£11,500 in debt..enough of living borrowed life.pls help

alykhalil

Judi wrote:

How does your wife feel? Is she supportive in your need to provide for your family overseas?

ohh my wife ! she is a darling of all darlings in this situation...3 years she has been with me, seeing dying people on the Tv, news, etc having no food, she is the most most co-operative in that case. she knows the culture abroad and the govt. policies abroad.

2 months back my dad had to have a minor heart surgery which cost £2400, well this would have been free here. my wife supported a lot even then.

in a millions years i will NOT, never find a loving and understanding wife like her.

nadnad

okay.

Thats a lot of info I'll try and make some suggestions:-

1. Does your wife know about your financial situation? I hope so because you need to share these things it helps to lift the burden.
2. You should look at you income as TOTAL HOUSEHOLD INCOME and take into account your wife's income which I assume is tax credits. Likewise your outgoings should be ALL outgoings - all bills. It makes it easier to put everything together as there may be a way to reduce things.
3. You have too many credit cards - the ones with no balance on them = Capital 1, Citicard, Mint and Barclaycard, ring up and cancel these cards. In doin this you may get a deal to stay - e.g. 0% or a low APR if so then you can transfer your monument balance over - because this is going to cost the most in the short term as it runs out next month. If you can do this then you could cancel the monument card and they too may offer you something allowing you to transfer say your Halifax card to them. In the meantime you could phone the Monument and Halifax people and tell them you are thinking of cancelling the card at the end of the 0% term next month and is there anything they can offer you to make you stay - it may not be much but everything is a help and you don't know until you try.
4. You have 8 credit cards - this affects your credit rating so get on and do as I've suggested above to weed out the ones that aren't any use to you. Once you cut down on the cards your credit will look a bit better. I can;t help you any further with that until you've tried all that and see what the outcome is.

5. How long is your mobile contract for? As soon as its up cancel it - you shouldn't be using it especially if you're only keeping it "for emergencies". Simply buy a pay as you go chip and then use it very sparingly. - that should save at least £25 per month.

6. £30 per month for your household line - is that the cheapest you can get - if so what exactly are you paying for - is it a package deal or are you paying for calls individually - if so then make less calls. This is why your wife has to be onboard with what you are doing - she has to help.

7. Seriously think about getting rid of the car - you say you don't know the area - well this is the perfect opportunity to get to know the area. The car is a luxury - you could sell it and knock £1000 off a credit card bill, never mind saving on tax and insurance and petrol. I understand with a child you feel you need it but for the meantime it really is a luxury - unless you live somewhere with very bad transport links.

8. Your wages seem very low for the job you are doing. I know you say if you earn more this will affect your wifes credits but you would probably earn more than you would lose. Can you get a better paying job, do overtime etc. Can your wife work? You really need to post your entire household outgoings and income - inlcuding your wife's tax credits to give us an idea of whats going on.

nadnad

Also how long is left on the Natwest loan?

System

I am glad you have a supportive wife, she is such a credit to you. However, i agree with what the previous poster said :

You should look at you income as TOTAL HOUSEHOLD INCOME and take into account your wife's income which I assume is tax credits. Likewise your outgoings should be ALL outgoings - all bills. It makes it easier to put everything together as there may be a way to reduce things.

If your wife gets the best value for her money, then she will be able to support you further - be it to help pay your debts or whatever form that may take.

Thefunkygibbons

Why is your income so low?

Do you work full time (I assume not)

Looks like more hours or a second job is needed

alykhalil

nadnad wrote:

okay.

Thats a lot of info I'll try and make some suggestions:-

1. Does your wife know about your financial situation? I hope so because you need to share these things it helps to lift the burden.

- ohh yes defy...she is a part of my,just 2 saperate hearts. she knows it and it was our both idea of that initial buying of that pile on jewellery...

2. You should look at you income as TOTAL HOUSEHOLD INCOME and take into account your wife's income which I assume is tax credits. Likewise your outgoings should be ALL outgoings - all bills. It makes it easier to put everything together as there may be a way to reduce things.

- true ! but she gets peanuts as tax credits and as it is she is sorting the bills, her daughter's (12 yrs old) needs + our new born's needs etc...

3. You have too many credit cards - the ones with no balance on them = Capital 1, Citicard, Mint and Barclaycard, ring up and cancel these cards. In doin this you may get a deal to stay - e.g. 0% or a low APR if so then you can transfer your monument balance over - because this is going to cost the most in the short term as it runs out next month. If you can do this then you could cancel the monument card and they too may offer you something allowing you to transfer say your Halifax card to them. In the meantime you could phone the Monument and Halifax people and tell them you are thinking of cancelling the card at the end of the 0% term next month and is there anything they can offer you to make you stay - it may not be much but everything is a help and you don't know until you try.

