Rock Bottom

Overmyhead_2 · 4 November 2017 at 9:38AM

Hi all,

My bank changed their overdraft fee mehodthis month and it has made me look at everything and really realise the position I'm in. Not stick my head in the sand and keep making minimum payments.

I have tried to contact each card company to ask for a promotional rate which has been unsuccessful. I was not accepted for any 0% cards so at the minute I'm pretty stuffed. Any advice would be appreciated! I have not told anyone about my debts and would rather not either, my partner would not be impressed at all!

Here goes...

Overdraft - £2,990 (charging £4 per day)
Card 1 - £3,599.10 (25.95%)
Card 2 - £2,447.75 - broken down in to -
£2,095.80 (17.18%)
£331.95 (24.60%)
Card 3 - £4019.99 - broken down in to -
£3,561.23 (17.18%)
£550.77 (24.60%)
Card 4 - £6,775 (0%)

TOTAL - £19,831.84

Hiddenidenity · 4 November 2017 at 9:42AM

Well done for posting, you've made the hardest step and that's realising there's a problem and it needs sorting.

First thing I'd say is fill in a SOA. Truthfully. Not what you think it is, or what you'd like it to be.

You need to set a realistic budget that you can stick too. This is what I found hardest actually sticking to a 'real' budget.

I'm sure there will be lots of comments and help from lovely people soon.

Good luck and remember the only way from now is up, it will get better x

Hopesandfears · 4 November 2017 at 9:47AM

I am in a similar position but the number is far higher for me. I have confessed now to my husband which i was terrified of doing.
We have had a vert hard look at finances, contacted step change and a huge weight feels lifted as we are facing it together. It is my mess and i dont expect him to sort it but he is supporting me and keeping me upright.
I am at the start of my debt free journey and inpsired by so many here who i am sure will be happy to give advice.
The first step is scary. Well done for taking it. Cx

Overmyhead_2 · 4 November 2017 at 9:49AM

Income - £1,190

Outgoings ...
Council Tax - £112
House Insurance - £13.50
Gas - £28
Car Insurance - £31.88
CarTax - £11.84
TVLicence - £12.12
Sky (TV,Phone&Internet) - £60
Vodafone - £65.40 (mine&my sons in contract until next December)
Minimum Card Payments - £440
Overdraft - had been £60pm now £4 per day - currently trying to call bank to see if there's a maximum charge and any other option!

=£774.74 plus any overdraft charges which I think max is £90
£864.74

That leaves only £325.26 for diesel, electriticy, groceries and any other outlays through the month! Not to mention the fact that the debts will not be clearing when making minimum payments with those interests rates &#55357;&#56877; Help!

Overmyhead_2 · 4 November 2017 at 9:53AM

I would also say that I've looked at IVA/bankruptcy etc but we own our house (my partner pays mortgage and I pay bills which is why it's not on my SOA). I'm worried about contacting agencies in case my partner was to find out. I don't think many options would be open to me given we own our house? It all started while I was on maternity leave and received a lower income - I started using credit cards and just haven't stopped.

Hiddenidenity · 4 November 2017 at 10:01AM

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

People will probably be able to help more if its set out like this. Include everything you spend out your account. Keep a spending diary, all those odd trips for a loaf of bread or bottle of milk that end up £10+ add up to a scary amount.

Speak to Stepchange. Its a debt charity and its free! they will give you advice and no you don't have to tell/they won't tell your husband. However are you sure having him on board won't make things easier? That's totally up to you though. Worth a phone call though and they will help

Hopesandfears · 4 November 2017 at 1:40PM

Overmyhead this is how i got into my debt spiral too.
Steochange were great when i rang them. Im still not sure what i am going to do quite yet but honestly call them