Help! Feel like I'm drowning in debt and want to be free of it!

Jellytot123

Hi all and thanks for taking the tile to read my post. 
I've got 3 credit cards with a combined total of approx £8000.
The problem started when I split up with my ex and I had to use cards to pay general bills etc. Since then I've moved on and I'm in a relationship and we have a home together. 
I've recently had a run of bad luck, lost my job due to covid and my car packed up so once again started using the cards to get my car fixed (cost over £3000) and get by day to day.
I'm really wanting to try and finally get myself out of debt as its really affecting my mental health and some days my relationship. 
They used to be interest free but now I'm getting crippled with interest on all 3 cards. Feel like I'm fighting a losing battle. I've tried to get an interest free card or look at a loan to consolidate my debts etc but I've been refused.
How on earth can I get this sorted? I know there are all these companies who make these claims and consiladate debt but I don't trust them and I don't want anything to affect my credit score as I have a mortgage with my partner and don't want it reflected badly on him.
Can anyone please offer any advice on what I can do? I always make payments to my cards and try and pay off abit more than the minimum but I only work part time due to having young children so I find it difficult to pay much more. I've cut them up now so don't have an option to use them bit it's stressing me out and I don't k ow where to turn. I can't talk to my partner as it ends up in an argument everytime.
Any advice would be greatly received. Thank you. 

Penguin_

Debt consolidation rarely works, what you need to do is look at your situation & be brutally honest about where every penny is going every month. Make a Statement of Affairs using the link SOA Calculator (stoozing.com) & be honest.

People will come along & look at your SOA & suggest the best plan of action.

sourcrates

If you want your credit file to remain healthy, then your only option is to keep meeting those payments.

There is no "plan B" unfortunately, any arrangement or defaulting, will result in negative information going on your file, so you either have to find more money from somewhere, or accept your not perfect, and loosen those parameters a little, then seek debt help from one of the free advice debt charities, not a fee charging debt management company.

See where you can make savings in your budget to pay the cards down quicker.

tlc678910

Hi,
Sorry to hear you are struggling with this.  As your cards have gone onto a standard rate I do think you need to think of everything you can to get rid of them as I'm sure you know the interest will be costing a lot and could be most of your payment.

You mentioned your car cost £3000 to fix ....is it a valuable car? If it is can you sell it to pay off your cards e.g. If it's worth 10k sell it and buy a little car for 3k and pay off the vast majority of your card debt.

You mention you have young children and so can only work part time.  Do you have a child/children with your partner? If so the fact you work only part time to look after them should be reflected in how you run your finances as a couple - as your partner would need to pay childcare or be part time otherwise.  If you pay childcare to work part time does your partner split the cost?

If the children are your ex's do they pay maintenance? 

It could also be worth trying to talk to your partner about how much the interest is costing you and whether they could pay off or transfer to a 0% for you.  Even if you made an arrangement to pay them back.  If the card is 30% interest rate I think that translates as £300 for each £1000 owed each year.  So £2400 on 8k over a year.  That's all money that could be going into the family pot and meaning the actual repayment hitting your card is much smaller than you are paying so the debt drags on.

Although you have children is there any more scope for working evenings or weekends when the children could be cared for by their father or a relative?

Good luck