Huge debt. No savings. No pension. Need some advice please

[nomoneyy]

I’ve been having a google recently about the above and just not sure what on Earth to do.
I worry about the long term and obviously short term

Debts are huge but are being sorted out (stepchange)
We have no pensions and can’t start one as stepchange payment doesn’t allow for that currently (I’m unsure if we can factor that in at renewal stage)
We cannot save as all money goes on bills and if we’ve managed to cut back and save a little we’ve ended up having to pay for school trips or something has broken and needed replacing you get the idea

I’m sorting things out to see if I can sell anything especially this time of year it may be more successful

If we could get pensions I dont even know what sort you’re meant to get (DH works full time plus overtime and I don’t work and can’t for the foreseeable future so assume we would need differing types?) but also unsure where I could get free advice about that ?

Come over to the Money board
www.mumsnet.com/Talk/legal_money_matters
Deal with the debt
THEN worry about pensions

Your DH is more than likely auto enrolled into a pension that he and his employer is paying into, it would be illegal if this is not happening (unless he works for an extremely small company and even so, they will need to be coming into the fold soon too, not sure of the deadline). His payslips will show what he's paying - it will be minimal and not anything that you will be able to live off in old age but it is a start.

I'd be very surprised if DH didn't have a work pension.
In any case, your debts must surely be your priority. Can you revisit your options? Another 14 years on a payment plan must seem soul destroying.

I'd be very surprised if DH didn't have a work pension.
I would not.
I read payroll reports all the time.
Anybody earning under £8500 a year is not opted in.
Many people opt out thinking they cannot afford it.
If you have two part time jobs you may not get a pension on either

OP do what you can do get rid of the debts, think really creatively about how you could find any work whatsoever and set yourself a time limit when you will begin pension saving.

It's too much for you to try and think of pension now. How old are you? You would be better really putting your energy into how you could get into a position to do some work.

Could you look into something like ironing at home? Or survey work? Just trying to think of anything that might take some of the stress off you - it must be so stress

Can you be a childminder OP? As you are at home anyway.

We had an IVA, we didn't own our own house. It stays on your credit report until 6 years after you take it out, which is 1 year after it ends.
We have since bought our first house and our credit rating is excellent.

I would choose an iva over a dmp any day.

If you live in LA housing and you’re not going to be debt-free til 2032 you really need to re-think bankruptcy or IVA.

You can have a car if bankrupt/in IVA, just not over a certain value. Especially if you need it for work.

If your husband wants you to stay in penury for 14 years so he doesn’t have to drive an old banger for a bit, you need to give his head a wobble.

You could post on the DFW forum on Moneysaving expert. You can go bankrupt and still be allowed a car up to a certain value. It is not high but surely that is better than losing almost £800 a month you can't afford. I would be surprised if your DH does not have a pension if he works. I think it is compulsory now and stepchange have to allow for a contribution. If not, go self managed.