Finally facing up to our debt - feel depressed!

msmicawber

Hi and welcome. You're doing well already by the look of your SOA and the fact you've found an evening job.

It's worth checking whether your OH receives life insurance through his job (I do), or as another poster mentioned via your mortgage, in which case maybe you could cancel the current LA.

chappers

Firstly you need to tell your OH it is half his resposibility and shame on him for not haveing any idea of how your household runs.
You say you have no running costs for his car etc but in reality you do as it is your own business any costs cut in the business leave more money that can be paid to your husband, I'm not suggesting you bleed the company or anything but think of the companies money as your own and any savings made there could benefit you.
Is the life cover just his or is one of the policies yours ? Do you both need life cover or could you take out a joint policy which would payout in the event of either of your deaths.
Your big problem is the size of your mortgage compared to your income you say you plan to remortgage in July but your mortgage is a massive amount of your income. You either have a terrible interest rate or a mortgage too large for your income. How much is your outstanding mortgage and do you think this will reduce significantly e.g as your husband is self emplyed did you have to take a high interest rate and is he about to become mainstream mortgagable in July.

Either way pluck up the courage and tell him, none of this is your fault and it becomes easier when there are two of you fighting it, you never know he may tell you there is a load of money sat in the business doing nothing.

happyjazza

Thanks for the advice everyone, I'm now looking into the life assurance policies - we only have 2 because we didn't cancel the previous house life assurance! And yes, after looking around it does seem a bit excessive.
Our mortgage is for £250,000 over 23 years and our house is worth about £550,000, we are 34 and 37 and my thinking is that we only have 1 earner at mo, so once I'm bringing in some dough things will look brighter for us. Don't you agree? I'd feel more in control if we only have the mortgage, be it a massive one, rather than a massive mortgage and lots of loans/cc's.

Annie_Fanny

I'll throw this one in...

Can you sell your home...pay off all debts and buy yourself a more modest (not meant patronisingly!) home...??

No point sinking under worry and stress in order to have a home that is proving costly...

Good luck!

Annie