help

katie0532

I have run up around £20k debts on credit cards, spending to make me happy and cheer myself up. I have suffered from depression for 5 years. I can't afford the repayments anymore and for the last 4 months I haven't made any repayments to 3 of the credit cards. I completed the debt remedy on CCCS and sent it off to the 3 companies and this month started paying them £5 per month.
I contacted the CCCS and they told me that I could include my husbands contribution to our bill account on the income and expenditure assessment which then meant I could arrange a repayment plan through them.
I havent started the repayment plan yet due to the following reasons:
I work for a bank and I am scared that I will get into trouble due to my bad credit rating.
I am sick of all the phone calls and letters.
I worry that I will never be able to get credit again.
My husband knows nothing about it and thats the way its going to stay.

I am thinking that the best way forward would be to try and get a loan to clear everything off and I know that the APR will be ridiculous but surely its the only way? At least then I will have 1 affordable monthly repayment and can start to try and improve my credit rating.

What shall I do?

runnerbean17

Don't get yourself into debt to pay off debt....and tell your husband. People have a funny way of finding out the thing you are most desperate to hide good luck

CH27

Hi:)

Post a SOA on here & people will be able to advise you.

Tell your husband. Don't deal with this alone as it concerns his future too.

Hales82

I would steer clear of the consolidation route to be honest. We did that once.... and then again.... and then again and have ended up on a DMP. I wish I'd did a DMP instead of consolidating, I've be debt free by now.

I'm sorry to hear it's getting you down so much. I echo the poster who said to speak to your husband. Me and my husband are in the DMP together and we support each other, share the burden of letter writing etc. It really does make the world of difference when you have someone to speak to and share it with.

I can't help with the working in the bank issue but in regards to your other points:

1) being on a DMP will eventually stop the phone calls and letters from creditors. It might not happen straight away, but from what I've read on here creditors do accept eventually so you will no longer have to fear the phone ringing or postman coming.

2) Do you really want credit again? This issue was a biggie for us, could we cope with the thought of never having a credit card and after our LBM we realised that yes, we can live without it and would rather do so. We obivously can't really be trusted with it at the moment so it's better to have none at all. We're only 1 month in so it's early days, but there is a satisfying feeling in paying for stuff with cash, your cash, not someone elses.

Good luck on your journey x

CH27

Hales82 wrote: »

I would steer clear of the consolidation route to be honest. We did that once.... and then again.... and then again and have ended up on a DMP. I wish I'd did a DMP instead of consolidating, I've be debt free by now.

I'm sorry to hear it's getting you down so much. I echo the poster who said to speak to your husband. Me and my husband are in the DMP together and we support each other, share the burden of letter writing etc. It really does make the world of difference when you have someone to speak to and share it with.

I can't help with the working in the bank issue but in regards to your other points:

1) being on a DMP will eventually stop the phone calls and letters from creditors. It might not happen straight away, but from what I've read on here creditors do accept eventually so you will no longer have to fear the phone ringing or postman coming.

2) Do you really want credit again? This issue was a biggie for us, could we cope with the thought of never having a credit card and after our LBM we realised that yes, we can live without it and would rather do so. We obivously can't really be trusted with it at the moment so it's better to have none at all. We're only 1 month in so it's early days, but there is a satisfying feeling in paying for stuff with cash, your cash, not someone elses.

Good luck on your journey x

I find spending cash makes me more careful about what I spend.

Hales82

CH27 wrote: »

I find spending cash makes me more careful about what I spend.

Snap, same here. Thinking back I'm amazed at how I'd just hand my card over and pay without really noticing how much anything was. I used to go food shopping, come back and when my husband asked me how much it was I'd not have a clue, and have to check the receipt.

Paying cash feels much more 'real' and I'm a lot more careful with it now. It's my money and I want to keep it for as long as possible

ceejaydee23

I'm finding this very true! I budget myself £60 a week for shopping and a few extras its tight and we are just about doing it! At the end of this month we will then see the fruits of my labour to see how much is "left over"

CH27 wrote: »

I find spending cash makes me more careful about what I spend.

katie0532

CH27 wrote: »

Hi:)

Post a SOA on here & people will be able to advise you.

Tell your husband. Don't deal with this alone as it concerns his future too.

Wots an SOA? sorry im new to this

RAS

here katie http://www.makesenseofcards.com/soacalc.html

As a newbie, you are not allowed to post links, so at the end you need to format for MSE and then remove the bit at the bottom that has the link, and post here.

mdr86

I think THE most important thing to do in your situation is to tell your husband. Hiding financial problems from a spouse will never work in the long run.

katie0532

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 694
Partners monthly income after tax....... 1620
Benefits................................ 971
Other income............................ 0
Total monthly income.................... 3285

Monthly Expense Details
Mortgage................................ 493
Secured/HP loan repayments.............. 212
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 164
Electricity............................. 68
Gas..................................... 58
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 15
Car Insurance........................... 27
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 281
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 10
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 65
Haircuts................................ 50
Entertainment........................... 50
Holiday................................. 50
Emergency fund.......................... 0
medical travel insurance................ 6
paper................................... 2.5
bank a/c fee............................ 12.5
union................................... 6
tv rental............................... 30
child maintainence...................... 86
virginmedia............................. 95
gym membership.......................... 65
Total monthly expenses.................. 2669


Assets
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 350000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 176000...(493)......3.2
Hire Purchase (HP) debt ...... 11000....(212)......5.9
Total secured & HP debts...... 187000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
egg ...........................3500......80........28.9
virgin.........................5300......80........22.9
tesco..........................3500......80........25.9
ltsb...........................1035......40........NaN
overdraft......................3000......20........0
overdraft......................1000......8.........0
very...........................800.......0.........28.9
littlewoods....................700.......0.........28.9
hitachi........................700.......32........5.9
argos..........................625.......25........28.9
virgin.........................4500......120.......17.9
barclaycard....................5600......120.......13.9
next...........................1000......100.......32.9
Total unsecured debts..........31260.....705.......-


Monthly Budget Summary
Total monthly income.................... 3,285
Expenses (including HP & secured debts). 2,669
Available for debt repayments........... 616
Monthly UNsecured debt repayments....... 705
Amount short for making debt repayments. -89

Personal Balance Sheet Summary
Total assets (things you own)........... 350,000
Total HP & Secured debt................. -187,000
Total Unsecured debt.................... -31,260
Net Assets.............................. 131,740