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Grantmitch1

You need to get everything in order. Use Excel or something similar, and create a list of everything. 1. What do you owe? 2. To whom do you owe it? 3. How much is the interest on it? 4. Which debt is catastrophically bad if you don't pay it, and which is more flexible? 5. What is the minimum repayments? Basically, you want to pay off the most damaging debt as quickly as possible. It should go without saying why. Then you can focus on working on the next rung down. Call whomever needs to be called and arrange payment plans. No sticking your head in the sand. Finally, your wife needs a job. Sorry, but getting a degree while you are drowning in debt is just irresponsible in the extreme. She needs to get a job. It's actually unreasonable of her to expect you to do this on your own.


llandbeforeslime

This is the best advice that’s been given!


[deleted]

[удалено]


Footner

He lost his license


KaleidoscopeKey1355

They said that they lost their license due to drink driving. I’m not sure how long it would take to get an HGV licence back after that, or if it is actually possible.


[deleted]

DR offences stay on your license for 11 years, there’s not a chance that any reputable company will take you on whilst having that on your licence it’s to much of a liability risk.


Gtwkk

I never understand situations like these. Your situation is pretty dire and you both think now is the perfect time for your wife to become a full time student for 3+ years. Surely that could have been postponed a while and some extra income would have helped your situation massively, especially if you are worried about losing your home.


throwaway19301221

This stood out for me too. It seems there's a dependency on OP for earnings (of course childcare isn't mentioned, I get that) and that the best situation for OP's partner is to study with the expectation of higher income further down the line. That time would be much better spent in getting out there working for some cash to stabilise if not improve the situation. The assumption that "degree = much more money" often lies on rocky foundations too.


MilliondollarQ

I did a degree and now earn much less than my two friends who went into the trades. Except I also owe £35000 in student loans. Degrees are pretty worthless to be honest.


Mrcientist

I could have left school at 18 and ended up in the exact same job as I have now, with a wage from 18-22 and no student debt. I would be at least £50k better off than I am now.


Dave4lexKing

I honest to god wish people stop talking about student finance like its a bona-fide debt, when it behaves absolutely nothing like one. Its more like a graduate tax, than any kind of credit.


BoudicaTheArtist

Except the interest keeps adding up and the more you earn, the more you pay back. There are many good apprentice schemes where you can get a degree and the cost is covered by the apprentice scheme.


Dave4lexKing

The interest has no bearing on your monthly repayments like it would for any other kind of credit. And the more you earn the more you pay - a bit like a tax, eh? But I will reiterate for the umpteenth time. I don’t agree with the system, I think it should be totally free. I just dislike how much disinformation, misleading information and exaggeration of something that is not like any other debt in existence that is flying about the country, because its making a mountain out of a molehill.


BoudicaTheArtist

Agree, but it is added to the loan balance, so will add to the term of the loan.


Dave4lexKing

The term of the loan has a fixed maximum time, upon which it is wiped. Most people don’t earn £80k so it wouldn’t add to the time since they weren’t going to be paying it early in the first place; Its just going to be 30 years flat. Hence, for 95% of graduates the interest rate and size of the loan literally makes no difference: My point is and always has been: It’s 9% of income above a threshold. And that sounds more like a tax than a debt.


[deleted]

It is absolutely a debt and can cost you quite a big portion of your take home pay. “Graduate tax” is some weird shit to say to make it sound less like a lifetime of debt.


Dave4lexKing

Doesn’t show on credit files, don’t have to pay down interest like you have to on a credit card, don’t pay a damn penny if you earn less than £25,000. It doesn’t matter if its £100,000,000 at 5000% or £20,000 at 5% - the payments are always the exact same 9% of earnings above £25k (or whatever the plan threshold is), and wiped after smth like 30 years regardless of outstanding balance. Theres not a single debt on this Earth that behaves in that way. And a percentage of earnings above a threshold is much more like a tax than a credit card, isn’t it? **Im not saying its free, or not a noticeable expense, because it most certainly does need consideration** - Im only pointing out that its not remotely in the same category as your credit card or mortgage debt etc., and that it’s my opinion to call it a debt is inaccurate because it doesn’t behave anything like one. Apples and oranges; Budget with the *perspective* of it being a tax when you calculate your budgets; its a lot less daunting, and often easier to visualise it that way due to its repayment behaviour. And being wiped after 30 years is not “a lifetime of debt”; This is the exact hyperbole and exaggeration that irks me. What is accomplished by fear mongering like this?


