?to consolidate

stupid_girl_2

have struggled as how i am going to word this, but basically i've been v stupid!! have buried head in sand for far too long. husband hasn't got a clue of how much i owe and would have an MI if found out. am lucky got good job and can meet payments at present-but takes over half my earnings-hubby wants to know where all my money goes. have tried to do 0% balance transfer for credit card and have been refused 4 times.am thinking of consoladating but the amount scares me!!
owe egg 11,500
owe abbey credit card 4000
barclays 5000
overdraft reduced to 250 was 900 with charges

RAS

Ok

take it easy

There are very few folk on here who have not be "v stupid" at some time or another.

First thing we need to know is what the APRs are on those cards. Second thing is that you need to have alook at this thread and put up your SOA,
http://forums.moneysavingexpert.com/showthread.html?t=107280.

As for consolidation; do you want to be vvvvvvv stupid and ensure OH has an MI? Basically the only time consolidation works is if the period and amount of the loan are identical to those of the original debt and the APR is considerably lower. Even then you lose the chance to get lower APRs as the debt reduces and to adjust you payments depending on your circumstances. So NO.

One other thing you could do is go to www.whatsthecost.com and work out how long it is going to take pay of you current debt.

stupid_girl_2

thanks!!! definately won't consolidate-will start looking for those APR rates !again thanks for advice its much appreciated!

lynzpower

get your SOA together and lets see what we can do

Whats MI?

spud30

lynzpower wrote: »

get your SOA together and lets see what we can do

Whats MI?

MI - myocardial infarction (heart attack)

lynzpower

aaaah I see now!

Are you certiain he would OP? you never know, you did marry him for better or worse, most other halves show great support when it all comes out in the open?

Conor_3

Seconded. Many people on here have posted how fearful they've been about telling the OH to find out that when it did come out in the open, their fears were misplaced.

As lynz says - for better or worse or more aptly, richer or poorer.

taxi73

Hi there...I agree with the others post your SOA and we'll see if we can help you.

stupid_girl_2

have done SOA and here it is:-
salary £1200pm outgoings

BT 11.00
WATER RATES 21.52 PM
CAR INSURANCE 29.11
SCOTTISH POWER 69.00
COUNCIL TAX 85.00
SCOTTISH WIDOWS 13.91
SKY 26.00
HUBBY 50.00 (PAYED O.D FOR ME)
PETROL 40.00
EGG LOAN 251.28
LLOYDS LOAN214.70
BARCLAYS LOAN 211.21
ABBEY CREDIT CARD 100.00 @15.9 APR:mad:

TOTAL 1122.73:eek:

LOANS

EGG 11,841.91 ENDS 01/12 @7.66%
BARCLAY 5064.00 ENDS 10/09 ?APR
LLOYDS 4396 ENDS 10/08 ?APR
ABBEY 4200 15.9 APR
TOTAL 25,501.91:eek:
AND YES HUBBY WOULD HAVE HEART ATTACK-ALREADY NERVOUS PERSON! DONT WANT HIM TO WORRY. I HAVE GOT 2 INTERVIEWS LINED UP THEY ARE BETTER PAY AND HOPEFULLY PAY MILAGE :rolleyes: I PRAY I'L BE SUCCESSFUL:j

CONTACTED BARCLAYS RE: APR AND WERE NO HELP AND EVENTUALLY GOT CUT OFF! HAVE NOT YET CONTACTED LLOYDS WILL TRY TOMORROW. LOOKED AT CREDIT SCORE AND APPARENTLY EXCELENT!! BUT CAN'T GET 0% BALANCE TRANSFER FOR ABBEY CARD HAVE TRIED 4 TIMES! HAVE TRANSFERRED CURRENT ACC TO HALIFAX FOR THE 100 CASH BACK!! AM REALLY TRYING. THANKS ALL FOR GREAT ADVICE REALISE ALOT MORE WORSE OFF THAN ME.

climbgirl

Your power seems very, very high, does your hubby pay half? make sure you're with the cheapest supplier. Sky is one thing that you can get rid of to save some cash.

Is this your full SOA? What about food, spending money? A budget needs to cover EVERYTHING if it's going to work.

One more thing - stop applying for more cards! If you've been turned down 4 times, it's unlikely other lenders will lend to you. And the more applications you have in a short space of time, the worse it is. Wait six months, try and clear some of the debt and apply again.

I'd tell your husband too. Most posters here say "I couldn't tell my partner, they'd leave me". Then a few days later they're posting and saying how amazing their partner was and how much htey've helped them out. If you're worried about telling him, I'd sort out a budget first so you can show him how you're going to pay it back. You can't keep a secret this large and expect the marriage to be an equal partnership.

chevalier

Are each of these half of the payments? If they are not why isn't your hubby paying half of these? Or is he paying the mortgage? Ref Scottish power do you have both your gas and electric off them? Even so this is very high. You can ask for your council tax to be paid over 12 months rather than 10 which would help with monthly figures a bit.

Also you have £80 left over after these outgoings, do you know what it goes on? If you could reign that £80 back that would be a good bit to throw at your most expensive debt.
chev