Advice needed for boyfriend please

ehallett

Hello everyone

I'm just asking for some advice on behalf of my boyfriend. He's in debt as well but unfortunately hasn't had the lightbulb moment yet!! I have tried soooo hard to get him to cut his spending down and start clearing his debts but I think he is hearing what he wants to hear. I don't live with him, he still lives with his parents (at 30 years old - bless!!). He earns a good wage (about 34k) but he doesn't seem to be able to stop spending and I have lost count of the number of new cars he has had over the past couple of years!!

Anyway, he is behind on his payments for his LLoydsTSB Gold credit card. He has got a 5k limit and it currently £50 over that limit and he can't remember the last time he made a payment on time! They are always calling him and he has even been receiving calls today!! I told him to stop fobbing them off and tell them that he has got problems paying them.

Some of my nagging must have gotten through as he told them he was having troubles. They said that they would send him an income and expenditure sheet to fill in so that they could work out what he could afford to pay. She then said that they would work out a payment plan but that the account would close. She also said something about freezing the interest and charges - he wasn't very clear about this bit. She told him to carry on making what payments he can and that they would call him back in a couple of weeks to go over the status of the account. Also she said not to use the card again.

My boyfriend is now worrying about what this means. Has anybody had any experience of doing this sort of thing? Will this affect his credit score? I would be grateful for any advice anyone can give, it will set his mind at rest for a while.

Thank you, I hoep you are all having a good weekend

Emily x

CLAPTON

from what you say, BF is a single man living at home earning £34k and struggling to maintain payments on a £5k credit card.

Unless there are other major factors (e.g. he is maintaining his parents, a previous relationships with children, or other such matters that mean he has very high outgoings) then i would guess he is probably in serious debt.

after all a £5k debt on CC would usually mean a minimum monthly payment of £100 which would be easily be accommodated by income of £34k

the best help you can give him is to introduce him to this board and persuade him to post a SoA and see what help and suggestions people here can give.

waterbaby

Also, it sounds like he's thinking a bit back to front - he's worried about how this new course of action will his credit score, but his credit score will already be screwed up if he hasn't been making his payments.

He can only improve his damaged credit score by sorting his situation out.

I'm having a good weekend thanks Emily, hope you are too

domestic_goddess

hi
a payment plan will def show n his credit file and affect his credit rating but this is better than late payments all the time..... as he prob has a lot of bank and credit card charges has he read the thead on reclaiming bank charges... wont help straight away bu something to look forward to (hopefully)

good luck

p.s. he is lucky to have you
:T

beanielou

Hiya
It may be that depending on bank involved & how long he has had card it may not show up on his file.
He could check with the credit ref agency & see
Hope you are ok?
Have the line got the bye bye yet then?
Take care