High income but deep deep in debt-any advice?

eyeopener2

Why would your wife walk just beacuse you ask her to cut down buying groceries and clothes for a few months? She might be angry at first but, and I have first hand experience of this, things calm down after the initial response and if there is anything about her she will help you overcome this short term problem. After all, she spends the money as well, its not just your doing.

E2

debthelp100830

sorry, bogof- i meant abuse and threats of leaving the house by my wife not from any forumites.

does sound like am repeating myself, so will stop. if someone has any other advice, pls let me know. I will try my best to have a conversation with my wife to cut expenses tonite without getting a shouting on how bad i have been

darkblue_2

the_insider wrote: »

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.

If it's a consolidation loan which frees up a huge amount of money in outgoings then clearly it's within his means.

It's not additional debt. It's consolidatory debt. There is a huge difference.

OP - Visa Infinite was just an example I used. It's a credit card for people earning over £100k per year as part of Visa's elite credit cards.

The object should be to rid yourself of the pay day loan, which is the most expensive form of credit. I would assume it would be cheaper to call and pay the pay day loan with credit cards than continue in paying it monthly. Is this a short term option?

qazitory

debthelp100830 wrote: »

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

No one means to get personal, although no offense even in 6 months what is stopping you getting into debt again if you don't nip it in the bud now? The trouble seems to be that your personal life is very much connected to your money problems.

You seem to think if you get a loan it will solve your problems? By the sound of it, it won't

debthelp100830

the_insider wrote: »

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.

With a consolidated loan, my interest outgoings are reduced and i have spare income. also, once i get my stock vested in 6 mths, i can pay off most of my debt. i am happy to put all the stock docs with the lender as collateral. I have too much to risk in terms of my job to default on my loan. so dont understand what makes me unsafe borrower?

katsu

But you are not getting a consolidation loan. Your bank has turned you down several times (general advice is no more than 3 applications in 6 months). It seems like you can't get a loan.

So, if we can't advise you how to borrow more money, we can only advise you how to reduce your expenditure (hence the suggestion you post this SOA and information on the debt free wanabee board).

In order to get that advice you need to post a more realistic SOA where rather than calling things "groceries" and "clothes" you break them out to show what you are really spending. Otherwise people can't advise you how to make changes.

You've been given advice of the "take coffee to work, packed lunches etc" and that will help somewhat but you'll need to make changes to get through the next six months. Good luck.

qazitory

Have you tried explaining to the bank it's a consolidatory loan? As you want it so you can pay a lower rate of interest?

If your wife is understanding, just explain you both need to cut down fo six months while she finds a job and you can clear your debts. Just explain you both will be better off in the long run

BoGoF

Look at it from a potential lenders point of view, they are lending you £x to clear your debt but then you have £24,000 available on your credit cards again.....see where I'm going.

You may promise to be a good boy and cut them up but they have heard that story a million times before and before you know it your debt is £x plus £24,000.

debthelp100830

darkblue wrote: »

If it's a consolidation loan which frees up a huge amount of money in outgoings then clearly it's within his means.

It's not additional debt. It's consolidatory debt. There is a huge difference.

OP - Visa Infinite was just an example I used. It's a credit card for people earning over £100k per year as part of Visa's elite credit cards.

The object should be to rid yourself of the pay day loan, which is the most expensive form of credit. I would assume it would be cheaper to call and pay the pay day loan with credit cards than continue in paying it monthly. Is this a short term option?

many thanks dark blue, have no limit left in my credit cards- thats why i used payday loans in first place. payday is sign of desperation. and when u do it for 3mths+ as i have then it becomes sign of sinkhole. i need to get out of payday loans- credit cards still manageable but pay day loans are killing me.

i have never heard of visa infinite before. i do have income above 100k, will they help me. i need someone who can look at my income or income alongside debt rather than just debt outgoings to appreciate my suitability as borrower

darkblue_2

Probably not at the moment, as you have been rejected for credit.

Definitely check your credit report and see what may be putting lenders off, but Visa Infinite is generally part of a wealth management programme and, as I said, I only mentioned it as an example of elite credit.