I need help!!!!!!!

emka_2

Hi,
I.m struggling with debt and trying to keep it from my husband has been a bad idea. I thought I could deal with the situation, but now the bank, who until now, I might add; have been more than accomodating with overdrafts. Foolishly caught in avoiding my problems I happily went along with increasing and increasing my overdrafts, even when the bank called in the overdraft and made me take out a loan to cover it; not learning I carried on with the bank letting me do it; it was not until recently they've decided they no longer will increase my overdraft and are indeed now returning direct debits and being very unhelpful. Since all the loans are in my name I have now a reduced credit rating where my husband's name is untarnished, even though we have a joint account.
He never looks to see the situation and whenever we have had money problems in the past he loses his temper and puts sole blame on me, not that he does not spend. All my money tends to go on the children not drinking and smoking, as I do netither of these. As we both have good jobs I'm finding it very difficult to believe I'm in this mess. Although I now I'm at fault for not opening my eyes sooner. I can't help feeling bitter towards the bank for not saying no the first time I exceeded a £10 000 overdraft.
Is there anything I can do to take the bank up on this as I am currently trying to sort out the mess I am in. I have tried to use egg money to be able to move my account, but they turned me down. Can't say I blame them. I have even contmeplated using a debt management firm, but felt the £29 per month they charge would put me in more trouble and I would lose all credibility financially. What am I to do?:money:

immoral_angeluk

Just a quick note that if you have a joint account there will be an association with your on your husbands credit file. This will almost certainly effect his credit rating when he comes to get new credit.

~Beanie~

All debt management firms don't charge, you could contact CCCS who are a charity and will set up a DMP free of charge.

chevalier

First of all well done on posting.

Second even if the debt is in your name, you both benefitted from what the credit bought, so he needs to be on side with you to sort it out. Yes he may be angry but on the other hand, letting you deal with it all hasn't helped either has it.

Ref the bank, yes it is morally dubious for them to keep upping an overdraft then giving you a loan and the stopping helping you, but I am not sure what you can do about it.

Well done on not going with a fee charging company to sort out a DMP. There are two organisations CCCS and Payplan (numbers and links to their websites at the top of the forum) that provide FREE impartial advice on the best way forward for you.

But before we get to that stage how about post up a Statement of Affairs (SOA) on here to see if we can suggest ways to trim your outgoings.

Once you have done this, you can look at what you have to do in a calmer light, and can also work out a plan of action to pay the money back. When you have that in place you can tell your OH what the issues are and show him the plan to tackle the problem. But he HAS to be onside too, as his spending habits will have to change too.

Another step is to check your credit report to see what your credit score is. (if you join experien via www.quidco.com then you get a free trial and cashback, you just have to remember to cancel the trial before the month is up) If it is high, then you maybe able to get a low life of balance (LOB), or interest free for x months card, that you can put some of the loan onto (assuming you can overpay), or that you can balance transfer some of the overdraft onto.

best of luck
chev

best of luck
chev

GeorgeUK

First thing you need to do is post up a Statement of Affairs (SOA) so we can see where the money is going and how much is coming in.
This calculator will help - then just post it up in MSE format so we can see if we can save you any money.

There are free debt charities that do the same as these firms without any charges, so if you need to speak to the pros - don't pay to do so. I'll post up the links for these later if needed.

Edit: I'm actually going to disagree with Chevalier for a change :eek:
Seeing your credit file is a good idea, but the credit score from these agencies is not usually worth much. The financial institutions look at different criteria when making the credit score, while these agencies look more at your payment history and if you have any defaults.

On your credit file, you should also be able to see how many credit checks have been done recently. You can usually have 3 within a 6 month period before it starts affecting your credit score so check this too.

peb

First of all, put the kettle on and make yourself a nice cup of tea/coffee - whichever you prefer.

Then; check the sticky for Newbies (at the top ofthe board) and read through the advice there. LIst your incomings and outgoings (SoA) and add it to this thread.

Keep posting; we will do allo we can to help

poppyg_2

Hiya

Just to echo the others about posting on a SOA, I'm pretty new here with lots of debt and I have had some fab advice and now feel so much more positive, I was in a mad panic like you when I first joined

Yes you shouldn't have ran up the overdrafts but then again your husband shouldn't have made it your responsibility to sort all the finances out seen as you have a joint account, it's his responsibility as well to budget plan etc

Best of luck, I'm sure you'll be fine