Well here goes...in need of advice re debt repayments & financial products.

[flakeyfinancials]

I NC because Im about to bare all financials in the hope someone can see just what I should be doing first.

DH and I have always had c/c debts. They have crept up. Our approach is pay them off reasonably bit by bit as we need to live a little too, admittedly we enjoy a nice standard of living. DH works extremely hard has done v well. I am a SAHP. I feel he continues to earn good money yet we are not looking after it all properly.

Basics:

Mortgage - Northern Rock SVR 4.9. Bought at height so our property despite being in a so call desirable area has remained the same price. Current LTV is 87% but also have a secured loan linked to mortgage.

Credit Cards just under 20k - across 6 accounts. 1 account clear has a low interest rate transfer offer (for the life of the balance). 0% balance transfers available for about 5k. We pay above the minimum payments on the three largest.

Cars - DH has a car through work but he still sacrifices additional salary. I have just got a new car on contract hire (24 months)

After this we pay the usual bills which I've just looked at to check we have best deals on - about to change house contents insurance and car insurance.

We have an allowance of about £300 each. I use mine to fund studying p/t

We have one UK holiday booked for next year. Younger child in nursery part time - costs about £400 per month

We have no savings for us or the children. I have a small pension pot lying dormant from prior employment of 10 years (so not much) DH has a good pension scheme at his work. We do have another property that we rent out (can't change mortgage at the minute due to LTV as prices came down) but we dont profit and see this as a nest egg for future (its on repayment)

1. So the lack of progress consolidating out debts is causing me a bit of anxiety. I dont feel our money is working for us. Im acutely aware that I am completely dependant on DH, though I know in the future I can get well paid work through an agency because of my prior experience or if anything happened.... should we just do balance transfers and up payments or get a consolidating loan (have one approved)

2. Have a bonus due - should we pay this against mortgage and get the LTV down to 85% to access a better mortgage deal - seen one for us at 3.19% But then the secured loan would need to be paid off using a low rate credit card as when you transfer the mortgage out they put interest rate up on it.

3)Im worried about lack of class 3 contributions no pension or savings

All these choices have reasons but it is what it is - I dont know how to move forward but know what we do doesn't work. We will need to move house at some point.

Thanks - I'll take heart from that, I'll stop looking at childrens pensions then!

I can't thank you enough for the spreadsheets - it's allowed me to set all the payments at the correct levels for a period of 2 year debt consolidation.

But i do need to check the O/D's before we change anything.

Are you an OU student? How many modules do you have left? I know the new fees are much more than the transitional fees, but if you are loan eligible then you could think about that option. I know student loans are controversial and more debt sounds like the last thing you need, but they really are more like an extra tax, with no repayments unless you are earning etc. Give the finance people a call to see what the options might be?

Yes OU - I use OUSBA hence the monthly payment out of my allowance - it does keep me sane tbh, im excited to start soon and currently doing pre reading.

I think if we stick to 2 year consolidation, I will be finished OU, Both DC in school we should be 1.5k better off and if i got a little job even if it is entry level for 1k that would be great then.

DH is due a promotion about that time too. I just hope this is a bottle neckand to stick with the analogy not a long tube.

Sorry re loans - I think our household income is too high and it is a second degree too.

You sound cheerier.
Good.
It will be OK
you just have to "keep your eyes on the prize" and not be weak on a day to day basis.
Tough but doable and worth it.

one handful of lentils at a time eh?

flakey
have a go at the "larder challenge" that we set each other on the debt thread .....
see how many days you can cater out of stuff you have in the freezer and cupboards
its quite satisfying, saves money and by definition stops takeaways and ready meals
combine it with no booze and no snacks monday to thursday and you'll find the debts will start to melt away

no hair shirts needed just yet

crossed post - just posted on other thread already Im can do that, Im pretty ok in kitchen.