Went through our finances and we're fucked.

I was in the same situation not so long ago… I was holding on to my pride more than anything.
I researched IVA & bankruptcy companies. just before I signed for an IVA I was told I had equity on my financed car.. and that I would have to sell up..
💡
After a week of crying and weighing up my options. I sold my car and bought a little run around with the cash.
no more car payments, and cheaper car insurance £££
I sold some clothes on Vinted. ££
stopped all of my services, Netflix, lush and Apple Music 😞.(gym was a difficult adjustment) without apple music app. £££
I called and managed to reduced my internet and mobile phone bills. ££
I stopped doing a big monthly shop,£££
I only do small weekly shops and meal plan everything, even freeze leftovers.££
I have a sweet tooth and allow £2 for a sweet treat every week.
I have even got the kids meal planning/prepping and they love it. 😁
We don’t waste much anymore either. ££
its been difficult over the summer holidays as we haven’t been able to go away. Its been drives to different parks, long hikes and fish and chips on Formby beach and cinema Etc.

As I choose to make those changes I didn’t need to take out an IVA.
I am sleeping better at night. I can meet my monthly payments and I am still in the running to start saving for a deposit on a home. (In a year or two)
My car isn’t the best but my future looks bright..

When your income exceeds all your outgoings by £262 per month, that does not constitute fucked. There are people out there who can’t meet their essential bills and even run out of food before their next money comes in. You may not like your situation, but you are being dramatic and lacking empathy.

@truthhurts23 Actually it’s just over £60k as I’d input settlement figures by accident. However the app is great and I can see everything in one place. A lot of it ends beginning of 2025 so we’ll be up £1k a month then. Those include 2 loans, an additional mortgage and my car payment. I’m feeling quite hopeful using this app 😀I told dh once the additional mortgage ends in 2025 I’ll use the £220 from it as additional payment on our mortgage to pay that off sooner.

Join Dave Ramsey on FB or watch him on YouTube. It’s American but there are UK versions. It’s very motivating and gives great advice! xx

https://youtube.com/shorts/lWIs8ckA7J4?si=Zv9HDDZfUXmxq62w

Try any one of the debt charities to help you. CAP Money are good, but many other charities.

You sound lovely

Oh OP do not stress. The first thing you need to do is stop burying your head in the sand over this. The longer you do the harder it will be. This is too much to carry alone. Have you spoken to friends and family who may lend a friendly ear? The first thing I would do to
tackle this is speak to an advice agency - maybe citizens advice. How much of your outgoings are currently servicing your debt? I promise there are people who can help, you just need to find them

You need to speak to a debt advisor, they will be able to give you the best advice in maximising income and minimising outgoings. You have a lot of income which many people don't, they may be able to speak to your creditors and freeze interest payments/partially write off debts/ insolvency. Do you have any assets you can sell, ie get a cheaper car. Council tax is a priority debt but most of yours aren't, credit cards etc. Please don't put it off any longer it needs to be addressed ASAP. Good luck

Well done OP you've started taking control & that's the difficult part. Lots of great advice already.
Just another idea for getting rid of some of your stuff, check if there are any local bartering sites on FB near you - ours is very active & great for getting rid of some stuff which would t go on ebay/vented but it's amazing what others will value & you can exchange for either household items -wine, loo rolls,sweets for kids, etc or services- offer a night of babysitting in exchange for a takeaway meal for the family. Also great for looking for swaps for presents for bdays/Xmas as loads of people getting rid of unopened stuff.

A free debt advisor ie CAB, I volunteered with Salvation army and would recommend them too

What a horrible heartless comment .

Of course it isn’t. People who have less coming in than going out are fucked, not someone who has nearly £300 spare at the end of the month.

Yes , yes it is let's not not have a race to the bottom . Op's finances are fragile and anything can tip them over . Especially when there repercussions with her husbands job . I remember we always had to be careful because of husbands job (not police), they took a dim view of debt .

You will need to look at all your outgoings per month and see what you can do without or maybe change. Cheaper mobile contracts/SIM only, TV contracts... anything that costs a lot, see if you can negotiate better deals. Go through your cupboards and freezers, make a list of everything then see what meals you can make with it all. Meal plan. Write shopping lists and stick to them. Put money in jars if you need to for your food budget for the month. Stick to you budget! If you don't have the money, you can't buy it. Don't buy any clothes for a year, stop buying snacks, make your own. And finally, contact Step Change. Your credit is already screwed,, so makes no difference, but they will help. Just don't waste the money you can 'save'. It takes a lot to go from overspending to not spending, but it's doable... I have been there, I know. And I wish you the very best of luck. Xx

Seriously?

Vinted is rubbish, use ebay. Make a pile, 1 day list info, the next day add pics, it'll all be listed in no time.
Stop spending. Each time u go to buy something ask yrself if u really need it.
I've been there before for a very different reason to u, I've let it go a bit recently again due to covid and not going put so instead spending online. I'm reigning it in again.
Yr kids will not notice if u spend less on xmas. All they want is for u to be there to enjoy it with them

Follow Dave Ramsey

Spend some time educating yourself. Very useful course free of charge here https://youtube.com/playlist?list=PLRjwfVU_qq2bQ8ohabU37cAGyi_avVO8E&si=JqPD198-IgaX3hvP

If you've managed to organise payment plans that freeze interest you should be ok. You need to focus on paying off that debt. If you're still paying interest you need to be speaking to people who are qualified under the Institute of Credit Management and hinting at bankruptcy (they'd rather have the money than be in a bankruptcy queue).

Please go to Money Advice at Citizen's Advice or a similar place. DO NOT go to a private company who will sell you a debt arrangement that will cost you dear. MA should be able to freeze interest and help you work out the best way to repay the debt, perhaps having some written off. Once you've been to see them and you have a plan I guarantee you'll sleep better. Phone today and get an appointment and then collect all your paperwork to hand over to them so they know the full picture. Doing this by yourself with multiple people giving you mostly well-meaning, though sometimes conflicting advice, on here will do your head in. Good luck, you'll get there.