Can't see a way out of this debt

cats2012

kettlenic wrote: »

I could probably get a lona to cover the OD and then never use it again!! I also have ppi to reclaim which I am doing this weekend - any money from that will cover my credit cards.

Do you think it would be wise to get a loan to cover the od ? I just feel the fines we get for being overdrawn and interest are killing us!

In my opinion, others may disagree, do NOT get another loan. You have enough debts in different places already - with your salaries you should be able to pay a good chunk off this month let alone in subsequent months and taking out another loan, even to cover an existing one, is not the way to do this. You need to realise that at this stage more credit is definitely not the answer.

Also, post your income/expenditure ASAP as people can help a lot more once you do that

MFWannabe

Hi
You really need to post and soa using the one on www.makesenseofcards.com so that the lovely people on here can advise where you could make some cutbacks. The soa provides a clear understanding of all incomings and outgoings.

HappyMJ

kettlenic wrote: »

I could probably get a lona to cover the OD and then never use it again!! I also have ppi to reclaim which I am doing this weekend - any money from that will cover my credit cards.

Do you think it would be wise to get a loan to cover the od ? I just feel the fines we get for being overdrawn and interest are killing us!

No DO NOT get a loan to repay another loan. You must clear the overdraft by cutting your expenses.

If clearing the overdraft by cutting expenses is impossible then stop using the current account open one elsewhere to credit any salary to and then pay them back at £1 per month along with all of your other creditors. Then sort out a SOA and see how much you really can pay towards each of your creditors and pay that sum only. It destroys your credit rating and I think your salary to debt ratio is good enough to avoid that. Post an SOA for more advice.

OldStreetBum

kettlenic wrote: »

How do you cope when people suggest things like family pub dinners ? my family are visiting from south africa soon and I am embrassed to fill them in on the extent of my problems...thinking I will have to work late etc to avoid some events and perphaps it will be the whole weekly allowance?

My husband travels a lot for work so we need to save for that - he can claim some things on expenses but not all and with the rise in petrol it eats a lot of our money.

In this case I agree and say that it would be better to suggest house parties, BBQs (a good old braai would be an excellent idea) or even a picnic using this lovely weather! Myself and the GF are going to celebrate our birthdays with big picnics in the park with lots of friends and home made food. Lots of fun at a fraction of the price!

On the issue of being embarrassed about talking about being in debt with friends and family it is far, far better in the long run to be as up front as possible with your loved ones. They'll be there to support you and care for you whether they're in the UK or thousands of miles away in the Southern Hemisphere. I had the most difficult of my life the other week talking to my GF and my parents to admit that I had a problem and I needed to turn things around. Naturally they were surprised and frustrated but they were intensely worried for me and want the best for me. If it weren't for them (and you guys too, you guys rock btw) then I don't know where I'd be.

I'm not saying suddenly drop a bomb but just sit down and have a chat with them and ask for their support and understanding while you two get yourselves back on an even keel.

As an idea, set the target of saving for a family visit to South Africa as an eventual treat when you two become debt free?

Best of luck!

paulmapp8306

kettlenic wrote: »

I could probably get a lona to cover the OD and then never use it again!! I also have ppi to reclaim which I am doing this weekend - any money from that will cover my credit cards.

Do you think it would be wise to get a loan to cover the od ? I just feel the fines we get for being overdrawn and interest are killing us!

I was under the impression it was an "agreed overdraft". if it is there will be no fees - and the interest isnt that bad (compared to CCs0. If however it is a non agreed OD, then dont use it because those fees are killer.

Again - post an SOA - I doubt very much you need a loan to pay such a (relatively) small OD given your income levels.

anrutpea

I would recommend using the snowball calculator - does anyone have the link to post?

You enter all your debts and their interest rates, how much you can afford to pay each month and it calculates what to pay off in which order and also tells you when you will be debt free.

It's helped a lot of people that I've read about.

Obviously you need to identify how the debts mounted up in the first place so that once you pay everything off it doesn't happen again.

kettlenic

Thanks for all the advice will do the SOA and sit and talk to the husband tonight x

RAS

The snowball on www.whatsthecost.com will help you work out which debt to pay off first.

And

1. Do a store cupboard challenge on the old style forum to cut the spend until next payday.

2. What is no longer used and could go on e-bay, amazon or even to a car boot sale?