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Original poster

Just worked out how much we owe…

208 replies

EmbarrassedDebt · 17/10/2022 21:11

Sat with DH tonight as it’s a week till payday and we have nothing left, so started a spreadsheet for our income and outgoings we are broke like absolutely destitute

In doing this I’ve found out between us we owe

55k’s worth of debt no wonder we have no fucking money

credit cards stand around 17k

cars around 9k on one and 7k on the other (nearly £600 a month on car repayments)

we have 4 loans between us owing 18.5k (seriously didn’t know this)

and other random stuff on finance (shed, tv, sofa)

Dh earns around 40k and I’m on 35k

I literally have no idea what to do but seeing it all down on a spreadsheet make me feel sick.

so far I’ve started a new spreadsheet sheet with the amount owed on each credit card and the interest rate & looking at ways to start paying it down.

I am horrified 😞😞 I’ve been half heartedly for a new job and looking at a second job but now that is something really important on my list of things to do…

please no nasty comments I just needed to get this off my chest and then plan a way out of this mess.

randomly we both have reasonably good credit scores as well I check those tonight as well

OP posts:
ememem84 · 24/10/2022 07:11

I did a bit of a financial overhaul the other day inspired by the ops post.

I also took my own advice and set up a standing order to my credit card. Annoyingly HSBC don’t seem to want you to do this. So I’ve had to find a work around.

have set up a s/o to my Lloyds account then one back to the hsbc credit card from Lloyds. A faff. But it’s done. I’ve also thrown a chunk of cash against it.

Floomobal · 24/10/2022 15:45

EmbarrassedDebt · 19/10/2022 12:34

Contracting will be a long hard slog for me but it’s doable short term

I’m so peeved at Dh to be honest, I didn’t know about the Klarna and I didn’t really know about his lunch habit, I’ve always said I’ll make him something from home as I do the kids 🤦‍♀️

so far it’s a small amount but I will get this sorted

Just make sure you take into account all of the IR35 tax rules. Contracting isn’t as lucrative as it used to be, now that you have to be employed by an umbrella company etc.

Hoppinggreen · 24/10/2022 17:09

Floomobal · 24/10/2022 15:45

Just make sure you take into account all of the IR35 tax rules. Contracting isn’t as lucrative as it used to be, now that you have to be employed by an umbrella company etc.

Show quote history

It is still possible to work on contracts outside IR35 but it’s not as simple as it was.
If the contract is offered outside then it’s fine

Floomobal · 24/10/2022 23:42

Hoppinggreen · 24/10/2022 17:09

It is still possible to work on contracts outside IR35 but it’s not as simple as it was.
If the contract is offered outside then it’s fine

Show quote history

Didn’t say it wasn’t possible! Just said OP needs to take IR35 rules into account, which have changed since she was contracting.

Outside, clearly fine. Inside, probably not worth giving up a secure job for

Hoppinggreen · 25/10/2022 07:37

You said you have to be employed by a umbrella company, that’s not the case.
I agree OP does need to consider all aspects of Contracting though

Floomobal · 25/10/2022 11:01

Hoppinggreen · 25/10/2022 07:37

You said you have to be employed by a umbrella company, that’s not the case.
I agree OP does need to consider all aspects of Contracting though

It is the case in my industry.

OdkinsBodkins · 28/10/2022 22:41

I'd actually keep the cars because cars that have had "two careful owners" (you and him) or that weren't new originally but were quite new and haven't given too many problems* often last better, retain their resale value better, and lead to fewer large unexpected bills relating to what previous owners did or didn't do servicing-wise or by driving badly or where they kept them.

*if this is true so far, if not, that's different

sevenbyseven · 29/10/2022 16:51

EmbarrassedDebt · 19/10/2022 11:17

i have come up with a few ideas - the only way I can see us to moving forward is to get another job paying more money.

I am looking into doing an 8 month contracting job which would theoretically pay off a good 70% of the debt, after the 8 months is done (or well before I will start looking for a permanent job again) lots of people in the area I work in do contracting works it’s not something I’ve explored before but the money is very lucrative at the moment over double my current income.

whilst this is risky I think it’s a risk I am going to have to look into it in much more detail.

I have also started applying for jobs as well.

in the mean time I have applied for a weekend bank care assistant job (I have done care work before) doing 1 x Saturday a month and 3 x Sundays have an interview Friday all money from this will go at the balance transfer below. Whilst it won’t be mega money it will help around £300 a month.

Dh is also looking and applying for jobs he started last night, whilst he won’t earn the money I can earn contracting he can certainly up his money, he applied for a few jobs at 50-55k every penny counts from now on.

I have been through both our bank accounts and cancelled some things we don’t use Disney bloody plus and spotify I am keeping Netflix as we have no Ariel into the house so can’t get terrestrial tv. I also had no idea but Dh owes around £100 on klarna.

I have applied for a balance transfer and will put the 2 big credit card debts onto it (credit cards will be closed down) and start throwing money at it, so the repayments we already make and when money from the internet hits my account that will go onto it as well as the other cancelled direct debits. The monthly costa habit my Dh has will stop so that’s another £60 as will his daily meal deal, that’s another £70 a month and he will be making sandwiches at home (I don’t really eat during the day) which will go directly onto it as well. We did spend £40 this month on a takeaway and we do seem to be doing this each month so again that’s stopping and will be thrown at another debt. It’s a small start but I am slowly unpicking it all. I am sure I will find other ways and means to do things.

I have made a list of all the I can sell and will start with either eBay or Facebook (kids toys and clothes they have outgrown) which I will then split half onto the debt and the other half onto Christmas this year. I have told Dh that it will only be presents for the kids nothing more.

if all else fails I will approach a debt charity at the moment I feel we can manage it.

DH and I have had a full and frank chat about money and I will be taking over control for a while….

I'd cancel Netflix as well. Even without an aerial you have access to Freeview, iPlayer etc, using either smart TV, Firestick or laptop (depending which of these you have).

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