Run out of options on 0% transfers due to the high interest rates, what do I do with my debt!

MargeryKempe

Incredibly

Brie

would your partner "lend" you the money at 0% to buy you some breathing space?  

I agree that an IVA may not be a good solution.  But posting a complete SOA here will get you some solid &, hopefully, helpful advice.

MargeryKempe

I think the last thing he wants is to lend me his savings . That is what he is worried about. However when we applied for the UC I got the impression that his savings are more or less exactly the amount of my debt, more’s the pity. I will do an SOA and post it on here though it may not be immediately I definitely will do it. I want to sort everything out. His savings some of them are in trapped fixed rate things anyway.  

Ryan_Holden

MargeryKempe said:

I understand that people like me probably annoy you. But as someone with lifelong mental health problems and autism being ‘told off’ is entirely unhelpful and is often counterproductive in my case. I’m not an idiot which is why I came here to ask for help. If I was going to randomly pluck a solution out of the air would I have posted here? Thanks , M

I think you need to re-read what was said and decouple your emotions from it. It wasn't a dressing down or a telling off. It was sound advice considering that your opening post is effectively "I've got debt, how do I borrow more or borrow differently so I can maintain it rather than deal with it".

Please re-read what was said about debt management and the DMP board. It's very stressful but this member was just offering you advice, albeit not the answer you wanted.

sourcrates

Ryan_Holden said:

MargeryKempe said:

I understand that people like me probably annoy you. But as someone with lifelong mental health problems and autism being ‘told off’ is entirely unhelpful and is often counterproductive in my case. I’m not an idiot which is why I came here to ask for help. If I was going to randomly pluck a solution out of the air would I have posted here? Thanks , M

I think you need to re-read what was said and decouple your emotions from it. It wasn't a dressing down or a telling off. It was sound advice considering that your opening post is effectively "I've got debt, how do I borrow more or borrow differently so I can maintain it rather than deal with it".

Please re-read what was said about debt management and the DMP board. It's very stressful but this member was just offering you advice, albeit not the answer you wanted.

Apologies if you perceived my post to come across that way, the computer keyboard is such a blunt instrument, I was certainly not telling you off, I would not be so bold.

I tend to deal with the factual side of debt, rather than the emotional, I know it is tough situation you find yourself in, and I was mainly trying to steer you towards the right choice, rather than something your friend/partner may have recommended. 

I have a teenage autistic son, quite high up on the autistic spectrum, so no, I don`t think you are an idiot at all, I just would hate to see you make the wrong decisions that`s all.

Floss

First of all, find out exactly how much you owe by checking every single balance.

Then complete the SOA you've been directed to for your income & expenditure, and one for the whole household. 

I'm a little intrigued that you have been approved for UC without knowing your partners income? How did that work?

TheAble

It's not the end of the world having to pay some interest. You seem to be of the impression that 0% is ok but anything other than 0% is bad. But consider, if you'd never had access to 0%, perhaps you wouldn't have run up the debt.

It may be that some kind of debt solution turns out to be the way to go but I wouldn't necessarily reach straight to it just because you now have to pay interest.

enthusiasticsaver

The solution to this depends on income, total amount of debt and outgoings.  An soa will help decide which way to go but from the sound of it if your partner pays 99% of the bills and presuming you do have an income and most of your debt is at 0% then cutting back sounds like the way to go if you are able to. It may be with your spending problems though that cancelling cards and overdrafts as you repay them would help in the future once they are repaid. No shame in that if you know that having access to credit will tempt you to overspend. 

I also wonder how you got approved for Universal Credit without having to state your partners income.  

tallyhoh

Your partners savings will affect the amount of UC you get so its in his interests to be straightforward about it. Do you work part time because of child care? 

MargeryKempe

Thanks so much all, am about to start doing my SOA now that that my two teenage kids bdays are over and we've got back from family hol. I managed to do pretty well on my family hols and used the (pretty good amount of) money i'd saved up and my partner paid for everything else so I didn't get into more debt! (this was a real achivement for me as travel is one of my major weak points where it comes to spending).