Debt free

A question about : Debt free

Where to start!

Ive just worked out between 2 loans and various credit cards - we owe almost 40,000 my husband works but i dont as we have 3 small children all under five - it feels like i spend my life worrying about where the money is coming from - we havent defaulted on anything YET as i am constantly juggling - ive done some card tarting to get better rates on wot we have but because i dont have a real income i been refused for most of them - i mention all this to my husband and his answer is we will have to bring some more money in - i feel like its all down to me and we arent getting anywhere.

Best answers:

• Hi
  I spend between 40 - 50 per week on food shopping - this feeds 5 plus i home cook anyway - i wish i could get a job but i am expecting another baby which im not too chuffed about as it makes me feel even more useless - mostly it has gone on the house yes been selling stuff we dont need anymore husband had a job change which brings in less and stuff has happened over the past but thats too much to go into - we dont have holidays, we dont even have days out, if we can ride it out for a few months then i can possibly get a job once the new one is born which will help, we dont have nights out kids is probably one of the biggest spends - although charity shops and car boots is mostly where stuff comes from these days. yes been changing things around to get the best deals on utilities and stuff i know its going to be a hard slog to get back to normal
• OK - sorry if I sounded patronising in my first reply. It was difficult to tell from your first post. Sorry :-(
  You might be best with a Debt Management Plan, whereby you make an agreement with your creditors to pay a fixed amount each month to repay the debt. Some of them may freeze the interest.
  You can do this yourself if you wish. From this link, click on Debt Advice, then England & Wales then Self Help Pack. It talks you through the whole process and gives you tips about negotiating with your creditors
  www.nationaldebtline.co.uk
  You can call them at any time if you have a question or post here if you prefer. National Debtline is a charity that helps people in debt. There's no charge for using them and they're friendly & helpful.
  HTH
• Hi
  Have you told tax credits about the change in your husbands income as you may be entitled to more money.
  Also let them know when you have your new baby cos you are paid an extra amount for the 1st year of your babys life.
  When you're ready and able to go back to work,does your husband come in at a set time each evening. I used to have a part-time evening job in Focus Mon-Fri 5pm-8pm. Could you do something like this?
  Good Luck
• Yes all up to date at the mo - will do once baby is born - had a job all lined up for evenings at a place and then found out i was expecting so that came at a bad time really one step forward 2 steps back
• My wife and I were in a similar situation to you. We ran up over Ј50,000 of credit by living outside our means for nearly ten years. Then it suddenly hit home that if we didn't take some serious action, we would be playing the 'rob-peter-to-pay-paul' credit card shuffle until we retired! We took out a Debt Managment Plan and all our creditors froze the interest on our debts. We are now paying less per month but due to not paying interest, we are actually paying off MORE of our debt.
  We also have a little spare income to use for things which we class as luxuries but which were always taken for granted when you could just 'put it on the card'. A trip to the cinema with the kids is a luxury in our house! We have a long way to go (just over seven years) but we know that we will be completely clear of our debts at that time. Its best to think about what you will do with all the free cash when you have cleared them, rather than dwell on how long it will take. As I always think when i'm feeling a bit sorry for myself "I ran those debts up, now i've got to pay for them'.
  Its a difficult step to take, and you may not think its the right step for you, but for us it was the best thing we ever did. If you are unsure about taking out a DMP then you could talk to your local CAB, or follow Debt_Free_Chick's advice and call the National Debtline. Their services are free.
  With another baby on the way, the last thing you need to be worrying about is debt! I hope you get something sorted soon.
  Good Luck.
• Thanks ive been looking at a few tonight - next bit is to chat it over with hubby as i want to get on the road to recovery and not get in deeper than we already are.
• Don't go for a fee-based company if you decide to get a DMP sorted out, National Debtline, CCCS and the CAB will all help you for free
  There are lots of Debt Management companies on the net, most charge!
• Not sure if it's available in all areas but members of my family have benefited from payments from SureStart when they have had new arrivals.
  This is a Ј500 payment (not a loan) to cover the cost of a new baby but there is no ties on what you spend it on.
  More details can be got from your Health Visitor or www.surestart.gov.uk