All help and advice so very, very welcome!

LillythePink

Hi

I don't usually post on these as there are people around who are more qualified to gie advice.

Two things spring to my mind.........consolidation loans - don't touch as you never cut the cards up and end up spending again - I have done this many a time

Also you need to tell your wife about your situation, if you are talking about another child (maybe) then she needs to know that it isn't really an option for the forseeable future - the last thing you want is for her to announce that she is pregnant to add to your money worries or stress levels.

Good luck
x

depressedwithdebt

LillythePink wrote: »

Hi

I don't usually post on these as there are people around who are more qualified to gie advice.

Two things spring to my mind.........consolidation loans - don't touch as you never cut the cards up and end up spending again - I have done this many a time

Also you need to tell your wife about your situation, if you are talking about another child (maybe) then she needs to know that it isn't really an option for the forseeable future - the last thing you want is for her to announce that she is pregnant to add to your money worries or stress levels.

Good luck
x

Hi

Thanks for your input. Sadly, we don't have the time to put off trying for another child. We have been trying for a couple of years already. and as she is 38 don't have the luxury of putting it off for another few years. It's now or never really (if it happens at all).

The thing that worries me most about DMPs is that I have heard often CCJ's follow. I am a solicitor and do quite a bit of work in my local county court (although not in debt matters!). I would be mortified for any of the staff there to recognise my name and see the pickle I am in. That is kind of why I am considering the consolidation loan (although as well as cutting the cards up, the account would be closed too!!!).

Marisco

Most of the CCJ work is done in Northampton. I think (but not sure) that its only done in your local court if it's requested. However when I sorted my oh's DMP ( he got a couple of CCJ's) and I just wrote to the court enclosing an SOA and covering letter, I never attended, it was not possible to travel to Northampton from Tyne & Wear, we were too broke to be honest:o

RAS

depressedwithdebt wrote: »

Barclaycard - £6k (limit of £8k), fixed interest at 5.9%; _ I am going to assume you cannot add any more expenses to this as it looks like a balance transfer?

Natwest Visa - £3,500 (limit of £4,500), rate of 17.9%; - well that is £1000 that you could use to "transfer" money from the Virgin Card when it ends

Egg credit card - £3,400 (limit of £5k), rate of 22.9%; - and another £1500 here.

Virgin Credit Card - £8,200 (limit of £8,500), just ending the 0% rate, soon to be a massive 29%;

Santander 'loan' - £7,600 (this used to be a Cahoot flexi loan but is now a fixed loan with a high interest rate of 17.9%;

Citi Credit Card - £2,400 (limit of £3,500), fixed rate of 5.9%; - if you can transfer another £1000 over it would be great.

Natwest Charge Card - £2,000;

Natwest overdraft of £5,000; - what APR are you paying on this?

Barclaycard overdraft of £2,300; - ditto

Northern Rock loan of approx £7,000 (nearly 4 years in of a 10 year loan);

AA loan of £3,500ish (few years into a 7 year loan).

I doubt if you would get a loan and based on the number of loans you already have, I suspect you have already consolidated debt at least once?

It does not work.

You will not be able to balance transfer money from your soon to be expensive Virgin card, but you can pay large bills on the other cards, then pay off the same amount immeditately to reduce the Virgin debt.

Your OH need to know urgently about the situation; otherwise she cannot help you reduce your family expenditure to free up money to pay off the debt and it will grow.

She can also help by sorting out stuff for amazon, e-bay and car boot sales to help pay the debt down; one OP here got £1000 for books she no longer read.


If Barclays will allow you to add any more to their card, it would help you a lot. Then reduce the limit on the Virgin card and concentrate on paying that off ASAP.

depressedwithdebt

Do you think it would be worth speaking with my lender to see if I can switch to interest only for some time, so I could focus on clearing virgin card? I think they consider this in cases of hardship.

Otherwise I will have to come clean and maybe apply for a joint loan with my wife. That may help in getting a loan, and certainly would ensure all cards get cut up and the card accounts closed.

I am just so worried with it all right now I cannot seem to see an end in sight.

katsu

Did you apply for the other loans to consolidate debts? You have years to go on them, so be careful about more loans.

Have you stopped spending on the cards?

Your wife needs to know the situation, you need to share this as a couple. All that money went on someting - if you can find it you can ebay it Seriously, Ebay, Amazon, trimming your expenditure by posting an SOA and getting advice, using Old Style board for meal planning, cashback sites for insurance renewals, you'll be amazed how you can start making debt inroads.

Search for Hypno's early diary threads and see how much she has reduced a whopping great debt. You can do it too.

tbourner

It might appear bleak but there are seriously LOADS of things you can do to help you. You really need to post a SOA as soon as you can, you'll be surpised the number of suggestions you get - some you won't want to do but others you won't have though of. I don't know all the details obviously but I'd be willing to bet you could stick as you are (no DMP and no consolidation loan) and be able to clear it all within a few years.

depressedwithdebt

tbourner wrote: »

It might appear bleak but there are seriously LOADS of things you can do to help you. You really need to post a SOA as soon as you can, you'll be surpised the number of suggestions you get - some you won't want to do but others you won't have though of. I don't know all the details obviously but I'd be willing to bet you could stick as you are (no DMP and no consolidation loan) and be able to clear it all within a few years.

Thanks for this. I suppose my light bulb moment has left me looking for a mega quick route to sort things out straight away by way of consolidation or DMP and that I should look at all other options first off.

I will sort out that SOA asap and maybe there may be other solutions as you say. I really hope so!

Thanks for your support!

winner12

Hi just a thought you could maybe ask your mortgage company for a payment holiday which could give you chance to sort out your other debts but you would need your wife to agree if your mortgage is in joint names

depressedwithdebt

winner12 wrote: »

Hi just a thought you could maybe ask your mortgage company for a payment holiday which could give you chance to sort out your other debts but you would need your wife to agree if your mortgage is in joint names

Hi

Thanks for the suggestion. However, I did try to obtain that about two or three months ago. They ran a credit check and refused. That was a blow, as I would have been able to clear nearly £4,000 worth of debt on a credit card, which would have given the whole getting out of debt process a boost. All they suggested was that if I was in financial difficulties, I could be put through to another department who may be able to help. I didn't have the courage to go through to that other department at that stage though, although now wonder if it is something I should consider.

I am going to try and get my SOA up together today in the hope that there may be some way of getting on top of the debts and starting to clear them (however long it takes!) without going for a consolidation loan or a DMP.....