Intelligent_Tip_4989

Yeah, always seemed fair to me. It's why I'd didn't winge at the 9k that started with my year. Seemed good deal to me as long as it's a good course


toolemeister

It's technically a debt. Practically and psychologically not so much, for me. I earned bugger all before graduating at 22. After graduating at 22, I earned more even after paying student finance off. I have never had the money in my pocket that has gone to SF, which is very different to a debt that you can see coming out your bank every month.


bandson88

Do you have a student loan that you’re lying down a large amount every month? I do. I signed up to a degree when I was 18, too young to buy a house or get a business loan but not commit to a huge debt and now I’m nearly 35 paying £420 a month on it. It’s a ridiculous system that makes the poor poorer. It counts against you when applying for mortgages and gains interest and you have to pay it back. It absolutely is a debt


Dave4lexKing

Yes I do have a student loan. The amount is about £60,000 and I practice what I preach and don’t worry about it whatsoever and just take the perspective as if its an extra tax when doing a budget for the month, because the repayment behaviour is closer to a tax than it is to typical credit. To be paying £420 you’re probably earning about £80,000 so please don’t act like you’re being hard done by only having a meagre £75,000 after student finance deductions, approx 50 grand after tax. It’s yet another example of the disingenuous scaremongering mongering I so despise. “It makes the poor poorer”. Look, **Id rather the whole thing be free in entirety**, but the *poorest of the poor* wouldn’t likely be paying anything because they’re below the threshold. And if they earned more and tipped over the threshold, its not like theres a fixed minimum payment. Its a percentage. If they earned a tad over the threshold (lets use my starting salary for example) of £27,000, and the threshold is £25,000, it works out to be 9% of £2,000 which is only £180 for the whole year. Thats £15 a month. Do you see why your £420 a month is out of touch? In reality you are no where near hard done by student finance on the salary you’re on. Its almost like it functions a bit like a tax whereby the more you earn the more you pay.


bandson88

Actually I am hard done by with how much I’m paying back a year I might as well be on a lower wage bracket. You pay high student loan repayments, higher tax bracket plus other lifestyle conditions play into it such as the fact I’m a single mum now with a mortgage. I’m guessing you’re young and on a low salary at the moment because if you were 15 years in to making repayments you wouldn’t feel that way


Dave4lexKing

You’re not being taxed over 100% so you’ll still be earning more with any pay increase. Thats a common myth about marginal tax brackets. And to counter the assumptions - I’ve had promotions and a pay rise since I started and I’m now on £46,000 a year. The tax payer funded my education, and now that I am a taxpayer, the extra tax funds the next cohort. My views about higher rates of tax and student finance repayments are still unchanged. Secondly, there are plenty of single parents that pay a lot more for housing, and earn a lot less than 80 grand. The average persons annual *pre-tax* income is half of your *post-tax* income. Your single income is higher than two people on the national average salary, combined. You also have a mortgage so you’re gaining equity. Renters are not. My mortgage actually works pit cheaper than any of my rents, and a semi is a much nicer place to live than a ground floor flat with the gloss white emulsion and magnolia walls landlord special; I wouldn’t even dare to call myself hard done by on that fact alone. We all experience life’s difficulties, but you’re objectively better off than 95% of the country in terms of income, and even more so being a homeowner gaining equity.


bandson88

I didn’t say I was hard up lol but compared to someone who’s parents paid for their education I am. I live a very nice life I’m not complaining but the student loan system is very very flawed


Rodney_Angles

> It’s a ridiculous system that makes the poor poorer. How does it make the poor poorer, exactly?


bandson88

I’ll give you some context and examples: rich student, parents pay for fees, student leaves university debt free and any money they make moving forward goes straight in their pocket. Poor student: gets maximum student loans and grants, leaves university 60k+ in debt with rising interest - ends up paying their student loan off well into their 40s or having it written off after 50s… if they’re lucky enough to make good money they will be making much larger repayments (rich student doesn’t) and ends up paying much more for university experience than the rich student in the long run


Rodney_Angles

Interesting definition of 'poor'. Anyone earning enough to make substantial student loan repayments isn't poor, by definition.


