Please help x

stablegirl

I have posted on the Credit card section but will post here too. We seem to have gotten ourselves into a bit of a mess. We have a credit card and the interest is ridiculous and due to rise again in a few weeks. I also have a massive and mean massive vets bill for my horse ( she had to have an emergency op but unfortunately we lost her so also have a bill for that too) It has been a traumatic month with losing her. We currently have a loan with Tesco who sent us a letter offering the chance to reloan so we decided that we would pay off the credit card and vets bills with it but they have declined due to us having a credit card bill!! Am unsure whether hubby mentioned paying this off with their loan, would this make a difference do you think? I am sitting here waiting for the bank to call me back as I have been very honest and know that we need to speak to them for help. Due to the credit card payments and emergencies that have happened in the last few months we have been over our overdraft limit which then incurs more fees so it is becoming never ending! I am considering taking a bank loan (if they agree) to pay off the cc, Tesco and the vet so that we will only have one monthly fee. I know that it will cost us more for longer in the end but it just seems so much easier to have one fee rather than a few going out and we need to get out of being over our overdraft limit. Any help or advice would be brilliant. Thanks xx

poppasmurf_bewdley

The fact that you are exceeding your overdraft will mean you will not be offered a loan by any mainstream lender. It simply shows them you are already out of your depth without taking on anything else.

All you can do is drastically prune your spending and try and increase your income.

Bravehearted_2

^^^

Stop spending on the cards, pay what you can on the highest interest cards, post a soa on the Dfw board to see how you can trim outgoings.

You can set up a payment plan with the vet (didn't you have pet insurance)?

stablegirl

That's the thing though, if we can combine the 2 debts we will only have one lower monthly payment so that we won't have as much going out! We have never been in this kind of situation before and because we have had so many emergencies in the last few months it has taken us to our limit. It is an awful feeling and unless we can combine them to reduce the payments it will only get worse. I am already picking up extra shifts to try and earn a little more, it wouldn't be so bad if the council would hurry and pay out what they owe us! I am owed about 4000 in single status back pay and the equal pay that they owe is around £30,000 although we don't expect this much. There would be no problem if I knew that that was coming any time soon!! Do you think it would make a difference to Tesco agreeing to us if we had said that we wanted to pay the credit card off? That way they would know that it is only one payment instead of us paying both? Don't think my husband said why he needed to re loan x Thanks for your help x

stablegirl

The horse insurance wouldn't pay out due to her age and the treatment needed. They also don't pay out for taking them away after they have died x

elantan

stable girl ... whilst you are waiting for the money owed to you (and i hope it comes soon) i think you really need to get a total hold on all your finances which is why i suggested the dfw board to you on the credit board .... please go there and post an soa ... the people there are used to helping individuals trim their expenses and find ways of tackling debts

you could try telling tesco that the aim of your plan but they may not believe you as they will have been told this so many times and so many times the people invoved dont do what they say they will

as i said earlier good luck with it all ... you will get there ... please try the dfw board though ... your situation is a speciality of theirs

ILW

You do not need to accept increases in interest rates on credit cards.

paddyrg

ILW wrote: »

You do not need to accept increases in interest rates on credit cards.

In fact this will be wise - you do not accept the rate rise, but they correspondingly stop you being able to spend more on the card - which is a good idea anyway seeing as you can't afford it!