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In debt by a huge amount....how do I get out of this hole..?

115 replies

mrsdebt · 02/05/2008 15:28

For various reasons dh & I are in a huge amount of debt..

Think of a number, treble it, add 10 and you are probably still nowhere near it...

DH is on a very good salary BUT following ds's birth last year (he was v ill) dh didn't work foe 7 months and as he is self employed he received no income.

We had some money saved but this I now know soon run out and dh wanted to sheild me from the true debt figure due to me only just giving birth along with having ds very sick in hospital.

DH is making himself ill, talks of self harm, suicide stories and i am concerned...
Following OTT behaviour its come to light what is on is mind.MONEY.

Today I agreed with dh that if he focussed on his wrk (his current contract emds in 4 weeks time which is adding to stress.) then I will sort the finances. Today I found out the true figure...

I had done a further advance and added the bulk to the mortgage and the mortgage company want my parents to write a letter saying they are paying off he remained amount (complicated....but this letter will just be a letter iykwim and m&d won't actually be paying anything..) and the smaller amount left I will look to out onto 1/2 credit cards on lower interest..

Im devastated, I know we got into this mess BUT at the time life was hard due to ds and all that mattered was him recovering. Work/bills were the least of our worries...till now..

We have a good credit rating and have never missed/defualted on a payment so I guess that helps but can anyone advise me further.

Im a regular mner btw but wanted to keep this annonomous (sp.) Im worried about dh, I am arranging for him to see a councellor next week and he has seen the gp today for various things. He's ill... I just want to know we will get through this...

OP posts:
Mercy · 03/05/2008 16:07

pinkyminky, it happens to all of us from time to time, even if you've been a poster for years!

As it happens I noted your idea re buying toys from charity shops; we sometimes buy 2nd hand stuff too (school fetes, jumble sales are often good) and I need to remind myself to do it more often

alfiesbabe · 03/05/2008 16:07

I'm with soapbox on this. I understand it must be an awful situation to be in, but tbh, MrsDebt, you have been living beyond your means for some time. Being a SAHM is a luxury many people can't afford these days, so it seems bizarre to dig your heels in to such an extent and claim you just can't earn anything. A lot of us would be out on the streets by now if we expected to live on just our DH's income!! He needs to get real too; it's ridiculous to have old fashioned notions of being the sole earner when you're in this mess. I understand child care costs are an issue, but you still have options. Either bite the bullet and go for it anyway, because children aren't little for ever, and once one of them is in school, your child care bills will halve. And when both are at school, you're talking about a significant chunk of the day when you have no costs. I'm saying this because I think you need to look long term. A massive debt is not going to disappear quickly, so getting yourself back into the job market in the long term is important. FWIW, I worked for a couple of years for barely any takehome pay after 2 lots of nursery fees, but the upside was that I kept my hand in and was earning good money once the kids started school. Or, as others have suggested, look at night shifts, casual work that will fit around your DH. If you're not working, two cars are a luxury. End of. As are baby gym, baby swimming etc. Fresh air and walks cost nothing. £120 a week on food for two adults and two pre schoolers is excessive. Again, as you are at home, you have time to make cheap nutritious meals. Soup can be made from virtually any vegetables and is dead cheap. Bake a loaf of home made bread and you've got a good filling meal for very little. Jacket potatoes, pasta with toppings.... it's not hard, you just have to get the right mind set. Sorry if this sounds judgey, but it appears that you know you are in a mess, but seem reluctant to take on board the necessary steps to change things.

pinkyminky · 03/05/2008 16:15

Mercy, don't worry, I have a thick skin when required! Plenty of people get good info from these sorts of discussions, but don't necessarily post, I've done that myself.

WideWebWitch · 03/05/2008 16:16

Good advice from Soapbox.
And if it is over £50k (which you say it is)and it's only been over 7 months, that is a rate! There must be quite a lot of places you can cut back.

soapbox · 03/05/2008 16:25

On the basis that others might be reading then - here is the website address for the jobs for mothers site

jobs4mothers if you select all jobs in any area on london then you can select home-based as one of the options.

mrsdebt · 03/05/2008 19:09

apologies if anyone feels I have ignored there suggestions...but when you are given so much advice and info its hard to acknowledge everyone.

Thanks for the comments, I will take them on board now and am looking at sites suggested.
Thanks again.

