getting my boyfriend out of debt

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i posted a while ago about my boyfriends debt in the loan section and although hes been plodding along for a while, its really come to the point where he NEEDS to do something about it.

SOA Below

Monthly Incomings:

salary - £1,090

Total - £1090
Monthly Outgoings:

board to his parents: £130
Phone: £35 (tied into contract)
Gym: if he doesnt go he gets very cranky - £30
Travel: £70

Total: £265


Lloyds Card - £6230 (limit 6k going over in interest) - £170
Halifax Card £3000 (on default after late payment) - £100
Fraser Store card - £211 - about £20 minimum payment
Lloyds Loan - £7000 - around £200 a month
Overdraft - £100 (pays nothing back)

Total £490 outgoing

= Total outgoings £755
= Total Debt is around the 15k mark

The problem he now has is the default on his Halifax Card. He forgot to pay it one month and has now buried his head in the sand about it despite them sending him a letter the other week saying he had defaulted on it. I read his credit report the other month which i made him get and he has now made 8 late payments on his halifax card. they keep ringing him and sending him letters which hes ignoring cos hes too scared (bear in mind hes 31 and should know better) and now hes panicking about how much hes going to have to pay them.

Can anyone come up with some sort of solution that he can put to the halifax card people on saturday when he rings up.

Thanks

**also he keeps going over his overdraft and is paying out around £80-£100 a month is bank charges. im trying to reclaim these for him**
:j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
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Comments

  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
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    looking at his SOA his debt should be managable of his wage. Deos he know where he spends the extra money?? He needs to do a full and honest SOA ad then contact CAB or CCCS and see what they advise.

    He also needs to open his mail, find out how much hi is over his limits by and try and get the cards below that ASAP to avoid more charges.
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • xcat_girlx
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    LilacPixie wrote: »
    looking at his SOA his debt should be managable of his wage. Deos he know where he spends the extra money?? He needs to do a full and honest SOA ad then contact CAB or CCCS and see what they advise.

    He also needs to open his mail, find out how much hi is over his limits by and try and get the cards below that ASAP to avoid more charges.

    you would think he could manage wouldnt you! i sat with a calculator the other week and worked out he had around £300 left. unfortunatly, he seems to think he has a right to a life where he can spend money! i've told him he'll just have 2 go without for a while till he at least pays the arrears off his card.

    i've told him to keep reciepts for a full month so i can work out what on earth its all going on.

    he also seems to think he'll go to jail if he doesnt pay his card off :rolleyes:

    We're living 150 miles apart at the minute and hes desperate to find some sort of solution to cut down what he pays out so we can live together
    :j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
    OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
  • amyandjon
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    Morning cat girl...now id make your own plan and i tarted taking responsibility of ohs card paying it on time hes very forgetful i hound him till its paid hehe.... if he has extra money id make a payment keep on paying any extra till hes back within his credit limit then id keep up to payments, id ask him to set up a standing order to your bank account for however much he is willing to part with and then id start making the payments for him or saving the money aside and ever so many months paying a lump sum... he really needs to do something about it theres no good sticking the head in the sand :P x
    The loans will pay themselves the credit cards need a kicking :money: DFW Long haulers supporter 132!!:T
  • Staciep88
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    Hi there,

    Just wanted to say im in the same situation with my Boyfriend. He was totally ignoring the fact that he was in £8k of debt, that was 6 months ago, if you take a look at my signature you can see how much he has paid.

    I got so fed up with him owing money (this got brought up when we tried buying a house last year) that I took his 2 credit cards away. As his credit rating is so bad I took the plunge of taking out 2 0% balance transfers for him in my name so that the interest would stop getting charged. Obviously I am liable for the debt now but I don't have a problem with this, is this something you would consider?

