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Would this be beneficial?
Options
My ex and I broke up recently and I agreed to take on the credit card payments in exchange for not paying maintenance (until they are paid off of course), however the interest rates on the credit cards are leaving me no better off as I can only afford to pay the minimums and even then its leaving me on the breadline.
It would take me alot longer than 5 years to pay back all of the credit cards due to the amount we racked up - deposit on car, bought the car, various payments for bills etc.
Would I be better off taking a personal loan, over say a 5 year period, and having lower repayments each month on 1 debt rather than lots of repayments over 5 different cards, and cutting up the cards?
Regards
Carl
It would take me alot longer than 5 years to pay back all of the credit cards due to the amount we racked up - deposit on car, bought the car, various payments for bills etc.
Would I be better off taking a personal loan, over say a 5 year period, and having lower repayments each month on 1 debt rather than lots of repayments over 5 different cards, and cutting up the cards?
Regards
Carl
- Total Debt :£190,000 - Mortgage
- Owed: £9000 Virgin Atlantic American Express
- Owed: £9000 Tesco Clubcard Mastercard
- Owed: £5500 Barclaycard Platinum
- Owed: £1800 - Car Payments
- Debt Free Date : May 2050
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Comments
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Would you not be better off paying maintenance and splitting the credit card payments down the center with your ex?0
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Just to clarify, are you taking about child maintenance, or what used to be called spousal maintenance?Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
You must be Mr Lucky!!
I ended up with the credit cards AND maintenance to pay.
Child Maintenance MUST be taken before any credit card repayments.
@babymoo - women will not take on half payments....... EVER!! flame away
Look at apr's. If you can get a loan with a lower apr, I would go for that AND CUT THE CARDS UP!!!
If you are struggling, the temptation to use those cards will be FAR too great.0 -
You must be Mr Lucky!!
I ended up with the credit cards AND maintenance to pay.
Child Maintenance MUST be taken before any credit card repayments.
@babymoo - women will not take on half payments....... EVER!! flame away
Look at apr's. If you can get a loan with a lower apr, I would go for that AND CUT THE CARDS UP!!!
If you are struggling, the temptation to use those cards will be FAR too great.
In my experience it is the other way around and I have been left making all the payments while the bloke just laughed at me and told me to get on with it.
It was just a suggestion, but if you build up debt you pay it off together, this is my understanding. Maybe i'm just a different woman to anyone else.0 -
It is child maintenance and we have a formal agreement in place. It states that should a consolidation loan be taken out the child maintenance gets put on hold until that is paid off, or if not, until the ccards are paid off, whichever is sooner.
Once done, she'll get child maintenance from me, which is a given! However if we split the ccards (if she paid anything more than £80 a month which isn't even half of the minimums), she would not be able to live, hence me taking them.- Total Debt :£190,000 - Mortgage
- Owed: £9000 Virgin Atlantic American Express
- Owed: £9000 Tesco Clubcard Mastercard
- Owed: £5500 Barclaycard Platinum
- Owed: £1800 - Car Payments
- Debt Free Date : May 2050
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In my experience it is the other way around and I have been left making all the payments while the bloke just laughed at me and told me to get on with it.
It was just a suggestion, but if you build up debt you pay it off together, this is my understanding. Maybe i'm just a different woman to anyone else.
Why does everyone else divorce decent women???
Anyway, OP, I think you are extremely fortunate to manage a formal agreement where you do not pay Child Maintenance.
There will be lots along soon I am sure to have a say on this, but if clearance of the marital debts has been considered a priority, crack on and get it done.
Is this formal agreement between the two of you, or has it had some legal council??0 -
Formal between us both with an agreement drawn up by a solicitor.
- Total Debt :£190,000 - Mortgage
- Owed: £9000 Virgin Atlantic American Express
- Owed: £9000 Tesco Clubcard Mastercard
- Owed: £5500 Barclaycard Platinum
- Owed: £1800 - Car Payments
- Debt Free Date : May 2050
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Just wanted to say well done to you and your ex for sorting out your problems in an adult way! When me and my ex split up 10 years ago I gave him my PAYG mobile phone which at the time had one free landline number, which had always been our home phone. He was able to ring our daughter whenever he wanted and he also saw him any time he or she wanted.
Not all couples split up and then come out fighting so good on ya!DEBT FREE BY 60Starting Debt 21st August 2019 = £11,024
Debt at May 2022 = £5268Debt Free Challenge - To be debt free by August 20240 -
I just got turned down for the fact that I have only moved back to my parents less than a month ago and have not been there for 1 year. This is going to have a bad knock on effect for the future!
- Total Debt :£190,000 - Mortgage
- Owed: £9000 Virgin Atlantic American Express
- Owed: £9000 Tesco Clubcard Mastercard
- Owed: £5500 Barclaycard Platinum
- Owed: £1800 - Car Payments
- Debt Free Date : May 2050
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Hi nephilim,
Sorry you got turned down, but that may be a blessing in disguise of sorts! If you go to the DFW board and post a completed Statement of Affairs (there's a template there to complete, if you search), ask for help and ye shall find
DFW is a fab community of people who can help reduce your outgoings (some painless and unexpected, prob most a little painful but you get used to it).
You can then snowball chucking whatever extra you can find in your budget at the CC with the highest APR etc, until they're all gone.
I hope this helps,
pippitypipI know I'm in my own little world, but it's ok - they know me here!0
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