my partners debts

sultry33

hi everyone, i am looking for advice on my partners debts as he is in panic stage and has asked me to help .

he has about 2 large debts of 15k plus odd ones of 3k probably all amounts to 35k...

he has no property, just expensive car!!

he recently had salary cut so although he meets monthly repayments he now is paying more out than he earns. he is in process of going to bank the one which holds largest debt and seeing if they can give him a loan to cosilidate all his debts, thus hopefully reducing his monthly payments.

he will not purchase anything else on credit cards or loans but just wants help on this situation.

his salary i believe is 28k

also any advice on interest freeze.. ie letters to banks?

any help would greatly be appreciated

lynzpower

He needs to come here and do an sOA first - see southernscourses sticky first time posters.

Is he working at the mo?

Consolidation is a really bad idea to be honest, it involves paying interest on top of interest and being in debt for much longer. plus it doesnt change the spending behaviour. I know, Ive done it to the death BUT NO MORE

Could he sell his car? Seems crazy to have that sort of debt with \assets??

sultry33

thanks, yes he is working still and works for emergency services so job safe.
his car is his dream car so will definantly not sell it, think he would sell himself first lol

im worried that by him going to his bank it will open flood doors for all his other credit sources and will make his problem worse.

i think he is paying way to much min payments as debts are through about 6 different credit sources.

he is due a large sum of money in approx 8 yrs but i told him bank wont even take that in to consideration.. its the here an now.. he crazy

i will check out the thread link sticky u mentioned.
thanks again

sultry33

credit limit

MBNA £15,500 £14,125.36 £14,126.78 £14,121.89 £15,144.50 £15,148.22 £15,114.27
MBNA2 £3,000.00 £2,552.43 £2,611.13 £2,509.12 £2,506.42 £2,551.53
B.VISA £14,900.00 £12,939.25 £14,252.06 £14,823.85 £15,100.15
HALIFAX £6,800.00 £4,718.31 £4,683.44 £4,641.00 £4,724.65 £5,479.19 £5,403.12
BENEFICIAL (PCS) £4,250.00 £514.99 £528.50 £504.18 £1,383.05 £3,811.36
AMEX £3,100.00 £2,851.01 £2,694.73 £2,620.68
MORGAN STANLEY £1,000.00 £943.12 £937.65 £930 £921.61
EGG £6,200.00 £4,059.92 £4,671.42 £4,798.54 £5,763.34
CITI £5,100.00 £0.00 £0.00 £3,000.00 £3,533.00 £3,464.67 £4,954.68

this is credit limits and payments...

petrol £60 week

car insurance £1000 yr

food £30 week

rent £50 week

tv £45 month

misc ie mag subscriptions, trips out £80 month

salary £1,675 month

EagerLearner

sultry33 wrote:

thanks, yes he is working still and works for emergency services so job safe.
his car is his dream car so will definantly not sell it, think he would sell himself first lol

If the car is so important maybe he should sell himself and earn a bit of extra money... joke

EagerLearner

Are these your joint costs or just his?

Could he save money by cutting back on:

Car Insurance - better deal?

TV - Cut back to TV licence only - £12 a month?

Nights out etc - Cut back from £80 to £40 for a few months to pay a bit more off c/cards?

The car is definately not helping but if he won't get rid of it then other areas will have to be cut back on...

sultry33

just his costs although misc i prob come into somewhere!
lol
household stuff i pay for car stuff he pays

he pays the sky tv too