Can we have a support thread for people who are massively in debt?

[Nerfmother]

Because you can't talk about it in real life? We owe 44k, reduced from 60k in a year. Not including mortgage.
It's so depressing.
Dh is determined to pay it off and so bankruptcy or plans isn't an option. I do think its doable, just hard hard hard.

Hi what name! Look forward to you joining

A £1m divorce? Xenia you're back!

yeah but she still has her island
fundamentally disagrees with Xenia on many things but admire her chutzpa

Just popping in to say hi and guess what?! I'm a teacher too!! What is it with teachers and money?

A bit speedy on the hens weekend, but it was so much fun and I had budgeted for it so all accounted for. In fact I think I came in under budget. Plus I'm applying for promotions so hopefully one will bite and I can increase my income.

I've also decided to start cycling to work as £140 on monthly travel card is just training money away and I need it drop a few stone

FFS throwing, not training

No!! Spendy not speedy. Need to drop a few stone, not it a few stone.

Right - here's the stats...

Combined income of about 75k (gross)

Car 1 loan £25k worth £30k
Car 2 loan £13k worth £12k
Sofa on 0% £1.5k
Cc1 on 0% £3.5k
Cc2 on 0% £3k
About to have about £2k on authorised o/d. Not sure of the rate but not expensive.

The plus sides.... We have a good deal of equity in the house. We have secure jobs (public sector).

The monthly payments are not actually overwhelming. I'm more concerned than DP is. I think it's because actually if we had to we could....

Sell the cars
I could work more
And ultimately sell the house

We're committed to paying off the ccs by the end of the year; and are going to try cash in envelopes system this month.

From April the priority will be o/d then the Ccs.

the car loans are in use
whack the overdraft first
then decide whether you NEED the two HP cars - what do they cost to run
then standing order the credit card bills

My wake up call for the debt was last year when dh lost his job. It was bloody terrifying, we went from servicing the debt to facing up to losing everything with no control - it will feel even better to have your income and the debts going away even faster.
I am determined never to feel like that again; I was unable to think straight for months.

The cars are tricky... I HAVE to have a car for work. I've done my time with crappy 2nd hand money pits. Car1 is too extravagant and we're planning to change it.

The CCs are bring overpaid on standing orders at present

I think we'll be planning to reduce the o/d by 1k for the next 2 months then 1k on the ccs. Then put that money aside for the cars.

Hi Laura, I wholeheartedly agree with that. Another nugget to be passed onto my dd...

Hi what name, welcome to this great thread. I've found it great to have a place where I can talk about these things. It's a bit like thinking out load for me sometimes.
I have been working ALL DAY today and have had enough. Ok I could have done more in half term but seriously, my work life balance is bad enough as it is. I always feel guilty, whatever I do. Not enough time with the kids, not enough time at work, not enough time working at home, not enough time with dh - I could go on! Sorry just needed a moan.
On the plus side I have spent nothing today!
We have almost made it to pay day on Tuesday. Tomoorw night I will be working out the finances for the month. Dh had to get his car serviced as it is doing strange things. My tax and mot are due too, bloody cars.
Dd needs new school shoes. Her Clarkes ones have only lasted a term this time. They usually last longer than that but the clasp that holds the strap on is about to come off.

Nerf, that's me now

Oh kazza, I'm so sorry, I wouldn't wish it on anyone.
Ale - have a moan, that's what were here for (partly ) . Do you have a clarkes outlet near you? We go there and it's much cheaper. Or get measured then try online?

KAzza thinking of you.
Yes we do have an outlet nearby and always go there but the last few times we have struggled to get them in the right sizes.
Not happy with my eBay sales. So far two unsold and one gone for a really poxy amount. Need to look for other places to sell.

Thanks. I'm feeling really inspired by everyone here and just want to get on with clearing our debt, it's so frustrating that I can't do anything at the moment.

Kazza sorry I did that face on my phone and it was supposed to be not I'm sure I pressed the right one.
Well it's up at this crappy time as it's back to work/school in our house. Everyone looks a bit bleary-eyed this morning surprise surprise!

Back to school for us this morning too.

Am dreading today as I have written my nanny's redundancy letter (albeit we are giving her a couple of months' notice in order to have her round until after I give birth), and will be telling her today. It's the biggest, most drastic cut we can make, and it still doesn't quite bring expenditure down to match current income, but it does make it a hell of a lot closer than it was.

Have been really proud of DH's attitude this weekend, he really seems to be getting it this time. I need to think of ways to keep him on track once the novelty wears off (can you tell we've been through similar before?!), especially since we won't actually be able to admire debt reducing for a few months. I'm thinking of working out a 'worst case scenario' debt (the debt we would have by end of mat leave if our outgoings don't change), and then aiming to keep as far away from that as possible, so it feels like we've 'saved' something. I suspect a spreadsheet may be involved...

Yes we all have to get up too.
Emergency fund down to 200 but will be back up on payday (end of month) and only 20 to pay for dvlc renewal.
Having a cold sweat at being interest only - dh has just turned 50. But I know that I will be inheriting a sum within a year - relative survived hospital (thank goodness, that was grim) but is now very last stages.
So I guess, thinking practically, we will have less debt and be in a position to stay paying the mortgage next year some time.

Good luck everyone back at school/work today! I'm already counting down the hours til bedtime! xXx

(the island is under offer actually but yes technically I still own it as of today)

Laura, your posts are making me laugh, but I feel I should be offering sympathy
Do you mean post divorce you were left with loads of debt, and are still paying it off? Whatever the figures, that's basically very tough.

moneysaving website recommends for those that pay rent, i spose it could apply to mortgage, shoudl apply even, Pay sure that is paid first. i often found it more tempting to pay the credit cards with the worry about non payment, but thigns that can be taken away from you, your home, your gas, water bills - shoudl be prioritised to be paid first.
just a reminder

I have taken Step 1 of Operation Regain Financial Control - I have given the nanny redundancy notice (she won't finish for another couple of months, until after I have recovered from SPD during pregnancy and CS, but it means it's officially done). It feels utterly crap to have done it, but equally it feels like a positive step in getting control of our life again.

Next mission is to attempt to turnover a bit more money before the end of Feb, so I'd better get back to work

Well done Orange I appreciate from your previous posts that it's a massive step for you...keep up the momentum!!