High income but deep deep in debt-any advice?

BoGoF

As Darkblue already said you need to have a look at your credit file and see exactly is on there.

Have you defaulted on any of the loans/credit cards yet ?

flutterbyuk25

You can feed a family of 3 on under £300 a month, and cut out all spending on clothes (apart from your child if required, say £50/mth), if you do this you will have an extra £850 a month, which more than covers your shortfall on the repayments. Do this for 6months until you can cash in stocks to repay it all. Yes it will be a shock to the system if you are used to this amount of spending but it's easily done, especially if it's for a short period.

Pop over to the Old Style board for inspirations on cutting your food spends, and take lunch to work.

HTH and good luck

x

the_insider

You really need to take the advice you've been given here. Unfortunately if the bank won't lend you any more money (which is how you got yourself in this situation in the first place) and you won't change your lifestyle then there is nothing you can do to improve the situation.

My OH and I both work and 'have lunch' (or tea in his case due to night shifts) at work but we take food with us. It doesn't have to be sandwiches, I take pasta salad most days, or the left overs from the night befores tea. I assume that your wife does the shopping as she doesn't work, suggest that she meal plans and just buys what you need for the week rather than the ridiculous amount that the three of you get through each month. Do you freeze left overs? Have what we call 'cheese and bits' eating up everything that's left in the fridge before you go shopping again. And try to persude her to drop a brand or two, you'll be suprised how much you can save.

How old is your child? As your wife is not working do you need to send the kid to nursery every day? And that clothing bill actually made me feel sick when I saw it, I have spent £75.00 this year on clothes and shoes for the two of us! You've spent £2,400.00!!!

Duncombe

debthelp100830 wrote: »

if i have decent salary and have capability to pay whatever debt in a year's time, why would not a bank let me do that- whats wrong with this reasoning?

Because you have a decent salary NOW and arnt able to manage your debts....how will more lending solve this? (in the eyes of a lender anyway...)

Sounds like your wife doesnt really understand the severity of the situation. Maybe you need to write all these figures down and show her how much you are struggling.

qazitory

I think you need to sit down with your wife and explain that you both need to cut down for at least six months. Cancelling Sky and making your owb sandwiches isn't the end of the world! By the sound of it you are asking for answers but don't want to hear the truth - you need to cut down your spending! It doesn't matter if you earn 10k or 100k, if you spend more than you earn you are going to get into trouble!

Again I would get a copy of your credit score, esp if you are being refused credit.

Sorry if I sound harsh, but by the sound of it you both need to cut down. Your relationship will be a lot better for it when you do

the_insider

darkblue wrote: »

Like Visa Infinite - lenders are always tripping over themselves to offer great deals on finance to professionals earning top salaries.

What I'm asking is why is the OP an exception.

Because as he's said, he has no spare income at the moment to cover any addition debt payments! Any lender will look at his income and then at the amount of current credit and it won't take a genius to see that he's struggling to carry it. No one would assess additional borrowing as a safe risk at the moment.

debthelp100830

what is visa infinite?

can i pls request you to make some suggestions on my debt. i know i need to cut my expenses, but trust me the only way to do that is not reduce them by 500/mth but breaking my marriage and cutting them by 3k/mth. this is like a digital- and lets say i am not ready to lose my daughter or start to pay lawyers. i have promised myself to keep this discussion about money rather than relationship. if my wife and kid can stay with me only only as their status of wife and kid of someone who earns £8k/mth rather than someone who falls short by £0.5k/mth then thats something i have accepted.

one needs to be depressed for 23 hrs a day and have a kid who can light up their life for that 1 hr/day so much that they forget all their worries to know what i mean, else its impossible to put yourself in my shoe. i would have either given up this battle to fight on or given up on my marriage if not for her. have survived so far but admit its getting tougher. i need a consolidated loan, survive for 6 mths and then when in slightly better situation mentally and economically, take all these issues up and sort them out. bringing these issues up now means i get abuse and threat- so kindly understand before ridiculing someone

the_insider

debthelp100830 wrote: »

can i pls request you to make some suggestions on my debt.

People have made suggestions. If you don't like them then you need to get help from somewhere else. From the sounds of it you're not going to accept the things that are being said here.

BoGoF

If you want to just talk about your debt then ok, your debt will continue to increase you will sooner or later be unable to make one of your loan/credit card payments - IF YOU CONTINUE AS YOU ARE.

I cannot see anybody giving you abuse. You have obviously made your mind up as to your course of action so I shall bow out.

debthelp100830

my wife says she married someone who earned xyz not someone who had debt of xyz. says my debt is my problem not hers. the nursery expense when she is not working is a joke if u ask me. but i have no energy to start a domestic fight tonite, and any shouting in front of my kid. she doesnt need to suffer if her father has been incompetent to find a job for cpl of years and her mother does not give a toss.