Advice needed re large debts

Scarlett1212

Hi everyone, I've been a lurker for a few months after my LBM just before Christmas 2008, when I added up our debt which came to a staggering £37,200. I have worked really hard since then to get it down, ebaying like mad (including all my Christmas presents), and overpaying as much as I can with OH salary and I've got the debt down to £31756, however OH overtime has now been stopped and I've sold everything I can at the moment, I'm really worried that we won't make the minimum repayments from now on, I am looking for a job at the moment, but although I'm getting interviews I can't seem to get to the final stage. (I gave up work 5 years ago as I wanted to be a full time mum but DS is 11 now and well I obviously can't afford the luxury anymore).
Anyway, all the debt is in OH name, but I've take on the budgeting for payments, the CC Interest rates are killing us - would the companies consider lowering the APR if we explained our situation, I don't want to go down a DMP/IVA route unless we really had to but we are getting pretty close to the edge. Any help gratefully accepted
Thanks
Scarlett

RAS

Hi

Some people have had a bit of luck, but many companies increase the APR if they reralsie you are a risk.

What Aps are you paying on what cards?

We need APrs, maximums, minimum payments and APRS.

What is Oh credit rating like?

Any chance of a lOB or 0% deal. for even a small ampunt of the debt?

Scarlett1212

Thanks for your reply,
CCs are as follows
Halifax £4430 @ 23.9% Minimum payment 2%
Sainsburys £3354 @ 18.9% Min Payment 2.5%
Tesco £3342 @ 18.9% Min payment (not sure but was £100 this month)

The rest of the debt is loans - £613 a month

Credit rating is shot to pieces as missed a couple of CC payments at the end of last year Credit Score something like 532

I tried for a couple of 0% deals before getting knocked back - thats when I checked Credit Score. The Halifax Card is actually going up every month as the min payment is less than interest and I know we were really stupid to get into this mess. Thanks for your reply I appreciate it

RAS

What are the maximums on those cards?

Scarlett1212

Halifax £6000
The other 2 are close to their limits £3400 and £3500

RAS

Well

You do not want to be moving the money around at the moment.

Definately need to get work. Have you tried signing up with agencies? Get anything in the first instance, even at minumum rates, to get recent work history. Also the agencies might then put you forward for something better.

Would you be Ok with care agencies for example? or evening or weekend work?

The first £5,000 of you income does not attract Ni or tax, so it is like OH getting a £8K rise.

Scarlett1212

Thanks RAS

Yep, I'm just going to have to apply for everything and anything thats going, wish me luck and take care

BlueAngelCV

Just wanted to say well done for getting so much paid off since Christmas!

RAS

Scarlett1212 wrote: »

Thanks RAS

Yep, I'm just going to have to apply for everything and anything thats going, wish me luck and take care

Scarlett

have you checked

Any PPi on any of the loans or cards.

Any late charges on any accounts anywhere?

Read tha boost your income thread. Even if it is onyl £20-30 per month it helps.

Scarlett1212

Ras, No PPI taken out on any loans, we have made a claim to Abbey for £1167 for charges but still waiting for them to get back to us.

I'm just working out a budget for us - i think we should be okay till the end of april, so I really need to get a job, any job by then - I've worked out that £80 a week will keep our head above water - obviously I want more than that to overpay the cc, but that amount is definetely do-able. Does anyone know of a calculator to work out a basic wage - my OH got a promotion last year and has worked overtime every month since then so I don't really know what to expect come aprils wage. He earns £29k - I reckon around £1800, does this sound right?

Scarlett1212

Thanks BlueAngel - i just really wish I could keep up that level of repayment, I am aiming for £23,000 by the end of the year. i never thought I would see the day when I see £23k of debt an achievement!! oh well