I'm just looking for some advice please.
We've always had some debt alongside some savings. It was always manageable and we had a good quality of life, all our funds are pooled.
Then I became pregnant, my income took a massive hit but it was topped up by savings, then covid hit and meant no childcare as dm who said she would help is cev and dh job is public facing, dc2 came along so another 9 months mat pay and eventually depleted savings and increased spending on cards. I couldn't afford to go back to my career because 2 x ft childcare was more than I'd earn.
The last few months we've ran out of savings. I can't work more hours because of dhs job. I'm lucky enough as it is to have a job that has permitted me to work the random hours I need. I work 20 a week and opened an etsy business which covers council tax and a food shop.
Basically I can just see us heading down a slippery slope now. We won't get any free childcare til September for the eldest, we have no family who are able to help. We're in our overdraft for the first time and I don't think we will get out of it. After all bills we have 300 a month left for food, petrol, clothing, entertainment and it's just not stretching.
I'm seriously looking at a dmp or iva, but I don't know how they work.
If anyone had an iva do they leave you much left at the end of the month?
The interest rates mean we aren't paying anything off in real terms so it feels inescapable and realistically don't think it would be paid off in 6 years anyway.
We don't own a home otherwise I'd have taken a secured loan. I've looked at a big loan but nowhere would approve us.
It's just over 25k we owe, please don't judge. Its embarrassing enough to find ourselves in this position.