Debt stress, help wanted!

venicebride2be

Hi everyone,

So I'm in a lot of debt, around 10k in total. I'm trying my best to cut down on spending or just give up the cards altogether but I need to find a way of paying them off gradually. I have three credit cards, an overdraft and a Next account.
I was rejected for a loan with Sainsbury's and Santander so decided to stop applying for a while; my fiance was going to get a loan in his name (we share everything, have a joint account etc so would just pay it off with that) because he has a better CR than me, but he just lost his job yesterday and we very nearly lost the flat we were signing on (luckily my mum saved the day as guarantor). There are other jobs in the pipeline so I'm not overly concerned but the worst case scenario is two of us surviving off one income and a mountain of debt! Plus saving for a wedding (please don't say hold off saving until debt is paid off, we're getting married abroad next year and then saving to move abroad for good so savings are a must). Any help or ideas welcome of how to get out of this situation, I was an idiot with a shopping addiction (which I still have but am trying to control!)

Please be nice with replies! xxxxx

-taff

The only way to find a way to pay them off gradually is to spend less in other areas, or save less. or do more work.

You could do a DMP, that wil trash your credit file for 6 years so if you were moving abroad, that wouldn't really matter. It will also restrict you having certain types of credit within 6 years too.

The thing to think about is that if you do move abraod and move back within 6 years, you'll be stuffed till the defaults fall off your file.

If you don't intend moving back and can't see any circumstances where that would be the case, find about a DMP.

I am going to say don't get married because if you are saving for that, the amount of interest on your debts [unless they're 0% cards] is much much more than any interest you're gaining on your savings.


A shopping addiction is not going to go away if you're in a different country so also best to find out why having shiny new things is so important to you.

Start to learn how to manage money before you go otherwsie you'll have the same problems there as you have here.

dancingfairy

I think you need to sit down and look at what you have coming in over the next few months and see what are essential bills (ie paying your rent, food, clothes etc) and what is a luxury item/ a hobby and debt payments.
You will then see how much you have to play with. If you can meet the minimum payments then great. if not then you'll need to think about how you can cut down or how you can earn more or you'll have to think about some kind of payment plan such as a dmp.
It's always worth giving one of the debt charities a ring to go through your situation with them (try National Debtline, Stepchange, your local cab etc. DO not go with any of the people who advertise on tv or who cold call you or who promise to write off your debts or make them disappear).
Regards
df

matttye

Your wedding day is one day, followed by years of being in debt.

If you were able to cut the budget of your wedding and pay off debt, you'd surely start married life a lot more happy.

Sorry I couldn't resist even though you asked us not to say that, because it's by far the best option in my opinion... but if you're not willing to do that...

http://www.stoozing.com/calculator/soa.php

Could you post a statement of affairs so that people can make some cutback suggestions?

On_my_way

Your debt isn't actually THAT huge. Mine will be about that by the end of this year

I would avoid going on a DMP because you don't want your credit rating to be trashed for six years. You are probably better off seriously looking at your spending, finding ways of getting more cash (like selling things on ebay etc) and paying off the debts as you can.

I hope your boyfriend finds work soon, that's very stressful for both of you.

You should study this forum and get as many tips on how to lower spending as you can