Getting back in track

Sarah10916

I'm trying to get my financial life back together after walking out of my marriage and moving in with a new partner 12 months ago.
The ex has shot my credit rating with a 'joint' debt that he has agreed to pay off.... he spent it on an old joint account
I have a 200 overdraft that I max out every month, 2600 on a credit card (I had to by a car when I left) that is now closed so I can only repay (minimum being paid every month) not spend on and I have had to use payday loans most months, maximum of 200 and paid off every month in full.
I've done a per application search and Vanquis have approved me for a credit card.
Is it a sensible move to get the card, spend the equivalent of the payday loan in it and always pay it off in full each month?
Sorry but I've never dealt with finances before so I'm really stupid when it comes to what's right and best to do

thriftylass

Sarah10916 wrote: »

I'm trying to get my financial life back together after walking out of my marriage and moving in with a new partner 12 months ago.
The ex has shot my credit rating with a 'joint' debt that he has agreed to pay off.... he spent it on an old joint account
I have a 200 overdraft that I max out every month, 2600 on a credit card (I had to by a car when I left) that is now closed so I can only repay (minimum being paid every month) not spend on and I have had to use payday loans most months, maximum of 200 and paid off every month in full.
I've done a per application search and Vanquis have approved me for a credit card.
Is it a sensible move to get the card, spend the equivalent of the payday loan in it and always pay it off in full each month?
Sorry but I've never dealt with finances before so I'm really stupid when it comes to what's right and best to do

first step in the right direction is asking for help.

See my highlights in red. I think one of the next steps should be to look at why this is happening. Keep a spending diary to see where all your money goes each month. Try and post a SOA (statement of affairs) here that lists all your income and outgoings. Some clever people here will be along with advice on where you can tweak it and safe money. Going £400 into the red every month is not good or sustainable. So rather than applying for more credit find out why you need it or how you can avoid it. The credit card I guess in the short run is cheaper solution than the payday loan but try to get rid of it asap too.

Good luck with your journey

Tempus01

Hi Sarah!


Like you I have just started my debt free wannabe journey today. Looking through various posts on here, today I have been able to save myself £100 in the next year and that was simply by tweaking my phone contract.


Wishing you luck on your journey, things can only get better

EssexHebridean

Simple answer to the card question - no, that's not a sensible move. At the moment ends aren't meeting and the first thing to do is work out why, and whether you can do anything about it.

First thing to do is a Statement of Affairs (SOA) - you'll find the link to the one we recommend in one of the "sticky" threads at the top of this board. Get that filled in, post here and we can take a look.