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81990132#Comment_81990132

On the TV licence. Subscriptions to things like Netflix can add up to more than the cost of the licence - so if you go down the route of having subscriptions only to access on demand stuff you need to ensure that these don't get out of hand.

Alternatively stick with the TV licence but have no subscriptions. It depends really what you/the family watch.

Brie

https://forums.moneysavingexpert.com/discussion/comment/81990192#Comment_81990192

Yes of course. I should have mentioned the free ones like Channel 5 on demand etc. Lots of on demand stuff available via Freesat for free.

RAS

Do you actually have £300 left at the end of the month? Do you have any savings?

If not where is it going? Carry outs, days out, top up shopping, treats for the kids etc? Whatever, if you theoretically have that much spare a month now and this much debt, you appear to have been living beyond your means for some time previously.

What was the loan for? To "pay off" previous debt?

Your consumer debt isn't horrendous by some metrics but your cars are killing you.

I'd suggest you sit down together with both the car and loan contracts and check what happens if you want to dispose of the cars and over pay the loan. You need to understand the legal options.

And if you don't know where the money isn't at the end of the month get two little notebooks for £1 and record all spends for a month. If you do a grocery run and buy something other than food and household goods, record clothes, wine, middle of Lidl etc. You can't control what isn't recognised.

As the other have said, talk to both kids, now, and explain that holidays and presents are going to have to be a lot cheaper. That allows your young adult to make appropriate adjustments to their summer plans as well.

ManyWays

When does the first PCP end? At that point you need to look at not replacing it OR getting a much cheaper second hand car. Your petrol usage is not large, it is not clear why an older car would not be fine.

Have you looked at car commission refunds for previous HP and PCPs? See

Car finance FREE reclaim tool & guide | Martin Lewis

When does your mortgage fixed rate end? It looks as though you have about 21 years left of the mortgage, how long util you two retire?

The groceries looks fine to me. 3 adults plus a teen is going to be a lot!

I think your clothes are low, but the presents and holidays are high given your debts.

maman

Not sure if the adult child at university is living at home but if he's away in term time then £800 on groceries seems very high. Actually, even if it's 4 people permanently then I think it's still high. Where do you shop? Do you cook? 🤔

MasterG83

Hi, detailed SOA so well done. Good news is you have a good income, sometimes with the number of debts it can be overwhelming.

My plan would be to tackle the debts one by one using the snowball method, start with the smallest, regardless of interest rate, and knock that one out, then take the amount you were paying on that and add it to the next smallest debt, and so on. It works I can testify!

Look up Dave Ramsey 7 baby steps and the debt snowball method on you tube and podcast.