Help, outgoings are more than incoming :(

I wouldn't worry about husbands job when he's on such a poor wage, our labourer gets more than that for 39hr weeks.

gembo69 wrote: »

So...spike tp phone provider they can reduce my tariff to £37 instead of 57. The only thing is it is a new 24 month contract. Is this the best thing to do? Old Contract runs out sept 18.

That's still far too high. Do not commit to a new contract unless you know how you are going to manage your debt, and when you do make it a £7 a month sim only deal.

gembo69 wrote: »

Not sure where you live, but in our region I’d say his wage was half decent when comparing it to people I know, relatives and people I work with. Other than my friends who’s partners work in oil and gas.
Maybe he should take his vr he was offered and become a labourer!

You say he has a senior position in a bank, yet only clears £400/week, doesn't seem right. And you say he hates it anyway.
Actually I was wrong about our labourer, he's on £10.50/hr, so gross of £409/week, but o/time at 1.5x, no stress, and no real responsibility.

I'm in Lancashire BTW, by no means a high earning area.

If I were you I wouldn't let his job stand in the way of getting a chance to see a clear way of clearing your debts.

Good luck whatever you do, I got myself out of a similar situation, similar amount of debt about 9 years ago.

It must be a very tough decision to make but as your unsecured payments are 2800ish if you (both) go bancrupt you will be better off even if your husband loses his job and replaces it with one paying £1000 each month.

With the gap between your income and outgoings if you don't take any action sooner or later action will be forced upon you.

Just to confirm there is no equity in the house? The secured loan and mortgage account for the approximately the full house value?

I think you need to explore all debt relief options and then be brave and go for it - don't spend the next few years sinking slowly.

Good luck

1. reduce family repayments (and giving money to your mum) where you can. Don't be afraid to tell them about the situation - you may be surprised the amount of support families can provide once they know why you cannot afford the current situation.
2. use the money "gained" to pay off most expensive debts (you have to work out what these are)
3. talk to debtline and explore the bankcruptcy option - however I'd be vary about this option, your income should be enough to pay off your debt in reasonable time if managed correctly. (Call companies and arrange for repayment - again talk to debtline how to go about this)
4. chin up, you have acknowledged the problem, you can sort it out.