Fed up and don't know what to do!

Staciep88

Hi everyone,

This post is probably going to turn out quite long so I'll say sorry now, here's the history:

Before I met my OH he was in debt; 2 credit cards and 1 loan.
Credit Card 1 Barclays: £950
Credit Card 2 Barclays: £4500
Loan Barclays: £2500

TOTAL: £7950

We have been together for 3 years now and the debt is really starting to show its strain on our relationship. After me taking out 2 0% cards in my name for his debt (he has a bad credit rating) the current situation is:

Credit Card 1 Barclays: £45.23 - will be cleared at end of month
Credit Card 2 Barclays: £2978.75
Credit Card 3 0% Virgin: £926.82 - should be paid in 14 months
Credit Card 4 0% Mint: £782.80 - should be paid in 12 months
Loan Barclays - £1466.47 - should be paid by March 09

TOTAL: £6200.07

As you can see the total has come down alot which is great but it still seems like its going to take ages! He can cope with the 2 0% cards and the loan and the first card will be cleared soon aswell but the card number 2 is still an issue. I cannot take anymore cards out for him as I now have 4 as it is and don't want any more. Im worried that he pay not be able to make payments towards this one and it will build back up in interest. Would he be able to write off this amount of debt?

Thanks

~Beanie~

No he won't be able to get it written off.

It may seem like a long tme before he will pay it off but then again, he didn't accrue this much debt overnight did he?

Can he post (or you on his behalf) a statement of affairs? Then we will be able to see if there is anywhere he can save money and pay them off quicker.

£6200 isn't a massive amount and he should be able to sort it an a year or so, especially if some of it is at 0%.

summermummy

Have you written out an income and expenditure statement? If you do this you will be able to see how much cash you have left to pay off your cards. There are companies offering to wipe credit card balances for you if they have been given out irresponsibly by the lender - but I have never used them myself might I add.

I think the best bet would be to contact the lenders and let them know what you can afford to pay.

Staciep88

Thanks Beanie, I have done that before and there really is no where we can cut back on, we need to move out of our rented property soon and there are no cheaper places to go. Just really feel like we are in a rut! If it was all on 0% cards it wouldnt be an issue. We already have: natwest, barclays, virgin, egg and mint between us. I dont know where else to try

Staciep88

summermummy: Thanks we are trying to see if they can freeze the interest on credit card 2 so that atleast a big chunk of it will come off but i dont know what the chances are