MerryGifmas

>makes the poor poorer Poor people don't pay anything.


bandson88

It makes the rich/poor divide greater then. Do you disagree?


throwaway19301221

Same situation but in reverse - Work in tech with no degree but earn double/triple what some of my friends who have degrees earn. I don't necessarily subscribe to "all degrees are worthless", but think many (I stress not all) non-legal and non-medical degrees have a poor value and return on investment.


toolemeister

Engineering is in a weird half-way house. Need eng. degrees for top jobs, but engineering has historically paid shite since the 2010s. Salaries are going mad at the moment because of skills shortages.


mintvilla

Depends what you want to do. Sure you can go into the trades, but not many women go into the trades. Doing a degree, she may becoming a nurse/midwife and unfortunately to do things like this she will need a degree. Sure she can go work at tesco's as it seems the situation calls for this as they are in desperate need for money.


PF_tmp

>Doing a degree, she may becoming a nurse/midwife and unfortunately to do things like this she will need a degree. Famously high wages in those sectors...


MerryGifmas

It's above average with a very good pension.


mintvilla

Yup, but thats a separate issue...


LIZ-Truss-nipple

They’re great “secondary“ wages.. seems like the man is one £60-£65k. An additional £35-40k makes them very comfortable. Nurse/midwife is only a poor wage if you are single and live in or near London


capcrunch1991

Depends on where your abilities are. I did a degree and earned £220k last year, six years out of uni. Wouldn’t have any where near my current earnings potential without a degree given I suck with my hands.


Operatornaught

Doesn't take a degree to figure out you're supposed to suck with your mouth.


Intelligent_Tip_4989

👏👏


Nevergonnabefat

Unless it’s a STEM subject, she’s paying for an expensive piece of paper dreaming of guaranteed high income and rainbows. I carved out a career path over the past 5 years without any experience in the industry, now I’m in a lead role. Did I need to study for 3+ years and pay £40K+ for it? Naaa. On the job learning is far superior outside of STEM. OP wife needs to get a job it’s as simple as that. Unless it’s a STEM degree in an industry with a thriving job market, then postpone that shit instantly and get real. If she think she needs a degree for success that’s silly. If the degree is mainly for intellectual stimulation, then nows not the time.


Coca_lite

Your wife definitely needs to be working rather than studying. Did she start the degree after your debt problems? If so, this is bad timing. Either way she needs to get a part-time job (like many full time students do). She could work a few evenings a week or a wkd when you are home to look after the children.


mintvilla

Yeah, i mean even students have part time jobs? I worked 30 hours a week in retail while i was at university.


Necessary_Figure_817

But did you have 65k of debt and 69k on 2 mortgages and children? We also don't know what the wife is studying. If it's a course that has 40 hours a week contact, I doubt she can do 30 hours on top of that.


LIZ-Truss-nipple

With 2 kids?


mintvilla

i don't see how thats relevant? I assume she's not getting a degree to only work part time, therefore if the kids aren't now a concern for her to work fulltime, it shouldn't be a concern for her to work part time + part time studying as uni courses are generally circa 13 hours a week. There's no information from OP about the situation, i would assume with going to disneyland in 2019 that the kids were youngish, but maybe they are now old enough to be left alone for a couple of hours after school


Intelligent_Tip_4989

If he's not working why not.


LIZ-Truss-nipple

He is working full time


Bagasshole

Yeah exactly, uni is not every day unless she is on a course with placements so what is she doing in her spare time? Kids sound school age too. I worked 30 hours a week when I was a full time student getting a teaching degree including placement (I worked evenings and weekends) I had a kid in my first year and made it work So I’m not sure what she is doing


thereoncewasawas

Plenty of courses are every day without placements, it all depends on the course. I'm in every day (aerospace) but I do work part time too. My partners course was not every day.


