getting my boyfriend out of debt

Staciep88

well he has nothing to loose so I think you should just tell him to go for it, just say that your never going to get a house and start a family if this is always going to be hanging over his shoulder

xcat_girlx

he doesnt sleep at night hes so worried about it.

i used to work for a loan company and i had people taking out 50k secured loans to clear debt. he doesnt get that on the grand scale of things, its really not that bad!

he has no assests either so if he doesnt pay there's not really much they can do which i think is making him ignore it even more.

i've been nagging him since january and he seems to be getting very skilled at putting things off!

Staciep88

Ok so if things are that bad then try and persuade him to get a consolidated loan. If its a better interest rate than the current debts now, theres no problem, the only problem will be finding some1 to lend him the money.

Why not take a look at moneysupermarket and see what they have to offer taking into account his credit rating.

Like you said £15k isnt a lot of debt compared to some on here

xcat_girlx

Staciep88 wrote: »

Ok so if things are that bad then try and persuade him to get a consolidated loan. If its a better interest rate than the current debts now, theres no problem, the only problem will be finding some1 to lend him the money.

Why not take a look at moneysupermarket and see what they have to offer taking into account his credit rating.

Like you said £15k isnt a lot of debt compared to some on here

his credit is !!!!!!ED! the only loan taking into account his credit rating is 27% apr.

i've offered to do it in joint names with a joint salary but again like with the cards he doesnt want my name going on it

embarrassed_about_my_debt

Getting a loan will just prolonge the time it takes to sort and if he has defaulted then im sure the interest rate would be high on any loan he can get!

His first priorities need to be getting things back within the limits to limit charges and interest on these.

Can you list the cards, how much is on them,the limits and the apr for each? (i know you've partly done this)

I had £15k debt when i started sorting things out, its not impossible, it just needs to all be looked at and prioritised

xcat_girlx

halifax - £3200 - over the 3k limit - about £100 a month repayment

lloyds - £6230 - over the 6k limit - around £170 a month repayment

lloyds loan - £7000 - paying around £200 back (he took this out to clear the cards and then just spent it!!!)

fraser store card - £211 - paying piddly £15-20 repayment

not sure on aprs.

embarrassed_about_my_debt

So his priority has to be finding

£200 to bring the halfax under limit
£230 to bring the lloyds under limit

and then finding out what the estimated interest is for the folliwing months to try and make sure that doesnt send it back over.

Going by the soa you posted he only has £335 a month spare so i seriously think he needs to talk to one of the debt charities to help him. They will be able to give him the best advice possible.

He also needs to stop going over his overdraft limit as this means he has less money to spend aswell as it is being eaten up by charges.

I'll go and get the links for you.

embarrassed_about_my_debt

Here is the link to the page explaining about the debt charities

xcat_girlx

embarrassed_about_my_debt wrote: »

Here is the link to the page explaining about the debt charities

i'll print this off for him

the last lot he rang said they couldnt do anything cos he could afford repayments.

Horace

I have a frasercard that I no longer use (I used to use it to access the posh loos but as they have gone down hill I dont use it). I know that the APR on the frasercard is about 29.9%:eek:

Your boyfriend needs to post a full SOA - https://www.makesenseofcards.com/soacalc.html

To see how long it will take him to pay off his cards then he would need to use a snowball calculator (someone else will come along with the link for those).

He needs to stop spending, keep a spending diary and maybe sell some stuff that he no longer uses or wears either at a carboot sale or on ebay.