Debt Racking up

MrsEC · 10 January 2019 at 1:27PM

hi,

i need some advice really on whats best to do. I have got a couple of things (credit cards/Loans) where i used for various things and the main one was for our wedding/holiday and moving of houses but things have just happened after... meaning i have only been able to pay minimum payments so therefore my credit cards are not clearing. I have recently tried applying for a 0% balance transfer credit card and was rejected despite being apparently 90% chance of approval now i dont know what i can do. the ones where i am able to be pre-approved have got 100% acceptance have got large fee's to balance transfer over... i am looking at in total i have 2 credit cards totalling at £7,000 i mainly want to transfer £4,500 which is on one where i am paying £100 minimum payment but its not going to be clearing the balance.

HELP? Its getting to a point where i am struggling now because i panic all the time. As bad as this next bit sounds its true.. my husband doesnt know because he is more of a panicker than me and i know he will become poorly knowing whats going on as i do all the finances?
But its like we are now living week by week where we dont have the money leftover anymore.

I Have always been good with money, until this last year just things have happened where we have spent more than what we would do normally and its now hard to rein it back.

tacpot12 · 10 January 2019 at 2:18PM

Please don't worry too much about whether or not you can get a 0% Balance Transfer card; at best, you are just delaying dealing with your problem for 12-24 months. And please don't think that you are no longer good with money - you are here asking for advice and that means you are acting responsibly.

If you can make your minimum payments, then you are in no immediate danger. You say you are living week to week with no spare money at the end of each week. Is it actually worse than that? Do you have to keep spending on the credit cards to by or pay for essentials such as food or fuel?

Have a read of the Debt Free Wanabees thread: https://forums.moneysavingexpert.com/showthread.php?t=562271

Post a Statement of Affairs, and be prepared to answer questions about why certain spending cannot be reduced.

Look into how you might increase your income; you might call Citizens Advice or visit the Entitledto or Turn2Us websites to check whether you are receiving all the benefits you can.

Finally, please tell your husband. At this stage, all he really needs to know is that you are tightening the family budget because you want to clear the credit card debt more quickly. Reassure him that you are managing the situation, but that this means spending a bit less each month.

DannyPearce90 · 10 January 2019 at 2:27PM

You need to be honest and upfront with your partner.

You should seek professional help at your earliest convenience. Maybe try a debt charity to start with.

enthusiasticsaver · 10 January 2019 at 3:34PM

You need to get on top of this now. It sounds like you have over committed yourselves financially with your wedding holiday and house. This needs to be a joint problem though or any steps forward you make your husband will undo if he does not know your true financial situation. Even if he suffers from anxiety this is no reason to hide the truth from him. Admit you are overcommitted and need to cut back. You do not need to give the full details but you will need him to be on board with saving money and not spending.

Post an soa on here so that we can recommend the best way forward.

MrsEC · 10 January 2019 at 3:52PM

Sorry new to this what does a soa mean?

Fiona_CW · 10 January 2019 at 4:38PM

statement of affairs - if you look through the threads on here you will see lots

Mnd · 10 January 2019 at 10:08PM

http://www.stoozing.com/calculator/soa.php

Here you are, link to SOA You need to format for me I think

David2Prit · 11 January 2019 at 1:50AM

Tell your partner!
My partner tried to hide her troubles from myself and eventually it all got on top for her. She then told me, we had a chat, I called her an idiot for not letting me know sooner, came up with a plan and we are well on the way to being debt free now. Most of it is cleared, we have money for nice things whilst still being responsible.
A problem shared is a problem halved.

TubbyDown · 11 January 2019 at 10:36AM

I would personally come clean to your partner and let him know about everything. Contact your creditors and explain your situation and see if they can freeze any interest or help you out at all.

Don't bury your head in the sand, things can get worse fast if you do

Debt Racking up

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free