Is There Any Way Out of This.....

symesd

ANY ADVICE PLEASE - I am desperate and almost suicidal

I was in a good job until October 06, (£earning £25k) however made redundant. I was able to pay my personal debt with this salary ok. But now I have a new part time job £4540pa and it doesn't even cover the min payments [£377 p/m take home pay]

My main problem is that my Husband is totally unaware of this debt.....I am terrified to tell him as we got into debt about 10 years ago and it took us years to get straight [We had an IVA for 5 years], and he said if we ever got like that again he would leave me.

We do have other debts which are jointly known about.
Obviously - Our Mortgage is our largest Debt

£119,000 - Managed to change this from Repayment to Endowment Temp to reduce outgoings (Joint) (House is worth about £156,500 so could clear all debts with re-mortgage, but that would mean I would have to tell my Husband and I think he would go more than a little nuts]
£1570 - Barclaycard (Mine)
£3937 - Egg Loan (Husbands)
£1750 - Egg Visa (Husbands)
£775 - Egg Money Card (Husbands)

We are able to make all the payments for the above and the usual household bills with about £160 suplus (Using his wages and mine) to pay the above, but this is all I have left to pay my personal debts which he doesn't know about.

I am now starting to get phone calls about late payments etc and I think he is starting to get suspicious.


To add to all this we are trying to claim back bank charges from Natwest
Interest
A/c 1 - £2,202.00 £172.96 £2,374.96
A/c 2 - £1,101.00 £86.48 £1,187.48
Total - £3,303.00 £259.44 £3,562.44

But Natwest are not budging
We are putting my Husbands car up for sale today - hoping for about £6000

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These are the Debts my Husband Does Not know about ....

Egg Loan - £5,474.62 [£86.56 p/mth] - New Loan Egg agreed to convert Egg Card and Egg Money Card to Loan saving me £80 p/mth
Barclaycard - £6,000.00 [£169.00 p/mth]
Cahoot Loan - £9,000.00[£181.00 p/mth] Currently Over Limit £9085
Rbs Visa - £2,042.00 [£40.48 p/mth] - Currently Over my Limit £2040
Rbs Mastercard - £2,462.00 [£40.00 p/m] Currently over Limit £2400
Total Personal Debt - £25,063.62 [£467.04 p/mth]

BlondeHeadOn

Hi there and welcome - someone very expert will be along in a moment to be more helpful, but in the meantime big hugs and don't panic!!!

:grouphug: :grouphug: :grouphug:

lynzpower

hi there

are you still on your IVA?

Storm

Have you not got any redundancy money that you can through at these debts? Is your income likely to increase (applying for better paid jobs etc)?

Having been made redundant your husband must surely realise that you're going to need to cut back drastically - why don't you post a full SoA to see if there's any areas you can save on?

Have you got anything you can sell on Ebay/Amazon etc?

sandralovescats

I am not sure if you would be allowed a second IVA after the first one finished.

Try phoning Myvesta, Payplan or CCCS for free help and advice

Bestthingsinlifearefree

Could you not talk to your husband ?

Surely he has noticed the money being spent and maybe he has benefited from it to ?

I think as a husband and wife you need a joint, open financial strategy based on honesty and budgets etc etc. As a team you can tackle these debts.

I wish you well.

melaniec_2

Prehaps you should speak to CAB, national debt line or one of the other charities and get some debt counciling where you actually address the underlying issue.
Your first priority is sorting this out and really you will need to confess but then you need to sort out why you spend. Having been through IVA once I would have thought you would never want to go through those difficulties again.

In the mean time can you take on a second job a lot of students will be going back to uni so there may be a pub job avaliable.

Good luck