- Ok, i cancel capital 1, barclay card, citicard etc with No balance on them...do you mean by cancelling these cards i may get a deal to stay ? on what cards ? the cards that i owe to or the cards that i will be cancelling,....? yes, those running out next moth are the worst...just checked the details they had given me a month back..here are the correct dates and other details ...as below :

-- Halifax (limit £1250) - 0% runs out on 25-oct-05 and after 0% it will be 18.9%
-- IF (limit £1400) - 0% runs out on 10-Apr-06 and after 0% it will be 22.9%
-- Monument (limit £3500) - 0% runs out in 1-Nov-05 and after 0% it will be 16.9%
-- Virgin (limit £2500) - O% runs out on 3-feb-06 and after 0% it will be 24.9%
-- Marbles (limit £500) - £397 - my wife cleared that for me, but still
-- Natwest - No 0%..i was wrong earlier..sorry its not 18% but the loan is at 14.6% Apr (£87/month)
-- barclay card (limit £550) - NO Balance outstanding
-- Citicard (limit £3000) - No balance outstanding
-- capital one (limit £ 400) - no balance outstanding
-- My overseas credit cards (limit approx. £2500) - No balance outstanding
-- Mint (limit £ 400) - No balance outstanding
this is the most up to date information...


4. You have 8 credit cards - this affects your credit rating so get on and do as I've suggested above to weed out the ones that aren't any use to you. Once you cut down on the cards your credit will look a bit better. I can;t help you any further with that until you've tried all that and see what the outcome is.

- will try that tomorrow itself...but do read this message and then please suggest/advise again.



5. How long is your mobile contract for? As soon as its up cancel it - you shouldn't be using it especially if you're only keeping it "for emergencies". Simply buy a pay as you go chip and then use it very sparingly. - that should save at least £25 per month.

- finishes in july 06


6. £30 per month for your household line - is that the cheapest you can get - if so what exactly are you paying for - is it a package deal or are you paying for calls individually - if so then make less calls. This is why your wife has to be onboard with what you are doing - she has to help.

- £10.99 BT line rental/month + i call mom and dad abroad using the cheapest ever options.


7. Seriously think about getting rid of the car - you say you don't know the area - well this is the perfect opportunity to get to know the area. The car is a luxury - you could sell it and knock £1000 off a credit card bill, never mind saving on tax and insurance and petrol. I understand with a child you feel you need it but for the meantime it really is a luxury - unless you live somewhere with very bad transport links.

- i live in southampton and the transport if not that bad here, (i think so)..true, could try and get rid of the car


8. Your wages seem very low for the job you are doing. I know you say if you earn more this will affect your wifes credits but you would probably earn more than you would lose. Can you get a better paying job, do overtime etc. Can your wife work? You really need to post your entire household outgoings and income - inlcuding your wife's tax credits to give us an idea of whats going on.

- i dont know why but i seriously dont want to involve her in my loans. the reason is as it is shes got loads on her mind and i dont want to drag her into more worries though she knows every bit of what i owe and who.

- & yeah ! frankly speaking i will be moving out in 10-14 days and we will become LAT (living apart together), this way i work about 50-60 hours a week, get about £950+ and sort my loans out and she too will remain safe..and we still be together. thats the ONLY option we can think of.

alykhalil

Thefunkygibbons wrote:

Why is your income so low?

Do you work full time (I assume not)

Looks like more hours or a second job is needed

i do 18.75 hours a week and take home £479/month

alykhalil

Judi wrote:

I am glad you have a supportive wife, she is such a credit to you. However, i agree with what the previous poster said :



If your wife gets the best value for her money, then she will be able to support you further - be it to help pay your debts or whatever form that may take.

No, thats the worry...she gets just enough to sort her daughter and our new born out with the food and other bills, council tax, her mortgage, light, water etc....so there is no way she has a penny left at the end of the day..you see

alykhalil

nadnad wrote:

Also how long is left on the Natwest loan?

i dont know how long is left on the loan but i just keep calling them every 5-6 month to check how much i still owe them. i think £2300 remains

nadnad

right so when you're geting £950 what will your outgoings be - what will your rent be? utilities etc? I don't necessarily agree with what you're doing because its sort of fraud but there you go. I don't see why you can't live with your girlfriend and earn £950 - you'd still get tax credits - I worked out that you'd get about £4175 per year tax credits which is nearly £350 per month. Which added on to your £950 is £1300 which is £15600 after tax per year - I think thats reasonable to live on. Do you not think it unwise to separate - you will be paying 2 household bills, 2 rent etc. It doesn't make much sense.

To be blunt I don't know whether I believe that you're telling us everything - obviously your girlfriend knows about your debt or she would be wondering why you are moving out. I'm not suggesting that she pay for your debt but if you work together then it will be easier for you. The wisest solution here is to stay together and for you to work more hours.

If you tell us what your rent etc will be when you move out then it will make things easier.