In a lot of debt - please help!!

BellaMay10

I think the DMP is with Payplan? But my husbands debt is not really the issue here - as I have pointed out he pays half of our household expenditure - I don't want him subbing my debt repayment really. It would be different if he earned loads more than me or had tons left over every month but he doesn't so getting him to rearrange his DMP isn't really an option for me.

dancingfairy

Thanks for clearing the thing up re your husband - sounds fair enough to me then.
If you can find out the aprs for the debts it might help. With the empty cards you may find they are willing to offer you deals to tempt you back to them and they may be able to undercut the apr's you're currently paying but you need to find out what you're paying first so you can assess any deals you are offered.
That next card is going to have a pretty hefty apr - that should probably be your first target - anything to sell at all? if you can somehow get rid of that and trim some of your outgoings then you stand a chance of getting everything to balance.
Can you do anyovertime?
df

RAS

Hi

Can your husband do a full SOA with Payplan and check that he is not paying more than is reasonable, considering that you are also £25K in debt.

BellaMay10

The egg and Lloyds TSB card have limits of £1000 each so no way of shifting a significant amount of other debt onto them.
No chance of doing overtime - my work doesn't offer it and I'm out of the house 7.30am-7pm so no real way of getting a supplemetary job either.
Sorry to bang on about it but is there no way a debt consolidation loan at a lower APR than my existing cards would help - IF I was sure I could be disciplined to cut out credit card spending??? I wouldn't need my cards if I could comfortably cover my expenditure and I am ashamed enough to cut out all luxuries and frivilous spending! Does anyone think there are any loan companies that might offer me a loan?

kazwookie

Can you cut the petrol, by asking to work one day per week at home?

or if you use the car for business visits etc can you claim expenses for the petrol?

What did the debt cover in the first place, ie what did you buy with it? is there anything you can sell to try to help. is the £25k debt just yours, or yours and your husbands?

RAS

Hi love, you are already linked to someone who is on a DMP, so you credit rating is not going to be great. You are also in a lot of debt already, so it is unlikely that a creditor will consider you for a large loan.

And if you get a 5 -10 year loan, you may well end up paying back even more interest thatn you will have to at the moment, despite the lower APR. Less over longer is not a good idea.

You need to bite the bullet and cut back your spends.

What do you have that you no longer use and could clear the DFS and next accounts?

BellaMay10

The sad thing is I don't really know how the debts racked up - I guess they started at Uni then I moved to London to try and kickstart my career but with no money in the bank and on a measly graduate wage I quickly got myself into a lot of debt and I've never really recovered from it. I've been stupid and naive and now don't seem to have any way out of this mess. I want to be able to give my family a nice life but am sinking fast.

ghostmadlittlemiss

As someone else said, the Next account account is likely to be very high interest so see if you can get that transferred to one of your unused credit cards. It's quite a small amount so a 0% deal should give you enough time to pay it off if you focus on that debt first. I know that's against the 'rule' of paying off high interest debts first but that would've been a high interest debt without a balance transfer and the psychological boost of having paid off a debt will probably help you right now.

As for the extra £64 you need, you could probably find that by cutting your groceries. Pop over to the OldStyle board and check their recipe ideas, there's nothing they don't know about cutting someone's food budget. And maybe look at changing your gas/electric tariff (if you can get cheaper) and shaving a little of your entertainment budget by staying in one more night a week. After all, you're paying for extra TV channels, you might as well get the use out of them.

In terms of making sure the amount at the end of the month is right, keep a spending diary of absolutely everything you buy and for anything that isn't coming straight out of your account by Direct Debit/Standing Order, pay cash. That way, if you haven't got it, you can't spend it. Once you've spent whatever amount your budget is for each thing (food, entertainment, ect), put the change away in a jar somewhere and make it a Xmas fund. It'll soon mount up.

I agree, you have been jumped on a bit here with regards to your husband which is strange for this board, we're usually quite nice. Stick around and give some of the things above a go, you should notice the difference before long and with the satisfaction of having not taken out more debt. Good luck.
Kayleigh

JCS1

Does your OH pay you £150 per week or £600 per month? If £150 per week, the figure on your monthly SOA should be £650 (150*52/12) meaning your shortfall is £14.

Superbiatch

BellaMay10 wrote: »

I want to be able to give my family a nice life but am sinking fast.

A nice life doesn't have to be full of materialistic goodies. You can do stuff on the cheap or free, it just involves a bit more imagination. Your children will learn alot more from seeing you doing that, than getting the latest gizmo's for xmas which probably remain unused form boxing day onwards