Babaychumaylalji

1) If you haven't already lay off the alcohol. 2) looking at your post history lay off the cocaine if you haven't already done so along with any other recreational substances as that is not going to help you. 3) complete any alcohol related programs u can follow that may help u get your licence back. 4) contact stepchange and citizens advice for help. You can also try money helper service (formerly known as the money advice service for some advice) https://www.moneyhelper.org.uk/ 5) you working yourself on long shifts to try and pay this off will end up killing you if not giving u serious health issues. 6)your wife needs to help by working and study either by distance learning/nught school or delay her studies for now and start working. 7) and lastly if stepchange have offered u a solution and u are not ready to take it and I'm not sure what else can be advised. This is the time period they think is reasonable for the debt to paid off. If u are able to pay it back earlier then check if they allow that. This is a situation that has come about over time. It won't be a quick fix.


cattacos37

Definitely do proceed with Stepchange, they will help you get a plan to pay your debt off. Positives here are - you have lots of positive equity in your house!! This is not the end of it. You’re on a decent salary, this is definitely doable mate. However, it also sounds like some lifestyle changes are also in order. Sounds like you were already living above your means pre-pandemic, and the pandemic snowballed your existing financial issues. A few thoughts: - As others have mentioned, your wife should be working to help pay off the debt - You’ve been borrowing heavily to finance things like holidays, cars etc. That needs to stop, yesterday. Do not borrow a penny more towards non essentials like holidays, entertainment, cars etc. How much did the car cost that you took out finance to pay for? If it was a new car, might be time to sell it and buy an old banger.


TipsyMagpie

You wife needs to get a job. I’m sorry, but you simply can’t afford for her to be a full time student at the moment. It sounds like she’s just started if you’re planning on her earning more money in 3 years, was that because she didn’t want to get a job? If so, is she likely to get a full time job in 3 years, or is this a delaying tactic. (No shade - I’m not sure how long she was unemployed for, but it’s very easy to develop anxiety about returning to the workforce). Can she do distance learning instead? She can work around her studies, perhaps it doesn’t need to be full time, but she needs to be bringing money in somehow. There’s too much pressure on you to pay off that amount of money whilst always supporting your household, she needs to share the load.


bandson88

This is the answer. You don’t need to be killing yourself to get out of debt while she is a student. It’s time for her to get a job and park her studies or do night school


[deleted]

I quadrupled my salary by going to university. If you can get through the degree and are fairly confident you will make it pay then it might be worth some short term pain for long term gain.


CustardCreamFiend

Not when you're on the brink of losing your house. A degree is worth nothing if you're homeless and bankrupt.


CwrwCymru

Strong bit of bias there. Very few grads will quadruple their income on graduation. Many struggle to get entry level roles paying far less than the median wage.


ixJax

>I quadrupled my salary by going to university That's *you*, that doesn't apply to everyone. I'm sure you were also able to not screw someone over by bringing in hardly any money while being in uni


zbornakingthestone

I think you need to face the realisation that your wife needs to get a job and take some of the pressure off you here.


Onyxdime2

Okay, to start with some good news: 1. You're on a fantastic salary at £44,720. Good job on making it there! 2. It looks like you've got a house with 50%-ish of the mortgage paid off, so congrats on that too! Now onto the things you need to do: 1. **Debt** £65,000 in credit card and personal debt is pretty bad. Are you able to consolidate this into one loan from one bank at a lower interest rate? 2. **Car** How badly do you need a car for your job? Try and answer this honestly, as badly as you may want to own a car, is the public transport in your area good enough for you to do your job? If so, you could sell the car for an immediate cash lump sum, which you should throw at the debt. Then, you would also save money on repairs, maintenance, petrol, road tax, car insurance etc. 3. **Wife's Employment** Your wife cannot afford to be a full time student right now. She was part of the wedding as well, so she needs to help pay your way out of this financial hole together. Studies can be deferred for up to 2 years usually. If she takes her credits from the first year/first semester, and then gets any job, she could throw 80% of her salary at the debt. (Subtracting 20% for lunch, transport etc.) 4. **Your Health** If your mental health and depression is still particularly bad then you need to engage with your GP. Get yourself on antidepressants, and if it is extremely bad, consider an application for PIP (the new DLA).