OP posts:
mrsdebt · 03/05/2008 19:10

sorry, meant their

OP posts:
CarGirl · 03/05/2008 19:12

wish you the very best for sorting this out. If your dh continues to put his head in the sand I would just make the decisions for him and present it an "this is the only option we have" if you can downsize and clear lots of debt that way I truly would.

mrsdebt · 03/05/2008 19:17

thanks cg. I will do what I can from this end iykwim, maybe the changes I make will make dh realise he has to do his "bit".

I appreciate the advice

OP posts:
justaboutisfeelingrelieved · 03/05/2008 19:19

This reply has been deleted

Message withdrawn at poster's request.

justaboutisfeelingrelieved · 03/05/2008 19:26

This reply has been deleted

Message withdrawn at poster's request.

itsahardknocklife · 03/05/2008 19:32

Is bankruptcy an option? If things are that bad, it may be worth considering. I did a couple of years ago. Having a large income doesn't mean that you can't. You may well lose your home (I did), but the local council will then help with rehousing.

pinkyminky · 05/05/2008 01:05

Thanks, jusabout! I'll have a look at that walkers thing.

Chocolateteapot · 05/05/2008 10:25

I think Hercules hit the nail on the head when she said that the pressure that makes your DH talk of suicide is just not worth it, I think you need to have a major re-think of your lifestyle. I would imagine that when you think about it, having had a sick child puts the whole lifestyle thing into perspective and what is really important is that you are all healthy and happy.

My DH became depressed about 2.5 years ago after he was working really ridiculous hours for a salary that was pitifully small for the amount he was working. I know how hard it is to see your DH like this, but from my experience it is now down to you to get this sorted. My DH was in no fit state to be able to cope with sorting out large amounts of debt like this. Luckily our debt was fairly small but we did end up using some money that was raised by re-mortgaging to improve the house, which wasn't ideal.

To give you hope, he is fine now. Off ADs and coping really really well with his mother's very drawn off lost battle against cancer and having his current job on the line in a meeting where a company decide whether they will be buying a product he has just designed for his current boss. A key part of this I believe is us facing up to our financial situation and dealing with it. We now have no credit card debt now and have ISA's which are there to offset our mortgage, also some money to fall back on if he does lose his job.

I think as others have suggested that you do have to have a radical attitude shift. You are saying that in your opinion the cars aren't a problem, I would argue that they are. As people have pointed out, the banks perceive that they are and have you sat down to work out exactly how much they cost you a month ? I know our motoring costs for insurance on two cars with the MOTs, servicing & tax comes to £130 a month. The cars are both paid off (old but do the job), so that amount combined with £32 a year Autoaid are our total car costs. I really wouldn't get your Mum to write that letter, you just don't know what will happen in the future and it is unfair to involve her in something that is basically fraud.

You need to start making every penny count. £5 for lunch here, £3 for a magazine there - do each one once a week for 2 years and £832 will have vanished without trace.

We have found that having a weekly cash amount for food etc works well. Once it is gone that is it until the next time the money is due to be withdrawn. We have a Makro card and I allocate £50 a month for a shop there which usually covers cat food for the 3 cats, a big box of potatoes, sack of onions (£2) toilet roll, washing powder, dishwasher tablets and salt, teabags & cheese. They have special offers on frequently and I now have enough washing powder to last us for months. Start going to a Lidl or Aldi if you haven't been. We have a bread maker so haven't noticed bread going up.

Meat from our local farm shops works out to be cheaper than the supermarket and much better quality. We have just changed energy supplier to Eon which is saving a couple of hundred pounds a year, got £55 cash back by going via Quidco and we'll get 600 odd Tesco clubcard points which will be converted to deals for a treat in the summer holidays. We also have National Trust membership which means we get days out and free parking on the beach for £82 a year.

I log onto to the online banking every day to check the account. We have a monthly budget which I've gone through time and time again to adjust so that we save in advance for things like Christmas, birthdays, haircuts (I have a good mobile one who charges about half the price I would pay if I went to her at the salon she works), clothes (kind friends hand these down for DS so rarely need to buy for him).

The fact that your house has been on the market 3 times concerns me a little. I know things aren't moving at the moment but they were previously. Were you totally realistic about the amount you put it on for ? Might be worth having another look at this, or if you can't move, can you let out a part of it as Expat suggested ? Or what about foreign language students ?

Sorry this is long and rambling, I hope there is something that is of use in there somewhere. Good luck and I hope you get some good advice when things open again on Tuesday.

CarGirl · 05/05/2008 19:26

I wondered how it was going, have you been able to chat to your dh about it and make any decisions?

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