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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Money woes

60 replies

wanderingcloud · 26/01/2019 09:01

We're in a gigantic hole of debts and bills and we can't sort anything out without money.

We both work full time already, as teachers so not really able to take on additional work (although we do some exam marking in the summer)

We don't have anyone who can help. More and more bills arriving and no way to pay them. I budget already, we've been on debt plans for years, no new credit since 2013 but we're no closer to clearing it.

I don't know what to do.

Aibu to think there's no way out of this for us?

OP posts:
Ariela · 26/01/2019 09:09

Can one or both of you do Tutoring on a Saturday - round here people seem to pay £20-30 per hour!, pub work on a weekend night (one that does good food = good tips).

Worzilgummidge · 26/01/2019 09:12

What's your outgoings

Zebedee88 · 26/01/2019 09:12

Have you talked to the company's they you have the debt with? Or looked into a debt management scheme if it's really bad? It was around 10 years ago but I did that, they froze my accounts and added no interest ect. I got it all cleared.

Littleraindrop15 · 26/01/2019 09:13

Could you perhaps find a hca job and pick up a few shifts??

Zebedee88 · 26/01/2019 09:13

Also look into your outgoings, see what you can live on minimally.

Worzilgummidge · 26/01/2019 09:13

We need a better understanding of their income and outgoings presumably as teachers thier income is fairly decent.

prettywhiteguitar · 26/01/2019 09:16

Why has it not reduced at all ? Are you on 0% credit or paying interest? Or is that your salary’s don’t cover everything?

FrankieHeckisinTheMiddle · 26/01/2019 09:18

How did you get into so much debt initially op?

Artfullydead · 26/01/2019 09:19

ARE YOU ME (although DH is not a teacher!)

I don't know OP - it's shit. Thankfully we got a bit of money owed back last week. I was at the stage where I was nervous if a kid asked to borrow a pen and didn't give it back as I couldn't afford to buy pens.

SuchAToDo · 26/01/2019 09:19

Write down all your income on a page, list all your necessary bills e.g electricity, rent, heating water..

Now list your unnecessary bills e.g internet, tv, phones etc these are all areas you can cut back on by cancelling the subscription..e.g instead of a contract phone price plan use a pay as you go sim card, instead of sky or cable subscription, use freesat or free view (both are free, no subscription and plenty of channels to watch)

Instead of takeaways cook at home, instead of coffees or snacks out, bring your own from home...instead of meals out, cook a nice meal at home from a recipe online..instead of going down to the pub stay home and save the money

When food shopping buy the cheapest brand or basic brand, it tastes just as good, look at websites with recipes where you can cook bigger portions to batch freeze for later (cook once and you have portions for future meals)...

If you are having your heating on all day just put it on at morning and evening for an hour or two and an hour during the day if it's too cold...

Also can you speak to citizens advice bureau they may be able to speak on your behalf to those you are in debt to and negotiate a more manageable payment plan

Also work out when your free time is?..could you use those days to.offer tutoring

RandomMess · 26/01/2019 09:22

Have you been to the charity stepchange or have you ended up paying for this "debt plan"

nottakingthisanymore · 26/01/2019 09:23

How much debt are we talking? Two full time teachers should be bringing home a decent amount ( not mega money I know). How high is your rent? What childcare costs do you have? Do the kids have clubs/ expensive hobbies? Are you in the south east?

Worzilgummidge · 26/01/2019 09:29

Where has op gone

Artfullydead · 26/01/2019 09:30

Depends, if they are both say NQTs or at the beginning of their careers it might not be much at all. Ant any rate, once you factor in childcare, mortgage, debt repayments and essential bills (and a PAYG phone would be LOADS more expensive!) there isn't much left!

HoraceCope · 26/01/2019 09:31

Are you with step change?

Artfullydead · 26/01/2019 09:33

Depends what the debt is but stepchange can't always help

MrMakersFartyParty · 26/01/2019 09:35

@Worzilgummidge
Where has op gone?

Erm presumably living life? She only posted half an hour ago..

ZigZagZombie · 26/01/2019 09:43

I'm guessing your biggest problem is housing - because you're right. Teachers salaries should give you a reasonable standard of living. Because there's realistically not a chance of huge salary growth or the potential to earn substantially more doing something in "other hours" - I would seriously suggest moving somewhere where your salaries will not be swallowed by housing.

I know it's not an easy decision to make - I also know there are parts of the country (generally rural) where the councils are so desperate for teachers that they will throw in housing as part of the deal...so that might be an option and if you really, really didn't want to make such a change you could put a time limit on it.

Artfullydead · 26/01/2019 09:54

Hang on Zig - WHERE?

If that's true, it's somewhere expensive as fuck!

Unescorted · 26/01/2019 09:55

There are ways out of it. DMPs where they are free are really good - Pay Plan run by the credit industry was good for us because we were able to have interest frozen. In fact one bank backdated the interest to the start of the loan & offset it against the outstanding balance. Others have good experiences Stepchange

On the money matters board there is a really good long running thread about debt management (TiP/ talking in peace) and on credit crunch there is the frugaleers. Both threads offer practical advice and more importantly support without judgement for when it is really crap.

It is hard to see the end, and in many ways it is the later years that are the hardest because it seems so unrelenting. And pasta with tinned tomatoes for the third time in a week becomes tedious.

londonrach · 26/01/2019 09:59

I dont think alot of mumnet live in the real life. Takeaways, unnecessary bits. I buy food and pay bills thats it no extras although did have to buy dd some shoes last week as she outgrown her others. Its a struggle op dh and i are getting fed up of it. What has helped us is selling off old toys and her old clothes on facebook.

3luckystars · 26/01/2019 10:02

I thouhht you said 'where has hope gone'

Then i realised that is exactly what you need, hope!

You must be making some dent in the debts though, keep on at it.

Can i recommend a book from the library called 'the Barefoot Investor' it about digging out of debt, and getting your finances sorted. Easy steps.
Worked for me! Good luck.

londonrach · 26/01/2019 10:03

Im on pay as you go rolling contract for £5 for my phone. I think dh pays more at £9 sim free pay as you go rolling contract but he uses his for work. Rolling contracts means yiu can cancel with a months notice

Artfullydead · 26/01/2019 10:04

My contract phone is £5 Grin

newnameforthis7 · 26/01/2019 10:12

@wanderingcloud If the debts are severe and unmanageable, maybe bankruptcy could be an option?

I know several people who filed for bankruptcy (debts of £35-40K plus,) and they said it's the best thing they ever did.

Sometimes, you can be in so much debt, that you will NEVER clear it, unless you are lucky enough to land a big inheritance, or win the lottery!

Why stay in debt forever if you can bankrupt it all? Yeah of course it will affect your credit rating, stop you getting a contract phone, stop you starting a new business, or taking loans, or having credit cards, but so what? Will you REALLY be any worse off than you are now?

The answer's 'no' right?!

And any existing contracts you have - insurance, phone contract, internet provider contract, won't be affected anyway.