trying to be proactive but advice needed

in_debt_again_but_dealing_with_it

I’m in debt to the tune of:
Hsbc personal loan – 20466.32 (loan £13,500 +ppi (??) and interest)
Hsbc MasterCard - (limit £8500) - 8500
Hsbc overdraft – (limit £500) – 500

I am not in a position to make the full payments for these until at least January when my student loan/grant goes in to the account and even then I’m likely only to be treading water/putting off the inevitable. I spoke to the bank last week and asked for an increase on our overdraft to cover me until January and they said they would have to speak to my oh as I have maxed out my credit limit.
Can you believe only 2 years ago I only had a cc for £1,000 but thanks to their (the hsbc) clever marketing ploys I’m in well over my head and I know they didn’t take me to the shops, ebay, amazon, play.com etc with my card and make me spend but they did make it very easy for me to think I could afford it! :mad: (Are the banks really any different from drug dealers? Sell it cheap to begin with, lure you in with the “high” then tighten the screws and up the prices when the going gets tough!!) :mad: From my earlier thread “could debt be an addiction?” you will know my oh knows nothing of my debts so asking him to ring the bank was not an option. I’m absolutely horrified and scared about how fast this debt has spiralled and convinced I must be on a death wish. What I thought I might do is transfer all our current direct debits (except the loan and cc) over to the building society where my husband has his wages paid in and also arrange for the ctc and child benefit be paid into the building society instead of the bank and then write to the bank asking if they will accept goodwill payments whilst I sort out my current financial affairs. I am so scared about what they might do but I just feel that if I bury my head any deeper in the sand I’ll suffocate and at least this is a little proactive. If I manage to get a job that fits in with university (I’m a “very” mature student), looking after my 4 children (1 at uni), school governor responsibilities, dcc commitments then I should be able to resume normal payments in the New Year. Do you think they will accept this for a maximum of 2 months and then if I don’t get a job I’ll consider payplan or even bankruptcy. Is that an option for someone in my position? Any advice warmly received.

lynzpower

i think its going to ber nigh on impossible to keep your OH out of the pictue.

You cant pay debt with debt. Its the shortest term fix there is

I would try and streamline my time as much as possible. What course are you doing? Could you stop being a school governor for example and use this time towards working. How old are the other children? Are you married or otherwise financially linked?

in_debt_again_but_dealing_with_it

thanks for the response, all information included in my other post - could debt be an adiction.

justruth

whoa, PPI? if you are paying this then either stop or claim (although as a student you may be unable to claim). You could try switching acounts, especially as a student, they all want a piece of you and transfering some of the worst debt to the 0% OD. Do you really want to try and tackle this without telling your OH? It could get awkward when the OH wants to spend money or go away with you, or expect some from anything you do.

I suggest, and I am going to have to take my own advice on this so please dont think I'm preaching, but get a part time job. If you go out for a meal, be mystery shopping at the time so it's free and you make a little on top.

Dont worry about stigma of debt because most of the people you meet will be in the same boat and grateful to hear about what steps work for you.

As for making minimal payments for a couple of months, try talking to someone at HSBC, but they will want to know how you intend to pay back the extra in the new year. (ie the grant). They'd sooner do that than have you go IVA on them.

Good luck, you have pleanty of support here xx

in_debt_again_but_dealing_with_it

will check out the small print but I think I can't cancel the ppi now cause I've had the loan for 7 months - but it is really expensive. how do you become a mystery shopper? I'm a very mature (42yrs) student and haven't got a student account just our bog standard current account with a £500 od limit. I am bracing myself to tell the oh but not sure our marriage could survive and how could I inflict that on the children aswell as the debt - I simply can't do that to them. I know its an epic but my circumstances are really fully
explained in my earlier thread I just don't want to bore you all by repeating it all! I just don't know what to do and am beginning to feel real despair, shame and guilt.

DawnW

Sandra, can't you GET a student account with free overdraft, and a cheap student credit card and switch some balances? If you are at Uni (though perhaps not FE college) you are just as entitled to these things as a mature student as your younger colleagues (I know because I was a mature student too, and had these things). There is also bound to be free help available at your institution too, counsellors, money advice etc (I work at a University). Your SU office will tell you how to access these services. There might also be hardship funds that you could apply for as well. Not an entire solution, but might help? Good luck.

in_debt_again_but_dealing_with_it

was ready to give up this morning in a real state but have turned it around and 2 positives today - have applied for 2 jobs one a temporary one with marks and spencers and the other back at the school where I worked until September, a considerably lower grade but a wage where there is none is better than nothing. fingers crossed! I know it won't help in the immediate short term but atleast its give me hope for the long term!! many thanks for the continued support and advice it really helps.