H
Herbmad
Guest
Hi There,
This is my first post on askaboutmoney, but I have been visiting for ages. Basically, I need some advice on our spending and on preventing ourselves getting further into debt.
Both my husband and I are 36
My annual income is 35K and I am employed in the private sector.
My husband is self-employed and his business income has decreased substantially over the last 18 months - he probably takes approx. 20K out of the business.
The problem is that both of us took out loans when times were good and that we could afford to pay back then - now we can't as I have taken a 15% salary reduction as well as some unpaid leave.
I have 2K in the credit union, but otherwise we have no savings.
Our home is approx. valued at 300K. We owe 235K on our mortgage.
We have several loans between us totalling 2142, and we have 2 credit cards with a combined debt of 13,250.
I pay more than the minimum payment on the cards each month, but not the full balance.
Both of us have substantial overdrafts.
I have a pension scheme, however, my husband does not.
With other monthly bills, and the revenue and VAT man coming calling each month, we are struggling and are left with no income for general living expenses. My husband has recently applied to be de-registered for VAT, however, we have not had any response as yet. This would be a huge relief for us, as we are continally trying to pay VAT from previous periods as we just can't afford to save it each month.
I have used MABS recently to stave off two creditors, who were very close to a court case.
Sorry about the long post, but any advice would be hugely appreciated.
Many thanks
This is my first post on askaboutmoney, but I have been visiting for ages. Basically, I need some advice on our spending and on preventing ourselves getting further into debt.
Both my husband and I are 36
My annual income is 35K and I am employed in the private sector.
My husband is self-employed and his business income has decreased substantially over the last 18 months - he probably takes approx. 20K out of the business.
The problem is that both of us took out loans when times were good and that we could afford to pay back then - now we can't as I have taken a 15% salary reduction as well as some unpaid leave.
I have 2K in the credit union, but otherwise we have no savings.
Our home is approx. valued at 300K. We owe 235K on our mortgage.
We have several loans between us totalling 2142, and we have 2 credit cards with a combined debt of 13,250.
I pay more than the minimum payment on the cards each month, but not the full balance.
Both of us have substantial overdrafts.
I have a pension scheme, however, my husband does not.
With other monthly bills, and the revenue and VAT man coming calling each month, we are struggling and are left with no income for general living expenses. My husband has recently applied to be de-registered for VAT, however, we have not had any response as yet. This would be a huge relief for us, as we are continally trying to pay VAT from previous periods as we just can't afford to save it each month.
I have used MABS recently to stave off two creditors, who were very close to a court case.
Sorry about the long post, but any advice would be hugely appreciated.
Many thanks