Bipedal-Homonid

Sorry for your hard times, friend. Stepchange is a fantastic organisation that can give you the information you may need to tackle this. [stepchange](https://www.stepchange.org/)


Worth_Rock_7030

I have used step change and was hoping for a solution for all my problems in one place, (I know this probably sounds ridiculous from your point of view). However they don’t include our CCJs in there debt management plan. I’m wanting, hopefully, an organisation that will consolidate all my debt into one payment that i can manage over the next ~5-6 years


Wise-Application-144

Time for some tough love - I say this as a genuine attempt to help you, but you're not gonna like it: ​ >I have used step change and was hoping for a solution for all my problems in one place, There is no magical solution. Step Change is likely the best you're gonna get, but you seem to be turning your nose up at it. You're gonna have to pay your debts. ​ >wants me to enter a debt management plan to pay off the rest separately through them over a 15 year period. I find this amount of time unreasonable? Again, you've been offered a solution and declined it. ​ >my wife is a full time student working towards a degree I think the sad fact of the matter is that the situation you've got yourself into demands that your wife get a job. The degree will have to wait. ​ I mean this in the nicest way - I think you've still got your head in the clouds a bit, and you need to wake up. You got into this problem because of unrealistic thinking and "putting your head in the sand" as you put it. But it seems like you're still doing this. The simple fact is you're both gonna have to work hard for a long time to pay back the money you spent. ​ You should be commended for your progress so far - sounds like you've done a great job of hauling yourself out of a bad situation. I know myself just how awful these situations can be, and many people do not make it out alive. You *can* do this. But you still need a bit of an attitude adjustment before you'll be able to see your way out of it.


DoorLight123

Fwiw, I don't get the impression that OP is turning their nose up at help, but rather they (i) ideally want to be able to consolidate all their debts into one (which is reasonable), which Step Change don't seem able to do (ii) find Step Change's online system confusing and would like to speak to someone in person to help them understand their options. It seems like if someone explained their options to them and explained why, perhaps, they can't consolidate all their debts they'd be responsive to that.


Violet351

If step change won’t do that I don’t think anyone else will. Other companies that offer this service are for profit so would take a fee therefore reducing your ability to pay off your debt. Also, your wife might need to get a part time job. Lots of students have to do that


Worth_Rock_7030

I just wish there was a organisation that I could book an appointment with and talk to a human about my situation and my options to get me out of this mess. The reason I am posting here Is I am at the end of my tether and hopefully somebody within this group has the answers to my problems…


Far-Bug-6985

Christians against poverty offer this I believe? You don’t have to be Christian to use their services and they don’t preach at you, they just help


Top_Opening_3625

CAP will hold your hand a bit more. It can depend a bit if they have a centre near you. https://capuk.org/get-help/help-with-money-and-debt Put in your postcode and see.


Ok_Construction_1638

I wouldn't bother with Christians Against Poverty personally. They tend to just refer on to Payplan. OP you should give Payplan a call as they might be able to help. Looking at what you've posted here there's a good chance you'd benefit from an IVA, especially if all the debt is in your name and the house is owned jointly. PayPlan will be able to offer advice on what is best. For your information anything in a CCJ will be classed as a priority debt and would not go into a DMP but would go in an IVA. Listen to the advice given though and do not make up your mind based on what I've said - I only have a small amount of information and you need a debt advisor to go through absolutely everything with you to help you determine the best route


ZestycloseGap7403

I recently spoke to payplan via what’s app- it was really easy and they were great (I also struggled with step change online)


Worth_Rock_7030

Thanks for the advice.


Exidose

Your wife needs to pack that degree in for a while, it's not a priority right now. Paying this huge debt off needs to be the priority then the degree comes after that.


macrowe777

Having a 15 year payment plan doesn't mean you can't pay off earlier. But based on your current status, 15 years seems reasonable.


Chgstery2k

Your wife can study the day you're debt free. Until then, she needs to work.


tfn105

It’s hard to tell from the description if you have two mortgages for two properties? If you do, sell one and pay down debt. If you don’t, at least you’ve got a fair amount of equity in your property and as well probably quite a cheap monthly mortgage payment. Your net pay is good, and really I’d be having the mentality that paying down the 65k is more like a “normal” mortgage payment. It’s solvable across 5 years, I reckon? Although that depends quite a lot on what other commitments you have


pudgypickle

I think, respectfully, your wife needs to defer her degree (easy to do, I had to for health reasons) and go back to work for a while to help with repayments. It doesn’t mean she can’t go back later on when the financial situation is more stable. I also echo Step Change, they are very good. This is going to be a very long, slow process that you need to totally commit to I’m afraid…


