Adviice grateful appreciated....

OMG!_2

I was at college and OH lost job 5+ years ago, I used all savings up and then lived on credit cards and since then debt just grown. I pay everything but never have much money left!
Home improvement, wedding also added to the burden. OH doesn't know about the majority of this debt which makes it super stressful.


Credit Cards
Card 1 £2275.55 @ 20.9%
Card 2 £3996.08 @ 18.9%
Card 3 £1900.03 @ 4.8 % (recently took this out and transferred from card 1 to this to save interest)
Card 4 £5332. 99 @ 0% until May 18 then 22.5%
Card 5 £950 @ 0% for 40 month (recently took this out and transferred from card 1 to this to save interest)


Loan £4936 - set monthly payment until May 2020


Overdraft £4100 (most Months)


Total Debt £23540.54


I do have a mortgage (OH) pays it, in fact he overpays, 10 years left to go!


My Plan - Set amount on all cards which will clear them in the follow


Card 1 - £100 - 2 years 5 months
Card 2 - £100 - 5 years 1 Month
Card 3 - £25 - 6 Years 6 months
Card 4 - £150 - 4 Years
Card 5 - £25 - Not worked it out yet


The loan will be cleared by 2020, I am then chucking any extra cash at card 1 at the moment due to highest interest . I am praying I will be able to clear this by May 2018 when interest starts on card 4.
I am also hoping to transfer some more of it around to reduce interest, but need to not apply for anything else now for 6+ month to improve credit score.


I have no idea what to do about my overdraft for now. By its costing me £50 a month in interest!


Credit score according to clear score is ok, never any missed payments, few minor blips as interest took me over limit on card 1 in August last year.


Would any of you be doing anything different?


I am hoping to be debt free in 7 years, is this realistic?

Keezing

Stop overpaying the mortgage while you have more expensive debts to service.

OMG!_2

My OH pays that's with his wages and he doesn't know about the majority of this debt so that would mean coming clean to him about it which I really can't do at the moment, for other reasons

enjoyyourshoes

know where you are financially every day, keep reconciled balance.

stop spending

come clean with husband

sort out OD its crippling you, so get £4100 into your bank asap

Card 1 payed off Dec 2019
Card2 Oct 2022

Card 3- you have not identified 0% period and interest post this , so you may have calculated this incorrectly ?

Card 4- you need to pay this off with £485 pm for the 11 remaining months of 0%, otherwise you will roll this debt onto high interest charges, check T&C as may charge you with interest on original transfer value?

Card 5 - after the 11 months on card4, start paying £29pm for the remaining 29 months of the total 40 months interest free.

You have to come clean as the above seems a high risk strategy.

DCFC79

OMG! wrote: »

My OH pays that's with his wages and he doesn't know about the majority of this debt so that would mean coming clean to him about it which I really can't do at the moment, for other reasons

It would be useful for your situation to tell him of the debts but its your choice.

Keezing

DCFC79 wrote: »

It would be useful for your situation to tell him of the debts but its your choice.

Unless there is a risk of physical or emotional abuse.

DCFC79

Keezing wrote: »

Unless there is a risk of physical or emotional abuse.

Yes obviously.

I was thinking of the whole "he would be ashamed of it" like some of the posts are on here.

Ilona

OMG! wrote: »

Would any of you be doing anything different?


I am hoping to be debt free in 7 years, is this realistic?

I would be stuffed if I had to sort that lot out. Sorry, I'm not good with a load of figures. If I was in that situation and I had a husband, I would have to tell him. I could not keep it a secret. Two heads are better than one, a problem shared is a problem halved. If you are in an equal partnership it might be solved quicker if you can work together on it.

You could contact Stepchange, a free charity to help you. It would be better if you could fill out a Statement of Affairs, which will give a clearer picture of your situation. Post it on here, and people will give their opinions on how you can cut your spending to free up more for debt repayments.

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

Ilona

Guest101

Keezing wrote: »

Unless there is a risk of physical or emotional abuse.

Well at the minute there's financial abuse!

Candyapple

OMG! wrote: »

I was at college and OH lost job 5+ years ago, I used all savings up and then lived on credit cards and since then debt just grown. I pay everything but never have much money left!
Home improvement, wedding also added to the burden. OH doesn't know about the majority of this debt which makes it super stressful.

Total Debt £23540.54

I do have a mortgage (OH) pays it, in fact he overpays, 10 years left to go!

This debt by the sounds of it was incurred by BOTH of you and therefore should be repaid equally.

If as you say he knows of some of the debt, why not let him know the true amount?

Seems pointless him overpaying the mortgage thinking he's clearing debt, when in actual fact the amount you are paying in interest and overdraft fees every month negates any real perceived benefit of being mortgage free earlier.

There are so many threads on here with the same tale - afraid to tell partner of large debts incurred, I even remember one thread where the woman had something like £30k debt and was paying it off little by little living rent free at her parents home until one day something happened and they had to move house and she was afraid her husband would find out when it came to put in the application. She found the courage to sit down and speak to him and he decided to use some of the deposit amount set aside for their house to clear her debts and they were going to tackle it together going forward.

Surely it's better being truthful and honest with your husband, it can't be easy lying everyday to the person who is meant to be the closest to you. What if he somehow happened to find out about the debt instead of you telling him? For a lot of people it's the lies that will cause the end of their relationship rather than the amount of debt ever incurred.

OMG!_2

Thank you all for replied


My OH has mental health problem, I have discussed the debt with his social counsellor person and his mum. Both are in agreement that him knowing at the moment will not be good.


He has come a very long way and now working full time and doing very well, I acknowledge that he will need to know at some point and the counsellor will arrange a session with us jointly so I can tell him when she feels he is ready.


I would love to come clean but at the moment its not possible.