High income but deep deep in debt-any advice?

dorisday

Please accept my apoligises first but dont you understand NO ONE IS GOING TO GIVE YOU A LOAN and the reason being is you have too much debt already. You have come to the end of the line and if you dont take some of the advice offered on here you WILL crash and everthing you want to save will be gone anyway.
Ive been there, and when the chips are down no one wants to know, doesnt matter what your salary is its the amount of debt already owed, lenders nowadays WILL not help by giving you a consoladation loan. It may seem sensible to you but its your problem not theres, why should they throw good money after bad. Banks are businesses, there to make a PROFIT not to help people. PROFIT MUST COME FIRST.
You keep asking over and over again how you can borrow this money, why they cant see how it makes sense to loan this money to you. It aint going to make any difference you aint going to get it.
Please use your energy to make some financial expense reductions,it may bring about what you dont want in your relationship. But after the financial side is sorted you will have more time to sort the other side, and you will feel more confident in yourself which appears you dont do now. If you dont do it this way the train is going to crash whether you want it or not.
Marriage is for better or worse isnt it? doesnt sound like yours is worth keeping does it.

debthelp100830

qazitory wrote: »

1. You need to cut down your outgoings

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

i am looking at my credit report now. this is what it says:

1) i have 4 accounts: total 5,499 is showing as overdraft and 23,022 is showing up as credit cards. all 4 are updated as of 15th Aug 2010. all 4 show status as "satisfactory" with a green sign which the legend shows as "payments made and upto date"

2) i am registered on electoral register- though only from Oct2006 for some reason.

3) my wife shows up as individual financially connected to me for a debit card she holds

4) there are 9 searched in past year and 3 in last 3 mths

5) all other information is blank

to look at credit score seems to cost £6, so not done that. but the above info seems pretty clean apart from too many credit searches?

reall

dear debthelp100830,

It is not surprising that debt affects all including family whatever social and economic background.The more you have the more you can potentially spend.Whats important is to evaluate why you spend like you are doing .is it because you are missing the point of your existence, for love to give and recieve. is it that you may be compensating for something.are you afraid to lose and look foolish among others such as your boss.. how do you know what his/hers reaction might be or even if they are laden with debts and just showing an image of perfection.Many people have gone without sleep and become depressed,suffer innecessary illnessess just because of chasing money.
I would consider moving bank accounts ,apply to nationwide/co operative banks and choose an account that you can not get over drawn.set up a standing order to the people you owe including natwest (standing order to pay off the overdraft) and that way you will start to live within your means.
If you have two credit cards,the one with the highest apr do a balance transfer to the lower apr card if there is space to do so. pay each card in turn the one with the highest apr first and give the others minimal amounts plus.please explain the debts further as they are unsecured they will take a while to get to court if they wish. call them and close the account and explain that you can afford eg.200.00 a month to pay until they are cleared.They may stop the interest and the debt will reduce over time.you can always pay them when some of your stocks/shares are paid.What you need is something certain,sure you may be in a better position in 6 months time but nothing in life is guaranteed therefore your childs future is important that he/she does not inherit this debt. can the other adult contribute in any way to the household,child minding,cooking at home etc.
How about looking at your groceries bill .can you buy whatever elsewhere or eat less expensively.perhaps watch the show bank of mum and dad and spendaholics on really tv.

debthelp100830

debthelp100830 wrote: »

i am looking at my credit report now. this is what it says:

1) i have 4 accounts: total 5,499 is showing as overdraft and 23,022 is showing up as credit cards. all 4 are updated as of 15th Aug 2010. all 4 show status as "satisfactory" with a green sign which the legend shows as "payments made and upto date"

2) i am registered on electoral register- though only from Oct2006 for some reason.

3) my wife shows up as individual financially connected to me for a debit card she holds

4) there are 9 searched in past year and 3 in last 3 mths

5) all other information is blank

to look at credit score seems to cost £6, so not done that. but the above info seems pretty clean apart from too many credit searches?

To complete,

1) no of accounts overdue: 0
2) no of missed or late payments in last year:0
3) % of total credit being used: 107%
4) no of public info records on report: 0

BoGoF

The credit score is worthless anyway.

Your report shows nothing adverse so it can only be the level you want to borrow and your existing debt. I'm sorry but as had been already said you will not be borrowing what you need, not unsecured anyway.

diable

You will lose your daughter if you go under anyway.

You need to sort the wife out first then your debts as you have only 5 months to go before you can sell your shares and clear your debts. Is your wife Russian by any chance?

MyRubyRed

Wutang wrote: »

I think the point has been made (possibly about 50 times now)

He has no intention of listening though, does he,, and that's quite sad:(

yorkshire-lad

Ok I got to post 62 and I had to post before I read further.

I don't think a loan is the answer,the things you have put in post 62 shows that you have been using the cc and payday loans to make ends meet. As nice as your salary is,your living beyond your means.

Say you did manage to get a loan,it may work out at say £200 less than your current out goings (min payments), but what if an 'emergency' pops up,car repairs etc. You will go straight back to the cc.

You need to cut back on alot of things. Do you know where the 25k has come from on the cc? If you have no nice big tvs or fancy purchases then where did the money go? This is what you need to find out,because if you can't your going to free up 25k credit on your ccs and you will be drawn right back in the cycle.

Please listen to the advice people are giving you!

Edit: I am talking from the point that If you did manage to get a loan.

I think you just need to cut back for 6months.

bettyg41

Hi again
There's some sarcastic people on here! Why don't you ring national debtline for some advice? Also, if you started a debt management plan with a free company such as payplan or CCCS then there should be no reason for your employer to know as far as I am aware. Bankruptcy and IVAs are a different matter. You could set up a debt management plan which would give you breathing space for a few months then pay them all off when you can cash the assets in.
Betty

debthelp100830

I was out of the job for over 18mths, living on similar expenses- should not have but did. I have made the point that i made the mistake many times. i have also made the point around 20 times that i dont necessarily like the relationship pressures i am in but lets keep that out of scope for now.

i truly appreciate ppl are posting to help me, am not ignoring your advice or being rude. i just want to focus on what i can do for the moment. i have posted my complete details, my credit report, etc. - i am genuinely looking for urgent help. have not missed any payments so far but now reaching the edge. i promise to speak again to my wife and cut my expenses but i do need consolidated loan. ppl have pointed why i wont get back to mess- i got into mess because i didnt have job and i kept on thinking i will find a new one in the next 1-2 months, in the end took me almost 2 yrs. if i were to lose my job, my stocks vest immediately (part of deal)- and i wont repeat the mistake of speding my way out of credit. i am going thru relationship because i feel surviving these 6 mths gives me 80%+ chance of keeping my daughter. giving up now probably means i have 10% chance. and she is my life- i am not going to risk losing her after coming this far. i need a loan but not from pay day company or credit card, but from a sensible lender who makes decision based on risk-return.

the reason i wont default ever is same as why i dont want this issue to be known to ppl i know. if i default they would anyway know and i can as well tell them and hope one of them would come forward and help. pls put yourself in my shoe to understand where i am coming from

thanks and sorry if i come across as not listening to you. i am listening to you but lets pls keep advice to the defined scope. i need a consolidation loan, not additional loan. both my spending as well as repayment power only goes up if i pay 1x rather than 5x in interest payments for same level of debt every month.