Don’t know how to get out of this mess.

Strugglingmum80

Hi,

I currently owe the following:

Virgin credit card £9700 (£12600 credit limit)

HSBC credit card £5411 (£7500 credit limit)

Tesco credit card £4600 (£5000 credit limit)

Barclays £0 (£8000 credit limit, but no option for a balance transfer)

The majority of Virgin and Tesco balances are either not interest free or about to have the interest free period end.

The only card on a credit card check I seem to be eligible for is a Fluid card with 15 months interest free and a £2500 limit.

I genuinely don’t know where to turn. My payments are manageable just about but only the minimum and obviously over half of what I pay goes back on in interest.

The only solution I can think of is to transfer £1700 from Tesco to hsbc and £2100 from Tesco to Virgin which would leave around £800 on my Tesco.
I was then going to transfer £4000 from Virgin back to Tesco (which I think till clear some of the interest loading amounts.)

I’ve just had my Tesco bill come in, my Virgin and hsbc are due in the next week or so.
Can anyone please offer suggestions to help.
I’ve tried to talk to my husband but he’s got his own debt.
I earn £2200 after tax.
£900 is my share of the household bills.
£400 is my share of food and petrol.
£200 goes towards supporting the children (bus fares, school money etc)

I just don’t know what to do.

Jemma01

I'm so sorry to hear that 😔 it sounds stressful

Are you able to elaborate more on the outgoings? 900 household bills sounds a lot/m esp if 2 people are paying the same amount. How many people are you in the house?

Can you complete a Statement of affairs (SOA) on the link below please?

https://www.lemonfool.co.uk/financecalculators/soa.php

Strugglingmum80

I’m going to do the statement of affairs tomorrow.
5 of us in the house (children are 15, 17, 20. 17 year old at college, 20 old at uni - we are supporting due to the nature of her degree she can’t work during term time but does work over the summer, we provide her food money each week)

Outgoings include mortgage, all the household bills, phone, car loan, personal loan (one for hubby, one for me) and insurances etc.

fatbelly

Do you really want this in the diaries section? It will get more views in the main section. Shall we ask for it to be moved?

Strugglingmum80

yes please. I posted in a bit of tizz and didn’t look where I was posting clearly.

Spendless

Have you got a big mortgage or are you the main breadwinner? Its just your share of the household bills seem large.

What's the situation with Uni student daughter (Im in my 8th consecutive year of supporting a Uni student offspring! So, I get it).

Is she living away from home and her maintainance loan fully covers her rent (or a combo of loan and her summer job does), so you just provide food/living money? Just if youre also contributing to student rent or utility bills you need to include that in your outgoings.

Strugglingmum80

Mortgage is actually quite small (it’s shameful really). £540/m
I have a car loan and a personal loan. Husband has a personal loan.
We both earn around the same (hubby slightly higher).
All our DD come to around £1800 a month including the mortgage and loans. We split this down the middle. 5 sim only phone contracts, car, house and pet insurance.
Daughter’s maintenance loan just covers her rent. We give her £50 a week for food.
We pay her car insurance and our sons learner insurance as well.

Grumpelstiltskin

You have been given the link to the SOA, you need to fill it in truthfully, it will take a while for you to work it out correctly and then post on here. Your thread should have been moved to the main DFW board by then.