Help for a nervous newbie

sashanut

Hi everyone, hope someone can help a nervous newbie. I shouldn't be in the postition I am but I AM IN DEBT - there I've said it!! We should be well off, but because of my out of control spending & my lack of financial savvy we are quite heavily in debt & I need to get it sorted. My husband does know about (most) of it, since he found the credit card statements just before Christmas. Whilst he agrees we need to get them paid off, he really doesn't like to discuss it much so I am hoping I can talk it through on here & get some good help & advice as you all seem so well-informed.

The debts are mainly CCs, with one loan & also a permanent overdraft on both personal & business accounts. The first thing I did was to put all the CCs on DD for the minimum amount & then try & work out all the APRs on them to see which was the highest. Then I got my husband to apply for a 0% CC on an offer that came through the mail - he just got turned down for that, the letter came today! I think that is probably because we have missed some payments in the past - well, been late with them - or maybe they just think we've got too much debt & of course as we're self-employed it could be that. I also applied to the HSBC via the internet for myself to get a 9 month 0% deal but have not heard back yet & am thinking that I might get refused too. I know it's not a good idea to keep applying for other credit cards as it goes on your records as a search but I am not sure what I should do now. I did get a copy of my file from Experian a while back but I couldn't even understand it, I must be that stupid.

Any help you can give would be most welcome...I'm feeling a bit upset so I better stop,

all best
Mimi

babesandbrats

:wave: Hi there - I'm not much good at giving the advice but there are plenty of experienced people on here who will. Just want to say take care and things will get better now you've taken the first step.

lottie26_2

Hi i'm new too, I have found this site so helpful it gives you loads of tips and lots of encouragment.
You should write your SOA and people will beable to give you some advice on where to make any savings,good luck x

sparklymessygirl

Mimi,

Well done you! It is scary facing the debts but you have done well to make a start and to get the minimum payments sorted by direct debit. You should probably post a Statement of Affairs (incomings and outgoings) and list your credit providers with interest rates, credit limits and current balances then people can suggest perhaps shifting some debts around to get lowish lifetime balance rates or just lower rates.

Edit:Cross posted with Lottie

Good luckxx
Sparkly

davek1

Hi sasha.

You have done the hard bit. there are plenty of people on here who will offer help and support. Post your SOA and it wont seem half as bad. Not been on here that long myself but the supprt is fantastic

God luck and welcome

Dave

sashacat

Hi, Sashanut, well done for posting..it is certainly difficult to admit to yourself that you are in debt, but post your soc and there are lots of people on here who will help...don't worry it will get sorted

bank_of_slate

Hi Mimi!

A big welcome to MSE!!
Ther are many people on here who have been through similar and in many cases, worse.
If you can post your full incomings and outgoings we are masters at spotting where savings can be made.

You won't be judged on here, debt has a habit of creeping up on you, you 'cope' for such a long time that you can't see the real state of affairs.
Once you've had that 'lightbulb moment' it hits you in the face and seems huge but there is a way through it.
It takes time but you'll get loads of advice, support & encouragement on here.
Good luck and keep posting!
...Linda xx

sashanut

Thanks for all your encouraging messages - I will try & post my SOA - I have only done the CC debts so far. Maybe I have put off doing thw whole thing as I find it too complicated...as we are self-employed earnings vary a lot & can be unpredictable in their arrival - ie we don't get £xx per month & it doesn't arrive on the same day per month/six weeks either.

I feel better at least for sharing (offloading?) - I have been lurking & realise I need a kick to get me started! I do sell on eBay - but sadly I also BUY.

mimi

novice_money_saver_2

Just wanted to add welcome and well done for posting. The sooner you post your SOA, the sooner the great advice will come flooding from the MSE veterans.

MSE can serously improve your financial (and mental) health!!

Well done again.

crisis_management

Hi; you've done the difficult part - posting at first isn't easy. I also have huge debts and was turned down for several 0% cards, but just when I was despairing Amex gave me a card with a lifetime balance transfer rate of 4.9% - see Martin's tips. You should certainly try it. Good Luck

Crisis

jenevieve

:hello: Hi Sashanut

Welcome and well done for posting. Now you have done that you will see just how fabulous fellow MSE'rs are in their support and help.
I really just echo what others have written about posting your SOA; these guys are a canny lot and can spot a possible saving miles away in thick fog, they are so good!!
Perhaps your hubby isn't saying much at the moment 'cos he is in a bit of shock. Certainly, talking about this together will provide you with much needed support for each other at a difficult time.

There are lots of people in the same boat on here and certainly some who are self-employed like you and therefore do not have a fixed income.

Keep your spirits up and keep posting for support. You are not alone in this