Facing reality, it has finally caught up.

InNeedOfHelp_5

Hi All

This will be my first post. This weekend my wife and I have finally faced facts that the debts are getting worse and will become uncontrollable within the next few months.

Short version. I was mad redundant from a fairly well paid job and now earn half what I used to so we now have the debts below. I have already followed quite alot of money tips by going for deals.

Intelligence Finance (aka Halifax) - £31048
Texaco Card £4108
Capital One £7387
Egg £4151
Grand Total of £46694 :eek:

What do you guys think.

PS Called National Debt Helpline they are sending out some info.

Regards and in need of help

bonnie_2

well done for posting, it would help if you could post your incomings and outgoings so that we could help you more.
dont worry, i used to but whats the worst they can do to you nothing.

fairylights_2

Congrats on realising you want to do something about it and welcome to MSE! :beer:

How does it feel to have to decided to deal with things? I know we felt like there was no solution when we first realised, but it does get better - though it will probably get worse first. You'll have to face some big lifestyle changes to bring those debts down - but so long as you're determined, then you should be able to.

Have you done Martin's Budget Planner? It's a good way to go through your spending with a fine tooth comb and work out where you can find some cash to pay off debts.

What are the APRs like on your cards? will you be able to get them as low as possible? I'm sure there'll be lots of useful advice if you're willing to ask!

InNeedOfHelp_5

fairylights wrote:

Congrats on realising you want to do something about it and welcome to MSE! :beer:

How does it feel to have to decided to deal with things? I know we felt like there was no solution when we first realised, but it does get better - though it will probably get worse first. You'll have to face some big lifestyle changes to bring those debts down - but so long as you're determined, then you should be able to.

Have you done Martin's Budget Planner? It's a good way to go through your spending with a fine tooth comb and work out where you can find some cash to pay off debts.

What are the APRs like on your cards? will you be able to get them as low as possible? I'm sure there'll be lots of useful advice if you're willing to ask!

Texaco 3.9% for life, no additional spending on this on the BT amount
Capital One 0.00% till Jan 07
Egg has a about £800 on the standard (15.9%) i beleive and the remainder on 0.00 for six months.
Halifax I think is about 7.9% but no way i can change that.

Income for the house is £36,000
Then you have £113 pcm child benefit (2 x girls 6 and 2 1/2)

fairylights_2

Have you tried the snowball calculator? You can find it at https://www.whatsthecost.com/snowball.aspx

Just tap in all your debts and it'll tell you how long it's going to take you.

Is the Halifax one a loan? can you overpay on it if it is? You've got a pretty good sized income still which should help your cause. And are you paying off the 0% bit on your egg card before the £800? because that'll be generating an unhealthy bit of interest as it goes along too.

Jarlawuk

I'd try to transfer the egg balance off to another card if you can because with all transfers you pay the 0% stuff off first before you get to the money that is building up interest. 15.9% of £800 is not nice...

JAMIEDODGER

it would be a good idea, like bonnie said to list ALL your monthly expentiture not just your debts so we can see if there are any other ways of cutting back, freeing up more to throw at your debts, and list your total MONTHLY income.

there are many success stories on here too, have a read of those to give you inspiration!

hope this helps,

JD x