arrrgh! debt help needed please.

arrrgh

Help!

My wife has just told me that we are in big trouble.

I don't have the full details yet, as tonight was traumatic, but I will get them tomorrow and post a full SOA.

But I would appreciate peoples thoughts on the best course of action with the following:

She has a credit card of 9K. not sure of APR, but I would guess It's going to be high. Circa 20%
Loan of 14K APR of 7%ish
Overdraft of 3.2K only 2K authorised :-(

So that's about 26.2K :-(

She's just given up work after having our daughter , and is hoping to start freelancing ASAP.

We rent our house. I have savings of 30K that were supposed to be for a deposit for us to buy a house... :-(

However, our finances are seperate. we had a joint account for bills for about 6 months about 3 years ago, but closed it because Lloyds noused up the admin.

I'm about to apply for credit history for us both from all 3 agencies, and if they have this recorded then get it striked out.

I'm also about to submit a charges reclaim for her current account.

Should we think about IVA/Bankruptcy for her? Or should I use my life savings to pay it off, and start again from ground zero?

Please help.

pippo

Hi,
I got a bit stuck with the 'I have/ she has' bits.
but first thoughts are..
can you (together) afford repayments & can you lower interest rates by transferring?
pip

TangledMemories_2

i think it's probably best (as frustrating as it may be) to not try and do anything without the full facts and figures.

Sit down with the statements, make a not of how much is owing and interest rates and post it on here with all the usual Statement of Affairs info.

Then we can be making informed suggestions instead of guessing.

good luck hun!

arrrgh

Tustastic wrote: »

Maybe the two of you haven't been communicating effectively about money up to now?

You can say that again!

Thanks peeps. Will (try) and sleep, and post SOA tomorrow.

poorandindenial

Just popping by - nothing very constructive to add but I hope that you manage to get on top of what you are facing over the weekend. Try not to worry too much (easier said than done, I know) I have yet to see a problem that doesn't have a solution. I know you mentioned bankruptcy/IVA but please don't rush down that line of thinking, there may be other ways through this first.

Once you have a bit more info post as much detail as you can and there is plenty of help, experience and advice to be had on this forum - failing that there are some great professional debt counselling organisations who will give you help and advice and all for free!!!

Take care and well done for making your first posts, do keep coming back, there is a way to sort this all out.

Good luck.