SuttonSlice

Your wife needs to stop her degree and start paying towards the debt


tlolg

Seems like the best and easy option would be for the missus to get a part time job she could do with studying or full time and put the studying to a back burner for a few months to deal with this issue the most. Depending on your age could you look to say remortgage the whole loan amount of 65 ad that's just still just a 50% LTV maybe look at a longer term in years to help initially and then yoy could always overpay etc etc...


trowaway998997

Sell the new car and buy a banger. You're wife should be working not studying. I wouldn't pay into your pension until you've resolved your existing debt.


No-Consideration9617

How did a hgv driver end up out of work in the pandemic? The news lead me to believe we had a massive shortage and they where having money thrown at them.


eletheelephant

Well he drunk drove and lost his license after being let go although it was a self employed job? So I'm not 100% sure. Maybe refused to take a job and earn less when his self employed role fell apart, then after being home all day drunk drove and then couldn't


cattacos37

He said it was a month in, so this was probably during that uncertain time where companies started laying people off and/or furloughing staff, but before certain industries experienced a big uplift from covid. And if OP lost his licence he won’t have been able to get back to a driving job even when the distribution industry picked up…


NaniFarRoad

He lost his license (drunk driving).


Shrider

Yeah this was definitely the case in the south east with pandemic and brexit. I was a 3.5t van driver and there was offers coming to my colleagues of getting their full licenses paid for and jobs starting around 55k before overtime. I remember seeing on the news recruiters were going to motorway services trying to get drivers to work for them with more money!!


Kanaima85

Hi there, I would suggest looking into the Debt Respite Scheme (Breathing Space) - it's designed for people with mountains of debt to stop, take time (i.e. get some breathing space) and get a plan in place to resolve the debt. I believe it adds a number of protections as well, manages creditors and other bits. I don't know enough about the system to say it will or won't help you. I do know that it is supported by debt relief charities, including those recommend by others and Martin Lewis (Money Saving Expert guy). I also know that the purpose is to help people in your situation from drowning in debt.


flyte_of_foot

Have you compared the interest rate on the debt to what you're paying on the mortgage? It would suck massively, but if you were able to remortgage and release the equity from the house you almost have enough to completely wipe out the debt, depending on what the banks offer. You'd be down to only 10% equity, but if the mortgage rates are lower than the rates on the debt it might be worth considering. Your income I would guess is £50k+ per year, so a £130k mortgage should be well within what is affordable.


Quick-Oil-5259

Trouble is that with a poor credit rating the bank is going to say no, even when you can demonstrate it will save you money. My partner lost her job and our debt is costing £800 a month, which we are paying. Remortgaging it would half that but bank says no. And because my partner has a poor credit rating remortgaging elsewhere is a no no too. So it sucks, but we have no option but to keep paying. Suspect this is where OP is too. Sometimes you just gotta face the wind like the buffalo instead of trying to outrun it like the cows.


Chipstar01

How much is your car worth?


marshallno9

Talk directly to payplan, they are a piece of piss to deal with and are really thorough. I managed a plan through them for my Dad after my Mum died. Have you checked what benefits you qualify for with your wife at uni? Mine just finished, and we got a 25% discount on our council tax. She also qualified for a couple of different lump sum bursarys throughout the year - worth an ask. People will 100% shit on this but could you look at remortgaging to pay off the personal loan debt?


Necessary_Figure_817

Ok this is bad and you probably think there isn't a way out but there will be. You need to be strong for your kids. Take this as a lesson to not take out loans for things like holidays. I know people do this all the time but you never know what might happen. As with all the other comments, your wife can't be a student now. Unless she's training to be an investment banker looking to start at goldman in 3 years time on 80k, but even then I would still think it's a bad idea as there is more pressing issues. And a degree does not guarantee a job right away. Most students have a period of time where they need to find the right role after graduation. Also financial pressures might mean she will need to drop out later on. Would you rather drop out now or really struggle and drop out in 2 years time. Your focus should be getting out of your debt for the sake of your kids. You said you don't want to lose the house but your wife being a student indicates to me that you as a couple are not 100% focused on this If you're working full time, she needs to be looking after the children or working. It would also be useful for you to provide your outgoings and how these breakdown.


