why I think I need a loan

t4hodgy100

I'm not sure what to do and this is why I think I need a loan. I don't work at the mo so my husbands wages is all that we have to go on, they go in to the bank and pay all our bills, which include a loan of £15,000, 2 credit cards, one of nearly £9,000 and the other of £1100(which we don't use anymore), his wages cover all our bills and we have never missed a payment, what it doesn't cover is our food bill each week. which is where the £9,000 credit card comes in, this is the one we use for this purpose, but it's limit is now near, i think we have just over £100 left on it. No savings and £100 left to our name and Christmas coming and an Eleven year old who doesn't understand. What to do now when we keep getting turned down for loans.

Sea78

HI

Firstly, welcome to the board

I really don't think a loan would be best for you - I think maybe ringing the CCCS for advice and help tomorrow would help as they will be able to go through all your options and advise you on the best course of action as obviously you can't carry on like you are. I know more people will offer advice as well - although due to the boards being down for maintenance tonight, there might not be many on.

Sea xxxx

Squirrel29

Hi there, welcome to the board and stop worrying!

Go to the sticky at the top of the DFW board and it will tell you how to put a Statement of Affairs (SOA) together, include APR's, minimum payments etc. Remember to include all your incomings out outgoings - even down to haircuts, car MOT etc.

The boards are being shut down at 10pm for maintenance but I can assure you that once your SOA is posted, there will be plenty of people who will offer advice, it is a really friendly, supportive site.

Take care and get that SOA posted tomorrow:T

GettingThingsDone

Hi t4hodgy100, and welcome to DFW!

As Squirrel says, pop up your SOA and we'll see what we can do. Also, is there anything you can do to bring in some extra money?

The problem with using loans to pay off debts is that (as many of us have learned the hard way) one tends to rack up the debts again, and so you end up in twice as much trouble.

Good luck and keep posting

gtd

immoral_angeluk

Right now from what I can see a loan is going to be the straw that broke the camels back and is really the last thing you need. If you have no spare money at the minute how are you going to afford the repayment on another loan? My advice would be to complete an SOA so you can see exactly what you've got coming in and out including your debts and their APRs/balances/limits so the wonderful people on here can have a look and see what your could save money on to make things easier for you.
:grouphug:

Welcome to MSE...

t4hodgy100

ok thx for all your help but i'm not sure what you want me to do, i looked at the sticky and didn't see anything about a SOA. I did make my own and we only have bills that need paying, we don't go out or have anything extravagant to pay for each month(except sky which we pay £45 a month for, which is our only vice). we wanted the loan to pay off the credit cards and bring the monthly payment down and also to cover the bank overdraft and leave something leftover for Christmas.

silkglade

Hi, and welcome...

What we are needing from you is a full list of income (including child benefit etc) EVERYTHING that comes in each month and then a full list of outgoings, including the debts that you have and if possible the APR's

t4hodgy100

thx silkglade. I think at the moment because it's christmas i'm more concerned on how to tell my 11yr old that there is going to be nothing from me or his dad. you try explaining that you only have £100 to get shopping, presents, etc for the foreseeable (not spelt right sry) future. This is a nightmare that I never saw myself in, we both come from families that don't need to worry about money yet we always have and their help is not an option here.

In_Search_Of_Me

Heres a link to the first post that may assist;

http://forums.moneysavingexpert.com/showthread.html?t=562271

I know that it feels like a loan is the best way to go but it honestly isnt! What you need to do is structure your finances so that you can afford to meet the payments you have. Looking at the details you've given so far I'm not sure you would get one anyway to be honest but thats not necc a bad thing...I didnt have my lightbulb moment until I was refused credit so while horrendous at the time I would never have stopped spending before it was too late.
You need to sit down & sort what comes in & what goes out each month & I also suspect from what you've said that out will be more than in BUT dont panic - all is not lost and pleanty of people on here have experienced the same!
It may be that you need to do a formal debt management plan (DMP) or an IVA but the first thing to do is sit & sort so you know whats what. Its so much easier when you've done that (I cried for 2 days after!) and we'll all here rooting for you! You also need to look at how and why you got into so much debt and start to change the behaviour that got you there. Is there any way you can get work as that would certanly help? People on here get oney from mystery shopping etc & it does help...Feel free to ask questions and keep posting. Big hugs for you!

SarahNeedle1872

Hi t4hodgy100, welcome to DFW/MSE.....

Can't offer anything that hasn't been said, take a look at the link ISOM has posted and go from there.
You may think a loan is the best option now, but take 5 mins to think about it..... u are already paying interest on ur cc's, and by getting a loan, u'd be paying MORE interest on top of that interest..... IYSWIM?

HTH

Sarah x

silkglade

You know I had a nightmare 3 years ago - my hubby bless him is a househusband (and an amazing one at that) I was off on maternity leave still and we now have 3 children (I was ebaying and doing boot markets like mad just to make ends meet) so we said to the older two as child number 3 was a baby so unaware "kids we have had to cut down this year" only 3 inexpensive presents each amd my then 11 year old said "Yes I had noticed" he did and still does on a regular basis make us feel like complete and utter failures as some of his friends at school have very "well off" parents.

Only saturday he was telling me about a friend that has 23 pairs of designer and named brand trainers! :eek:

I don't even own 23 or pairs of shoes and trainers combined, not even half that actually!