I want to stop drowning

enthusiasticsaver

debtaghh wrote: »

I understand what you're saying. But not sure what else to do as things still need paying. My dh has put off work on his mouth for years and it's just got worse. The issue we have is we try and save and clear debt at the same time. For example when we get paid at the end of the month we should have a minimum of £400 to pay off extra debt.

The reason you are struggling to save is because the debt is so high and just servicing it is taking a bigger and bigger proportion of your income. Increasing the debt wont help that. You may temporarily have a large amount from the transfer but your monthly repayments will go up leaving you ultimately in a worse position.

Save the £400 rather than pay it off debt is a better option than increasing it by thousands.

Honeysucklelou2

Does your DH have access to an NHS dentistt? When I last checked there are 3 bands of work and even the top band / more complex work was less than 1k. I do appreciate though, that finding an NHS dentist is easier said than done.

debtaghh

I'm not that keen on doing the transfer and I am scared. My dh doesn't normally like money transfers.

We have tried to get nhs dentists for years but with no luck.

MrsSave

I'm with Enthusiasticsaver in this one. I really don't think it would be wise at all. The suggested emergency fund whilst paying off debt is £1,000 which you could achieve in less than 3 months if you have £400 a month left to pay extra debt. You need to be able to budget for clothes monthly (as well as putting something towards car expenses, etc), and if that's not possible you really need to be heading down the dmp route. What would happen when that £5,000 runs out? Would you be doing the same again?

I really hope that this does not come across as too harsh. I promise that's not my intention. But, I strongly believe that you should not be borrowing any more.

debtaghh

No I don't think you're being harsh and I understand.

debtaghh

Thanks for your help guys. I've just discussed it again with my dh and I think I've made him realise that it's best not to do it. How things have changed, this time last year I would have done it!

Moneyfordreams

great achievement

DMP_Tiger

debtaghh wrote: »

Thanks for your help guys. I've just discussed it again with my dh and I think I've made him realise that it's best not to do it. How things have changed, this time last year I would have done it!

Hooray!! Well done :T:T

Definitely the right decision!

enthusiasticsaver

Just nipped back in to check your plan and glad to see you have decided not to go down the money transfer route. The message to put in your head is that the reason your debt has got so high is every time previously money got tight you took the easy way out by applying for more credit. Borrowing more is never a solution. This time you have taken the sensible option. Eventually things will get better as the debt decreases and you have more available cash.

I am not sure what to suggest about the dental treatment except I suggest your DH speaks to the dentist and see if he has any interest free payment plans if it is really urgent or if he can be referred to an NHS dental hospital. My daughter had her wisdom teeth removed by a NHS hospital for free so some things can be done on the NHS even if not an NHS dentist. It depends on what needs doing. Cosmetic work wont be covered as this is not urgent.

debtaghh

My dh did get referred to the dental hospital but they wouldn't take him on