Looking for Advice......

Graeme83

Hi,

I am looking for advice on my current situation.

I have keep my card and overdraft issues hidden from my partner for the last 5 years. Over this time it has increasing got more and more out of control. I have moved the card balance to serveral cards and kept spending on it thinking that i will evently pay it up........which i never did. It got so bad that i started to sweet when the postman dropped off my statement.

During this time i changed banks and kept both accounts opened and used up both overdraft limits and kept trying to request an extension.

I know it had to change and i wanted to be able to keep my head above the water every month and never have to touch my overdraft. I have moved my card balance over to a long term balance transfer card which was noted as best buy on MSE website.

I am now paying more than the min limit on this card along with trying to pay off the 2 overdraft with fees attached.

I was looking at the site and wondered if i would be better trying to get a loan to pay off all the card and overdraft so that i was only paying one amount with double the payment?

Whats everyones ideas on this?

RAS

it all depends what the APRs are. Look at the snowball on www.whatsthecost.com and try different scenarios.

Hannah_10

Some numbers would be good, what do you owe to each of your creditors exactly, what are the interest rates, and then what have you got left over to pay them with... In short a SOA (Statement of accounts) would help us to help you, see here http://www.makesenseofcards.com/soacalc.html

Also I can't see that another debt to repay a debt is much different from the fire brigade trying to put out burning cars by dousing them with petrol (analogy pinched with respect from Roberto Moire's signature). You'd be better to consider all the options fully before leaping at the nearest apparent quick fix. When we've seen your SOA we might have a bit of proper advice.

Graeme83

Hi,

I did a budget planner and it looks like my incomings should cover my outgoings (in theory)

Salary - 1331.49

Housing Costs - £450.00*
Mobile - £35.31
Gym - £23.00
Joint Credit Card - £350.00+
Credit Card £3403.69 @ 6.730% - £100.00
Overdraft £832.95 @ £31.00 fee - £150.00

* Myself and my partner have a joint account which we split all the housing cost down the middle, this includes mortgage, tax, electricity/gas, phone and broadband

+ We also have a joint credit card which all the food shopping and petrol goes into this also gets paid up every month in full and have flutter between £350 to £400

As you can see my partner deals with all the important outgoings and everymonth i make sure i cover the important things like house and food.

Hope this is ok, anymore info let me know

RAS

Hi

Your food shopping and petrol costs seem very high. For how many?

If you partner is dealing with all the major expenses, you cannot find the cost savings needed to increase you available cash. So you ned to start taking an activwe role.

And what do you spend on clothing? Presents? Christmas? Holidays?, nights out? Meals at work. Keep a spending diary or go through your old statements and find out.

Mrs_Jojo

I have to suggest telling your OH.... if you have been together 5 years, and live together, I can't see how you can stop this having an impact on your partner if you don't come clean - besides, a trouble shared..... emotional support to help you cut your spending :-)

Also, keep a spending diary - the money is going somewhere! If you buy a coffee for £2.50 every day for a working month you have spent £50, add a paper, then buy lunch every day, then have lunch out once a week, then .... you get the picture!

Consolidating sounds terrribly sensible, but if you do that you will suddenly have space on the cards and OD that you can fill with overspending.... I speak as one who knows!