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See all MNHQ comments on this thread

Original poster

Went through our finances and we're fucked.

431 replies

ClusterFukt · 02/09/2023 00:34

Unfuckably fucked.
£14900 in unsecured debt
£4500 income pm
£4232 outgoing pm

3 kids at home
no hope of saving for a deposit
credit rating through the floor
DMP’s and IVAs will fuck us even more and mean No hope getting a mortgage ever.

not much hope of getting a better job because of mental health/ADHD

totally stuck and I don’t know where to start,
Have been burying my head in the sand for literally years. Consequences of that are now apparent [redacted by MNHQ]

OP posts:
Thread gallery
15
DragonDoor · 02/09/2023 00:40

The average salary in the uk is £1,950 per month

There is a huge gulf between your idea of unfuckabky fucked and someone else’s

ChateauMargaux · 02/09/2023 00:41

I am here and I am listening..

Original poster
ClusterFukt · 02/09/2023 00:42

DragonDoor · 02/09/2023 00:40

The average salary in the uk is £1,950 per month

There is a huge gulf between your idea of unfuckabky fucked and someone else’s

thanks.

OP posts:
Original poster
ClusterFukt · 02/09/2023 00:43

ChateauMargaux · 02/09/2023 00:41

I am here and I am listening..

thank you. Probably waste of your time though. I can’t see a way out.

OP posts:
Biscuitandacuppa · 02/09/2023 00:43

Does your outgoing include food, petrol and debt payments?

Are you able to refinance any of the debt onto a 0% or lower APR deal?

Trevorton · 02/09/2023 00:45

DragonDoor · 02/09/2023 00:40

The average salary in the uk is £1,950 per month

There is a huge gulf between your idea of unfuckabky fucked and someone else’s

Incredibly helpful response…. 🙄😬🤦‍♀️🤷‍♀️

Ohmylovejune · 02/09/2023 00:45

Break down your problem a bit so you can get help.

What are your outgoing costs?

What are the unsecured interest rates?

ZeroFucksGivenToday · 02/09/2023 00:45

And breathe...... I've been there, and after a long slog I'm not. You cannot walk in front of a train. Your kids will be devastated.

does the £4232 cover payments from the unsecured debt too?

and how is that £14900 made up? Loans/cards? Small amounts with lots of minimum payments etc or big values?

ShadyPaws · 02/09/2023 00:45

If your credit rating is through the floor already then..
Is it credit cards? I rang mine, they stopped the interest and yes it got passed on to a collection company. I pay them £50pm with no interest being added on, it defaulted once it went to them
But that's it - a default. And I'm sitting in a home I got a mortgage on with defaults, I used a specialist broker that even deals with bankruptcy Flowers

HelenaHandbasket84 · 02/09/2023 00:45

OP, I have about half your income and twice your debt, so don't despair. Lots of mine is on 0% cards - can you shift some?

Why are your outgoings so high? Have you sat and done a budget?

Wishitsnows · 02/09/2023 00:46

I’ve been there and it does get better. How old are you? If you are under 55 don’t rule out a mortgage or shared ownership yet. You’ve got a good income so you are doing well there.

HelenaHandbasket84 · 02/09/2023 00:46

Also you can get a mortgage once your IVA is spent. My sister declared bankruptcy and was on an IVA, she now owns a lovely 2 bed flat.

Original poster
ClusterFukt · 02/09/2023 00:47

Biscuitandacuppa · 02/09/2023 00:43

Does your outgoing include food, petrol and debt payments?

Are you able to refinance any of the debt onto a 0% or lower APR deal?

It includes everything I can find on our bank statements, can’t get any credit anywhere.
we are both chronic over spenders. We’re going to try and spend nothing but essentials from this month but I don’t see what that will do really. Christmas coming soon abd 3 kids to buy for. I

OP posts:
Ohmylovejune · 02/09/2023 00:48

Also what qualifications do you/you both have

Original poster
ClusterFukt · 02/09/2023 00:49

We are 39 and 40. Outgoings so high because of rent and debt and car payments plus utilities. We’re trying to move out of London but no landlord will accept us and I can’t ask anyone to guarantor with our track record it wouldn’t be fair

OP posts:
Ohmylovejune · 02/09/2023 00:50

If you are chronic overspenders then in some ways you have the start of a way out.

You know you have to cut back. That's do able

ZeroFucksGivenToday · 02/09/2023 00:50

Ok. So your current income is servicing your debt. That's a positive.

whats the debt and how much on each thing?

BrighterLayter · 02/09/2023 00:50

Come on, OP, we've got you, you can get out of this.

Original poster
ClusterFukt · 02/09/2023 00:50

I am early years trained to level
DH training to be a PC at the moment comes out of probation at Christmas so will get a small pay rise probably April

OP posts:
NoSquirrels · 02/09/2023 00:51

I PROMISE you are not unfuckably fucked.

I think the magnitude of the task of dealing with it (which is a future full of budgeting, denying instant gratification and consistently keeping on keeping on paying down debt) is warring with your ADHD brain.

Are you willing to share your budgeting figures (income and all outgoings) and your debts (amount owed, % APR etc)? You’ll get much better advice that way.

wobytide · 02/09/2023 00:52

What interest rates is the unsecured debt on? It's tight but you have £270 based on your figures so it's possible that you could be chipping away still if the interest isn't too high.

There is still hope I guess is the message. Don't give up

Ohmylovejune · 02/09/2023 00:53

You can't look at SATs marking with those qualifications, can you? Is early years nursery not school?

ZeroFucksGivenToday · 02/09/2023 00:53

If you're overspenders, is that on stuff? Material stuff?
if yes, can you list some of it on Vinted, kids clothes, toys, bags, old mobile phones (FB for that one). I made a couple of hundred pound last month doing that.
then pay half off some debt, put half away for Xmas now.

Original poster
ClusterFukt · 02/09/2023 00:54

ZeroFucksGivenToday · 02/09/2023 00:45

And breathe...... I've been there, and after a long slog I'm not. You cannot walk in front of a train. Your kids will be devastated.

does the £4232 cover payments from the unsecured debt too?

and how is that £14900 made up? Loans/cards? Small amounts with lots of minimum payments etc or big values?

Includes the unsecured debt payments the debt is a clusterfuck of payday loans, catalogues, CT debt, old credit cards all in default all on payment plans, utilities debt. Most under £2000
expect for CT which is £3000+

OP posts:
Biscuitandacuppa · 02/09/2023 00:55

Ok so what can you look at in your budget to cut back?

TV, broadband, mobile, subscriptions, music (Spotify/Amazon), hobbies?

Write a budget, plan your meals for the week and only buy the food you need, if you buy branded food swap to supermarket own brand. Walk instead of driving short distances, switch off all non-essential electrics if not being used.

Have a look at your debt and either target the smallest debt and overpay whatever you can afford (even small amounts will make a difference) or target the one with the highest interest as the quicker you can bring the balance
down the less you will over pay.

Christmas, I’ve been skint before and I’ve bought secondhand presents from eBay with a few cheap extras (colouring sets etc). How old are your kids? If they are past the Santa age then have an honest discussion with them. Explain money is tight and this year won’t be a bumper Xmas. My dd is 12 and aware that I have a budget and we can’t overspend in that or we will be eating beans by the end of the month!

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