High income but deep deep in debt-any advice?

debthelp100830

BoGoF wrote: »

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.

thats a valid point, but i want to get rid of them. how do u suggest i tackle that- obviously i can promise as u said but that doesnt help. i am happy to sign them off in writing.

the_insider

darkblue: The reason that he is unable to get a consolidation loan is because the lender has no guarantee that he will not pay off the cards etc and then start using them again. Or in fact not use the money to consolidate at all. It's not a complicated concept. You will see it all over the boards, people have taken out a consolidation loan, not closed the cards they have paid off, run them back to their limit again and then have double the original debt.

darkblue_2

In Darwinian terms, those kinds of people aren't exactly the fittest of the species.

BoGoF

debthelp100830 wrote: »

thats a valid point, but i want to get rid of them. how do u suggest i tackle that- obviously i can promise as u said but that doesnt help. i am happy to sign them off in writing.

It doesn't matter if you give them it in writing I'm afraid. My only suggestion is to accept that no lender is going to give you the £37000 (ish) you need to clear your debts and do your best to convince your wife of the severity of the problem and your debt (in your name anyhow) is her problem.

Good luck

qazitory

1. You need to cut down your outgoings

2. Look at our credit score and see what is putting lenders off!

MyRubyRed

qazitory wrote: »

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

I totally agree with the above. Like all of us the OP isn't Superman/Superwoman and no one should have to pretend that they are to stay in a relationship.

debthelp100830

the_insider wrote: »

darkblue: The reason that he is unable to get a consolidation loan is because the lender has no guarantee that he will not pay off the cards etc and then start using them again. Or in fact not use the money to consolidate at all. It's not a complicated concept. You will see it all over the boards, people have taken out a consolidation loan, not closed the cards they have paid off, run them back to their limit again and then have double the original debt.

thats a valid point in terms of reasoning why a lender wont give me a loan, any suggestions on how i solve this problem. i would be more than happy to making me cancel all my credit cards and payoff other loans as condition for any consolidaton loans.

bettyg41

Hi
Can you save some money and compromise with your wife by just sending your little one to nursery a couple of days rather than a whole week so she can look for a job then. At least she would be still getting the interaction from other children. How old is your daughter? When they are 3 you can get 15 hours a week for 38 weeks of the year free early education for them?
Betty

darkblue_2

Perhaps you should go in branch to a natwest and discuss that kind of proposal.

stephen25uk

Rainmaker_uk wrote: »

Thanks for that really helpful comment...

What is is about these boards that attracts so many haters? The man has a debt problem the fact that he earns a high wage is inmaterial to this and your flippant comment is insulting and says more about you than about him.

have you read his outgoings,£900 quid on food per month,myself wife and 3 kids spend £500 max,we have a total household income of £28,000 gross we go on hols every year eat out etc and save as well its all about living within your means,now someone else posted it,the op has lived outwith his means and by the looks of his in and out goings and by some of his posts he is unwilling to change his lifestyle,but blames banks for not giving him a loan...just what he needs more debt,he needs to cut back to the bone but seems unwilling to...he is taking about the occasional meal out,christ if that was me things like that would be first off the list....the op has problems fair enough,but if he lived within his means he would not be in the situation he is now...harsh but true,
i hope he gets his life sorted out i really do,and i hope other people reading his posts learn from it.