Tough times ahead for me

BigMart64

It seems as though I'm always up against it when it comes to finance.
Both me and my wife were working full time, everything was good.
I had two jobs, one which I really enjoyed but wasn't very well paid and the other was a personal assistant to my best friend.
My wife couldn't cope with working full time so left and went part time. A few months later I broke my leg and had to have 3 months off work, that's when we started using the cards more than we should have.
Two years ago, I decided to leave my full time job to start another with much better pay. Two months after I started my friend passed away so financially I was virtually back to where I started

Every time I seem to be making some headway, something goes wrong, and back to square one.

EimearF

Her employer is totally wrong about the furlough scheme. I want to tell him off! Lol 

Good luck with BT it’s worth ringing even in contract.  Try being pally, they are usually more likely to discount if you are nice about it. 

EimearF

BigMart64 said:

It seems as though I'm always up against it when it comes to finance.
Both me and my wife were working full time, everything was good.
I had two jobs, one which I really enjoyed but wasn't very well paid and the other was a personal assistant to my best friend.
My wife couldn't cope with working full time so left and went part time. A few months later I broke my leg and had to have 3 months off work, that's when we started using the cards more than we should have.
Two years ago, I decided to leave my full time job to start another with much better pay. Two months after I started my friend passed away so financially I was virtually back to where I started

Every time I seem to be making some headway, something goes wrong, and back to square one.

So sorry this has all happened to you 😢 hopefully getting sorted with a DMP will be the turning point for you both 

Mr87

BigMart64 said:

Her ex employer is adamant the furlough scheme is just a government loan and he would not be able to repay it. He has told my wife that he has taken advice on it.

Things like this make my blood boil. It takes 30 seconds to Google it. It sounds like the employer has done no more than read the newspaper,and not read it very well at that. Maybe they are getting business interruption loan confused with claim for furlough payments. Advice my foot! From their dog? 

BigMart64

I really wanted to avoid a DMP if possible, it means debts will be hanging around for years to come.
The idea in my mind at the moment is to 

(a) default on the two biggest credit cards
(b) use the money to pay off the two smaller cards which wouldn't take too long.
(c) when the two smaller cards are paid off I could start paying some extra off the Barclay loans (there's under 3 years left)
(d) Then deal with Aqua and Vanquis,, one at a time.

I could probably manage a,b&c in around 2 years, especially when my wife gets back to work.

[Deleted User]

How far away from 'pay down plans' are you.
For instance on the Aqua today I am informed contractual minimum payments have risen (wasn't previously privy to this) and today been advised of a fixed term payment figure for 4 years which  finally made me could see what I'm paying back is double so I plan to to get rid of in 18 months. On my 40th as a celebration, I want to be cutting up the card and will never take another out so long as I live! If I have to live on baked beans to make payment of £200 for 18 months so be it.

TheAble

Your debts, and the interest rates you are paying, are horrific. How has this happened?? Clearly we could advise how to trim costs (£62/month landline anyone?) but I feel there's something more fundamental at fault here. 

BigMart64

TheAble said:

Your debts, and the interest rates you are paying, are horrific. How has this happened?? Clearly we could advise how to trim costs (£62/month landline anyone?) but I feel there's something more fundamental at fault here. 

I'm not sure what you're getting at but I did explain above how I got into this mess, if it wasn't for illness, injury and death I wouldn't be in this situation.

As for the extortionate interest rates, they weren't that bad when I first had the cards, which was around 10 years ago. Then both Aqua and Vanquis kept increasing the interest rates, even though I had never missed a payment, went over the limit or was late.
The interest rates started to climb just before the stuff about persistent debt came about, so I presume it had something to do with it.
BT, just stuffed us, again, my fault, I should have read the small print.

It was the same with Saga car insurance, they stuffed me last August.
We had two cars and decided to sell them both and buy one that was more suitable for both of us.
My policy with Saga had only been renewed a couple of months earlier, the thieving so and so's charged me around £200 extra for the new car, and because the policy was quite new they wanted nearly the same to cancel it. Caught between a rock and a hard place.
The insurance is due for renewal next month, so that will come down quite a lot, and my car WON'T be insured by Saga this year.

EssexOstrich

Hi, you sound so sad I want to give you a hug!

You mention you’ve never missed a payment or defaulted before, have you looked at your credit rating? Free sites like Credit Karma can give you an overview of how you stand. Aqua and Vanquis are usually only used if you have poor credit, have their been problems in the past that made you use these companies over a high street bank? If your credit score isn’t not too bad (which it shouldn’t be if you’ve always run your accounts ok) is it possible to transfer any of the debt to a new card with 0%? I have almost double your unsecured debt (just because I’m an idiot) and I’ve just got a new one with 27 months 0% for balance transfers. It’s worth looking into, some bank might offer a lesser period if your credit rating isn’t great but anything to get you out of those interest rates would be a start. Also speak to your own bank account provider, as you’ve been affected by Covid-19 they might have some suggestions.

Good luck

Fireflyaway

I've been in your situation and the bailiffs won't suddenly turn up. If ever! So long as you contact your creditors and the keep up with repayments. They can't make you pay money you don't have. I've learned that life will throw problems in your way. There will be more at some point. That's how it is, so he prepared so next time it doesn't set you back. Don't borrow again. Credit cards and overdrafts just usually cost you a lot in interest and charges. For most of us, there is little benefit having them. Get a little emergency fund together as well. Until very recently I just lived pay day to payday just hoping all would be ok! Having some cash aside feels so reassuring. Just start with a little bit.