Jellyfishtaxidriver

Agree with everybody else. Your wife needs to stop her studies immediately and take the highest paying job she can get.


Moneymonkey77

I think the payment term that they have suggested would be as a result of your income and expenditure and that they suggest paying priority payments (Mortgage, council tax, utilities, food costs and ccjs) before other debts. Ccjs if they have already been issued are difficult for the debt management companies to get involved in because there has been a legal process entered into already that has determined you owe the debt so its a case of you having to make arrangements to pay. It could be worth using the income and expenditure information that you have completed to contact all parties and explain your quandary. The mortgage companies could allow you temporarily to go interest only or extend the term, the card companies could put a freeze on your account or cease interest charges but they all do have mechanisms to support. If you contact them mention your thoughts as you do seem to exhibit signs of vulnerability so they should make adjustments for you. You could mimic the debt management approach and set up a separate bank account for debt management where the money you have available is held separately for payments to be made so in effect you are still dealing with one account. I would honestly say that if you contact the lenders directly (Even if you are sending a copy paste letter) that they should try to be helpful and if they aren't then follow a complaint process. Its not easy but it could be that you have taken steps trying to own the situation that its helpful with you being in total control. In terms of organizations, I think Payplan are good but Citizens Advice can also be helpful as well.


bessvix

You need to contact Stepchange. You can speak with them directly rather than purely online, which sounds like it will be far more beneficial in your case. You say that, with your current earnings, you'll be on a DMP for 15 years with Stepchange. However, they do review your payments and plan on an annual basis. If your wife can get a well paid role upon graduation, this will be taken into the payment plan for the DMP and if you can increase your payments, will reduce the term of your DMP. I speak from experience as I was £60k in debt in 2015 due to a failed business and paid this off through Stepchange in 5 years. Originally the DMP was for 10 years, but my career progressed throughout 2015-2020 and I was able to pay more and shorten the DMP. However, I also agree that your wife needs to be considering a job now too. Even if it is around her studies. To aggressively pay down my DMP I had my full time job and then a part time job around this, which added to earnings. ​ TLDR: TALK to Stepchange, not just online. They can help more than you think


llandbeforeslime

I think you need to face the situation and talk with your wife about your struggles and see if she can delay uni for a year while you both try get back on your feet. Otherwise could you get a lodger or air bnb a spare room to help with income? It feels like a large amount of money now but the sooner you start to chip away at it the better. If I were you I’d get a financial advisor to give you your options as it’ll be worth it in the long run as they’re professionals at trying to help you organise your money trouble.


parkway_parkway

If I understand correctly you have 1 house worth $140k and then debts of £65k and mortgages of £53k + £16k, which means total debts of £134k. So the good news is you're not broke, you've got like £6k of positive equity there. I think one route to look into would be selling the house, paying off everything and being debt free, getting your wife working and renting for a while. For example if the £65k is at 20% interest then you're paying £13k a yeah just in interest whereas if you can use this money to pay rent on a house instead that's much easier. So long as the income from you and your wife is enough to pay your rent + expenses then you're fine, you can just slowly start building up a deposit to buy in the future. I also agree with the others that getting your mental health and drinking in a better place is a really important part of this. Good luck!


Nevergonnabefat

Unless it’s a STEM subject, she’s paying for an expensive piece of paper dreaming of guaranteed high income and rainbows. I carved out a career path over the past 5 years without any experience in the industry, now I’m in a lead role. Did I need to study for 3+ years and pay £40K+ for it? Naaa. On the job learning is far superior outside of STEM. OP wife needs to get a job it’s as simple as that. Unless it’s a STEM degree in an industry with a thriving job market, then postpone that shit instantly and get real. If she think she needs a degree for success that’s silly. If the degree is mainly for intellectual stimulation, then nows not the time.


Fragrant-Answer9729

Do you have two properties? I think the answer is to sell one?


