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Debt

(20 Posts)
EllieB09 Mon 06-Nov-17 12:09:24

Please tell me I’m not alone. I’ve made such a mess of my finances and I’m 3k in debt. I’m hiding all this from my husband and today I had a letter to say a debt collection agency is dealing with my debt now. I’m mortified and ashamed sad. I don’t work due to a chronic illness but we have a good income and I’m terrified my husband is going to find out as we argue so much about money. This could end my marriage

Justbookedasummmerholiday Mon 06-Nov-17 12:14:27

If you are married how are they 'your' debts? How have you accumulated so much debt?

EllieB09 Mon 06-Nov-17 12:44:53

Next Directory. The interest has just built up from only making the minimum payment. Hubby was aware a couple of years ago but seems to have conveniently forgotten about it and I’m too scared to bring it up

Moreisnnogedag Mon 06-Nov-17 12:51:48

If you've been making the minimum payments why has it been passed to a debt collection agency?

hollowtree Mon 06-Nov-17 12:59:09

I'm in the same boat debt wise but my DH knows. He also knows it's mine and I want to pay it myself but he would be prepared to help if I needed it.

Go to your bank, ask about a low interest loan. I have about 3k debt and 1k is in a 0% overdraft and the other two a low interest loan. I've got less than a year on the loan now so feel like I'm getting there!

If you don't have a good credit history you can call the debt company who has bought your debt and make a payment plan. I would do this sooner rather than later. If you keep up your payments your DH doesn't even have to know if you would prefer it that way. Personally, I like having my DH involved even if he doesn't bail me out. It's good to know he could if I needed it and you might find that gives you peace of mind.

Alot of couples argue over finances. Remember, it's only money. That's all it is.

Shakey15000 Mon 06-Nov-17 13:08:17

It’s more worrying that you’re scared to bring it up. Assume you’ve missed payments? You need to tell DH, ring the debt collection agency and decide how to clear it by either paying outright, a payment plan or a loan. It wouldn’t be wise to take no action at this point

drinkswineoutofamug Mon 06-Nov-17 13:12:57

Contact step change. They can sort manageable payments .
Failing that contact the debt company explain your situation and give them an amount you can pay each week/month. Something is better than nothing .

sooperdooper Mon 06-Nov-17 13:14:07

Why have you stoped making the minimum payments? If you agree a payment plan with them it will resolve it

EllieB09 Mon 06-Nov-17 13:22:51

I’ve been so depressed about it I just ignored it. Stupid I know as now I’m paying the price

EllieB09 Mon 06-Nov-17 13:24:04

I was paying it. Then they wanted £200+ a month and I went into deep depression about it and have spent the last 6 months trying to work out how to get myself out of this mess

EllieB09 Mon 06-Nov-17 13:24:23

Thank you. I will do this

Bananalanacake Mon 06-Nov-17 13:33:39

Think it's best to tell him rather than hide it

LIZS Mon 06-Nov-17 13:35:37

There is no sense in taking out other finance if there is money within the household to pay it off. Did you stop paying altogether?

molifly Mon 06-Nov-17 13:36:35

Contact Steps2Change debt charity who will help you with how to get affordable payments. I've been here and it is hard but worth it in the end. 3k although sounds a lot isn't much compared to a lot of people.

EllieB09 Mon 06-Nov-17 13:47:50

Stupidly yes sad

LIZS Mon 06-Nov-17 13:53:25

Have you tried offering a payment plan? Do you have any income to do so? Stepchange can get the interest frozen so the balance doesn't increase and liaise on your behalf.

EllieB09 Mon 06-Nov-17 13:58:09

Can they really? I’ll call them

molifly Tue 07-Nov-17 21:06:02

Yes they can! Tell the, everything and they will advise on Ho to help. I promise you'll feel a million times better once you are call them.

Jenala Tue 07-Nov-17 21:08:22

Ring Stepchange. Ring Stepchange. Ring Stepchange.

So reassuring, helpful. Changed my life and gave me peace of mind. I pay what I can afford on my (much bigger) debt, interest is frozen and companies leave me alone. I cannot recommend them enough.

MagicFajita Tue 07-Nov-17 21:15:59

Another vote for stepchange here.

I had similar debts and they liased on my behalf. Three years later I'm almost debt free.

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