    By doing this he now has a debt free date of Sept09


    I would suggest posting a full SOA first of all and then hopefully we can see where cut backs can be made

    Stacey x
    xXx
  • xcat_girlx
    Options
    that really is a very good idea!

    i've already told him to set up direct debits but he seems to have inhertited this backward idea that his parents have of "leaving money to one side" and i mean literally taking it out the cashpoint and leaving it on the table to take to the bank and pay things with.

    if he'd done that we wouldnt be in this mess now

    any suggestions of what he can offer to do with the halifax card. do you think they would accept a little extra a month on top of his regular payment to clear the arrears?
    :j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
    OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
  • xcat_girlx
    Options
    Staciep88 wrote: »
    Hi there,

    Just wanted to say im in the same situation with my Boyfriend. He was totally ignoring the fact that he was in £8k of debt, that was 6 months ago, if you take a look at my signature you can see how much he has paid.

    I got so fed up with him owing money (this got brought up when we tried buying a house last year) that I took his 2 credit cards away. As his credit rating is so bad I took the plunge of taking out 2 0% balance transfers for him in my name so that the interest would stop getting charged. Obviously I am liable for the debt now but I don't have a problem with this, is this something you would consider?

    By doing this he now has a debt free date of Sept09


    I would suggest posting a full SOA first of all and then hopefully we can see where cut backs can be made

    Stacey x

    i'd considered that a little while ago but he doesnt want me to because the bulk of what hes paying off is his ex girlfriends debt. we're planning on buying a house as soon as we can and trying for a baby when hes financially stable enough so i know him paying it back (fingers crossed) wont be an issue.

    his credit cards have been stopped anyways by the bank as they are over the limit.

    does your boyfriend just pay you the money back once a month?
    :j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
    OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
  • Staciep88
    Options
    xcat_girlx wrote: »
    i'd considered that a little while ago but he doesnt want me to because the bulk of what hes paying off is his ex girlfriends debt. we're planning on buying a house as soon as we can and trying for a baby when hes financially stable enough so i know him paying it back (fingers crossed) wont be an issue.

    his credit cards have been stopped anyways by the bank as they are over the limit.

    does your boyfriend just pay you the money back once a month?

    My Boyfriends debt built up when he was with his ex aswell but I've just put that to one side as I really want him debt free.

    Well the Barclaycard is in his name and he pays over the limit on that one - probs about double.

    The Virgin Card is in my name and I have his bank card which I pay online straight from his account.

    The Mint card is also in my name which again, gets paid online via his own bank account.

    His other debt is his loan which gets paid monthly also.

    So basically it gets treated like his own accounts just in my name.

    Stacey x
    xXx
  • xcat_girlx
    Options
    im desperate to get it sorted cos we really cant keep living away from each other!

    did it reduce his payments by much by going onto 0%
    :j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
    OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
  • Staciep88
    Options
    It hasnt reduced his payments as such no, but it is making sure that by the time that 0% period is up that debt will be gone.

    Even though its 0% you still need to make atleast the minimum payments to keep the offer going, so for example on the Virgin Card:

    Balance: £850 (approx) 13months at 0% = £65.38 p/month so he pays £70 p/month so that on the last month the payment due will only be £10.

    The same with the Mint card as that is 0% for 12 months so again, he pays £70 p/month just to make it easy to remember tbh.

    His loan is set at £218.85 p/month til April 09

    And he has a big credit card of £3045 (Barclaycard) which the minimum payment is £68, however the interst if about £60 so he tries to pay atleast £100 - £150 from this one.


    By going to a 0% card it does lower your minimum payments but he would need to pay over that in time to clear it by the end of the offer
    xXx
  • xcat_girlx
    Options
    hmmmm i think with such MASSIVE amounts to transfer Im not sure if it would work that well.

    i think he could really do with going to the CAB. but again hes 2 blooming scared!
    :j TTC from September 08 / BFP November 08 / EDD 22nd July 09 :j
    OH's debt as of Sept 08 - £15,000 / Nov 08 - £13,500
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