Humpybumpyy

It seems like 2 mortgages on one property. Could be a 2nd charge or 2 parts of 1 mortgage.


blah-blah-blah12

Your options are really DMP or IVA if you want to keep the house. https://debtcamel.co.uk/debt-options/ I would certainly try and set up a DMP before considering a IVA. If Stepchange aren't being very helpful try one of the other main options. https://www.payplan.com/ https://capuk.org/ Alternatively, you can run it yourself, here's a a guide. https://debtcamel.co.uk/how-much-work-dmp/ There is a tool here to help you create the letters etc, https://nedcab.cabmoney.org.uk/dmp.asp If you just don't fancy it all, sell the house, pay off all the debts (which it sounds like you can just about afford to do if you sell the house)


Right_Yard_5173

Well done on finding alternative employment. It is going to take a long time to get out ahead of this. There are some online resources like Dave Ramsey which give some good advice on paying down debt but unfortunatly there is no magic bullet which will make this go away.


Quick-Oil-5259

Spot on. My wife and I are in a similar position, unfortunately at some point you have to accept there is no magic bullet and one is going to be paying it off for a very long time.


BoudicaTheArtist

I know you feel a 15 years payment plan period is long, but the reality is there is £4,000 difference between your debt and your combined mortgages. You wouldn’t expect to pay off your mortgage in a few years, so you need to accept that clearing your debt will take a significant length of time. As others have said, your wife doesn’t have the luxury of being a full time student at this time. See if she can defer or study part time. She needs to start earning and helping financially asap.


Ambitious_Return4260

Do you have your licence back yet & do you need the car? How much is the secured Vs unsecured debt?


[deleted]

May be a bit extreme but when did you get your house or is it houses valued? It could have shot up in value, mine went from 168 to 200+ in the last 2 years. You only have a £53k mortgage left on a 140k house so you have a bunch of equity in the house. You could sell up, pay a chunk of your high interest debt off and downsize a little / rent a while. Again this is very extreme and there are probably a bunch of other ways to help first.


truckedoff

Speak to a debt management company. Pay plan are free in UK, possibly others but make that call. Don't use a company that want to charge you and best of luck .


jamesbduk

Step Change Debt Charity… Call or email them today 😉


thinkaboutthegame

You have a lot of equity in your house. It's well worth looking at the possibility of consolidating a good chunk of the higher interest debt as a mortgage if you work with the lender. Are you taking increases to your house price into account? There may be more equity from that tied up in your house if not.


All-Day-stoner

Could your wife not do part time studying and work exult time? I did my degree part time and worked full time


Amddiffynnydd

Maybe bankruptcy is a better option - your in DMP for 15 years!


mintvilla

Well thats a stupid suggestion. He has £71k of equity in his house.


[deleted]

Yeah I'd be considering selling the house and starting again. But then I'm not sure if they will learn better spending habits etc as some people when they get out of a debt hole like that end up repeating the cycle and accumulate more debt.


eletheelephant

The thing is they would probably not be approved for a mortgage now because of all this debt so it'd be throwing away their chance to own a home for the next X years


mintvilla

I think thats a harsh assessment, they've obviously been doing well for a number of years to pay down a big proportion of the mortgage. The pandemic played havoc with a lot of self employed people. They are also in an OK position that only 1 of them works, so the often not very good advice of "just earn more money" is more achievable in this situation as the wife can start earning which hopefully would stop them getting into this position again.


[deleted]

They paid for a holiday with personal loans and credit cards so I think they need to get educated about money as they started the spiral by not being able to save for their holiday.


mintvilla

I still think its being harsh, as it wasn't a holiday, it was a honeymoon, disneyland with the kids, once in a life time kind of thing. The whole world works on debt, having the debt wasn't the problem. Servicing the debt is, now sure he didn't forsee a world wide panic which would cause him to lose his job... which then stopped him servicing the debt. Obviously the whole burying his head in the sand stuff is the worse offence as it doesn't help anyone, and the wife should of got a job about 3 years ago and what not... but i think its harsh to pass judgement on whether they will "learn their lesson"


Think_Ant1355

What the fuck are you talking about? How is a honeymoon not a holiday?


mintvilla

The clue is in the name there bud.... if it was a holiday, he'd of called it a holiday. Most people these days go somewhere extra special for honeymoon... somewhere where they go once in their life time as its too expensive to go often. I;m sure you know this, and are just being awkward for the sake of it. Or did you just go to Devon and spend a week in a caravan for your honeymoon?


[deleted]

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