Best way to sort this mess out 😞

llcooljayne1

Hi,

I'm looking for a bit of advice because I'm trying to work this out but going around in circles!

I want myself and my partner to start saving someone's for a house. However we have go yourselves into lots of debt I've tried sitting down and working out the best way to pay it off but I can't and just getting myself in a mess so was hoping someone here could help me out!

So the debt is:

£13500 loan for our car
£6450 tesco 0% interest credit card
£1200 Barclays credit card
£4200 loan of my partners from years ago
£1200 overdraft

We are both in our early 30's and I hate being in this mess. I have just had a baby so am on maternity leave so my income has been cut by over £1000 a month. I'm actually loosing sleep over this (as well as being up with a newborn) is this debt really awful for our ages? Is there any way out or do I have to get used to the idea it will always be like this?

Thanks everyone 😊

grumbler

All depends on your income, but as you are losing sleep over this and are deep in your overdraft that normally is a very expensive way of borrowing, then it's really awful regardless of your ages.

The only way out is to cut your spending and/or to increase your income.

And there is no point in starting saving before you are debt-free: Should I Repay Debts or Save?


> Debt-Free Wannabe board
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[Deleted User]

auntloo wrote: »

Hi,

I'm looking for a bit of advice because I'm trying to work this out but going around in circles!

I want myself and my partner to start saving someone's for a house. However we have go yourselves into lots of debt I've tried sitting down and working out the best way to pay it off but I can't and just getting myself in a mess so was hoping someone here could help me out!

So the debt is:

£13500 loan for our car
£6450 tesco 0% interest credit card
£1200 Barclays credit card
£4200 loan of my partners from years ago
£1200 overdraft

We are both in our early 30's and I hate being in this mess. I have just had a baby so am on maternity leave so my income has been cut by over £1000 a month. I'm actually loosing sleep over this (as well as being up with a newborn) is this debt really awful for our ages? Is there any way out or do I have to get used to the idea it will always be like this?

Thanks everyone ��

I think this demonstrates the error of just applying for more credit, even if for good intentions in the first place, unless you are determined to get on top of your finances.

According to your thread 2 months ago, you were waiting for the Tesco 0% card to arrive, with the intention of moving your £1200 OD and £4400 barclaycard debts to it.

Now, just 2 months later having presumably moved the amounts, you are maxed out on your OD again and halfway to the orginal debt on the Barclaycard, and of course the £6.45k now on the Tesco card.

I think if you were really interested in sorting this out, you wouldn't log out as soon as you posted :cool:

CLAPTON

you appear to be 27,000 in debt which is a huge amount of money unless your income is huge.

you need to stop spending today.

go over and repost on the debt free wannabe board: you will be asked to post up an SOA (list of income, spending and debts (amounts, APRs, money payment ect)

they are very helpful and supportive over there but basically you must stop spending on everything that isn't absolutely essential

llcooljayne1

Well I would like to say thankyou for the advice but to be honest I can't. The reason we have had to spend more is because I had to leave work at 30 weeks pregnant due to my health therefore as I said I have lost over £1000 of my wage alone. Also the reason I posted regarding the tesco credit card before is because I just had a baby! And following a very traumatic birth (I almost died) the last thing on my mind was coming on the internet.

I only came here for advice not a lecture. Thankyou to anyone in advance who may have helped me but I won't be coming on here again for help.

Take care

CLAPTON

auntloo wrote: »

Well I would like to say thankyou for the advice but to be honest I can't. The reason we have had to spend more is because I had to leave work at 30 weeks pregnant due to my health therefore as I said I have lost over £1000 of my wage alone. Also the reason I posted regarding the tesco credit card before is because I just had a baby! And following a very traumatic birth (I almost died) the last thing on my mind was coming on the internet.

I only came here for advice not a lecture. Thankyou to anyone in advance who may have helped me but I won't be coming on here again for help.

Take care

oh dear

if you have other solutions to your £27,000 debt problems then that's fine

otherwise go over to the debt free wannabe board

bigadaj

People can be judgments, but the root cause is the posters spending, and this needs pointing out, sugar coated or not.

Traumatic things happen to people, but the basic problem is in teh original accrued debt rather than a few months of lower income, with a baby due would a priority not have been to clear debt and prepare an emergency fund to carry thorough until a return to work.

One obvious partial solution seems to be to sell the current expensive car and get a cheaper one, it might be not what the OP wants but it's needed to be doen.